$6M Gross - What Do You Do

[Aloysius]

Boro - I'd be out of LA faster than you could say "country living".

-Al

[samjjones]

If you want to live in an urban environment, I doubt it would be easy to retire on a $200K joint income, due to the higher COL. Personally, I don't really understand why a married couple would want to stay in the city unless it was job mandated, but of course many, many people feel differently about this.

[z28dreams]

I don't get some of you.

$200k isn't enough, even in an URBAN environment? Are you insane?

Let's take a look here in Washington, DC, which is sickly overpriced.

600k home @ 6%, 30years = 3,597.30 per month
utilities = 300/month
property tax = say 10k/yr (not sure on this one)
food = 400/mo
entertainment = 400/wk (way high)

We're only at 80k per year so far..... uhhh.....
and we need more than 200k why?

I don't understand where some people blow their money.

[MyTurn2Raise]

post this in the finance and investing forum

[swede123]

[ QUOTE ]
If you want to live in an urban environment, I doubt it would be easy to retire on a $200K joint income, due to the higher COL. Personally, I don't really understand why a married couple would want to stay in the city unless it was job mandated, but of course many, many people feel differently about this.

[/ QUOTE ]

And, if you desperately need city life there are places like Detroit and Cleveland that offer the many conveniences of city living at a much reduced cost!

I guess you could push the cost of living benefits even further and retire to the Phillipines or something. $3.5M there would buy you a literal castle, complete with a dozen servants and (the most important part, if living in that part of the world) a full-time security staff.

Swede

[samjjones]

Kids, private schools, etc. You probably don't want to send your kids to inner-city public schooling, right?

[Borodog]

A $600k home in DC could well be a dump. It certainly would be anywhere near LA.

[edfurlong]

[ QUOTE ]
I don't get some of you.

$200k isn't enough, even in an URBAN environment? Are you insane?

Let's take a look here in Washington, DC, which is sickly overpriced.

600k home @ 6%, 30years = 3,597.30 per month
utilities = 300/month
property tax = say 10k/yr (not sure on this one)
food = 400/mo
entertainment = 400/wk (way high)

We're only at 80k per year so far..... uhhh.....
and we need more than 200k why?

I don't understand where some people blow their money.

[/ QUOTE ]

+80k or more for taxes.

[guids]

Utilities, you can probably double that, 400 on food? Way more than that if you eat out, car payments, health insurance, cell phone, car ins, etc. [censored] adds up really quick, I pay under 200$ in rent, and I still have about 2k in must pay bills per month.

[Aloysius]

[ QUOTE ]
post this in the finance and investing forum

[/ QUOTE ]

This isn't a "best investment vehicle" thread, and sorry if you feel it's turned into it. This is more "how would you spend the $". Very similar to the "if you won the Powerball" thread in OOT months ago.

If the people posting in the thread happen to approach this in a financially savvy manner, good for them.

Mods - if you want to move this that's fine, but that wasn't my intention hence posting in OOT.

-Al