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View Poll Results: Your Gross Income | |||
Less than $30,000 | 42 | 6.76% | |
$30,001 - $40,000 | 9 | 1.45% | |
$40,001 - $50,000 | 18 | 2.90% | |
$50,001 - $60,000 | 20 | 3.22% | |
$60,001 - $70,000 | 34 | 5.48% | |
$70,001 - $80,000 | 43 | 6.92% | |
$80,001 - $90,000 | 37 | 5.96% | |
$90,001 - $100,000 | 38 | 6.12% | |
$100,001 - $120,000 | 71 | 11.43% | |
$120,001 - $140,000 | 54 | 8.70% | |
$140,001 - $160,000 | 39 | 6.28% | |
$160,001 - $180,000 | 29 | 4.67% | |
$180,001 - $200,000 | 20 | 3.22% | |
$200,001+ | 167 | 26.89% | |
Voters: 621. You may not vote on this poll |
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11-29-2012, 12:39 PM | #243 |
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11-29-2012, 12:58 PM | #244 |
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Good points by everyone above. Here's a few more points to consider:
1) Rich Dad Poor Dad suggests that a home is a liability because most of the book (if not all) is focused on cash flow. So, from a cash flow perspective, owning that home COSTS money each year - it doesn't make money. On the other hand, owning a cash flowing asset (like a rental home, if tenanted and managed correctly) MAKES money. So Kiyosaki is suggesting that an ASSET creates positive cash flow while a LIABILITY results in negative cash flow. So that explains why he is able to make the blanket statement that owning a home is a liability - because it results in negative cash flow each year. Of course, that doesn't take into account appreciation/depreciation but that's a whole other story/debate. If you're a cash flow investor like me then you tend to follow these rules, as cash flow is king and any appreciation is "icing on the cake". 2) The ultimate financial freedom is having enough passive cash flow for it to pay not just for your car but also for your rent or primary mortgage. Then other tenants/customers are covering your "liabilities". Of course, if you can have that cash flow cover your liabilities and have additional cash flow to reinvest and compound then you're in a great position. That is why the key to financial freedom is cash flow AND low overhead. Which also explains why I know MANY $200k+ people who own Honda Accords 3) Clearly most of us on this board own M3s because we're enthusiasts (although more people around here in LA own them just for the imagine, which is sad). But, despite the major price increases between the E46 and the E9x when fully optioned, BMW has still priced this car very well compared to the obvious competition (for the most part). For example, one of the most obvious competitors that immediately come to mind and that seems to be the one of the most referenced on these boards is the 991. I cross-shopped the 991 C2S Cab when I bought my '13 E93 M3 and I just couldn't swallow the $50k difference for the slight bump in performance. But I think this gap is likely even more interesting then it seems. I suspect that the M3, C63, and IS-F are all borderline-affordable for a lot of enthusiasts and, despite some incomes below $100k (ie. see the poll results), people decide to take the plunge, which I can completely understand. But if you took this poll on a board of 991 owners then I'm guessing the results would be VERY different (ie. mostly high incomes). So I guess what I'm saying is that the poll results suggest that the manufacturers in this price range have done a good job trying to max out sales price while maintaining decent sales volume. So I guess no one should be surprised by the poll results - you have a lot of people making $200k+ because they can afford the car, you have some in the middle who are borderline, and you have the remaining enthusiasts on the lower end who took the plunge because they love cars. The fact that a lot of younger people are able to stretch their budgets to make an M3 purchase tells the story here, as it's questionable whether they can truly afford it while achieving a balance of spending and savings. That's almost certainly not the case for the 991... 4) DISCLAIMER - I am not a financial advisor so anything I write is just from my perspective as an investor trying to help other investors. Anyone who thinks they can't "afford" a rental property or a cash flow investment because they only have $20k to invest, for example, might want to research syndications. If you're reading this and you have never heard of that term before then you might want to do some reading, as you would be SHOCKED to see that you can afford to own small pieces of even larger commercial real estate investments. Of course, Wall Street doesn't offer them to you because they need to make their commissions on stocks/bonds, but that doesn't mean it's not out there. While syndications require investors to be passive and therefore to give up control, it can be a good solution for someone who is comfortable with giving up control. It's how I got started over 10 years ago, it's how I achieved financial freedom, and it's how I continue to invest today. While this type of investing is clearly NOT a good fit many people, as some understandably don't want to give up control, it can be a good solution for some, like me If none of this makes sense then do some research - it can change your life. Better yet, read Rich Dad Poor Dad, Cash Flow Quadrant, and then research syndications. That's the Trifecta... That's all for now. I have to get back to investing! |
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11-29-2012, 01:34 PM | #245 | |
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Quote:
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11-29-2012, 06:28 PM | #246 |
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You know....in this 13 page thread about income, nobody has actually come out and said what they earn outside of the anonymity of the poll. Curious.
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11-30-2012, 05:57 AM | #247 |
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Much appreciated!
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11-30-2012, 07:56 AM | #248 |
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What if they live with their parents but pay for their car??
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2015 AB/SO F80 M3 6MT | 19" Black M437 | KW H.A.S. | AutoTechnik Black Front Grills | BMW Performance Side Grills | Painted Front Bumper Reflectors | Gloss Black Exhaust Tips
GONE 2011 SG/Blk E92 M3 CS 6MT |
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11-30-2012, 06:25 PM | #250 |
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Neel...send that info my way too. My financial manager is a decent guy, reasonably capable, and a friend, but all too often I end up telling him what to do rather than him making me any real money.
The problem with a lot of these financial guys is that they are afraid to make any big moves, because clients will be pissed if they lose money. As such, they play it too safe. They settle for mediocre returns. In any industry, people's skills and abilities are on a bell curve. The key is finding someone who is well ahead of the game in term of knowledge and instincts. I have become more and more a student of the market and am doing better and better on my own. The point I am really trying to make is that most "financial guys" are not much smarter than you or I. If anyone of reasonable intelligence devotes time and energy to understanding the markets there is good money to be made. When you approach any financial advisor, ask them what they use for a performance benchmark. If they don't consistently beat that benchmark, then you might as well invest the money yourself in that benchmark's index fund, and be done with it. At least you won't be paying that 1% annual commission. In order to make any financial advisor worthwhile, they need to beat their benchmark by more then what they charge for commission. If they can't do this, move on.
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11-30-2012, 07:10 PM | #251 |
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my god M3 owners are insecure
some of the most superficial opinions Ive ever seen in my life happen on this forum "omg u dont track ur M3 omg ur not a real enthuaist" "omg u dont make 7 figures, omg ur poor dont drive an M3" lol, lot of small penis compensation on this forum
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11-30-2012, 07:16 PM | #252 |
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Pinhead,
I won't comment on your comment but I will say very nice ride (RS). I'm in West LA/Santa Monica. I'm not sure if you're in the area but I will keep an eye out for your car, as there are clearly very few of them, especially Gen 2. I'll never forget my drive in a GT3 Gen 1 - still my favorite drive ever to-date. Jeremy |
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12-01-2012, 11:55 AM | #254 | |
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Drives: 2013 M3
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Hers: 2013 X3 28i - N20 Mineral Silver / Sand Beige / Premium, Tech Past: 2013 ///M3 - Interlagos Blue Black M-DCT Past: 2010 135i - TiAg Coral Red 6MT ///M-Sport |
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