[Mr Tonka]

Originally Posted by Twixboy

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.




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.

yeah, Boston money goes a LONG way down here.

Originally Posted by Twixboy

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).

If she's able to add about 15% to her current book of business she should be able to negotiate straight into full equity partner. But if she doesn't, her book is still bigger than all but 3 of the 14 partners which should give her room to negotiate a substantial salary increase.

Either way, being a regional CPA firm, she's not likely to see that much coin until full equity, managing partner, i.e. firm president. But like you said, a dollar goes a long way down here.

It's easy for me being married to a CPA. She handles most of the money. Leaving me to do my job, which is to turn merchandise into money.

[dmk08]

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.

Are you factoring in the BMW gets free maintenance for 4 years?

[UncleWede]

Originally Posted by 1MOREMOD

Can I move in and shoot chickens with you?

You leave the fucking chickens alone, aren't there some cows you can go mutilate? Or has that grown old over the years?

[1MOREMOD]

Originally Posted by Mr Tonka

Um, do you play the drums?
i!

No, have driving skills.

[Mr Tonka]

Originally Posted by 1MOREMOD

No, have driving skills.

Hmm, house hold has plenty of that already. Need a drummer.

[1MOREMOD]

I'm not handling your stick if that's what you are after.

[Refined]

I was closing in on the million mark, but my divorce fixed that "problem". Gonna be years before I regain what I've lost

[MKSixer]

Originally Posted by PoorLurker

I always find those statistics a bit skewed...

One who inherits land that has been in the family valued at $1,000,000 does not seem to mean the same as people who have the gross income to establish them as higher net worth individuals.

Go to Hawaii... You will see people worth over a million who have very little cash income because it's all tied up in their house that has been handed down from their parents/grandparents.

Person A starts with $1,000,000 cash with $30k year job.
Person B starts with $0 cash with $200k year job.

Who would you rather be?

None of the above.

Originally Posted by jtodd_fl

Depends greatly on age...

Absolutely.

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).

The original premise of the poll was one-dimensional which is one of many reasons that I did not answer it.

The most common rule of thumb is to never purchase a car worth more that half of your annual income.

Twixboy , your answer is pretty one-dimensional as well and does not take into account income producing real-assets, royalties, IP ownership, etc. Having $2,000,000 - $4,000,000 in net worth as described here is only a part of a more complex equation for high net worth individuals.

Cheers-mk

[Ecu335i]

The IRS will be very happy with this thread...

[silvergray545]

Originally Posted by Mr Tonka

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?

That's crazy. Your wife is a machine. I'm sure your wife was compensated accordingly. In my case, I wasn't.

Haha you're not the first person that's joked about that. It might be a normal amount of hours to someone in big 4. But I worked for a regional firm that promoted a work-life balance, heavily. Our yearly goal was just over 2300 hours, which was nice because it gave me the ability to somewhat enjoy life. Obviously, we didn't make big 4 dollars either. Once we started working big 4 hours, the partners handed out a 4% raise and made a big deal about it (which still didn't bring us to big 4 money and was less of a raise than we received in the prior year) so that's when I decided to start looking.

I went to a small-mid size company that now operates internationally. Was hired on as their Corporate Controller. I work 40-45 hours a week and got a 40% pay raise. The extra time and money is nice because I can focus on my business/investments a lot more now. All in all, the move has been good so far.

[Verbiage]

Originally Posted by silvergray545

That's crazy. Your wife is a machine. I'm sure your wife was compensated accordingly. In my case, I wasn't.

Haha you're not the first person that's joked about that. It might be a normal amount of hours to someone in big 4. But I worked for a regional firm that promoted a work-life balance, heavily. Our yearly goal was just over 2300 hours, which was nice because it gave me the ability to somewhat enjoy life. Obviously, we didn't make big 4 dollars either. Once we started working big 4 hours, the partners handed out a 4% raise and made a big deal about it (which still didn't bring us to big 4 money and was less of a raise than we received in the prior year) so that's when I decided to start looking.

I went to a small-mid size company that now operates internationally. Was hired on as their Corporate Controller. I work 40-45 hours a week and got a 40% pay raise. The extra time and money is nice because I can focus on my business/investments a lot more now. All in all, the move has been good so far.

Except no girls 4 u.

[MKSixer]

Originally Posted by Ecu335i

The IRS will be very happy with this thread...

And this is the other reason.

[ASAP]

You are missing the 1 billion + option... I am very confused on what to click... because I mean I can afford a plane, but not just any plane... a G650.

[silvergray545]

Originally Posted by Verbiage

Except no girls 4 u.

Forever alone.

Brb, going back on Tinder.

[The Wind Breezes]

Originally Posted by Ecu335i

The IRS will be very happy with this thread...

The IRS is already swamped with info on people who are hiding money, an entertaining thread with 20% of respondents claiming in excess of 50 mil net worth isn't even gonna appear on their radar.

[1MOREMOD]

Until now thanks, audit

[Mr Tonka]

Originally Posted by silvergray545

That's crazy. Your wife is a machine. I'm sure your wife was compensated accordingly. In my case, I wasn't.

Haha you're not the first person that's joked about that. It might be a normal amount of hours to someone in big 4. But I worked for a regional firm that promoted a work-life balance, heavily. Our yearly goal was just over 2300 hours, which was nice because it gave me the ability to somewhat enjoy life. Obviously, we didn't make big 4 dollars either. Once we started working big 4 hours, the partners handed out a 4% raise and made a big deal about it (which still didn't bring us to big 4 money and was less of a raise than we received in the prior year) so that's when I decided to start looking.

I went to a small-mid size company that now operates internationally. Was hired on as their Corporate Controller. I work 40-45 hours a week and got a 40% pay raise. The extra time and money is nice because I can focus on my business/investments a lot more now. All in all, the move has been good so far.

Funny, she left a local firm to go to where she is now for that promoted "work life balance" too. But she's as bull headed as she is a hard worker. Almost every client of hers has offered her their CFO position and she always declines as she's been determined to make partner. She started shareholder training middle of last year. It's a 1 year course and after that they the exiting partners take a vote on inviting her in. Most of which have told her she's already got unanimous support.

I like the job security of her working in private, but i wouldn't have been upset if she took one of those CFO positions for more pay and less work. Plus it sucks having to snowboard in Dec. haha

Glad to hear you made it out with your sanity and are happier for it!

[08njSTEP]

I play drums.......
Just saying

[silvergray545]

Originally Posted by Mr Tonka

Funny, she left a local firm to go to where she is now for that promoted "work life balance" too. But she's as bull headed as she is a hard worker. Almost every client of hers has offered her their CFO position and she always declines as she's been determined to make partner. She started shareholder training middle of last year. It's a 1 year course and after that they the exiting partners take a vote on inviting her in. Most of which have told her she's already got unanimous support.

I like the job security of her working in private, but i wouldn't have been upset if she took one of those CFO positions for more pay and less work. Plus it sucks having to snowboard in Dec. haha

Glad to hear you made it out with your sanity and are happier for it!

Thanks!

I have a good friend that is in the same position as your wife. Partner at a regional being offered CFO jobs left and right. It's a great position to be in. You always know, no matter what, she'll have a job. Very excited for her partner path. Many people try to climb the ranks to make it but very few do. There's something to be said about people that do make it.

My next logical move would be to CFO. But that wouldn't be for a few more years. I'm actually pretty young (26) to be a Controller. Found this opportunity and jumped on it. The company that I'm with is young and growing. I'm the head of my department since there is no CFO. I work closely with the two owners of the company on anything related to financial reporting, budgeting, business strategy, future growth, etc. It's a very rewarding position.

I haven't been snowboarding in three years because I was in public. Next winter, I'm going out west! Haha

[AW335TT]

Originally Posted by 1MOREMOD

No. Money rules everything some rapper told me.

[silvergray545]

Originally Posted by AW335TT

That's a great speech

[Nkc]

Ear to ear baby.