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When is rich, rich?

http://online.wsj.com/article/SB123983744241222865.html

the bottom of this article makes me mad. okay so they only make $144,000 and their mortgage payments are $48,000 of that, but that means at a 7% interest rate, they’re looking at $680,000 in mortgages. What is it with peoples’ need to go and buy things that are far beyond what they need and far beyond useful. How much time do you spend at home, hmmm, 6 hours awake maybe including weekends, so you probably don’t need a $1 million house. Its just stupid. Buy a house that is 2/3s the size for half as much in a neighborhood with regular people and not rich, stuck up idiots that you shouldn’t want to be around anyway and save 1/3 of your net income. they are also maxing out their 401(k) and giving their church $15,000 a year. maybe if they didn’t blow $60,000 on living in a house that is too big for them anyway and giving the reverend a new car every year, they would actually feel like they are money to spend.

hmmm, spend over $40K in interest (probably) on a mortgage, or go on 8 more trips with my wife annually, so i’m not at home anyway, hmmm.

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Welcome to America

this reminds me of sublimity’s “take the ysis out of your name” comment. that was a good one.jk

.

$15k a year to their church? Unbelievable… imagine how many others pay that much to
the church.

Fvck finance… I need to put my beliefs aside and
start a church…

joel osteen is stupid rich

SkipE99 Wrote:
——————————————————-
> this reminds me of sublimity’s “take the ysis out
> of your name” comment. that was a good one.jk

hehe. how does this remind you of that?

its not like i said, i’ve got the beef sandwich so i’m headin’ to pensylvania to get some phillies.

brianr Wrote:
——————————————————-
> $15k a year to their church? Unbelievable…
> imagine how many others pay that much to
> the church.
>
> Fvck finance… I need to put my beliefs aside
> and
> start a church…

The idea here is that if you ever go broke, God will help you.

There's no brow like low-brow.

cjones65 Wrote:
——————————————————-
> brianr Wrote:
> ————————————————–
> —–
> > $15k a year to their church? Unbelievable…
> > imagine how many others pay that much to
> > the church.
> >
> > Fvck finance… I need to put my beliefs aside
> > and
> > start a church…
>
>
> The idea here is that if you ever go broke, God
> will help you.

God works in mysterious ways I guess….

MattLikesAnalysis Wrote:
——————————————————-
> SkipE99 Wrote:
> ————————————————–
> —–
> > this reminds me of sublimity’s “take the ysis
> out
> > of your name” comment. that was a good one.jk
>
>
> hehe. how does this remind you of that?
>
> its not like i said, i’ve got the beef sandwich so
> i’m headin’ to pensylvania to get some phillies.

lol!!!!

yeah i dont know about all that tithing. if they really wanna benefit their church, they should just get a $1,000,000 term policy out on themselves,. name the church as benie, and then pay the cheaper premiums. this is less money out of their pockets and more into the churchs.

SkipE99 Wrote:
——————————————————-
> MattLikesAnalysis Wrote:
> ————————————————–
> —–
> > SkipE99 Wrote:
> >
> ————————————————–
>
> > —–
> > > this reminds me of sublimity’s “take the ysis
> > out
> > > of your name” comment. that was a good one.jk
> >
> >
> > hehe. how does this remind you of that?
> >
> > its not like i said, i’ve got the beef sandwich
> so
> > i’m headin’ to pensylvania to get some
> phillies.
>
>
>
> lol!!!!
>
> yeah i dont know about all that tithing. if they
> really wanna benefit their church, they should
> just get a $1,000,000 term policy out on
> themselves,. name the church as benie, and then
> pay the cheaper premiums. this is less money out
> of their pockets and more into the churchs.

But the church needs a megatron now. Not when these guys are dead.

Bravo marketing, bravo.

The extent that marketing has been able to rebrand wants as needs in the eyes of North American consumers is astonishing.

People in this article claiming they don’t have enough space in their 2,500sqft McMansion.

Thinking they have to send their kid to private school.

Their “basics” like food, and clothing involve no less than designer brands and luxury meal I’m sure. And the fact that they would include donations to charities as a “basic” thing is another puzzling thing.

—-
Mr. Duran said he and his wife earn about $400,000 annually, but “I’m barely getting by.”
—-

Does this crisis change all this? Does spending behaviour finally become more realistic?

plus you get tax deduction on your donation

MattLikesAnalysis Wrote:
——————————————————-
> What is it with peoples’ need to go and buy things that are far beyond
> what they need and far beyond useful.

The whole “American dream” thing which they get brainwashed with from watching…

> How much time do you spend at home, hmmm, 6 hours awake maybe including weekends

a whopping 5hrs of TV PER DAY!!!!!!!

Link: http://www.cnn.com/2009/SHOWBIZ/TV/02/24/us.video.nielsen/

Mr. Pink Wrote:
——————————————————-
> Bravo marketing, bravo.
>
> The extent that marketing has been able to rebrand
> wants as needs in the eyes of North American
> consumers is astonishing.

Very true, people are living in a dream world.

> Does this crisis change all this? Does spending
> behaviour finally become more realistic?

I really don’t think it will, but yes eventually the dream world bubble is gonna pop and when it does are going to be a whole butt load of people screaming “where is my cheese!”.

SkipE99 Wrote:
——————————————————-
> MattLikesAnalysis Wrote:
> ————————————————–
> —–
> > SkipE99 Wrote:
> >
> ————————————————–
>
> > —–
> > > this reminds me of sublimity’s “take the ysis
> > out
> > > of your name” comment. that was a good one.jk
> >
> >
> > hehe. how does this remind you of that?
> >
> > its not like i said, i’ve got the beef sandwich
> so
> > i’m headin’ to pensylvania to get some
> phillies.
>
>
>
> lol!!!!
>
> yeah i dont know about all that tithing. if they
> really wanna benefit their church, they should
> just get a $1,000,000 term policy out on
> themselves,. name the church as benie, and then
> pay the cheaper premiums. this is less money out
> of their pockets and more into the churchs.

Not to ruin the stream of crap talking in the thread but can you do this? Is it ownership and/or beneficiaries that are held to the insurable interest thing.

Please answer and then return to crap talking.

cfaboston28 Wrote:
——————————————————-
> Welcome to America

In Canada too.

I routinely tell pepple to look at a mortgage half the size that the bank will give you.

As for people 3who make 400k and are just getting by. Give me a break its their own choice.

Clearly you will never have enough or make enough money people can spend it all doesn’t matter how much it is

recycler Wrote:
——————————————————-

>
> Not to ruin the stream of crap talking in the
> thread but can you do this? Is it ownership and/or
> beneficiaries that are held to the insurable
> interest thing.
>
> Please answer and then return to crap talking.

There is owner- payor - life insured - beni.

The owner/payor should have an insurable interest in the life insured. Your cant just go out and set up a new insurance policy on somebody you don’t know. Never heard of the benificiary having restrictions unless you are concerned about poteintial creditor protection of the value of the policy ie preferred beni

absolutely you can do this. we recommend this method to clients.

http://www.westernsouthernlife.com/education/giftlifeinsurance/default.asp

this isnt my company but something i came across.

My income could go up 5x and I don’t think a single friend or family member would notice. Anyone who sees my investment or savings account sure would notice, though.

Ever read the book “The Millionaire Next Door” Decent read to put things in perspective.

flynnch Wrote:
——————————————————-
> Ever read the book “The Millionaire Next Door”
> Decent read to put things in perspective.

You should read Richistan. Some guy from the WSJ went around the country interviewing the richest Americans he could find and then wrote a book about it. It’s an intersting read. He defined rich as >$10M.

MattLikesAnalysis Wrote:
——————————————————-
> http://online.wsj.com/article/SB123983744241222865
> .html
>
> the bottom of this article makes me mad. okay so
> they only make $144,000 and their mortgage
> payments are $48,000 of that, but that means at a
> 7% interest rate, they’re looking at $680,000 in
> mortgages. What is it with peoples’ need to go and
> buy things that are far beyond what they need and
> far beyond useful. How much time do you spend at
> home, hmmm, 6 hours awake maybe including
> weekends, so you probably don’t need a $1 million
> house. Its just stupid. Buy a house that is 2/3s
> the size for half as much in a neighborhood with
> regular people and not rich, stuck up idiots that
> you shouldn’t want to be around anyway and save
> 1/3 of your net income. they are also maxing out
> their 401(k) and giving their church $15,000 a
> year. maybe if they didn’t blow $60,000 on living
> in a house that is too big for them anyway and
> giving the reverend a new car every year, they
> would actually feel like they are money to spend.
>
>
> hmmm, spend over $40K in interest (probably) on a
> mortgage, or go on 8 more trips with my wife
> annually, so i’m not at home anyway, hmmm.

I would hope a lot of people will use this experience to return to first principles. i.e. not borrowing beyond your means. Most people will be dictated to by the economy and banks willingness to lend to them, but it will be a salutary experience.

Muddahudda Wrote:
——————————————————-
> MattLikesAnalysis Wrote:
> ————————————————–
> —–
> >
> http://online.wsj.com/article/SB123983744241222865
>
> > .html
> >
> > the bottom of this article makes me mad. okay
> so
> > they only make $144,000 and their mortgage
> > payments are $48,000 of that, but that means at
> a
> > 7% interest rate, they’re looking at $680,000
> in
> > mortgages. What is it with peoples’ need to go
> and
> > buy things that are far beyond what they need
> and
> > far beyond useful. How much time do you spend
> at
> > home, hmmm, 6 hours awake maybe including
> > weekends, so you probably don’t need a $1
> million
> > house. Its just stupid. Buy a house that is
> 2/3s
> > the size for half as much in a neighborhood
> with
> > regular people and not rich, stuck up idiots
> that
> > you shouldn’t want to be around anyway and save
> > 1/3 of your net income. they are also maxing
> out
> > their 401(k) and giving their church $15,000 a
> > year. maybe if they didn’t blow $60,000 on
> living
> > in a house that is too big for them anyway and
> > giving the reverend a new car every year, they
> > would actually feel like they are money to
> spend.
> >
> >
> > hmmm, spend over $40K in interest (probably) on
> a
> > mortgage, or go on 8 more trips with my wife
> > annually, so i’m not at home anyway, hmmm.
>
> I would hope a lot of people will use this
> experience to return to first principles. i.e. not
> borrowing beyond your means. Most people will be
> dictated to by the economy and banks willingness
> to lend to them, but it will be a salutary
> experience.

Hm, if too many people think like the economic recovery could take a little longer …

By the way, all this church talk got me thinking: Have there been churches that leveraged up on the risen value of their God’s houses?

I would think that churches would not have the same marketability as a residential and commercial property so I’m not sure how they would have been affected by the bubble.

The value of the property should have risen though, so not the house but the land serves as collateral. Banks were financing everything, why not something like this?