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09-29-2012, 11:42 PM | #1 |
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Suze Orman
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.
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09-30-2012, 12:16 AM | #2 |
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If he really still has an 80/20 home loan, I wouldn't do it. Get your 2nd-mortgage taken care of first, dummy!
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09-30-2012, 01:39 AM | #4 |
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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.
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09-30-2012, 06:10 AM | #5 |
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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.
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09-30-2012, 07:48 AM | #6 |
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He has less than $500 after monthly expenses are subtracted from his income......f*cking nuts to even ask the question.
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09-30-2012, 10:38 AM | #7 |
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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.
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10-01-2012, 12:03 AM | #8 |
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10-01-2012, 11:00 AM | #10 | |
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10-01-2012, 12:51 PM | #11 |
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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.
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10-03-2012, 09:51 PM | #12 |
will bring some beers
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10-04-2012, 01:21 PM | #13 |
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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.
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10-05-2012, 08:12 PM | #14 | |
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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. |
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10-05-2012, 08:16 PM | #15 |
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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 |
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10-17-2012, 03:45 PM | #16 | |
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She would stroke if she saw my current books. Primary care isn't appreciated in this state... |
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10-17-2012, 05:13 PM | #17 |
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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? |
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10-19-2012, 12:41 PM | #18 |
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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. |
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10-19-2012, 01:16 PM | #19 |
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You mean you don't believe everything you see on TV? I need to reevaluate my life choices...
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10-19-2012, 03:07 PM | #20 | |
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Just because his company marketing all his material is going bankrupt doesn't make the book any less worth reading. |
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10-19-2012, 04:08 PM | #21 |
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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.
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10-19-2012, 05:26 PM | #22 |
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Whoa! I think you misread my post. I wasn't talking about you....
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