Quote:
Originally Posted by fmzip
Quote:
Originally Posted by Limegrntaln
If I was making $400k a year, I would have an M8 for a daily driver, and a 488 for a weekend car. I make a little under half that, so, I'm not sure what you're doing with the $33k a month, The only thing that makes even remote sense, is a $2 million house, and a fat/ maxed out 401k and retirement account. Coming to the table with $120k, cash, when rates were down at 0.9% would have been a waste of money. I locked in at that rate, in Oct of last year. No reason to drop all of that money, when the finance charge on an M4 is $84 a month on $1,635.
I sock 13% a month away, and I have a mil retirement pension, and I'm 8 years from my second 20 year pension, at 47. So, it all depends on what you feel you need. An M850i for a $400k a year income, is like buying a 1997 Prius making $10k a month.
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"An M850i for a $400k a year income, is like buying a 1997 Prius making $10k a month" That's a good one!  Very difficult to explain a full story on a forum...
You're quite fortunate with your pensions, I am self employed so we are in two completely different worlds. I have 10 years on you I am 57. $400K this year but normal years I am at $250K. To also note, I am also trying to retire early so these last few years really matter on spending to say the least. Socked away $61K this year in my Solo 401K which is the max. The M850i was also bought this year.
I would imagine your healthcare costs may be covered somewhat with your pensions? Mine will not. I'm self-funding everything and have been for the past 25 years. As we creep closer to retirement, the mindset on frivilous spending tends to change. On a side note, my buddy works at a Ferrari delaership. He told me the average Ferrari owners makes $500K per year and has a net worth of $5+ mil. You need to be in the top 3% to be in that arena which I am not a part of. Age and overall circumstances and views on frivilous spending certainly make a big difference in all these decesion making scenarios. Annual income doesn't really tell the full story as we've been seeing throughout this thread.
Great thread, some enjoyable reading! |
Yes, that definitely makes more sense. I was simply attempting to fracture the nut. It didn't need a full crack, just a slight fracture into the understanding behind it.
That easily makes more sense, now. Medical is huge, and he's, it's about $120 a month deductible for a $1,200 a month plan. That's huge factor, as is some of the other little tidbits. It's been a great thread, so far.
And yes, frivolous spending is definitely a factor. It's even worse if you've never made the money that you make, now. I'm also afraid that I won't much learn my lesson, until I'm your age, at which time, it'll be too late for me to make any life changing decisions. I'm going to be heavily relying on my retirement pensions, if that sways in the wrong direction, at any given time, it could prove to be disastrous.