Rich people don't blow a lot of money on cars
09-13-2008, 12:31 PM
#123
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You guys aren't funny!
BTW, I lived in Galveston in the early and mid 90's. I live in East Texas now. Tropical storm IKE is going through my town RIGHT NOW!!
So far - lotsa wind/rain and a few small tree limbs down!
BTW, I lived in Galveston in the early and mid 90's. I live in East Texas now. Tropical storm IKE is going through my town RIGHT NOW!!
So far - lotsa wind/rain and a few small tree limbs down!
09-13-2008, 12:42 PM
#124
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Originally Posted by QUIKAG,Sep 13 2008, 10:16 AM
$100k net worth is VERY different than $100k annual income.
09-13-2008, 12:47 PM
#125
Originally Posted by WTFisTQ,Sep 13 2008, 12:42 PM
That is not always true. If my girl and I got married we would be over 100K a year. Since we live together and share expenses, you could go so far to say we fit into that 100K household demographic. I have friends (married and single) who also bring in 100 yet don't have a net worth close to their salary.
BTW, she drives a 3 series hahah
09-13-2008, 12:53 PM
#126
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Originally Posted by WTFisTQ,Sep 13 2008, 12:42 PM
That is not always true. If my girl and I got married we would be over 100K a year. Since we live together and share expenses, you could go so far to say we fit into that 100K household demographic. I have friends (married and single) who also bring in 100 yet don't have a net worth close to their salary.
Net worth = Total Assets - Total Liabilities
Annual income is the amount of money you make in a given year. It has no direct correlation to net worth. Of course, you can use some of that annual income to increase your total assets by not pissing all of it away which would increase your net worth. But someone could make $1M/year and have no net worth if they blew all that money on booze, drugs, and strippers.
Yes, you can add your girls income to your income if you live in the same house and share income and expenses. Most households that have over $100k in annual income have two wage earners based on the data on that Wikipedia page.
09-13-2008, 01:03 PM
#127
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Originally Posted by QUIKAG,Sep 13 2008, 01:16 PM
$100k net worth is VERY different than $100k annual income.
BTW, I left the gym today (in the aforementioned ritzy South Barrington) and my car was between a new Rolls Phantom and a Range Rover Supercharged.
SOMEONE is buying these $$$ cars, that was a Jetta surrounded by $500k!
09-13-2008, 01:09 PM
#128
Originally Posted by Chris Stack,Sep 13 2008, 01:03 PM
Yup. My wife and I make quite a bit more than $100k. We've got a net worth of probably -$300k. Yay mortgage, school loans, and car loans. But I'm 26, she's 25; plenty of time now to build up that number.
BTW, I left the gym today (in the aforementioned ritzy South Barrington) and my car was between a new Rolls Phantom and a Range Rover Supercharged.
SOMEONE is buying these $$$ cars, that was a Jetta surrounded by $500k!
BTW, I left the gym today (in the aforementioned ritzy South Barrington) and my car was between a new Rolls Phantom and a Range Rover Supercharged.
SOMEONE is buying these $$$ cars, that was a Jetta surrounded by $500k!
09-13-2008, 04:59 PM
#129
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[QUOTE=QUIKAG,Sep 13 2008, 12:53 PM] You obviously don't have a clue to the difference between net worth and annual income.
Net worth = Total Assets - Total Liabilities
Annual income is the amount of money you make in a given year.
Net worth = Total Assets - Total Liabilities
Annual income is the amount of money you make in a given year.
09-13-2008, 06:09 PM
#130
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Originally Posted by WTFisTQ,Sep 13 2008, 04:59 PM
You say people who bring in 100k a year are wealthier than people with that similar net worth.
I'm quite familiar with assets-liabilties as it is itemized for you whenever you sign to close on a property while it's still in escrow.
The source in question equated "top 10percent" to 100K income.
[QUOTE]I say that's not always greater in terms of "wealth" than 100K net worth. Under the "household" definition, my