Yes I'm sure the rich man who is the only one to somehow get a special government deal where he can defer tax forever will surely give me good advice and that I should definitely not own any assets.
He said it sometime in the 1990s, which 100k then would be worth around 233k today.
People's perception of the value of a dollar is largely formed when they're in their teens and early 20s though, that's why whenever your parents saw the price of things they'd go "wow $2 I remember when it was $0.25 what a ripoff" even when that's been the regular price for years.
If we go by that, he was born in 1924, then he would be 25 in 1949. After inflation, 100k in 1949 is 1.28 million today.
So the first 1.28 million is a b***h, which I largely agree with. At that point your wealth can pay for a decent living expenses.
I'm past 300k and it was a b***h but I don't feel like anything has changed since I had 10k in savings, but if I hit 1.3m I'll certainly feel comfortable to stop waging and focus on more important things.
I understand your reasoning. 1.28 million outside the US is pretty much impossible as far as I know. Best case for europoors like me then it's probably something around the amount of €300k or so, which still takes a fricking lot of waging and time for compound interests to work
3 months ago
Anonymous
>Best case for europoors like me then it's probably something around the amount of €300k or so
Over a lifetime of working? That sounds really bad.
300k euro is about where my net worth is as a leaf in my early 30s.
I make the equivalent of 64k euro/year, and I would have started at 50k euro/year when I graduated university, and my rent would be about 1100/mo in euros as well.
I have a high savings rate and investments have done well so I'm definitely above most peers my age, but I thought it was bad here because starter houses are around the equivalent of 550k euro anywhere near my work, but are things really that comparatively bad there?
3 months ago
Anonymous
No, not over a lifetime of working, I meant €300k as a first stepping stone, comparing it to "the first 100k".
The average wage in my country is about €20k/year after taxes, some other european countries do better, some even worse.
Even pretending you spend no money at all, that's still 15 years of working to get to €300k. Of course that's without investing. Let alone reaching $1.28 million or anything close to that, probably won't earn near that in a lifetime. I suppose the "100k" Munger proposed has to differ from country to country based on the cost of living. Some countries have shit pay compared to the rest of the world, and the only way to earn more seems to be to go living abroad.
that's moronic why would someone pay that price for that house in omaha i wouldn't live in nebraska for free i bet there isn't even anywhere to get a good vegan bowl of avocado toast
that house is 100% worth 13 mil i know a thing or two about real estate bro my uncle got a 200k house last year i actually had a 500k condo in my area but i had to sell it because i was strapped for cash now i live in my friends closet and he lets me use his wifi for 20$ a month and i let him have his closet back when he needs his clothes we even sleep together sometimes to save money that's the power of friendship bro
>wealthy israelite says, “…in hindsight home ownership is pointless,!you should rent instead and you could be richer than me!”
No thanks. I will buy my house cash and in full. Im antisemitic and thus I don’t like having debt. “OMGGGGGG YOU COULD USED THAT SAVED UP CASH AND INVEST INSTEAD TO BET YOUR MORTAGE YOU FRICKING GOY!!!” Stock market always goes up!
>Is home ownership a meme? Are renters the real chads?
Only if you have money but chose to rent so you can get a greater return elsewhere. If like most renters you're only renting because you can't afford to buy a house then no.
i mean you should totally get married bro love is totally what makes life special and meaningful love isn't cringe or gay or anything like that you know what i just wanted to brag for a bit in the privacy of this thread to you since we're friends but i'll just say it here i actually have a really big wiener
IQfy is a website filled with autists they are not capable of writing actual code it's all memes and bullshit i have a huge wiener
that's moronic why would someone pay that price for that house in omaha i wouldn't live in nebraska for free i bet there isn't even anywhere to get a good vegan bowl of avocado toast
Is this ai art and words from a bot shitting up every thread?
Home ownership is an asset if it provides you opportunities you can leverage for more money, a liability otherwise. I doubled my income since buying my place and now owe less than half a year's salary on it.
Even with a 2.8% mortgage my housing costs altogether have been more than I would’ve paid renting for 4 years. My net worth would be slightly higher at present moment if I had rented & invested the diff
However I love my home, it’s in a great walkable neighborhood (I walk to work everyday) and bc I own it I felt comfortable buying better quality furniture and really investing time into making it feel like my space. I met my gf within a year of moving here and she loved it too, so I think it helped support relationship goals
I don’t think I’d trade the experience of being here for a higher net worth number. I’m content
my thirdie economy is so fricked up that even with a really shitty loan my mortgage is cheaper than renting the same house
mortgage is 1k a month for like 11 years
renting is 1.5k minimum, mainly because foreigners and retirees love renting
>Nebraska RE is not a great investment
Wow!
Extremely low IQ
You gotta do it.
when was this said and how does it work when adjusted for inflation today?
I think it’s around 340k today
Yes I'm sure the rich man who is the only one to somehow get a special government deal where he can defer tax forever will surely give me good advice and that I should definitely not own any assets.
He said it sometime in the 1990s, which 100k then would be worth around 233k today.
People's perception of the value of a dollar is largely formed when they're in their teens and early 20s though, that's why whenever your parents saw the price of things they'd go "wow $2 I remember when it was $0.25 what a ripoff" even when that's been the regular price for years.
If we go by that, he was born in 1924, then he would be 25 in 1949. After inflation, 100k in 1949 is 1.28 million today.
So the first 1.28 million is a b***h, which I largely agree with. At that point your wealth can pay for a decent living expenses.
I'm past 300k and it was a b***h but I don't feel like anything has changed since I had 10k in savings, but if I hit 1.3m I'll certainly feel comfortable to stop waging and focus on more important things.
I understand your reasoning. 1.28 million outside the US is pretty much impossible as far as I know. Best case for europoors like me then it's probably something around the amount of €300k or so, which still takes a fricking lot of waging and time for compound interests to work
>Best case for europoors like me then it's probably something around the amount of €300k or so
Over a lifetime of working? That sounds really bad.
300k euro is about where my net worth is as a leaf in my early 30s.
I make the equivalent of 64k euro/year, and I would have started at 50k euro/year when I graduated university, and my rent would be about 1100/mo in euros as well.
I have a high savings rate and investments have done well so I'm definitely above most peers my age, but I thought it was bad here because starter houses are around the equivalent of 550k euro anywhere near my work, but are things really that comparatively bad there?
No, not over a lifetime of working, I meant €300k as a first stepping stone, comparing it to "the first 100k".
The average wage in my country is about €20k/year after taxes, some other european countries do better, some even worse.
Even pretending you spend no money at all, that's still 15 years of working to get to €300k. Of course that's without investing. Let alone reaching $1.28 million or anything close to that, probably won't earn near that in a lifetime. I suppose the "100k" Munger proposed has to differ from country to country based on the cost of living. Some countries have shit pay compared to the rest of the world, and the only way to earn more seems to be to go living abroad.
now it's the first 2 million is a b***h
His house is worth $1.3 million, not $260k. It's a 5 bed, 2.5 bath, 6,280 sqft house on 0.75 acre lot.
https://www.zillow.com/homedetails/5505-Farnam-St-Omaha-NE-68132/75807988_zpid/
surely he rebuilt it over the years, right? how the frick do you get that for 31k.
>surely he rebuilt it over the years, right?
No dumbass.
>how the frick do you get that for 31k.
Because he bought it in fricking Nebraska in 1958.
Warren Buffet is the ultimate nerd
He was a billionaire and he didnt even tell his own children, they thought he was a "securities expert"
kek
that's moronic why would someone pay that price for that house in omaha i wouldn't live in nebraska for free i bet there isn't even anywhere to get a good vegan bowl of avocado toast
that house is 100% worth 13 mil i know a thing or two about real estate bro my uncle got a 200k house last year i actually had a 500k condo in my area but i had to sell it because i was strapped for cash now i live in my friends closet and he lets me use his wifi for 20$ a month and i let him have his closet back when he needs his clothes we even sleep together sometimes to save money that's the power of friendship bro
Wow, that changes the entire meaning of the quote now!
Yes it does.
What the frick 😀
Why do people worship these parasitical boomers?
They’re indian
IQfy is a website filled with autists they are not capable of writing actual code it's all memes and bullshit i have a huge wiener
Shoutenings to commie zoomer 😀 LIKE BOOMERS WHAAAAT?
>wealthy israelite says, “…in hindsight home ownership is pointless,!you should rent instead and you could be richer than me!”
No thanks. I will buy my house cash and in full. Im antisemitic and thus I don’t like having debt. “OMGGGGGG YOU COULD USED THAT SAVED UP CASH AND INVEST INSTEAD TO BET YOUR MORTAGE YOU FRICKING GOY!!!” Stock market always goes up!
my country prevents new houses being built and ships in hundreds of thousands of immigrants every year to drive down rental vacancies
>Is home ownership a meme? Are renters the real chads?
Only if you have money but chose to rent so you can get a greater return elsewhere. If like most renters you're only renting because you can't afford to buy a house then no.
should I into marriage or just rent the odd hooker Warren?
i mean you should totally get married bro love is totally what makes life special and meaningful love isn't cringe or gay or anything like that you know what i just wanted to brag for a bit in the privacy of this thread to you since we're friends but i'll just say it here i actually have a really big wiener
Is this ai art and words from a bot shitting up every thread?
The real Chads those that live rent free with relatives.
Home ownership is an asset if it provides you opportunities you can leverage for more money, a liability otherwise. I doubled my income since buying my place and now owe less than half a year's salary on it.
uh, yeah, if you're actually doing that with all your money instead of just paying rent and blowing your wad on a fricking xbox and doordash.
>Mencken
>israeli man talking about subverting government
>more news at 8
Even with a 2.8% mortgage my housing costs altogether have been more than I would’ve paid renting for 4 years. My net worth would be slightly higher at present moment if I had rented & invested the diff
However I love my home, it’s in a great walkable neighborhood (I walk to work everyday) and bc I own it I felt comfortable buying better quality furniture and really investing time into making it feel like my space. I met my gf within a year of moving here and she loved it too, so I think it helped support relationship goals
I don’t think I’d trade the experience of being here for a higher net worth number. I’m content
both have downsides
my thirdie economy is so fricked up that even with a really shitty loan my mortgage is cheaper than renting the same house
mortgage is 1k a month for like 11 years
renting is 1.5k minimum, mainly because foreigners and retirees love renting
>$32k
That's a fricking car today you buttholes.