4 ms·
Sure, but there's a gap between being poor and being wealthy. $15 million is a lot more than most people have and it's certainly enough to be comfortable and no
by tikhonj 1y ago
Sure, but there's a gap between being poor and being wealthy. $15 million is a lot more than most people have and it's certainly enough to be comfortable and not have to worry about money, but it's still categorically different from having the sort of money that gives you institutional power.
- saberience 1y agoYeah but having a 15M house and say 200k income makes you poor, as a 15M house needs a ton of money to maintain it.
- giobox 1y agoIf you are paying property tax in LA based on a 15m valuation, that 200k income will struggle to cover the annual property tax bill let alone any maintenance or anything else.
- clpm4j 1y agoThe property tax is calculated based on the last transaction price of the home, so despite it being estimated at $15m today, the owner would be paying tax on a much lower value (assuming they purchased it many years ago).
- vkou 1y agoIll trade 5M cash and 200k income for that any day of the week. The first thing I'd do is sell.
- comfysocks 1y ago>>The first thing I'd do is sell Me too. And it looks like that’s what the heirs are doing too. But for David Lynch, I can see why he might want to live amongst the people involved in financing, making, and distributing movies. Similar to how founders move to the expensive Bay area to be near VCs, talent, etc.
- supportengineer 1y agoThe rule of thumb for upkeep of houses, airplanes, and cars is about 1% annually.