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"So maybe $120k after taxes. That's less than half a down payment on a shit house in this area." As of 2013, the average downpayment on a house is 16%, with a benchmark of 20%. So we'll go with the lesser, as "less than". So I can probably presume you're likely living in the Valley or NYC if your viewpoint is that $750K will buy you a "shitty house". Based on assumptions, admittedly, say you own a $1M house (as scoffing at a $750K house as 'shit'...), with a healthy downpayment of $200K (see above) leaves you paying about $5,000/month on an $800K 30 year mortgage. So, we add that to your savings of $6,600 a month, and we look at a calculator of front end ratios and we arrive at you making about $250K+ a year. Of course, most people at that level of income are not living like paupers in their million dollar houses, savagely squirreling money away (as $250K minus $11.6K/month for mortgage and savings only leaves $2,300/month for car(s), bills, entertainment, etc), so it's probably a reasonably safe assumption that it's at least $300K. It's interesting your perspective that you wouldn't consider yourself 'wealthy' unless you had (either) $6M in savings, or a (household?) income of $10M+ / year, when in reality, "You are the 2%". |