sam j
I live in a very big city. There are a nice handful of upscall, street and subdivisions in my area. Home in those neighborhoods ranging from $ 300,000.00 to $ 5,000,000.00 I know not all those people are wealthy some are yound, some older people, my English 4 teacher drives a 2004 lexus rx suv and resides in a gated community in a $ 400,000 plus homes with her husband. How are people able to afford homes like this? I would really like to know.
Answer
It is not true that only doctors and lawyers can afford those homes.
It really has to do with how long you've been a homeowner, and what market you've come from.
I hope no one misreads this as bravado or bragging.. I'm just trying to illustrate a point. It's possible to own an expensive house and an expensive car, as long as you are smart about the purchases, and save for them.
I lived in NYC for 30 years. My first house cost $35,000 in 1978. I sold it for $400,000 in 1995. I bought a house in NJ for $400,000, and sold that in 2004 for $800,000. My $1M house I own now has NO mortgage on it. Although the taxes are numbing ($12,000 a year), I dont have any other debt for my home. I also have owned 1-2 year old high end vehicles (BMWs and Lexus) after the biggest depreciation is already out of them. So I pay for a BMW (as a certified pre-owned) what someone pays for a new Buick, only my car wont depreciate as fast. I do a reverse car loan too. I save the money I would have to pay on a car loan BEFORE I buy a new car, so I have no car loan when I buy it. And I only buy it when I need it and can afford it.
Now my son just bought a house in Charlotte, NC. He and his wife saved every penny they could for three years to afford a down payment, and they were lucky to get in at a time the builders were looking for help, so they got a great deal. They bought a $350K home with 20% down. How many people do that these days?
So it's silly to BLAME success as being only the child of a couple of professions, illegal activities or inheritance. There is a lot to be said for saving, living within your means, timing, and a bit of good luck.
I wish you Good Luck in the New Year.
It is not true that only doctors and lawyers can afford those homes.
It really has to do with how long you've been a homeowner, and what market you've come from.
I hope no one misreads this as bravado or bragging.. I'm just trying to illustrate a point. It's possible to own an expensive house and an expensive car, as long as you are smart about the purchases, and save for them.
I lived in NYC for 30 years. My first house cost $35,000 in 1978. I sold it for $400,000 in 1995. I bought a house in NJ for $400,000, and sold that in 2004 for $800,000. My $1M house I own now has NO mortgage on it. Although the taxes are numbing ($12,000 a year), I dont have any other debt for my home. I also have owned 1-2 year old high end vehicles (BMWs and Lexus) after the biggest depreciation is already out of them. So I pay for a BMW (as a certified pre-owned) what someone pays for a new Buick, only my car wont depreciate as fast. I do a reverse car loan too. I save the money I would have to pay on a car loan BEFORE I buy a new car, so I have no car loan when I buy it. And I only buy it when I need it and can afford it.
Now my son just bought a house in Charlotte, NC. He and his wife saved every penny they could for three years to afford a down payment, and they were lucky to get in at a time the builders were looking for help, so they got a great deal. They bought a $350K home with 20% down. How many people do that these days?
So it's silly to BLAME success as being only the child of a couple of professions, illegal activities or inheritance. There is a lot to be said for saving, living within your means, timing, and a bit of good luck.
I wish you Good Luck in the New Year.
What is a luxury car appropriate for a 17 year old?
Q. I am writing a story where the main character is a foster child who has been shunted from home to home. All her parents were rich. I want her to have a very nice car. Originally it was a ferrari but I thought that was a bit much. Any suggestions?(must come in a covertible model)
Answer
She's a girl ? I suggest drive cars like BMW 3 Series or a Mercedes-Benz E Class Coupe or Infiniti G37.A Ferrari is too hard to drive for a girl,especially when shes a new driver (since shes 17).Those cars I mentioned before are easy to drive and easy to take care.The Infiniti has light steering wheel which I think is perfect for girls.While the BMW and Mercedes are a bit heavier for the steer,but it delivers better feels for the driving.
She's a girl ? I suggest drive cars like BMW 3 Series or a Mercedes-Benz E Class Coupe or Infiniti G37.A Ferrari is too hard to drive for a girl,especially when shes a new driver (since shes 17).Those cars I mentioned before are easy to drive and easy to take care.The Infiniti has light steering wheel which I think is perfect for girls.While the BMW and Mercedes are a bit heavier for the steer,but it delivers better feels for the driving.
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