patrick.net

PS,

same boat here. I am eyeing some really nice acreage properties, and I am sure they will fall much harder than my place. Save up more money in the meantime, and upgrade, debt free in 5 years. In fact, ALL the acreage stuff I am targeting have already gone through one round of reduction with no takers, some reduced by 10-15%.

The higher end will fall real hard if we don't upgrade. When the market falls, at least I can rely on some cash-rich first time buyers to take over my place, these high end places have far fewer people in the line waiting.

SFWoman Says:

"I see people in the city doing this all the time. They make $250,000-$500,000 a year..."

I can't friggen' believe those salaries. Simply unimaginable to me.

Even a $125,000k salary seems beyond my dreams.

Just amazing.

Must be doctors or high-paid lawyers.

Maybe it's just that I'm so used to making sh-t...

Even Larry Ellison seems to have Bill Gates envy (and his accountant wants him on a budget!).

Poor him. He is not buying a private Mars colony with Option ARM, is he?

DeoVindice Says:

"I’ve come to one conclusion. I’m just going to focus on making a lot of money. Seriously, if there is one lesson of “Rich Dad, Poor Dad”, it’s that being wealthy is a decision."

When I was in High School one of my first bosses told me that you need to "be your own boss if you want to make a lot of money" but it wasn't until years later when I heard rapper Ice Cube say "in life you are either a pimp or a whore" that it became clear that most people working for a boss are not much different than a whores working for a pimp...

Owneroccupier Says:

"I am not saying people are not making that kind of salary, I have plenty of friends with 250K+ household income, but they are all people armed with ivy league degrees, JD/MBA, 5-8 years of working experience"

Then SFWoman Says:

“I see people in the city doing this all the time. They make $250,000-$500,000 a year…”

Most people tend to socialize with those who have a similar education and income level. As an apartment owner I talk to a wide variety of people from tenants to vendors on a regular basis. It is always interesting to come home to San Francisco and hear a friend's wife (who's idea of a wide variety of people is the mom's in both the KDB and Town School PTAs) talk about buying three pair of $500 shoes when I just made a deal with a hard working new tenant to pay his $500 security deposit over five months. A while back a friend (that makes about $250K a year) commented on an article that said less than 1% of American "households" (not individuals) have an annual income of over $225K. He said that is sad that even though he is in the "top 1%" he would not be able to live in SF and send his kids to private school without help from his parents...