Suze Orman

[phillye30fanboy]

idk if this is one of you guys hahah, but if not..... do you think this guy could afford an M3? IF not say why, and im curious what you guys are working with to afford yours.

[NoM3ForMe]

Originally Posted by phillye30fanboy

idk if this is one of you guys hahah, but if not..... do you think this guy could afford an M3? IF not say why, and im curious what you guys are working with to afford yours.

If he really still has an 80/20 home loan, I wouldn't do it. Get your 2nd-mortgage taken care of first, dummy!

[avex8]

he should refinance his mortgage first. That will save him some money

[ejheverest]

No way can he afford an M3. Too much debt in properties, his income is ok.
Pay off the 2nd loan then if he still wants an M3 buy one after.

[surlynkid]

NO!!!! That is the problem in this country. Folks like that think they can afford it. Does he have a 6 month slush fund to cover all expenses in case he loses his job or falls ill? $462K mortgage on a $91K income. 5:1 ratio.

[osteome]

He has less than $500 after monthly expenses are subtracted from his income......f*cking nuts to even ask the question.

[Optherion]

LMAO rental income?? lmfao he has 0 rental income. The rental income goes straight back to one of those mortgages. Then he has a 2nd mortgage on his current home. Id be surprised if he has $1000 left at the end of the month right now. He needs a take home of at least $9500 a month. I would be nervous even then.

[rjd598]

Originally Posted by osteome

He has less than $500 after monthly expenses are subtracted from his income......f*cking nuts to even ask the question.

+1 my thoughts exactly

[cshawkeye]

Nope he should work on refinancing and getting his debt down first.

[03BeastCharmer]

Originally Posted by Optherion

LMAO rental income?? lmfao he has 0 rental income. The rental income goes straight back to one of those mortgages. Then he has a 2nd mortgage on his current home. Id be surprised if he has $1000 left at the end of the month right now. He needs a take home of at least $9500 a month. I would be nervous even then.

That guy can't afford that car, but I also don't think you need to take home (net taxes, health insurance, 401k) $9,500 to buy a used M3. $5,500 ish is probably enough unless you live in crazy markets like LA and NY where housing is outrageous.

[Optherion]

Originally Posted by 03BeastCharmer

That guy can't afford that car, but I also don't think you need to take home (net taxes, health insurance, 401k) $9,500 to buy a used M3. $5,500 ish is probably enough unless you live in crazy markets like LA and NY where housing is outrageous.

Well I say $9,500 a month minimum for myself. Thats what I was making when I bought my first M3. Living in southern CA. I am self-employed and of course pay my own health insurance and invest for my own retirement. After a mortgage, utilities, misc insurance, emergency fund, Gardner etc. there was little left even then for an m3 payment. Depends where your priorities are and if you want to live in an apartment vs own a home.

[m3buckeye]

Originally Posted by Optherion

After a mortgage, utilities, misc insurance, emergency fund, Gardner etc. there was little left even then for an m3 payment.

Gardner? Is that like a gardener named Gardner?

[Optherion]

Originally Posted by m3buckeye

Gardner? Is that like a gardener named Gardner?

It's called "typing too fast before hitting the post button." Smart Ass.

Grammatical errors were rampant in my last post. Surprised the one spelling mistake is the only one you caught? You could have also noted my lack of coordinating conjunctions, subordinating conjunctions, apostrophes, and capitalization.

[1fastdoc]

Originally Posted by 03BeastCharmer

That guy can't afford that car, but I also don't think you need to take home (net taxes, health insurance, 401k) $9,500 to buy a used M3. $5,500 ish is probably enough unless you live in crazy markets like LA and NY where housing is outrageous.

You do if your expenses are over $7k/month.

This explains a lot to me though. I see a lot of people far younger than me with damn nice cars, usually Porsches, M3's, high end SUV's, etc. I always wondered how they could afford them. I guess they just take on more debt.

[1fastdoc]

On a side note, I saw the show one night and recognized an old colleague. She was a fresh out of training pediatric anesthesiologist making over $300k annually and wanted to buy a home for $500k. Suze said NO. Suze would have shit her pants if she saw my books when I started practice.

BTW, if you read up on her, you'll find she in no way practices what she preaches. She

[TVMA Doc]

Originally Posted by 1fastdoc

On a side note, I saw the show one night and recognized an old colleague. She was a fresh out of training pediatric anesthesiologist making over $300k annually and wanted to buy a home for $500k. Suze said NO. Suze would have shit her pants if she saw my books when I started practice.

BTW, if you read up on her, you'll find she in no way practices what she preaches. She

If the anesthesiologist works in CA, that would be one of the better income/mortgage ratios. You are hard pressed to get anything above a single wide at $500k in most of the suburban/urban areas of this state. $300k puts her at one of the higher salaries-I guess that means that NO ONE can afford ANY of the houses here in CA?

She would stroke if she saw my current books. Primary care isn't appreciated in this state...

[Its_lobelt]

I've watched the show once and came up with this: To put it in a crude way I got the impression that you shouldn't buy anything and should just save until you die.

A guy called up who had millions saved up and had income coming in every month enough to cover his expenses plus some. He asked if he should buy a little propeller plane costing 400K and she basically told him that he is stupid if he does. Why do people listen to this lady?

[positiveions]

BTW, the guy that that wrote the book: RICH DAD, POOR DAD- His company is filing for bankruptcy.
Lesson from this story: don't listen to anyone that is going to give you money/finances advice. Go with your gut feeling.

[///Mperative]

Originally Posted by positiveions

BTW, the guy that that wrote the book: RICH DAD, POOR DAD- His company is filing for bankruptcy.
Lesson from this story: don't listen to anyone that is going to give you money/finances advice. Go with your gut feeling.

You mean you don't believe everything you see on TV? I need to reevaluate my life choices...

[gatorfast]

Originally Posted by positiveions

BTW, the guy that that wrote the book: RICH DAD, POOR DAD- His company is filing for bankruptcy.
Lesson from this story: don't listen to anyone that is going to give you money/finances advice. Go with your gut feeling.

Ehh still think the book has some good advise. It's not like he's telling you how to get rich quick or anything, just explaining the benefits of being a business owner and/or investor vs a salaried employee.

Just because his company marketing all his material is going bankrupt doesn't make the book any less worth reading.

[positiveions]

Originally Posted by andrewlef

You mean you don't believe everything you see on TV? I need to reevaluate my life choices...

I don't watch pathetic, brain wasting TV programs, that has nothing to do with my life. And I sure don't need you to reevaluate my life choices. I am capable of doing that myself.

[///Mperative]

Originally Posted by positiveions

I don't watch pathetic, brain wasting TV programs, that has nothing to do with my life. And I sure don't need you to reevaluate my life choices. I am capable of doing that myself.

Whoa! I think you misread my post. I wasn't talking about you....