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Posted: 7/27/2001 11:36:02 PM EDT
This question has been on my mind recently: What do you consider big money?? The reason I have been thinking about this is because the house prices around here are [b]way[/b] out of my reach. The same goes for cars and many outher things. Quite frankly, this really pisses me off!! So I ask again--- What do you consider big money?? For me it's $100,000. sgtar15
Link Posted: 7/27/2001 11:41:43 PM EDT
If your talking houses around here big money is over one million dollars for a home. If your talking in general big money is when you spend and spend and don't have to check your bank balance ever because it always has money in. Right now in my current situation I'm not greedy and would be happy for 50k to drop in my lap....
Link Posted: 7/27/2001 11:51:37 PM EDT
geez, my mom's house in the bay area would go for about 700,000 now. I think we paid a little over 60k thirty years ago. This is a freakin average suburban house. Go anywhere on the peninsula and double that. Freakin insane. Just feel lucky that we were able to afford the house we wanted. Of course after three years I don't think we could afford to buy it now. [rolleyes] Big money, I would take that to be something that I could retire on. (in the style I've grown accustomed to [;)] ) Five million? Of course right now I scrounging my desk for change to pay range fees tomorrow.
Link Posted: 7/28/2001 12:00:31 AM EDT
Well houses in my area are $250,000 and up, and that is just an average house!! The other thing that got me thinking about this was listening to a guy that just got laid off, he was worried about dipping into his saving of $150,000!!!! Long story short: Between all the taxes, the illegal immegrants and various other things, I really feel it is near impossible for the average joe to get ahead anymore. I try not to get into self pity, but currently my financial situation just plain sucks!!!! sgtar15
Link Posted: 7/28/2001 1:51:52 AM EDT
I guess it depends on what you mean by "average guy". Someone recently was talking to me about how he was retiring to Montana next year. He was in his thirties or forties, married. How could he afford it? The house and land he was buying cost $25,000, and taxes were miniscule. Someone else, a friend, sold his house in town and used the cash to buy a house 100 miles out, outright. No mortgage, ten acres, on a small lake (a big pond, really). In my ancestral hillbilly homeland, you can get a reasonable house for $100,000 easily. An old one will go for $60,000. There's plenty of work in the area -- unemployment there as of LAST MONTH was 2.3%, from what my aunt told me. Every shop I walked into had a "help wanted!" sign taped to the door. Some were closing in the evenings because they couldn't find enough workers to keep the places staffed. One of my cousins is working 14-hour days as a plumber, six days a week. Where? For only $19.95 . . . oh, hell, you're a shooter, so ok, it's eastern Tennessee. Some towns out West are getting so depopulated that you could practically move in and take over an empty house, and the neighbors would just be glad of the company. The power and water companies might not want to turn the services on unless you can show 'em a deed, though. But there's no jobs, so you'd have to live on savings and whatever odd work you might find, or travel for your employment. Personally, I'd say you should pack up and move to Hillbilly Heaven; the wages are low until you realize that the cost of living is miniscule. Regarding cars, what is it you're after?? Porsches are out of my reach too. I don't know too many average people who can't afford a nice new Focus, financed at 1.9% (or whatever the current promo rate is). As far as what "big money" is, I used to play blackjack on a semi-pro card-counting team. One fine afternoon, I was playing at the Monte Carlo (in Las Vegas, not the real one) when some woman who'd been walking past the table stopped and stared at me with big full-moon eyes and said, "Do you realize you just lost two hundred dollars on that hand." Flat tone, no expression. I didn't know what to say to her. She continued staring in shock as $300 evaporated on the next hand, and walked away visibly shaken. I think I finished that hour-long session down about $800. The memory of her stuck with me. I couldn't figure out what the big deal was. [thinking] It took months for me to realize that throwing out $500 on a spot was unfathomable to most folks, or that walking away from a table having lost $5000 across the space of an hour was shattering to many people. Across the space of an hour, though, I had a statistical expectation of winning a net $75. More realistically, that would be $30,000 across 400 hours of play, worst-case breakeven of $0 at 800 hours, best-case win of $30,000 at 13.5 hours. "Big money" depends on the rate of return. If the return is negative, even $500 is a lot to me. If the return is positive, it depends on how much I have to invest and how fast I think it will grow. Houses are similar -- those average homes in Tennessee were selling for considerably less five years ago. One of my uncles doubled his money on a building lot in six months, just buying, holding, and then selling it. Cars and guns depreciate. Houses and stocks appreciate (if you buy right). Just some thoughts.
Link Posted: 7/28/2001 2:13:31 AM EDT
Link Posted: 7/28/2001 2:26:15 AM EDT
It's all relative. But cash sums over $100,000 represents big money to me. Rates of return change as the amount at stake changes. It's not that difficult for me to spot opportunities to make 50%-200% over the course of a couple of days with small ($1000-$10,000) amounts of money. Portfolio managers working with hundreds of millions of dollars would probably be happy with 10% for the year.
Link Posted: 7/28/2001 2:46:25 AM EDT
One mill...er, One Billion Dollars..Muwhahahahaha![:D]
Link Posted: 7/28/2001 4:40:22 AM EDT
Nice contemporary 4 bedroom home around here is $350,000 and up. I can drive you around for a week looking at $800,000 houses, and we wouldn't even scratch the surface. Big money for a house would start at $1,000,000. Lot's of expensive cars. A $38,000 BMW is nothing. To have an impressive "big money" car would require $100,000 and up.
Link Posted: 7/28/2001 5:01:37 AM EDT
An M60-E3.
Link Posted: 7/28/2001 5:02:21 AM EDT
Hmmmmmmm. I think a million bucks would clear up my debt and leave me a little walking around money. But $100,000 would be worth a major celebration.
Link Posted: 7/28/2001 5:17:36 AM EDT
Big money? No such thing. I inherited my fathers estate, worth well into 8 figures, but I haven't changed my lifestyle at all. I take care of my kids (son 6 years old, daughter 8 years old), I take care of my stepmother and my 6 year old brother and 8 year old sister (makes interesting conversation at their school ). My wife goes off to work everyday, she wouldn't give it up for anything. Do I do anything now that I wouldn't have done before? Probably, but we didn't start having cavier at every meal, thats for sure. Money is jsut a tool, as long as you use it right, it won't turn aronud and bite you.
Link Posted: 7/28/2001 5:18:36 AM EDT
Let's see. 6 mil at 5% interest per year would give me about 300K annual income, or roughly 200K after taxes. Not so much that I would change, but not so little that I would have to worry about anything.
Link Posted: 7/28/2001 5:18:50 AM EDT
The way I look at BIG MONEY is it enough to allow me to retire and live out my days with out worrying about $$$. If someone gave you $100,000 to look after for them, the temptation would not be there to steal it because the $100,000 is not a life changing amount of money. Granted it is a lot of money by itself you can not retire on it. Now $1,000,000 can be another story. You can go to south america and live out your life with no real concern for cost of living there. Granted I can not speak spanish, nor do I have the desire to learn. $5,000,000 would be enough for me to get by on no problem! Granted if you had to get it by unlawful means you would be looking over your shoulder in retirement. But, that may be worth it to some. Just my .02 [beer]
Link Posted: 7/28/2001 5:28:32 AM EDT
Link Posted: 7/28/2001 5:32:45 AM EDT
Link Posted: 7/28/2001 5:57:07 AM EDT
Big money to me is living LARGE on the interest your investments provide with out ever touching the principle. I'd put it at the $500,000-$750,000 mark annually.
Link Posted: 7/28/2001 8:08:10 AM EDT
Link Posted: 7/28/2001 8:17:03 AM EDT
Any amount that totals more than I have in my Bank accounts. That amount would be bigger than what I currently have, so it would be big money to me.
Link Posted: 7/28/2001 8:37:05 AM EDT
I'm moving again next week, and I need about a grand by this Tuesday. I don't get paid until the following Sunday. $1000 would make me happy right now.
Link Posted: 7/28/2001 8:49:37 AM EDT
If I bet $100, and won $100, I'd still be poor. The book "Millionaire Next Door," puts it at a few million. Their "Go to Hell" fund would allow to maintain standard of living, without being a whore to salary. London's "Economist" last month, wrote about Silicon Valley's dot-bombs, and said "F*ck You Money" was 10mil. Zero risk return would be ~$500k annually. Am a former Fortune cornputer wienie, that'll never be "big-time", so have been reading Dalai Lama: "Today Feel no anger Have no worries Show gratitude Be diligent in your undertakings Treat others with kindness"
Link Posted: 7/28/2001 10:31:39 AM EDT
The most we ever made in a year was a little over 120K. But living in So Cal even that doesnt go very far. Now I make about 70K a year and we are just barely getting by.
Link Posted: 7/28/2001 10:41:55 AM EDT
Originally posted by sgtar15: What is BIG $$$$$ to you?
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I would safely assume large guys with long coats and diamond rings on their pinky fingers who are carrying leather attache cases are carrying BIG $$$$$. Also, if they have facial scars and speak in hushed tones, the larger cash in the case. Personally, I find most food vendors at gun shows charging BIG $$$$$. Heh heh heh. [:)] [b]-RoadDog[/b] [img]http://www.stopstart.fsnet.co.uk/Gif/scooby1.gif[/img]
Link Posted: 7/28/2001 10:51:42 AM EDT
[Last Edit: 7/28/2001 10:48:24 AM EDT by KBaker]
To paraphrase Everett Dirksen, "A billion here, a billion there, pretty soon it adds up to big money!"
Link Posted: 7/28/2001 11:06:51 AM EDT
[Last Edit: 7/28/2001 11:06:39 AM EDT by 7_62___for_me]
It all depends on the lifestyle that you lead. Recently I was looking at homes in the Inland Empire here in CA. Out in the boonies north of Lake Elsinore you could buy a new home for $150,000 that would cost you more than $270K say in San Diego or south Orange County. Next year I'm hoping to buy a home out there new or relatively newer for [b]$150K or less[/b]. One of my co-workers was telling to jump on these new homes and travel the distance to work, he paid around $80K for his 3 bedroom 2 car garage home a few years ago and now it worth about $140+. So in my case I really don't need a whole lot of income to buy the home I want because I don't plan on living in Orange County or San Diego County. So good money to me is enouph to pay the mortgage, living expenses for the family including vehicles, room to put money away and have funds to play with my toys and buy more...
Link Posted: 7/28/2001 11:17:54 AM EDT
scratch that, big money to me would be enough cash flow to line the proper political pockets with donations and then using my influence to insure a I can be issued a CCW with no resistance whatsoever.
Link Posted: 7/28/2001 11:21:08 AM EDT
Originally posted by sgtar15: I would safely assume large guys with long coats and diamond rings on their pinky fingers who are carrying leather attache cases are carrying BIG $$$$$. Also, if they have facial scars and speak in hushed tones, the larger cash in the case. lol my father was actualy friends with people that had"family" ties when he was younger. The actualy asked his if he was interested in collecting for the numbers. Darn it i could have been one of those diamond fingered bag guys (sigh) but anyway being that im a young lad of 28 busting my hump for30k, id have to say that i considder 80k big money. I already have the nice truck gotta love that gm supplier discount [;)]
Link Posted: 7/28/2001 11:28:56 AM EDT
How much money is a lot of money? it depends on this Economy and whether or not it pulls out of the Economic Nose Dive it's currently in. More from the Lips of the Federal Reserve Beige Book itself: ------------------------------------ Summary--Beige Book Prepared at the Federal Reserve Bank of Minneapolis and based on information collected before June 4, 2001. This document summarized comments received from business and other contacts outside the Federal Reserve System and is not a commentary on the views of Federal Reserve officials. Most districts report that economic activity was little changed or decelerating in April and May. Retail sales and tourism have been slow to flat across the nation. Most districts report that manufacturing activity has declined or remained weak. Commercial real estate markets have softened... Auto sales in Philadelphia are lower than last year…Tourism is lackluster… Manufacturing Manufacturing activity decreased or slowed in May for all the districts. Several districts report weak new orders and higher inventory levels…. Real Estate and Construction Commercial real estate and construction have slackened somewhat in several districts. "Softening," "stagnant," "weak," "flat" and "continued to cool" describe overall activity in most districts…. Residential construction is mixed, while home buying is generally active. Homebuilding is strong in the St. Louis district and expanding modestly in Kansas City; however, homebuilding is soft in the Chicago and Minneapolis districts... Agriculture Spring plantings are nearly complete across the nation, but difficulties persist. Weather problems are reported in Cleveland, Chicago, St. Louis, Minneapolis, Kansas City and San Francisco… Natural Resources IndustriesEnergy exploration activity is robust due to high prices for natural gas and oil, while mineral mining activity is sluggish… Labor Markets Districts report overall easing in labor market conditions, with tightness noted in some occupations. More people are looking for work, and hiring is considered easier. Information technology workers are having more difficulty finding jobs in the Boston, Cleveland, Chicago, Minneapolis and Dallas districts. Demand for temporary staffing services is soft in the Boston, Cleveland and Richmond districts… Wages and Prices Most districts saw only modest pressure on wages. The Boston market for all levels of tech workers "has softened dramatically" and dampened wage pressure. Atlanta says new technology workers are being offered smaller compensation packages than last year… Districts report higher energy prices across the board, with mixed consequences. Banking and Finance Lending activity and credit quality vary by sector and area. Deterioration in credit quality is noted in New York, Cleveland, Richmond, Chicago, Dallas and San Francisco, though not in Philadelphia. Commercial loan demand is up in New York, Philadelphia and Chicago, but down in Cleveland, Richmond, Atlanta, St. Louis, Dallas and San Francisco… More at: http://www.federalreserve.gov/FOMC/BeigeBook/2001/20010613/default.htm
Link Posted: 7/28/2001 11:48:22 AM EDT
Originally Posted By sgtar15: Well houses in my area are $250,000 and up, and that is just an average house!! The other thing that got me thinking about this was listening to a guy that just got laid off, he was worried about dipping into his saving of $150,000!!!! Long story short: Between all the taxes, the illegal immegrants and various other things, I really feel it is near impossible for the average joe to get ahead anymore. I try not to get into self pity, but currently my financial situation just plain sucks!!!! sgtar15
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Hey man don't think you are being stupid or unreasonable for thinking this. I am a painter and I know exactly what you are saying. People that don't are making good bucks. I mean a yearly income of 100 or better a year. Where I live you can't get a home for under 250K and this price doesn't buy you a big home.Needs work also. Small 3 B/R 1 or 1 1/2 bath. No big land either 60x100. The average guy is fu@#ed. I don't know how my kids will live where I am. I am going to get them out of HS and split to a less expensive place. There are places where you can get a nice home for 175K 150K if you look hard. But NY and Kali. Don't even think of it. You will have to live in a place that is not yet 100% established and new in the making. Go further away from the ciy that kind of stuff. But don't feel like you are alone. I know what you are saying. My point is my grandfather was a tailor and he was able to buy his home and live,with out my grandmother working. They did struggle but today a tailor is not going to be able to do that. Both people will work and the tailor will have to get a second job or side work. This is my exact point how america is changing. High taxes,government greed and mismanagement and just human disreguard for their fellow man makes a recipe for the average guy to have a hard time. I don't have any answer for you but to only do your best. See if you can pool your assets with another person(female marage in the works) or another family member to buy a 2 family house. Try to make more money. If you are young do 2 jobs for a while then when you have some cash move to a less expensive place. So your money has more power. Most of all ask God for some help. Good luck I wish it wasn't like this but it is. I will give the same advice to my kids in several years I am sure.
Link Posted: 7/28/2001 1:00:43 PM EDT
Shoot, if I've got $100 in my pocket I get nervous thinking I've got big bucks. [;)]
Link Posted: 7/28/2001 1:32:53 PM EDT
Originally Posted By Lougotzz: My point is my grandfather was a tailor and he was able to buy his home and live,with out my grandmother working. They did struggle but today a tailor is not going to be able to do that. Both people will work and the tailor will have to get a second job or side work. This is my exact point how america is changing. High taxes,government greed and mismanagement and just human disreguard for their fellow man makes a recipe for the average guy to have a hard time.
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Finally!!!!!!! Someone that finally understands!!! FWIW. I am 36, married for 15 years, and wife doesn't work. Why, because the kids need a mom--end of story. [b]But on the plus side, all the tax $$$ I pay easily support a Mexican/Russian/Alien family of four on welfare[/b][-!-!-] sgtar15
Link Posted: 7/28/2001 3:39:44 PM EDT
To me, big $$$ has to be well over a million. The house down the street from me just sold for $600k. There is another house 1 block over going for $850k. I need enough cash to buy a decent house and still have enough left over to live the rest of my life in style. I would dance a jig if $250k fell into my lap, but that wouldn't last very long. It would not be enough for me to quit working, and have extra cash to spend on high priced escorts.
Link Posted: 7/28/2001 5:25:49 PM EDT
sgtar15, You and I are in the same boat. I am 35 married 14 years and have kids. I don't want to have tons of cash just enough to pay the bill and have a moderate life. I don't want a fancy car,my toyota is fine for me. I don't want a million $ house. I just want to know if I can't work for 6 months(illness) I wont be wiped out. Or when I have to buy the kids school cloths I don't have to worry about how I am going to get the extra cash. I find that life is stressful,unrewarding,and the harder I work the harder I find life to be. Can't seem to get over that hump and I come home very tired at night. At 35 I start taking naps like grandpa. My back hurts, my knees are starting to hurt and life just seems to get harder and harder as the years go by. I see the economic situation get better for some but for the average guy it just gets harder and leaves him behind. As long as the people moving forward are happy they don't seem to look back. They will step on you and laugh under their breath and pay no mind to it as long as they have theirs. Doggy dog everyman for himself. F the little guy. What a world. You are not alone. I know exactly how you feel. I can give you one bit of advice. The only thing that helps me is looking towards God/Jesus for help to have the strength to continue.But best of all(not like this world) God will give paradise to those who love him. I would rather have a hard time here and be in paradise with God then to have it easy here and not be in paradise with god. If you keep your eye on him it will help you. I know it helps me. Sometimes it gets hard but he always see's me through. Read the psalms in the bible. They are very comforting. Nice easy reading. Good luck my friend and when you have those hards days remember I am probably having them also. You are not alone!!!
Link Posted: 7/28/2001 5:34:56 PM EDT
Amen brother!!!!!! I agree 100%!!!!!! The worse part is that I live by trying to do "The Right Thing", you would be surprised how often this has come back to hurt me financially. But at least I can look people in the eye knowing I did right by God. Lougotzz, You have been a high point of my day------THANKS sgtar15
Link Posted: 7/28/2001 5:44:14 PM EDT
You know, it's kind of funny...all this talk about $500,000 houses and stuff. The place that my wife and I are buying right now will eventually end up costing us about$7,000-$8,000. It's not much, but at least it's our own. :) The reason we live in such a way is because #1) She doesn't work so as too stay at home with our 6 month old, and #2) Frankly, it's all that we can afford to buy. My Mom's generation was the first in her family to ever own a house, and my wife and I are doing better than my family had it growing up. Yet, I don't really care about having to struggle. My wife had it pretty good growing up, and she frankly doesn't know how to deal with being poor, but it really doesn't bother me. I guess it all comes down to where you came from and how you got there.
Link Posted: 7/29/2001 6:23:46 AM EDT
[Last Edit: 7/29/2001 6:31:40 AM EDT by Lougotzz]
I don't consider myself rich by any means. How rich can a house painter be? I just grew up in a middle class home and so did my wife. My point is the place that we grew up has skyrocketed to a point that the average person can't afford. The houses that are going for 250K and better were bought for 13K yes 13K 30 to 40 years ago. This is my point. It is not that we want to find a 250k or 500k neighborhood and settle down and we are pissed we can't do it. The point is you wake up one day and look around and say I can't afford to live in my neighborhood that I grew up in. Thats the point, not greed disappointment. Where I live kids out of college don't come back seniors have to leave cause they can't retire in the place they lived all their lives. I can't tell you how many times I went to give a clean up paint job to seniors so they can sell. They tell me we are forced to sell cause we can't afford to retire in our own home which is paid off. Not only the houses are expensive but everything around the area is sky hi. Taxes car insurance rent ect. So shame on all the people that created these situations that young, old, and average people have to flee the place they lived in for many years. I also want to make 1 more point. Then I go into people houses that don't want to put money into their home for painting but when they want to sell it they want 50K more then it is worth. So go figure they skimp with their investment and want an over inflated price at the expense of the buyer. And the buyer is usually young folks trying to get a start in life. Humanity is just wonderful. See when you ahve a society without god you can't have anything good. So the fact of gun control is not the only battle we face it is in every aspect of life. Gun control and the topic we are talking about now and all the other bad thins of life are a product of society moving further and further away from the almighty. The founders knew God. Our leaders don't and look at the difference.
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