Quote:
Originally Posted by Limegrntaln
If I was making $400k a year, I would have an M8 for a daily driver, and a 488 for a weekend car. I make a little under half that, so, I'm not sure what you're doing with the $33k a month, The only thing that makes even remote sense, is a $2 million house, and a fat/ maxed out 401k and retirement account. Coming to the table with $120k, cash, when rates were down at 0.9% would have been a waste of money. I locked in at that rate, in Oct of last year. No reason to drop all of that money, when the finance charge on an M4 is $84 a month on $1,635.
I sock 13% a month away, and I have a mil retirement pension, and I'm 8 years from my second 20 year pension, at 47. So, it all depends on what you feel you need. An M850i for a $400k a year income, is like buying a 1997 Prius making $10k a month.
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"An M850i for a $400k a year income, is like buying a 1997 Prius making $10k a month"
That's a good one!
Very difficult to explain a full story on a forum...
You're quite fortunate with your pensions, I am self employed so we are in two completely different worlds. I have 10 years on you I am 57. $400K this year but normal years I am at $250K. To also note, I am also trying to retire early so these last few years really matter on spending to say the least. Socked away $61K this year in my Solo 401K which is the max. The M850i was also bought this year.
I would imagine your healthcare costs may be covered somewhat with your pensions? Mine will not. I'm self-funding everything and have been for the past 25 years. As we creep closer to retirement, the mindset on frivilous spending tends to change. On a side note, my buddy works at a Ferrari delaership. He told me the
average Ferrari owners makes $500K per year and has a net worth of $5+ mil. You need to be in the top 3% to be in that arena which I am not a part of. Age and overall circumstances and views on frivilous spending certainly make a big difference in all these decesion making scenarios. Annual income doesn't really tell the full story as we've been seeing throughout this thread.
Great thread, some enjoyable reading!