SPIN: Is $1M net worth/liquid a part of the 1%?

[itsyoung!!]

It depends where you are from, I guess. Anything sub 500K per household never seemed like a lot to me. I always considered that upper middle class not upper echelon. Both of my parents make over 200K and I never considered them or myself to be wealthy. Comfortable, yes but a part of the 1%? No.

you have no idea how stupid you sound in here

 

[JetFueledThoughts]

How are yall allowing yourselves to be trolled by a master troll like @Ms. Elaine who is hiding in plain sight as a man pretending to be a woman

 

[MalikX]

$1 mil net worth really ain't much. It's better than 90% of people.

But in NYC, LA or DC there's people that would laugh at you thinking that was alot.

 

[-G$-]

Billionaires raise capital or get equity partners ...that's a far cry from your risky jumbo loan mantra



Thread is about networth / liquidity



They do, do they ? Wow I didn't know anything about over leveraging
or the inherent financial suicide associated with embarking with such a practice



What would I gain by that ? thecoli's financial vanguards approval ?

k

 

[MalikX]

Yes, you can

An 8MM networth would let you take loans in the XXMM range. The ignorance, lack of knowledge or just plain out stupidity in this thread is just

Depends on how much you talking....because you could easily become over leveraged and be on the hook for a multi-million dollar mortgage once the cash dried up.

Alot of people on that level buy houses cash or pay a significant amount in cash up front. Watch million dollar listing and dudes just be buying joints straight up, no mortgage

I would not want to be in a $5 million dollar house with a $8 million net worth. I'd buy a $500k to $600k crib and keep it real with myself.

 

[EndDomination]

nikka, don't have have undergrad midterms to study for?

@ my being a college student negating the fact that you're entirely out-of touch with the financial constraints of the vast majority of Americans.
Your parents make like $400k shouldn't you be a doctor or something by now

 

[Ms. Elaine]

How are yall allowing yourselves to be trolled by a master troll like @Ms. Elaine who is hiding in plain sight as a man pretending to be a woman

nikka, do I even know you?

Don't quote or mention me again.

 

[Ms. Elaine]

@ my being a college student negating the fact that you're entirely out-of touch with the financial constraints of the vast majority of Americans.
Your parents make like $400k shouldn't you be a doctor or something by now

I work in my chosen field.

 

[MalikX]

A "smart wealthy" person doesn't borrow to purchase something that's is well above his net worth and has an interest payment that rivals his/her yearly earnings.

You telling me it's wise for something with a 8M networth to buy a house that's priced at 30M?

FOH.

He aint saying that. He's saying he'd borrow and then put his money in various financial vehicles that had a higher interest than the yearly payments on the house. Pocket the rest.

To me that shyt is risky but, plenty of people do it. I believe in living well below your means.

 

[JetFueledThoughts]

nikka, do I even know you?

Don't quote or mention me again.

It's a message board you supposed to 'know me'?

But you post so often, whether it's riding Drakes nuts or in TLR that it's impossible to not notice you.

Masquerading yourself as a girl and shyt, all while speaking your shytty know nothing opinions

It's disgusting

 

[Ms. Elaine]

It's a message board you supposed to 'know me'?

But you post so often, whether it's riding Drakes nuts or in TLR that it's impossible to not notice you.

Masquerading yourself as a girl and shyt, all while speaking your shytty know nothing opinions

It's disgusting

nikka, I haven't been here in MONTHS.


Get out.

 

[JetFueledThoughts]

Almost 5k posts in less than a year you not fooling nobody @Ms. Elaine

 

[Cynic]

He aint saying that. He's saying he'd borrow and then put his money in various financial vehicles that had a higher interest than the yearly payments on the house. Pocket the rest.

To me that shyt is risky but, plenty of people do it. I believe in living well below your means.

He specifically said "home".... no other asset classes were mentioned

Reward comes with risk..nobody ever got wealthy playing it safe

 

[JQ Legend]

You're sort of describing the inherent problem with using liquid to measure someone's wealth/worth/success/etc. It leaves out alot of valuable information. You realize there can be people with more cash in the bank than others yet still be worth less than them? A homeless man who wins the lottery and gets $1 million after taxes deposited into his account isn't in the 1% by any definition colloquially or formally. There are a little over 10 million millionaires in the U.S. who have over $1 million in assets [that does not include their primary residence] so yes there's a decent amount of people worth 8 million or more.

U really believe 10 million Americans are millionaires breh?

 

[MalikX]

He specifically said "home".... no other asset classes were mentioned

Reward comes with risk..nobody ever got wealthy playing it safe

Oh...I've heard of people financing houses at a particular rate, finding an investment for a higher rate and pocketing the difference. That's what I thought he meant.

Risk is good if you know what you're doing. I don't like the idea of being over-leveraged by millions of dollars. Student loans are bad enough.