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Maybe I'm misunderstanding what you mean by "regular" or "professional", but the idea that normal professionals have six figures in their bank account is absurd

Maybe I'm misunderstanding what you mean by "regular" or "professional", but the idea that normal professionals have six figures in their bank account is absurdly far from reality.

beachstartup 12y ago
not every one, but plenty do. of course they're not going to tell you about it. let me ask you something - how do you think people are buying houses in these insane real estate markets? do you think they're royalty, or aristocracy? no, they're professional people spending their hard earned money. a good 30 year old lawyer easily makes 200k a year. the smart ones spend very little of that. the really smart ones invest the rest, and have been for years. if imagining a major city like LA or SF or NY where lawyers and bankers and entrepreneurs have six figures to their name is tough for you, i really don't know what to tell you, dude. even in tech, i personally know sysadmins and programmers who make ~100k but save most of their money and have done so for over a decade, who easily have 100k saved up. most of them are either trying to buy property, or pull the escape hatch with a huge cushion. quite frankly if you're a professional (a REAL, ACTUAL, professional, with a respectable salary) in your 30s and you don't have at least one account with six figures in it or a house to show for it instead, you kinda sorta fucked up somewhere along the way. where in the hell did ~$1M of cumulative gross income go?
- downandout 12y ago
  Let me pause for a moment to let the class from this post wash over me.
  - beachstartup 12y ago
    not as classy as your ad hominem defense. if you are a working professional who is gainfully employed, it's not hard to save 10k a year for a decade. it just isn't. you're not thinking critically about this.
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- mikegioia 12y ago
  quite frankly if you're a professional (a REAL, ACTUAL, professional, with a respectable salary) in your 30s and you don't have at least one account with six figures in it or a house to show for it instead, you kinda sorta fucked up somewhere along the way. This is naive in a way where you probably can't be convinced otherwise. Is your worldview so limited that your only conclusion to draw from this scenario is that the person "kinda sorta fucked up"?
  - beachstartup 12y ago
    well, if you can't save 10k a year for 10 years and you're middle aged, i don't know what the fuck to say. you either spent it all or were financially raped through e.g. a divorce, those are the only 2 scenarios i can think of.
    - mikegioia 12y ago
      So how is going through an expensive divorce "kinda sorta fucking up"?
tdicola 12y ago
Median home price in SF is $1m and the down payment on a mortgage is 20%, so do the math and there are easily lots of people building up or who have built up a significant nest egg of savings.

Maybe I'm misunderstanding what you mean by "regular" or "professional", but the idea that normal professionals have six figures in their bank account is absurdly far from reality.

beachstartup 12y ago

not every one, but plenty do. of course they're not going to tell you about it. let me ask you something - how do you think people are buying houses in these insane real estate markets? do you think they're royalty, or aristocracy? no, they're professional people spending their hard earned money. a good 30 year old lawyer easily makes 200k a year. the smart ones spend very little of that. the really smart ones invest the rest, and have been for years. if imagining a major city like LA or SF or NY where lawyers and bankers and entrepreneurs have six figures to their name is tough for you, i really don't know what to tell you, dude. even in tech, i personally know sysadmins and programmers who make ~100k but save most of their money and have done so for over a decade, who easily have 100k saved up. most of them are either trying to buy property, or pull the escape hatch with a huge cushion. quite frankly if you're a professional (a REAL, ACTUAL, professional, with a respectable salary) in your 30s and you don't have at least one account with six figures in it or a house to show for it instead, you kinda sorta fucked up somewhere along the way. where in the hell did ~$1M of cumulative gross income go?

downandout 12y ago
Let me pause for a moment to let the class from this post wash over me.
- beachstartup 12y ago
  not as classy as your ad hominem defense. if you are a working professional who is gainfully employed, it's not hard to save 10k a year for a decade. it just isn't. you're not thinking critically about this.
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mikegioia 12y ago
quite frankly if you're a professional (a REAL, ACTUAL, professional, with a respectable salary) in your 30s and you don't have at least one account with six figures in it or a house to show for it instead, you kinda sorta fucked up somewhere along the way. This is naive in a way where you probably can't be convinced otherwise. Is your worldview so limited that your only conclusion to draw from this scenario is that the person "kinda sorta fucked up"?
- beachstartup 12y ago
  well, if you can't save 10k a year for 10 years and you're middle aged, i don't know what the fuck to say. you either spent it all or were financially raped through e.g. a divorce, those are the only 2 scenarios i can think of.
  - mikegioia 12y ago
    So how is going through an expensive divorce "kinda sorta fucking up"?

tdicola 12y ago

Median home price in SF is $1m and the down payment on a mortgage is 20%, so do the math and there are easily lots of people building up or who have built up a significant nest egg of savings.