If someone is offended by your post they have a ME problem. Simple conversation topic, respond appropriately or not. Cool that all walks and all incomes like the same stuff.

This entire conversation strikes a funny bone for me personally... and I'll tell you why.

Charley and I are at Thunderhill Raceway... and when I'm pulling out of there on Sunday afternoon... I drive past a bunch of big azz motorhomes with stackers and there's GT40's inside - and dedicated "real" race cars... and Panoz...and well - you get the picture. I'm in my 2006 Ford Dually - towing a 24' single car hauler... and I'm thinking (asking myself). Holy crap! I wonder WTF those guys do for a living?!?!

That was my point exactly. Panoz Roadster, GT40's, etc. We all know what they cost. So, that would be equivalent to my thinking of, "...dang, what does a guy do for a living to be able to afford a $25k LS9?" Many of us have two cars that don't equal $25k, yet alone just the motor.

Word. I'm afraid my house isn't worth that much anymore.

Jim --

The big problem "stems" from -- your house wasn't worth what it was "worth" at the top either... :D Not saying your house in particular... but houses in general.

And then -- many of the cars that were built -- or that were in the works -- were being built with money borrowed against that "worth"... which is now worthless... and the car that was "worth" 200K on Barrett Jackass is now also "worthless" (worth less is almost worthless).... so double whammy....

Which brings us to "averages"... on average - houses went up about 3% a year... UNTIL they went up 25% a year for two or three years... which now has to go down just as much until we get back to those "averages". It sucks - because it was so much fun for people to feel good about everything they touched doubling in value every year... :D

The car market was our first clue into the senselessness of the "over inflated" world... when we watched dumbasses bid up CLONE/COPIES/PHONY cars on Barrett Jackass to 150 and 200K...

Was fun meeting you at SEMA at our Lat G get together! :cheers:

ha ha ha too funny!

I'm a CPA and so of course just like the nerdy reputations we have I have tracked every penny that has gone into every car I've owned since I got my first car at 17. And all that data is in Quicken and so I can slice and dice it many ways. Lets just say that I'd have a whole lot more "wealth" if I never got so into cars.

Personally, I have nothing against this thread given that its anon. I clicked on it because I was curious too :)

Well, it's not technically anonymous. The admins, and possibly the OP and the mods can see who voted which way.

Depending on how the board is set up.

Not 100%.

~Eric

From the lady in waiting of the under secretary of Just Sayin', I'm just sayin'

I cannot see who votes which way. I did not want to know that info.
Not sure what admin and mods can see. I wanted it to be anonymous.

i just came in here to see whom to make friends with...LOL :unibrow:

no, we cannot see who voted on this poll. Just to clear that up. :yes:

Fair enough. Didn't want to start anything. I know I've been able to view polls and what not from my site and see who voted on what.

:cool:

You know that old saying... I made 1 million on cars and racing. BUT I started with 3 million

I drive a firetruck. I am a Gubment employee so my salary is no secret. Anyone has access to that info. Do I have a lot of money? Obviously, no.

Am I wealthy? Hells yeah! I have a great wife that supports my hobby, a large heated shop, a growing list of basic tools, and a few friends who actually know what they are doing to help me out (some of them even think I know what I'm doing...)

Who here has laid on a cold wet driveway in the middle of the night replacing a header cooked starter so you could be at work in a few hours? Who has run tires so bad you could see the air in them for a month until you could afford somebody elses take-offs?
I won't ever be a millionaire, but I am VERY fortunate, and VERY wealthy in the currency that matters to me.

Jeff-

Very well said! :thumbsup:

Agreed!

Nearly 30% of the survey respondents say they make between $100K - $250K plus whatever spousal income they have. I would have assumed this given the level and quality of builds on this site. What's really interesting is that everyone is claiming not be be a millionaire. I mean come on, if you're making $250K a year and you don't have 1M+ in net worth, how in the heck are you going to retire? Are you going to live in your $100K Camaro? : )

I think a more interesting question would be what percentage of your net worth are you comfortable investing in a car?

In order to be considered to be a "real millionaire".... you need to have TWENTY MILLION in investable cash NOT including your house....

One million dollars invested in a laddered bond portfolio will net you a whopping $40K per year (tax free net).

The point of having a 30 year mortgage on a house - is that if you bought a house when you are between 30 & 35 years old - you'd have it paid off by the time your retired. Today however... everyone has forgotten that they have a 30 year mortgage and they're already 45 years old... GOOD LUCK WITH THAT!:lol:

A common thing with people is that they rarely feel rich. Here's an article based on a study of pure millionaires, aka people who have over a million dollars in investments.

http://blogs.wsj.com/wealth/2011/03/...-feel-wealthy/

42% didn't feel wealthy even with an average net worth of 3.5 million dollars.

It's very easy to see the next guy who makes more than you do, has a nicer house, or more applicable a nicer car and feel like you aren't rich.

Anyways, to answer your question. Based on my current income level, the fact my car took 4 years by the time it's done sometime next year to be done, I will have spent probably around 6-8% per year on average doing all of the work myself, and having changed directions which cost me some money. I am in the lower middle part of the 30% you point out.

It's about equivilent to financing a 35k car over 4 years, and only getting the car when it's completely paid off.

By that logic I don't think I qualify even as a thousandaire. Thanks a lot. :lol:

me either. :lol:

Somebody said it and I've always like it, "It's not what you make, it's what you keep". If you don't have many bills, you don't need a whole lot of moolah.:unibrow: Wish I had that problem. :lol:

Oh man..... I'm busting a lot of bubbles around here aren't I... :willy:


Okay -- I found this (again by Googling) and it is a brief article on what is a millionaire... It says you need to MAKE a million per year in income. Good quick reading and is interesting.

http://www.npr.org/blogs/money/2011/...-a-millionaire


I posted a comment here or in the "millionair" (SIC) thread.... that I was driving by a group of big azz motorhomes and stacker trailers with real race cars in them and I was thinking to myself -- WTF do those guys do for a living? :lol: And this is EXACTLY what I'm talking about. It takes a GIANT pile of money to be a "real millionaire".... for me - that description would be someone with Mansions (more than one) - private jet - a real Yacht - domestic help.... and be able to buy "anything" they wanted. At a 100K per month - you'd be just about there... but that would most likely be reduced by taxes of say 30% -- so you'd really need a pre-tax income more like 1.5MM a year! That would take THIRTY MILLION earning 5% income.

No wonder I feel poor!

Greg are you looking for pity? Like the New Yorkers would say.....Get the F%$# out of here, LOL :lol:

If your looking for a Butler or an assistant, you know my number lets talk!

I would offer help on building/maintaining cars, but he already knows how to do that. :P

:rofl: :rofl: I had an Ad in the help wanted section for an asswipe. You interested??

:rofl: :rofl:

I've seen the cars you've built -- I'm a backyard hack compared to that buddy!

I'll change YOUR oil!


:cheers: :woot:

POOF!! I'm gone!


:D


I lived in NYC for 7 years buddy -- I know that sentiment well!

Whats even funnier is there was probably another guy next to you with his 1996 1/2 ton pulling a 17ft open car hauler looking at your dually and enclosed thinking "man, I wonder what that guy does for a living!" :D

That was the point of my post... it just doesn't make any difference where we are in life - somebody is going to have more.... and somebody less...

Well, we will travel as far as someone wants to pay us!! LOL. Which isn't very often since it's hard to beat the local guy on price when I have to pay all the out of town expense.
I was in Lexington just last weekend picking up a truck we bought to make a repair truck out of. First time I have been there over than the power tour.
If you get this way, hollar and we'll talk shop....or cars....or both!! :cheers: LOL!:cheers:

More likely the guy driving the 2006 duramax with Velcro tennies and ordinary looking is the millionaire in the sea of others.

Yeah I noticed Charley was wearing those... meant to ask him about it!:lol:

Xactly.

Well I hope to be one of the million-airs here on lateral-g.I just have to keep working hard and in about 20-30 year's I might get there.:lol: I hope lateral-g is still going.:lol: :lol:

<----- Not a millionaire

Interesting topic, but I don't see the reason why some people get bent out of shape about discussing this topic. I grew up broke, and always tried to learn from those that had achieved some level of success. I'm still learning. I also share what I've learned along the way, to those interested in doing something with the information. To the casual commenter that just makes some sort of wiseguy remark, stereotyping others for having nicer toys as not having earned it, I don't have time for those people. Like Stuart said, those people have a "me" problem with themselves. I know numerous people from all income levels that are 100% content with their lifestyles, nothing wrong with that. I've always had pride and have always been driven, no matter what my current paycheck at the time stated. That drive, ambition, and action is what the haters lack. It is much easier to sit back, be lazy, and criticize and be envious, instead of getting off your ass and doing what it takes to reach a desired level of financial success.

Also, Greg's statement about net worth vs annual income are pretty damn accurate. Having a 7+ figure net worth doesn't make someone live some sort of extravagant lifestyle, jet setting across the globe, having 20 exotic cars, and multiple mansions. Those guys have the 9+ figure net worth nowadays. I'd love to get there someday.

Nicely said!!! :thumbsup:

great thought! You don't have to answer, but if you don't mind what does your company do? I'm always interested in what types of businesses are prospering in today's economy.

Good post Nine!


I said earlier -- or maybe in the OWS thread... that what really scares me the most is that people don't have enough savings for retirement. The reason that scares me is because I know what it costs to live and how much it takes to earn enough off of your "savings". Todd said it very well - that it's not how much you make - but how much you spend. That's very true. But there are basic living costs that everybody has... and these take real cash to pay.

If you need 50K to pay your bills now (4K per month) - that will take 60K or more with inflation. Property taxes keep rising etc. To "take home" 60K - a guy might get 2K (maximum) from Social Security.... Now you have to make another 36K after taxes... and that takes just short of one million bucks.

You really can't just sell your house and move somewhere cheaper... it just doesn't work like that. You'll have grandkids and friends - and it's where you've lived for "X" years etc. So that "asset" really isn't available to live on. Plus - most will need to sell their house later when they're needing assisted living etc (it cost me over 500K to support my mother for 4 years... Since I owned the house outright - I sold it for 204K and used that up first). That equity needs to be the court of last resort.

I think what Nine - and I - have been saying is that all this "millionaire" talk is nice if you're looking up from the bottom... it looks like OMG that guy is rich... but in reality -- you have to have a "few" million just to be "comfortable" - a "bunch" to be "rich" - and a gazillion to be the kind of millionaire that people dream about (including the guy that is comfortable and the "rich" guy!). And oh hell yeah life is "easier" when you have some dough but you have to be HAPPY first. Even the Ten Commandments makes a statement about coveting the other guys stuff...

And here's what Nine was saying - it's what makes the difference... I have a personal trainer. While working out - we discuss life etc. He is now invested in some stocks - 10K worth that he'd saved up that was "sitting" in CD's earning zippola. We'd sit and watch CNBC - next thing he's asking about why/what/how - what did I do with this or that and what they were talking about and what it meant...HE TOOK INTEREST on his own! Then asked me for "help" selecting etc. Then he took action and now owns some dividend paying stocks. Now we're working on some ideas that could really be a hit (or not). They're HIS ideas - we're just bouncing around the add ons and the possibilities of marketing etc. My point is... that he hasn't stopped at just being a PT... he's always thinking about "the next thing" - a move up - how to work a little more and what it takes to be an achiever. He's not sitting around being static.. he's active in his own success.