[jtodd_fl]

Originally Posted by Verbiage

I'm a professional black man.

Wow, that is a profession now? Nice. Being white is more of just a condition.

[Verbiage]

I can't wait to hear what comes now.

EDIT: Dammit dad you're lucky this forum makes me wait 45 seconds to post subsequently.

[jtodd_fl]

Originally Posted by Axius

Seriously? Not even $10? A meesley $5?


You get the discounted super saver coupon special.
.

Am I allowed to stack coupons? Pretty sure I can get the number down more.
Also: measly

[IndotagSwizz]

Originally Posted by Twixboy

The middle class shouldn't be driving BMWs either, so hopefully no one on here is middle class. As a finance professional it pains me to read about people's personal lives on here. All I can think is, this dumb fool can barely afford his car note, yet he's spending his life savings on new wheels and suspension parts. I actually feel sorry for a lot of people on here. I love them to death, but most car enthusiasts are just plain stupid when it comes to managing their money. If you aren't earning at least $200k/year then you have no business driving a $50k car. You'll need at least $2 million in net worth at retirement before you can even think about driving a pre-owned BMW. Make that $4 million if you want to drive a new BMW in retirement (an easy back-of-the-envelope calc is to multiply your savings by 4% to find your annual retirement income and don't forget to factor in inflation).

What??? my BMW costs the same as a Honda accord....you must think your BMW is a Rolls...

[Mr Tonka]

Originally Posted by silvergray545

This is funny. I don't know what we'd do without a "finance professional" telling us we're all stupid on this board!

I'm sure it was just pure luck that i bought a 95 E36 M3 at age 21 without a single asset or savings account to my name and made it this far.

[Mr Tonka]

Originally Posted by fcman

21% of participants at $50M+?

But 60% answered honestly.

[BEM-S4]

Worth enough and wise enough to know not discuss my financial situation with anyone but those handling my money. Who talks about this kind of shit?

[silvergray545]

Originally Posted by Mr Tonka

I'm sure it was just pure luck that i bought a 95 E36 M3 at age 21 without a single asset or savings account to my name and made it this far.

Total luck. You should be living in a cardboard box with all the stupid decisions you've made in your life!

[1MOREMOD]

Originally Posted by Mr Tonka

I'm sure it was just pure luck that i bought a 95 E36 M3 at age 21 without a single asset or savings account to my name and made it this far.

Didn't your wife buy it and support you?

[Twixboy]

Originally Posted by Mr Tonka

All your clients must hate you.

LOL. I tell them just because they're in the top 10% doesn't mean they are rich. It just means 90% of this country is going to live just above the poverty line in retirement. Talking about money is taboo, so they are actually happy when I tell them the truth behind closed doors because they don't really talk about it elsewhere. I know we all look at our friends and coworkers and privately judge them on what they spend their money on without knowing their entire financial situation.

Originally Posted by IndotagSwizz

What??? my BMW costs the same as a Honda accord....you must think your BMW is a Rolls...

BMWs are usually only around 10-15% more expensive at purchase, but after you take into consideration 5-year maintenance and depreciation costs the gap widens. For example a base 320i costs around $50k to own for 5 years compared to $35k for a base Accord. That's 43% more expensive over a 5-year ownership period.

BTW I can't afford the depreciation on a new BMW. Mine cost $14k and was 10 years old when I bought it. I'm not exactly rich, but I'm not buying a new BMW either. I'm glad I made some of you chuckle though.

[Mr Tonka]

Originally Posted by 1MOREMOD

Didn't your wife buy it and support you?

She's getting there. She's scheduled to be announced as partner at her firm the end of this year.

[1MOREMOD]

Originally Posted by Mr Tonka

She's getting there. She's scheduled to be announced as partner at her firm the end of this year.

Can I move in and shoot chickens with you?

[IndotagSwizz]

Originally Posted by Twixboy

LOL. I tell them just because they're in the top 10% doesn't mean they are rich. It just means 90% of this country is going to live just above the poverty line in retirement. Talking about money is taboo, so they are actually happy when I tell them the truth behind closed doors because they don't really talk about it elsewhere. I know we all look at our friends and coworkers and privately judge them on what they spend their money on without knowing their entire financial situation.

BMWs are usually only around 10-15% more expensive at purchase, but after you take into consideration 5-year maintenance and depreciation costs the gap widens. For example a base 320i costs around $50k to own for 5 years compared to $35k for a base Accord. That's 43% more expensive over a 5-year ownership period.

BTW I can't afford the depreciation on a new BMW. Mine cost $14k and was 10 years old when I bought it. I'm not exactly rich, but I'm not buying a new BMW either. I'm glad I made some of you chuckle though.

Thanks for your opinion

[silvergray545]

Originally Posted by Mr Tonka

She's getting there. She's scheduled to be announced as partner at her firm the end of this year.

She's about to make partner? Congrats! You might be able to afford a used BMW now!

[Beartato]

Originally Posted by Twixboy

BMWs are usually only around 10-15% more expensive at purchase, but after you take into consideration 5-year maintenance and depreciation costs the gap widens. For example a base 320i costs around $50k to own for 5 years compared to $35k for a base Accord. That's 43% more expensive over a 5-year ownership period.

What about the those BMWs with 4 years of free maintenance?

[Mr Tonka]

Originally Posted by Twixboy

LOL. I tell them just because they're in the top 10% doesn't mean they are rich. It just means 90% of this country is going to live just above the poverty line in retirement. Talking about money is taboo, so they are actually happy when I tell them the truth behind closed doors because they don't really talk about it elsewhere. I know we all look at our friends and coworkers and privately judge them on what they spend their money on without knowing their entire financial situation.



BMWs are usually only around 10-15% more expensive at purchase, but after you take into consideration 5-year maintenance and depreciation costs the gap widens. For example a base 320i costs around $50k to own for 5 years compared to $35k for a base Accord. That's 43% more expensive over a 5-year ownership period.

BTW I can't afford the depreciation on a new BMW. Mine cost $14k and was 10 years old when I bought it. I'm not exactly rich, but I'm not buying a new BMW either. I'm glad I made some of you chuckle though.

I hear ya and won't argue that the majority of americans are living at the "american" poverty line.

But geez, you have some strict hurdles to get over to buy a $45k car with .09% financing that includes 4 year 50k mile included scheduled maintenance; let alone a $90k car. I'd still be driving a 1985 Supra by your guidelines. haha

But i get the spirit of your post and you're right. There plenty of people who are car poor.

[Mr Tonka]

Originally Posted by 1MOREMOD

Can I move in and shoot chickens with you?

Um, do you play the drums?

Originally Posted by silvergray545

She's about to make partner? Congrats! You might be able to afford a used BMW now!

Yep, for a good size regional firm. Not Big 4 or anything like that.

Thanks, looking forward to that 8 year old 328i!

[silvergray545]

Originally Posted by Mr Tonka

Yep, for a good size regional firm. Not Big 4 or anything like that.

Thanks, looking forward to that 8 year old 328i!

I just got out of public. Worked for a big regional that ended up getting bought by number 5. After a 2600 hour work year, I decided it was time to move on. Glad she was able to last long enough to make partner.

[Twixboy]

Originally Posted by Beartato

What about the those BMWs with 4 years of free maintenance?

I was just thinking of that, but it looks like Edmunds already took that into consideration. Cost of maintenance is about $1k more for the 320i even with 3 years free maintenance than it is for the Accord in years 1 thru 5 combined. Not much of a difference. The biggest difference in cost of ownership comes from depreciation, either through resale if you purchased it or through a lower residual if you leased it.

Originally Posted by Mr Tonka

I hear ya and won't argue that the majority of americans are living at the "american" poverty line.

But geez, you have some strict hurdles to get over to buy a $45k car with .09% financing that includes 4 year 50k mile included scheduled maintenance; let alone a $90k car. I'd still be driving a 1985 Supra by your guidelines. haha

But i get the spirit of your post and you're right. There plenty of people who are car poor.

You got me. I'm just making general statements that may not apply to everyone, but that's why I still have a job. Everyone values things differently. For example I know someone who bought a CPO Merc S class right out of college and paid around $1500/mo in car payments while living rent-free at his parents house. Other people might prefer to spend that $1500/mo on an apartment in the city and ditch their car altogether.

In reference to the comment I made earlier, $200k does not go very far where I live in the Boston area. My household income is over $200k, but I still feel like I'm barely average around here because every other household has 2 parents earning 6-figures. I bet if I made $200k in Houston I could buy a new 3 series commuter along with a new Z4 for my weekend cruiser. So it really depends on where you live too. I should be the last person judging, but we all do it. And who cares, this is an anonymous forum anyways. People need to stop being so sensitive.

[Twixboy]

Originally Posted by Mr Tonka

Um, do you play the drums?

Yep, for a good size regional firm. Not Big 4 or anything like that.

Thanks, looking forward to that 8 year old 328i!

Congrats. I started my career in a 100+ person regional firm, but I've worked in a variety of finance-related jobs since then. I'm pretty sure the managing partners were taking home around $500k/year in profit sharing on top of their $250k salary. Junior partners were less - I think around $300k on top of their $200k salary (rough figures from what I was told).

[Mr Tonka]

Originally Posted by silvergray545

I just got out of public. Worked for a big regional that ended up getting bought by number 5. After a 2600 hour work year, I decided it was time to move on. Glad she was able to last long enough to make partner.

Geez, worked in lots of half days i see. j/k that's a ton of hours.

She was hired as a manager and made Sr. Manager in 1 year. But the first 6 years, she was doing all staff, manager work on her jobs. PLUS she was client contact and responsible for billing the customers. So partner and admin work too. I think her highest billable work year was 2750 hours. A full 60 eight hour days more than the next person in the firm. And that didn't include admin, client relations or business development. Your range of 2600 was typically for her in the other 5 years. She's a machine. But now she's finally got 2 full time staff which is making this year much better than previous.

Where did you go when you got off the merry-go-round?

[Beartato]

$200K doesn't go far in the Boston area? Damn. I'm pretty sure you could buy some small towns in Utah for that.