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11-12-2011, 07:20 PM | #45 | ||
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11-12-2011, 07:24 PM | #46 |
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Regardless of almost all measure or comparison an annual income of $250,000.00 is "rich" -
Average income - $60,528 per year But this is not a good reference. Due to the fact that higher incomes skew very much higher than average, the number is much higher than the situation most Americans find themselves in. So here we go ... Median income - $44,389 per year More realistic. The yearly income amount in the dead middle of America is surprisingly low. This is per household. The large majority of Americans make far less than $50,000 a year. And as to the rest of the world, $50,000 is within the top 1% of household income. Yes. If you own or lease an M3 you are rich. Actually ... virtually every member of these forums is "rich." We are extraordinarily fortunate. Pretty sobering. What the recipient can do with that income and how she or he feels is a completely different matter. All numbers from US census and United Nations. Last edited by hlmiii; 11-12-2011 at 07:31 PM.. Reason: Review for accuracy |
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11-12-2011, 07:24 PM | #47 | |
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When I was in residency, there were no limits to work hours. I remember clocking in one week in which I worked 134 hours. I earned $32,000 that year. Through it all, however, there is no other job or profession I could ever see myself doing. I love going to work every day. It is always an adventure and it is almost always rewarding. Kev.....there will come a day in your career when you alone will save a human life. You will leave work knowing that another human being is alive and not dead from actions that you did. It will change you forever. My 15 year old daughter told me she was thinking about being a doctor. I couldn't be happier for her. It is a deeply fulfilling way of life. And you will pay off the debt a lot faster than you think. People with greater financial obligations usually are hand in hand with greater incomes (gambling debts, etc. notwithstanding). We also tend to spend up when we are earning more, but that doesn't negate the fact that you are actually earning or will earn a high income.
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--Former BMW M3 owner Last edited by LarThaL; 11-13-2011 at 05:19 AM.. |
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11-12-2011, 07:33 PM | #48 | ||||||
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I know what you mean ... to work in the field of medicine is a struggle to get there many people think it is a breeze to be in this field, unfortunately they do not know the cost and sacrifice it take to get to the end of the line.
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Life will take us to some interesting places, fortunately The ///M3 will too with a many of us know this very well, now my C6.3 AMG with 487 HP does it too ---> Click here for some good stuff I found |
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11-12-2011, 07:39 PM | #49 | |
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11-12-2011, 07:40 PM | #50 | |
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kev { divinum est sedate dolorem }
"your friendly neighborhood critical care anesthesiologist" |
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11-12-2011, 07:45 PM | #51 | |
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Thats the thing I like about the BMW dealer in Winnipeg. They take everybody seriously, even if they don't turn out to be. They only thing that they don't do is let people drive their ///Ms whenever they want. |
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11-12-2011, 07:52 PM | #52 | |
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I think it's actually quite the opposite as what you've said (among my circle of friends). All of my friends that are in medical school, or residency, dentistry, etc. all come from a family of doctors. Why? Because they see that overall doctors aren't that affected by the recession (only their portfolios). |
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11-12-2011, 07:55 PM | #53 | |
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kev { divinum est sedate dolorem }
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11-12-2011, 08:01 PM | #54 |
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11-12-2011, 08:09 PM | #55 |
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Try going to a private school and you'll see the difference. State schools and the Canadian system are highly subsidized. Going to BU for 4 years of DDS back in 2005-2009 would set you back >200K just on tuition.
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11-12-2011, 08:19 PM | #56 |
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haha ..cracks me up.
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11-12-2011, 08:43 PM | #57 |
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In my opinion, it's all about the value you put on things. My mother values her reliable 1998 Land Cruiser, so she is very likely to continue driving it until it breaks down. My father tends to enjoy driving fast while still keeping it classy, so he purchased a new S65 amg. I guess it is different on a forum where probably everyone values performance cars, but I think based on the cars that people on this forum own, they can afford to purchase just about any car. Obligations are important, but a person who puts great value on a car will try to fulfill those obligations and not create any new ones on the way to attaining that car.
Anyways, my friends (very conservative business owner) brother (investor) convinced him into getting a 911 Turbo with the suggestion that he would invest the money he saved from financing the car. So money that he would have otherwise kept in the bank due to fear of investments, offset his purchase and more. I know this is a special story, but the point is still that he valued the 911 Turbo enough to make such a risky investment just so that he could get into the car of his dreams. He also made sure to do it before he got married because he knew it was all going downhill from there |
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11-12-2011, 08:53 PM | #58 | |
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I do own a pathfinder though. Does that make me semi-rich?
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11-12-2011, 09:23 PM | #59 |
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with all the doctors on this forum it seems like we should be asking for medical advice...instead of all the legal advice threads on how to sue this dealership or that vendor
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11-12-2011, 10:09 PM | #60 | |
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At least this thread is more interesting than the Oregon vs Stanford game on ABC right now... |
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11-12-2011, 10:15 PM | #61 | |
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Very inspirational! I'm finishing up internal medicine and starting cardiology fellowship in June...there are days when I wonder why didn't pick a regular 9 to 5 job; but it's great to hear you expound on why i chose medicine in the first place. |
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11-12-2011, 10:15 PM | #62 |
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11-12-2011, 10:48 PM | #63 | |
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That income would be really pushing it without a down payment even for a turbo, let alone a turbo S. It would be around 3k a month without a down payment. However, it does depend on ones lifestyle and what makes one happy. I think it's important to keep a DTI ratio around 20 to 30 max. Being car poor would suck. I see people doing it all the time. Most people I know with a similar income as the OP, some of whom are car enthusiasts, would not spend near that much and are very smart with their money. In my opinion, a good rule of thumb for max car price would 40% of ones pre-tax income. Therefore, for 250k, I would say about 100k max. Again, just my opinion. Someone mentioned that he might be a new physician. That's certainly possible as they usually don't have much credit and sometimes make big purchases as soon as the money starts rolling in...often times it's bad idea simply due to bad timing. I can understand the urge after so many years in training. I also agree that physicians on the whole more than anyone have an income that is well deserved. Good luck OP. I hope you get that 911ts ASAP. Last edited by erio; 11-12-2011 at 11:21 PM.. |
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11-12-2011, 10:51 PM | #64 | |
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11-12-2011, 11:39 PM | #65 |
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As someone who was a car salesman, the salesman probably just realized that if OP wasn't going to get approved it wasn't worth wasting his time trying.
Car salesmen are VERY BUSY! |
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11-13-2011, 12:54 AM | #66 | |
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You COULD be rich . Since you can make a ton and owe everything, the correct approach to measure that should be net worth, rather than income.
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Amen to that brother. That's exactly the measure we all should use: look down, rather than up. Instead of cherishing what that 1% of the world can buy that you can't, feel fortunate you're better off than the remaining 99%. It keeps you humble. I'm extremely conservative with my finances, but I don't have the luxury of a steady, or even safe income, so have to compensate for that. And I'm always on jeans and a T-shirt, so don't feel rich, but I know I am, for the simple fact my family is healthy, none of my kids have any disability or illness, and we have all the necessities most folks take for granted. Hard to ignore when you see hundreds of households living in cardboard houses across the Rio Grande when going to the office. Have a good one folks. |
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