[lowside67]

Originally Posted by BayMoWe335

So you might not be able to afford living in Vancouver? I don't see how "I have to buy a $1m house" is even an argument. Even if rent is expensive, why buy a BMW when you're worried about how expensive owning a home will be?

Net worth is a consistent measure. My issue is with people who are driving the BMW and renting because they can't afford not to. If you want to rent, that's a different story. Let's face it...most apartments are shitty unless they aren't. If they aren't, they are generally even more expensive than a home because they are in a big city like NYC where there aren't any homes.

I think you missed the point of my post. My point was that in Vancouver, like the poster from NYC, whether you own a BMW or not makes very little difference on whether you can buy a house, and according the opposite is also true - I probably wouldn't make the decision to buy one based purely on whether I owned a house or not. We own our apartment and if everything continues on track, it will be paid off by the time I am 40, that gives us a lot of latitude to buy cars later in life!

-Mark (a banker and former accountant)

[nyalpine90]

oh NYC has homes alright, apartments with 3 floors that cost more than house at the Hamptons lol
how about private elevator within your own 3 level apartment.

theres nothing wrong with renting, it has its pros and cons. Same thing can be said about owning a house.

Originally Posted by BayMoWe335

So you might not be able to afford living in Vancouver? I don't see how "I have to buy a $1m house" is even an argument. Even if rent is expensive, why buy a BMW when you're worried about how expensive owning a home will be?

Net worth is a consistent measure. My issue is with people who are driving the BMW and renting because they can't afford not to. If you want to rent, that's a different story. Let's face it...most apartments are shitty unless they aren't. If they aren't, they are generally even more expensive than a home because they are in a big city like NYC where there aren't any homes.

[John 070]

Originally Posted by lowside67

Haha, this thread is funny. A BMW is the same price everywhere but a house is not. I live in Vancouver - my 128 was $15k cdn and the cheapest house in all of Vancouver which is literally condemned and is bare land but with the additional cost of demolition is $949,000. A decent house in my suburb which is original and 40 years old is 1.2-million. I could buy a new 1M and it would be less than 5% of a downpayment.

Mark

I do see how there can be no relationship between what one drives and where one lives. My parents have friends who relocated to NorCal, their homes are multiples of what you posted, and they have Camrys and the equivalent. They were never interested in cars, weren't brought up to spend on them, even when I was a teen. I have a HS buddy who lives in a former NBA basketball player's home and his son goes to school with those deflators. He does have a Porsche and an Audi, but purchased almost 10 y.o. He refuses to pay more than $30k for a car.

A million sounds like a lot. Heck, I think a thousand is a lot, if I can avoid paying it, I would. No matter how rich one is, who thinks that a dealer asking $4,200 to fix a ABS pump on a 3 series is not a lot of money? But in the big picture, it's really not, it's 2 mos. daycare.

[BayMoWe335]

Originally Posted by nyalpine90

oh NYC has homes alright, apartments with 3 floors that cost more than house at the Hamptons lol
how about private elevator within your own 3 level apartment.

theres nothing wrong with renting, it has its pros and cons. Same thing can be said about owning a house.

Yeah, read my last sentence. Those are the places you live if you're truly ballin' and clearly aren't renting because you can't afford a home. Again, not who I'm talking about.

[nyalpine90]

Originally Posted by BayMoWe335

Yeah, read my last sentence. Those are the places you live if you're truly ballin' and clearly aren't renting because you can't afford a home. Again, not who I'm talking about.

BUT....rent isnt cheap either
$3400 for 750sf

http://newyork.craigslist.org/mnh/abo/5909532869.html

[PoorLurker]

It's hard to know people's situations.

I know a guy who owns an M3, owns a condo worth $500k, six figures in cash/investments, six figure retirement, six figure salary, tall, dark, and handsome. (did this all before 30 with no help)

He used to rent a room for years all while having the above items. He didn't see the need to be out on his own so he rented a room to use his money elsewhere.

Due to some changes in life, he now rents a place while he figures out where to purchase his "forever home"

I know where OP is coming from. But you have to realize everyone has different financial goals in life. People want to retire ASAP and people never want to retire. People want X yesterday while some people will wait for 3 times X tomorrow. That philosophy influences people's decisions a lot.

As I have gotten older, I have realized it's immature to judge others on one's own standards. People are different so they have different standards. From those standards, people have different expectations. This is true in all aspects of life.


Mr Tonka Right??? Priorities

[John 070]

Originally Posted by PoorLurker

six figure retirement

This doesn't cut it for anybody who has a BMW lifestyle. I think you said 30 y.o.

Just imagine, let's put it right in the middle, at $500k, not $999k.

To go from $500k at 30, to a 7 figure balance, is not very easy. We're assuming there's 10 years to do so. Any wasteful spending will make it that much harder.

My next door neighbor told me he inherited almost $400k. He put most of it in the bank earning almost 1%. Decided to take some and do S&P 500 index, even being retired. Well, so far that's paid off, but is risky for someone who is 75....

[Taskmaster]

What a stupid fucking thread.

[UPSROD]

I think the point of this whole post is...if you have to park your $80,000 + BMW outside you are doing something wrong!

[Axius]

Originally Posted by UPSROD

I think the point of this whole post is...if you have to park your $80,000 + BMW outside you are doing something wrong!

I'm 26 and my house doesn't have a garage..., totally fucked up on this one.


Trading everything in for a Prius and an apartment now.

[InternetFame]

Originally Posted by Axius

I'm 26 and my house doesn't have a garage..., totally fucked up on this one.


Trading everything in for a Prius and an apartment now.

Could just live in the Prius, instead, and save that money for some shitty tattoos.

[jgoens]

Originally Posted by TheAxiom

What a stupid fucking thread.

Waiting for your detailed opinion.

[Axius]

Originally Posted by InternetFame

Could just live in the Prius, instead, and save that money for some shitty tattoos.

If you're insisting that I can make my already shitty tattoos look even shittier by getting more shitty tattoos..., then I'm 80% inclined to get the Prius today and get the ball rolling.

[Matticus91]

ITT: People who have never lived in a major city.

[PoorLurker]

Originally Posted by John 070

This doesn't cut it for anybody who has a BMW lifestyle. I think you said 30 y.o.

Just imagine, let's put it right in the middle, at $500k, not $999k.

To go from $500k at 30, to a 7 figure balance, is not very easy. We're assuming there's 10 years to do so. Any wasteful spending will make it that much harder.

Do you even real life math?

Go do some research, enlighten yourself, and then I do not need to explain it to you. Self enlightenment is much more rewarding.

[Mr Tonka]

Originally Posted by PoorLurker

It's hard to know people's situations.

I know a guy who owns an M3, owns a condo worth $500k, six figures in cash/investments, six figure retirement, six figure salary, tall, dark, and handsome. (did this all before 30 with no help)

He used to rent a room for years all while having the above items. He didn't see the need to be out on his own so he rented a room to use his money elsewhere.

Due to some changes in life, he now rents a place while he figures out where to purchase his "forever home"

I know where OP is coming from. But you have to realize everyone has different financial goals in life. People want to retire ASAP and people never want to retire. People want X yesterday while some people will wait for 3 times X tomorrow. That philosophy influences people's decisions a lot.

As I have gotten older, I have realized it's immature to judge others on one's own standards. People are different so they have different standards. From those standards, people have different expectations. This is true in all aspects of life.


Mr Tonka Right??? Priorities

Lol. I met and rode with a guy last night who works at Papa Johns, drives a 13 year old Sentra and rides a $9,000 bike. (probably not any faster than me i might mention)

But i don't judge. People do what they do, i do what i do.

[John 070]

Originally Posted by TheAxiom

What a stupid fucking thread.

Let's get extreme, say I am unmarried, 43 y.o., and live at home with my mom since she has a 5 bed house, divorced my dad taking most of his assets, and my 4 other brothers and sisters are normal with kids and living in their own homes with their spouses.

Can I buy a BMW? Of course I can, and why not? I don't have rent or a mortgage. At least I don't live in an apt. and drive a BMW!

[PoorLurker]

Originally Posted by Mr Tonka

Lol. I met and rode with a guy last night who works at Papa Johns, drives a 13 year old Sentra and rides a $9,000 bike. (probably not any faster than me i might mention)

But i don't judge. People do what they do, i do what i do.

haha - At the end of the day, he will sell that bike for like $5k losing $4k and have some exercise and a lot of amazing times to reflect on. Totally worth it!

[Mr Tonka]

Originally Posted by PoorLurker

haha - At the end of the day, he will sell that bike for like $5k losing $4k and have some exercise and a lot of amazing times to reflect on. Totally worth it!

I'm certainly not someone with the right to lecture anyone about spending money on bikes.

[VRG_135]

Originally Posted by BayMoWe335

What do we think about driving a newer BMW and living in an apartment? In general, I am talking about a person who chooses to live in an apartment because they choose to drive an expensive car. Not college students.

Should this person be saving for a house or is it perfectly acceptable to be, let's say 30 or over, living in an apartment with an expensive car?

Are you judging someone else, or looking for advice?

[InternetFame]

Originally Posted by VRG_135

Are you judging someone else, or looking for advice?

Bro bro bro just stay in the political forum it makes more sense.

[VRG_135]

Originally Posted by InternetFame

Bro bro bro just stay in the political forum it makes more sense.

That doesn't make sense.......