I just wanted to say welcome to the club...

I just wanted to say welcome to the club. Some of you probably made out like bandits form the crypto ponzi and are thinking, wow I have never seen so much money in my life, whether it is 6 figures or 7 figures and wanted to know what life is after you cash out.

I am here to introduce you to this bottom rung of upper middle class life. Say you got lucky and made half a million after taxes are sorted out, what can you do with that money? Surely you want to move out of your parent's basement and live your life more fully?

Well, tier 1 cities such as new york and san francisco where a dilapidated studio costs 2 million is probably too much, how about tier 2 cities? like LA, NOVA, Boston, San Diego, Dallas, Denver, Seattle? Surely these mid-income professional cities with a healthy restaurant and social scene could give you a new start? Not so fast, houses in a good neighborhood in this area cost upwards of 1-1.5 million and townhouse close to 800-900k, which required 200-300k in downpayment alone.

Bought a second home in miami at 550k. Crypto gave me the down, i rent it and pay it off now. Feels good.

Say you opt for a fancier townhouse, and including closing costs now just got yourself into real estate in a city, congrats, there goes half of your gains. With your remaining 300k, surely you need to reserve some for retirement, there goes another 100k. 200k still sounds like a lot of money, some of you may think you can now buy your lambo, but wait.
You only bought 20% of a house, your mortgage payment/property tax/insurance will be running close to 4k/month. You want to dine out to treat yourself once a while, there goes another 1k. Forget about a lambo, just do a 5 year loan on your BMW will be close to 700/month. Great you need to clear 6k post tax just to afford this lifestyle, or somewhere around 120-130k/year in pre-tax income. Say you have a engineering background and already make this much, don't ever plan to spend on vacation or anything else if you ever plan on having kids. Child daycare is close to 2k/month and then all the diapers, babysitter, stroller costs start adding up. What if you have a 300k household income because both you and your wife are top tier lawyers. One of your paychecks is eaten up from rent/food/car and another is eaten up by 401k matching and child expenses. That 500k was helpful in getting your life started in upper middle class but it is just dipping your toes.

Got out of the scam with 95k profit

Kind of sad the bubble popped so soon. I blame the bancor Jews.

You guys are quite young and don't quite undestand that a million is not a lot of money. My wife and I clear 300k and barely can afford a comfortable Single family home in a good school area.

My wife and I have combined assets of more than 800k in various accounts, properties, and we feel like we are struggling everyday with various bills.

>Live in America
>Get sick even once
>Hospital takes all your monies and you're stuck on foodstamps with enormous debts

Seriously move to Canada or New Zealand or something.

Drop the avocado toast f a m

If you subtracted the cost of wearing expensive clothes and driving expensive cars from the cost of $300k, because most jobs do not require you project wealth or live in NYC, you'd find that you're actually making much less than this.

Using the standard 4% rule you could be drawing down $32k of that $800k in perpetuity (with high probability, based on S&P performance over the last 100 years). This is above the poverty line, it's above two full-time minimum wage earners, and it's close to the nationwide median income in the US.

I'm not sure why you call SF and NYC "tier 1" cities when they're crowded and dirty and full of quite aggressive homeless people. Then your "tier 2" cities include Boston, which is almost as expensive as NYC; LA which is also super expensive and you'll spend 24 hours a day sitting in 100-degree traffic; Denver and Seattle which are seeing a real estate bubble but still have sattelite cities that are perfectly affordable; and some others I haven't looked into so much.

You and your wife could live in Austin or Orlando or New Orleans or Miami or Santa Fe, or in the PNW outside of Seattle and Portland, and be very comfortable in a friendly place with a lot of culture and community, without working at all. I'm not recommending it, it would lose you a lot of income which you're apparently saving pretty well given your NW, and would also make it much harder to put your kids through college, plus probably neither of you would be comfortable not working, but it's 100% doable and in a lot of ways it's a nicer life than your current one.

I would love to live in Austin but it is quite expensive now. The dream in San Diego too bad California is so expensive + high taxes. There is no way we can find similar type of jobs in Orlando or New Orleans plus the heat is quite awful in the summer.

Yeah I am not complaint I am poor or not doing well. Just saying the amount of money you need to be comfortable and don't have to work is likely 5 million plus

>we are struggling everyday with various bills.

Congrats on your financial success (btw, who keeps 200k in a checking account? that's utterly stupid) but you seem to be a slave to your lifestyle. If you pull down 300k household, you shouldn't be struggling with bills unless you live in a high cost of living area (MOVE), have a bunch of kids (get snipped or put her on birth control), or have terrible spending habits (quit eating out so often, be content with what you have, live below your means, keep things until they no longer function etc.)

I'm sure this is just a LARP thread and I just wasted my time.

> Austin
> San Diego
> New Orleans

are people seriously retarded thinking these are great places to live? As someone who has lived near or spent significant time in all 3, you'd have to be an insane person to live in any of those. Might as well just light a pile of money on fire lmao

OP if you cant live comfortably on 300k a year youre doing something very wrong
stop spending so much money on stupid shit, stop keeping up with the joneses and you should be well on your way to comfy retirement

>Yeah I'll move from a major city with jobs to the middle of nowhere to save money
>gambling down payment money on stocks, right.

How to tell if someone has never made figure

>Yeah I am not complaint I am poor or not doing well. Just saying the amount of money you need to be comfortable and don't have to work is likely 5 million plus

It's not, if you withdraw 3% a year (which historically, would always have allowed your money to last til today, even if you retired in January 1929 and your NW immediately took a massive shit) then 5 mil gives you $150k to spend. That's not a half-bad income but it's an insane amount of money to be spending, it's borderline yacht-renting money.

I live in downtown Austin. It is pricey, but nowhere near SF or NYC. Stay west of I35, all the undesirables are east, and it's a great place. Cheap food, cheap beer, I can walk most everywhere, people are friendly and there's lots of great music. I am considering moving because all the tech faggots flooding in from SF are pricing out the musicians and bringing zero culture, but that's a slow trend and it's hard to say how long it will last.

It depends what you want out of life. If you don't like the heat, or cheap mexican food, or live blues, Austin probably doesn't have a lot to offer you. I often think about moving to New England or the PNW so I can have some shade and mountains.

the only way to do this is to never have kids

>gambling down payment money on stocks, right.
Are you seriously claiming that the stock market is riskier than some random local real estate market run by crooks with massive transaction costs?

What is the point of this thread? To "introduce us to this bottom rung of upper middle class life?" To ramble about home prices? Is this autism?

>new restaurants and "social scene"

A whole new start for ponzi-rich sociopaths

More like massive influx of Chinese and Indian money. I swear every open house is like going to Hong Kong

You know what 300k is? It is buying a cheap shack in a good school district for 1.2 million, buying everything at costco and having one kid. It is not spending money on stupid shit.

I live in Orlando.

It's comfy but everyone drives like a dickhead.

300k is 30 years of rent while keeping your money liquid and investable. Purchased houses are for flipping. Enjoy your (((interest))) and (((tax breaks))) luuuul

And rent never increase amirite? What if the market crashes 50% how do I know my option timing will be right?

>You guys are quite young and don't quite undestand

>Well, tier 1 cities such as new york and san francisco where a dilapidated studio costs 2 million is probably too much, how about tier 2 cities? like LA, NOVA, Boston, San Diego, Dallas, Denver, Seattle? Surely these mid-income professional cities with a healthy restaurant and social scene could give you a new start? Not so fast, houses in a good neighborhood in this area cost upwards of 1-1.5 million and townhouse close to 800-900k, which required 200-300k in downpayment alone.

>Living in the middle of the city
>Not living 15-30 minutes outside the city in a nice nearby town with better schools, lower crime rates and massively lower housing costs

Spotted the fucking moron.

>My wife and I have combined assets of more than 800k in various accounts, properties, and we feel like we are struggling everyday with various bills.
It sounds like you and your wife are retarded and pissing away money left and right.

300k is the top 5% income bracket in the United States
if you cant make ends meet on that kinda income youre a moron who keeps pissing away money left and right
probably on dumb shit like the "healthy restaurant and social scene" you talk about in your OP

You're doing something very wrong.
Is right.

My coworker has a bit lower family income than you. 250K CAD a year. He currently has about 15 million in assets and now does 50k a month off ONE of his commercial buildings. He's going to pay off an entire building in 5 years. I went with this guy to a grocery store and he still buys things only on sale. You need to seriously check where your money is going.