Search found 2922 matches

by Petrocelli
Fri Jul 02, 2021 5:02 pm
Forum: Personal Consumer Issues
Topic: How much do you spend on a hotel per night on a family vacation?
Replies: 171
Views: 23356

Re: How much do you spend on a hotel per night on a family vacation?

Just booked a room in NYC for $240 a night which is cheap. I then paid for the room using Amex points, so the cost to me was nothing.

https://www.elyseehotel.com/
by Petrocelli
Mon Jun 28, 2021 6:15 pm
Forum: Personal Consumer Issues
Topic: How much do you spend on a hotel per night on a family vacation?
Replies: 171
Views: 23356

Re: How much do you spend on a hotel per night on a family vacation?

I just reserved a hotel for a brief vacation in Boston. Price are higher than normal. With taxes, etc., a room at a 4 star hotel was $400 a night. However, using my Amex card, I got 4 nights for the price of 3, and got a $100 credit for food/drink at the hotel. So that brought the price down to about $270. I then paid for the room using Amex points so, when all was said and done, I didn't really pay anything.
by Petrocelli
Fri Jun 25, 2021 3:04 pm
Forum: Personal Investments
Topic: Get Rid of All Bond Funds?
Replies: 73
Views: 10761

Re: Get Rid of All Bond Funds?

Asking if you should get rid of bonds is kind of like asking if you should get rid of the seat belts in your car. You may not think you need them, but you sure as heck will in a crash.
by Petrocelli
Sat Jun 19, 2021 8:49 am
Forum: Personal Consumer Issues
Topic: Favorite Westerns - Name 10
Replies: 110
Views: 9488

Re: Favorite Westerns - Name 10

Man who shot Liberty Valance - John Wayne calls Jimmy Stewart "Pilgrim"
Lonesome Dove
True Grit (Coen Brothers Remake)
by Petrocelli
Fri Jun 18, 2021 2:28 pm
Forum: Personal Finance (Not Investing)
Topic: Dad wants Wife to live in house left to me and sister after he passes
Replies: 179
Views: 24469

Re: Dad wants Wife to live in house left to me and sister after he passes

I just finished a dispute involving a life estate that lasted over a decade, so listen up... My wife's stepfather named her as a beneficiary of his trust. (For those of you in the know, it was this trust that bought the $5,000 watch, but that's another story...) The trust included a factory that one of the brothers was leasing from his father. The trust terms stipulated that one of the brothers could lease the factory at fair market value as long as he operated his company there. FMV would be set by the Trustee, his brother. The trustee brother set the lease price at about $10,000 a month. The lessor brother complained that was too high, and that lead to a series of lawsuits where the Court appointed an independent trustee to set the rent....
by Petrocelli
Thu Jun 17, 2021 9:28 am
Forum: Personal Finance (Not Investing)
Topic: Dad wants Wife to live in house left to me and sister after he passes
Replies: 179
Views: 24469

Re: Dad wants Wife to live in house left to me and sister after he passes

I just finished a dispute involving a life estate that lasted over a decade, so listen up... My wife's stepfather named her as a beneficiary of his trust. (For those of you in the know, it was this trust that bought the $5,000 watch, but that's another story...) The trust included a factory that one of the brothers was leasing from his father. The trust terms stipulated that one of the brothers could lease the factory at fair market value as long as he operated his company there. FMV would be set by the Trustee, his brother. The trustee brother set the lease price at about $10,000 a month. The lessor brother complained that was too high, and that lead to a series of lawsuits where the Court appointed an independent trustee to set the rent. ...
by Petrocelli
Wed Jun 09, 2021 4:22 pm
Forum: Personal Consumer Issues
Topic: When does it make sense to lease a car?
Replies: 65
Views: 8047

Re: When does it make sense to lease a car?

La Maison wrote: Tue Jun 08, 2021 6:32 pm I buy cars at the end of a 1 year lease from the dealer. A compromise? Thoughts?
I think that's a great idea. You may want to push even further out to 2 or 3 years, depending on the car.

Last year, I bought my daughter a used BMW 330i with about 8,000 miles on it for $25,000. There are good deals to be had on lease returns.
by Petrocelli
Wed Jun 09, 2021 12:46 pm
Forum: Personal Consumer Issues
Topic: How much do you spend on a hotel per night on a family vacation?
Replies: 171
Views: 23356

Re: How much do you spend on a hotel per night on a family vacation?

alfaspider wrote: Wed Jun 09, 2021 12:01 pm
Petrocelli wrote: Wed Jun 09, 2021 11:50 am

My reasoning is that I rarely get to go on vacation. When I go, I want to go somewhere at least as nice as my house.
I suppose it depends what you mean "as nice as my house." I'd go broke if I demanded a multi-bedroom suite and over 2,000 sq foot for all my hotel rooms!
I mean that the bathroom, bed, and sheets should be as nice as my house. Mrs. Petrocelli demands it. I knew when I married her that she would generally not stay in a hotel without a concierge. However, she did get me a $7,000 watch, so it all equals out.
by Petrocelli
Wed Jun 09, 2021 11:50 am
Forum: Personal Consumer Issues
Topic: How much do you spend on a hotel per night on a family vacation?
Replies: 171
Views: 23356

Re: How much do you spend on a hotel per night on a family vacation?

As I read through this thread which ranges from hostels and motel 6 to the above and higher, I wonder what OP gets out of it? I actually find it interesting to see how people spend their money. I usually find that you get what you pay for when it comes to hotels. I usually like a room with a view. When my wife and I travel, we often do a tour or museum, etc., in the morning, rest in the room for a few hours in the afternoon, and head back out in the evening. So we look for places in the center of town, and with a view if possible. On our last trip to Scotland, we stayed at the Apex Grassmarket hotel, and we got a room on the top floor with a balcony and an amazing view of Edinburgh Castle: https://www.apexhotels.co.uk/destinations/edinburg...
by Petrocelli
Tue Jun 08, 2021 8:28 pm
Forum: Personal Consumer Issues
Topic: How much do you spend on a hotel per night on a family vacation?
Replies: 171
Views: 23356

Re: How much do you spend on a hotel per night on a family vacation?

Back in the day, when I travelled with my kids, we would spend around $250 a night. However, I once got a 2 bedroom suite in Aspen in high season, and that was $1,750 a night. (That's not a typo.)

When my wife and I travel we usually spend around $300 a night. However, we occasionally splurge and spend as much as $400.
by Petrocelli
Tue Jun 08, 2021 2:58 pm
Forum: Personal Consumer Issues
Topic: When does it make sense to lease a car?
Replies: 65
Views: 8047

Re: When does it make sense to lease a car?

CascadiaSoonish wrote: Tue Jun 08, 2021 11:55 am I'm about to sell our 14 year old Acura with 170K miles on it and switch to a battery electric car, most likely on a lease...

And we only drive 3K miles/year at most so the dealer will get a cherry condition BEV back in three years.
If you drive only 3k a year, you should not lease under any circumstances. If you buy a Tesla Model 3, you could probably trade it in for close to what you paid for it.
by Petrocelli
Tue Jun 08, 2021 8:35 am
Forum: Personal Consumer Issues
Topic: When does it make sense to lease a car?
Replies: 65
Views: 8047

Re: When does it make sense to lease a car?

burt wrote: Tue Jun 08, 2021 5:35 am
The 10 year old car I'm currently driving has about 80,000 miles. I don't drive much.
Given your driving habits, I would never lease because you would be paying for miles you don't use. I would wait until prices adjust, and buy a 2-3 year old Toyota or Hyundai coming off lease.
by Petrocelli
Mon Jun 07, 2021 7:31 pm
Forum: Personal Consumer Issues
Topic: When does it make sense to lease a car?
Replies: 65
Views: 8047

Re: When does it make sense to lease a car?

I have leased a new Mercedes every 2.5 to 3 years since 1997. I have gotten every car from the same salesman. Here's why I lease: 1. Leases are very easy to negotiate. You are paying for depreciation on a car. I have heard it said that most luxury cars depreciate around 40% to 45% in three years. So, based on a 12,000 mile a year lease, try to pay around 1% of the MSRP as a lease payment, which means you are paying only 36% depreciation. Then add your state's sales tax. Tell the salesman you don't care how he or she gets to that number. They can lower the MSRP, or waive the acquisition fee, or lower the money factor. It's really easy to negotiate when you focus on one number. 2. Your car is always under warranty. 3. You get to drive a new c...
by Petrocelli
Sat Jun 05, 2021 7:53 pm
Forum: Personal Finance (Not Investing)
Topic: Mercedes Benz extended warranty and prepaid maintenance
Replies: 41
Views: 6672

Re: Mercedes Benz extended warranty and prepaid maintenance

Huygens wrote: Thu May 27, 2021 10:58 pm
What I have not seen anyone mention so far is that warranties are negotiable. OP, if you do decide to go with one, don’t pay list price.
Can you tell me your experience negotiating a warranty? I am considering buying my Mercedes at the end of the lease, and am considering buying an extended warranty.
by Petrocelli
Wed Jun 02, 2021 2:32 pm
Forum: Personal Consumer Issues
Topic: What are you listening to now
Replies: 5833
Views: 591142

Re: What are you listening to now

According to lastfm.com, here are my most listened to albums last month: 1. James Taylor: One Man Dog (Acoustic Rock) 2. Nikki Minaj: Beam me up Scotty (hip hop) 3. James McMurtry: Complicated Game (acoustic rock) 4. Jack Ingram: The Marfa Tapes (acoustic country) I highly recommend James McMurtry's album. He's the son of writer Larry McMurtry, and his lyrics are great. They are like little stories about real people. Here's a song he sings about a couple approaching retirement: https://www.youtube.com/watch?v=v2iCP5k2BPc I also highly recommend The Marfa Tapes. It was recorded outdoors, all acoustic, absolutely life, and even with a few gaffes. (In some songs your can hear jets in the distance flying over.) Miranda Lambert sings on a lot of...
by Petrocelli
Wed Jun 02, 2021 2:19 pm
Forum: Personal Consumer Issues
Topic: What are you listening to now
Replies: 5833
Views: 591142

Re: What are you listening to now

novicemoney wrote: Mon May 31, 2021 8:53 pm I read somewhere that likens the Cowboy Junkies sound as "rock and roll on prozac".
Given that I listen to a lot of hip-hop at high volume, I put the Cowboy Junkies in the category of music that I can play without my wife asking me to turn it off.

It's more like James Taylor on Prozac.
by Petrocelli
Mon May 31, 2021 3:23 pm
Forum: Personal Consumer Issues
Topic: What are you listening to now
Replies: 5833
Views: 591142

Re: What are you listening to now

Nicolas wrote: Sat May 29, 2021 11:47 pm I’m So Lonesome I Could Cry — B.J. Thomas (R.I.P.) written by Hank Williams. I’ve always liked this song.
Check out this version by the Cowboy Junkies.

https://www.youtube.com/watch?v=CJt9KFyJnbk

The album it's on, The Trinity Sessions, is outstanding.
by Petrocelli
Mon May 31, 2021 9:42 am
Forum: Personal Consumer Issues
Topic: What frugal thing did you do today?
Replies: 4535
Views: 625923

Re: What frugal thing did you do today?

I have played about 12 rounds of golf with the same golf ball over three months. It's now scuffed and has numerous ball marks.

At this point, I'm not playing the ball to be frugal. I am more interested in seeing how long I can play with it.
by Petrocelli
Sun May 30, 2021 7:11 pm
Forum: Personal Consumer Issues
Topic: New 2020 Honda Clarity vs New Tesla Model 3
Replies: 32
Views: 3366

Re: New 2020 Honda Clarity vs New Tesla Model 3

I considered getting a Honda Clarity in 2019 when I got my last car. For the money, I think it's one of the best cars out there if you are looking for a PHEV.

However, I dislike the rear portion of the car. I could not get past that.
by Petrocelli
Sat May 29, 2021 9:46 am
Forum: Personal Finance (Not Investing)
Topic: Return to Work - How is your company dealing with it?
Replies: 593
Views: 84636

Re: Return to Work - How is your company dealing with it?

We are going to slowly bring all employees back starting in September. By then, all schools will be open, and employees with children can then return to work.

I think that having employees together is good for the firm.
by Petrocelli
Fri May 28, 2021 8:29 pm
Forum: Personal Consumer Issues
Topic: What are you listening to now
Replies: 5833
Views: 591142

Re: What are you listening to now

mindboggling wrote: Fri May 28, 2021 5:27 pm Sarah Shook and the Disarmers...alt-country from North Carolina.
Listening to it now. This is great stuff!
by Petrocelli
Fri May 28, 2021 11:48 am
Forum: Personal Consumer Issues
Topic: Question for non-Tesla EV owners
Replies: 45
Views: 10385

Re: Question for non-Tesla EV owners

Great thoughts. Very helpful.

I thought about it, and my longest regular business drive is about 230 miles round trip, and I will charge at home, so it will be an unusual situation where I need to charge at some place other than my house. And by the time I get the car in a year, I assume some of the non-Tesla chargers will improve.
by Petrocelli
Fri May 28, 2021 10:21 am
Forum: Personal Consumer Issues
Topic: What are you listening to now
Replies: 5833
Views: 591142

Re: What are you listening to now

Broken Man 1999 wrote: Fri May 28, 2021 8:08 am
I see you are a Taylor Swift fan, also. Having pre-teen granddaughters I have every CD she has recorded, except the last two. I have Amazon Unlimited Music so I have stopped purchasing CDs. Granddaughters have both been to see her. Very big fans.

Broken Man 1999
I think Taylor Swift is the best songwriter out there right now. I highly recommend Folklore. It's almost all acoustic, and really a nice listen. Here's a couple tracks if you're interested.

https://www.youtube.com/watch?v=K-a8s8OLBSE

https://www.youtube.com/watch?v=nn_0zPAfyo8

https://www.youtube.com/watch?v=RsEZmictANA
by Petrocelli
Fri May 28, 2021 10:14 am
Forum: Personal Consumer Issues
Topic: What are you listening to now
Replies: 5833
Views: 591142

Re: What are you listening to now

1. Sturgill Simpson - Cutting Grass (Bluegrass) I know nothing of Simpson, but I've been curious about this album after hearing about it. Your mention made me finally look it up. I didn't realize he scored such stellar group of musicians to back him up! I know several of them from their own successful careers. I like it so far! Very fine instrumentals, of course, but Simpson's got a great voice, too! Mike Bub – upright bass Stuart Duncan – fiddle, background vocals Mark Howard – background vocals, lead guitar, rhythm guitar Sierra Hull – mandolin, background vocals Miles Miller – percussion, background vocals Tim O'Brien – background vocals, lead guitar, rhythm guitar Sturgill Simpson – vocals, rhythm guitar Scott Vestal – banjo, backgroun...
by Petrocelli
Thu May 27, 2021 2:33 pm
Forum: Personal Consumer Issues
Topic: What are you listening to now
Replies: 5833
Views: 591142

Re: What are you listening to now

iceport wrote: Thu May 27, 2021 12:31 pm I'm still blown away by this performance:

Amythyst Kiah – Black Myself
Great stuff! Looked on Spotify for her, but she hasn't released an album since 2013.
by Petrocelli
Thu May 27, 2021 2:30 pm
Forum: Personal Consumer Issues
Topic: What are you listening to now
Replies: 5833
Views: 591142

Re: What are you listening to now

apparently you just really like rap. and apparently, not many people here do. that's not surprising to me. Actually, I like all types of music. I track my Spotify listening on Lastfm.com. Here are my most listened to albums over the last 365 days, all of which I recommend: 1. Sturgill Simpson - Cutting Grass (Bluegrass) 2. Kendrick Lamar - Damn (Rap) 3. Taylor Swift - Evermore (pop) 4. Phoebe Bridgers - Punisher (indie rock) 5. Run the Jewels - RTJ4 (rap) 6. Vienna Philharmonic - Mozart: Wind Concertos and Serenades (classical) 7. Taylor Swift - Folklore (pop) 8. Afred Brendel - Beethoven: Complete Sonatas and Concertos (classical) And I get that a lot of older people don't like rap. But my parents didn't like Hendrix, Zeppelin, the Sex Pi...
by Petrocelli
Thu May 27, 2021 1:26 pm
Forum: Personal Consumer Issues
Topic: Question for non-Tesla EV owners
Replies: 45
Views: 10385

Question for non-Tesla EV owners

I will probably get an Ev for my next car. I am trying to decide whether to get a Tesla or some other brand.

One of the things I am worried about is charger accessibility. I saw a YouTube video on a Mustang EV recently, and the driver was having difficulty connecting to chargers. He had to try several different chargers when he tried to charge, and some didn't recognize his vehicle.

Apparently, the Tesla system is better because it is designed for Teslas. The other systems are for every other car from a Chevy to a Porsche.

So have non-Tesla EV owners been satisfied with your ability to charge away from home?
by Petrocelli
Thu May 27, 2021 1:02 pm
Forum: Personal Consumer Issues
Topic: What are you listening to now
Replies: 5833
Views: 591142

Re: What are you listening to now

Broken Man 1999 wrote: Thu May 27, 2021 8:17 am
And, having a mother, a wife, and daughters, I find the disrespect most rappers show to women via their lyrics is off-putting, to say the least.
Agree 100%. But...

Most of the best rappers these days are not anti-women. That may have been true 10 or 20 years ago, but not today.

I'm going to post a couple rap songs with lyrics. Three different styles of rap. Check them out.

i by Kendrick Lamar (with a riff from the Isley Brothers' That Lady:

https://www.youtube.com/watch?v=Qhtu-QiVUfs

Rainforest by Noname:

https://www.youtube.com/watch?v=4B_oESyfV7w

Royal We by Run the Jewels:

https://www.youtube.com/watch?v=zHxQh4Aqic8
by Petrocelli
Thu May 27, 2021 12:10 pm
Forum: Personal Finance (Not Investing)
Topic: Mercedes Benz extended warranty and prepaid maintenance
Replies: 41
Views: 6672

Re: Mercedes Benz extended warranty and prepaid maintenance

I've driven about 7 different MBZs since 1997. Great cars. Quiet and comfortable.

I'd pay for the warranty. You are paying about $48 a month to insure your car against a major repair.

Also, my research indicates that MBZs depreciate a lot initially, and then hold their value pretty well after that. There is always someone who will pay a little extra to drive a MBZ for the status. So when your car is at 100k miles, you can probably sell it for a good price.
by Petrocelli
Tue May 25, 2021 8:31 pm
Forum: Personal Finance (Not Investing)
Topic: Mercedes Benz extended warranty and prepaid maintenance
Replies: 41
Views: 6672

Re: Mercedes Benz extended warranty and prepaid maintenance

I have leased a new Mercedes every 3 years or so since 1997. When I got the last one in 2019, I paid 1,100 for prepaid service for the first 3 services (at every 10,000 miles.)

I don't know how many miles are on your car, but $2,000 sounds high for four services. Call the service department and ask how much the standard service is for the next four visits.
by Petrocelli
Tue May 25, 2021 5:34 pm
Forum: Personal Consumer Issues
Topic: What are you listening to now
Replies: 5833
Views: 591142

Re: What are you listening to now

Apparently almost no posters, other than me, listen to new music. But....

I highly recommend Kendrick Lamar's Damn. It is the only popular music album to win a Pulitzer Prize.

Listen to the intensity of his rapping at about 3:00. It's fortunate that the video has subtitles.

https://www.youtube.com/watch?v=NLZRYQMLDW4
by Petrocelli
Tue May 25, 2021 4:03 pm
Forum: Personal Consumer Issues
Topic: What are you listening to now
Replies: 5833
Views: 591142

Re: What are you listening to now

Listening to a lot of Dua Lipa:

https://www.youtube.com/watch?v=TUVcZfQe-Kw

Great beat. Fun.
by Petrocelli
Tue May 25, 2021 12:35 am
Forum: Personal Finance (Not Investing)
Topic: Car Values Rising Or Am I Losing My Mind ?
Replies: 26
Views: 4374

Re: Car Values Rising Or Am I Losing My Mind ?

Yes. Used car values are going crazy due to lack of inventory. Examples:

1. My wife's lease for her 2018 Audi Q3 just ended. We bought it for $21,000 at the end of the lease. That's what Audi thought it would be worth. However, it's selling for around $25,000 on the open market.

2. I leased my 2019 MBZ C300 Coupe based on a sales price of $44,000 almost 2 years ago. That same car is being advertised for sale for around $40,000.
by Petrocelli
Mon May 24, 2021 12:22 pm
Forum: Personal Consumer Issues
Topic: How do you justify family vacation costs?
Replies: 198
Views: 18187

Re: How do you justify family vacation costs?

tryingtogetahead wrote: Sun May 23, 2021 11:34 am DW and I are expecting our first baby this summer. We are late 30s, HHI mid to high 700s including bonuses and equity. NW mid 4mms. We love Nantucket and want to start a family tradition of going there for a week or more every summer. Our dilemma is hotels are min $800/night and houses are even more. With food and travel, this means $10,000/week all in just for a quasi-local beach vacation. How do you justify this? What metrics do you use to determine appropriate costs for a vacation? We would appreciate any feedback.
My general rule of thumb when my wife and I go on vacation is that I budget $1,000 a day for travel, food and lodging. So $10,000 for a week in Nantucket (which is pricey to start) sounds about right.
by Petrocelli
Wed May 19, 2021 11:43 am
Forum: Personal Consumer Issues
Topic: Cars -- When and Why Did You Switch from Economy/Practicality to Luxury?
Replies: 333
Views: 35071

Re: Cars -- When and Why Did You Switch from Economy/Practicality to Luxury?

I have leased a new Mercedes every 3 years since 1997. Right now, I am leasing a $53,000 Mercedes C300 Coupe. With tax I pay $615 a month. My payment includes all service, so I am always driving a new car, and the all repairs are always covered warranty.

I look at it this way: I pay $20 a day to drive a new Mercedes.

Treat yourself. Life's short.
by Petrocelli
Tue May 18, 2021 2:01 pm
Forum: Personal Finance (Not Investing)
Topic: If your net worth is over $3 million, how did you do it?
Replies: 913
Views: 239882

Re: If your net worth is over $3 million, how did you do it?

abuss368 wrote: Mon May 17, 2021 8:35 pm
Petrocelli wrote: Sun May 16, 2021 3:16 pm My thoughts:

1. Buy the cheapest house in the best neighborhood you can afford. I bought my 2 bedroom 1.5 bath house for $625,000 in 1989. It is now worth about $3,000,000.

2. Get a job where your salary will increase a lot. My salary is more than 15 times what it was when I started working in 1984.

3. Save money like crazy. I put about $80,000 a year in tax deferred accounts each year.
Petro -

What about buying a watch?😂🤣
Tony
Tony:

For the record, I never bought a $5,000 watch. But my wife gave me a $7,000 watch for Christmas a few years back.

For the OP: One of my pieces of advice to get a net worth of $3 million is to marry someone with a trust fund that's big enough to buy a $7,000 watch.
by Petrocelli
Mon May 17, 2021 4:02 pm
Forum: Personal Finance (Not Investing)
Topic: Anyone else see drastic increase in Zillow value today?
Replies: 140
Views: 19321

Re: Anyone else see drastic increase in Zillow value today?

According to Zillow, my house is up only 1.6% over the past 30 days. I think that's because higher end homes are not seeing the buying panic of entry level homes.
by Petrocelli
Mon May 17, 2021 3:54 pm
Forum: Personal Consumer Issues
Topic: What are you listening to now
Replies: 5833
Views: 591142

Re: What are you listening to now

Listening to "Cutting Grass" by Sturgill Simpson. He's a country singer who re-recorded some of his songs as bluegrass tunes.

This video will give you a good idea of what the album's like. Great musicians. High energy.

https://www.youtube.com/watch?v=uX8WfZSUbOU
by Petrocelli
Sun May 16, 2021 8:00 pm
Forum: Personal Finance (Not Investing)
Topic: If your net worth is over $3 million, how did you do it?
Replies: 913
Views: 239882

Re: If your net worth is over $3 million, how did you do it?

nigel_ht wrote: Sun May 16, 2021 6:45 pm
Lol, you ignored that you likely won’t earn as much in a LCOL area.

The mortgage payment on a $75K mortgage is around $500. So the delta is $3500/month.

You also don’t get to start with $25K. That’s spent on the down payment for the $100K house in the LCOL area.

So $3500 savings difference less income delta.

Note that the median household income in 1989 is $30K…

I dunno what Petrocelli was doing but his annual house expenditure was higher than the median income by 50%.

Say he followed the usual rule of thumb of no more than 28% gross income on a home then his annual salary was ~$150K+.
In 1989, my wife and I had an income of around $100,000. Paying the mortgage was a real sacrifice for us. Looking back, it was worth it.
by Petrocelli
Sun May 16, 2021 7:56 pm
Forum: Personal Finance (Not Investing)
Topic: If your net worth is over $3 million, how did you do it?
Replies: 913
Views: 239882

Re: If your net worth is over $3 million, how did you do it?

So here's a little analysis that approximates the situation: House: Down payment: $25,000 30-year mortgage rate: 7% (the real case would start higher and been refinanced over the term so I spit-balled an average) Monthly mortgage payment: $3,991.81 Total Principal Paid: $600,000 Total Interest Paid: $837,053.39 (there's some tax deductions in there but also ignoring homeowners insurance) Current value: $3,000,000 Investment: 100% VFINX Initial amount: $25,000 Monthly add: $3,992 (portfolio visualizer required even amount) Total contributions: $1,437,120 Current value: $7,157,001 Now this doesn't take into consideration the other house but as it's low cost it won't affect the overall analysis too much so if anyone wants to expand the exampl...
by Petrocelli
Sun May 16, 2021 7:50 pm
Forum: Personal Finance (Not Investing)
Topic: If your net worth is over $3 million, how did you do it?
Replies: 913
Views: 239882

Re: If your net worth is over $3 million, how did you do it?

[/quote]
How is a 2-bedroom house worth $3 million?
[/quote]

I should have pointed out that I I added on to the house, and it is now a 4 bedroom, 2.5 bath house. However, $3,000,000 on my street is "lot value". So people are buying houses and just tearing them down. So the amount of bedrooms is pretty much irrelevant. In fact, I fully expect that the next person that buys this house will tear it down.
by Petrocelli
Sun May 16, 2021 4:46 pm
Forum: Personal Finance (Not Investing)
Topic: If your net worth is over $3 million, how did you do it?
Replies: 913
Views: 239882

Re: If your net worth is over $3 million, how did you do it?

placeholder wrote: Sun May 16, 2021 4:37 pm
Petrocelli wrote: Sun May 16, 2021 3:16 pm 1. Buy the cheapest house in the best neighborhood you can afford. I bought my 2 bedroom 1.5 bath house for $625,000 in 1989. It is now worth about $3,000,000.
If you had a lump sum of that size putting it in the S&P 500 would be worth 18 million so you'd be better off living in a LCOL area where you could have bought a house like that for <100k and investing the rest.
You're assuming I paid cash for the house, which is kind of silly.

Actually, I put $25,000 down on my first house. I made enough money on the property to put down $155,000 down on the second house.

So if you want to run some numbers, run them on $25,000.
by Petrocelli
Sun May 16, 2021 3:16 pm
Forum: Personal Finance (Not Investing)
Topic: If your net worth is over $3 million, how did you do it?
Replies: 913
Views: 239882

Re: If your net worth is over $3 million, how did you do it?

My thoughts:

1. Buy the cheapest house in the best neighborhood you can afford. I bought my 2 bedroom 1.5 bath house for $625,000 in 1989. It is now worth about $3,000,000.

2. Get a job where your salary will increase a lot. My salary is more than 15 times what it was when I started working in 1984.

3. Save money like crazy. I put about $80,000 a year in tax deferred accounts each year.
by Petrocelli
Sun May 16, 2021 3:09 pm
Forum: Personal Finance (Not Investing)
Topic: How much would you budget for a typical wedding?
Replies: 136
Views: 12563

Re: How much would you budget for a typical wedding?

I have $100,000 set aside for my daughter's wedding, so that's how much I have budgeted.
by Petrocelli
Fri Jan 29, 2021 1:38 pm
Forum: Investing - Theory, News & General
Topic: [GameStop GME trading mega-thread]
Replies: 5086
Views: 400860

Re: [GameStop GME trading mega-thread]

I have been trying to figure out how much I have invested in GameStop, just out of curiosity.

If I have $100,000 invested in TSM, how much do I have in GameStop, and how do I figure that out?

Thanks!
by Petrocelli
Fri Jan 22, 2021 6:31 pm
Forum: Personal Consumer Issues
Topic: Work from home getting harder
Replies: 95
Views: 9231

Re: Work from home getting harder

I go to my office every day. I like having the separation between work and home. Also, I can get much more work done at my office.

I think working from home is harder to start with.
by Petrocelli
Fri Jan 22, 2021 5:33 pm
Forum: Personal Finance (Not Investing)
Topic: What defines being successful?
Replies: 50
Views: 3652

Re: What defines being successful?

Value of your watch.
by Petrocelli
Fri Jan 22, 2021 3:39 pm
Forum: Personal Consumer Issues
Topic: My $7,000 watch in the news!
Replies: 21
Views: 2573

Re: My $7,000 watch in the news!

stlrick wrote: Fri Jan 22, 2021 3:27 pm After all that discussion about a $5,000 watch, you bought a $7,000 watch?
For the record, I didn't buy the watch. My wife gave it to me as a Christmas gift a few years after the $5,000 watch thread started. Turns out, she got me a $7,000 Rolex.
by Petrocelli
Fri Jan 22, 2021 3:18 pm
Forum: Personal Consumer Issues
Topic: My $7,000 watch in the news!
Replies: 21
Views: 2573

Re: My $7,000 watch in the news!

celia wrote: Fri Jan 22, 2021 3:16 pm I think you mean he wears the same style/model that you have, not the exact same watch, which hopefully is still on your wrist.

I guess you are looking presidential these days!
No. I mean the exact same watch. I am actually Joe Biden. I just pretend to be Rico Petrocelli.
by Petrocelli
Fri Jan 22, 2021 3:10 pm
Forum: Personal Consumer Issues
Topic: My $7,000 watch in the news!
Replies: 21
Views: 2573

My $7,000 watch in the news!

[NO POLITICAL COMMENTS PLEASE!!!!] I saw this article in the NY Times today titled "Is That A Rolex on Joe Biden's Wrist?" https://www.nytimes.com/2021/01/22/fashion/mens-style/rolex-biden.html?searchResultPosition=1 Joe Biden and I wear the exact same watch. I don't mean a similar watch. I mean the exact same watch . Here's what the Times says: "To be fair, none of Mr. Biden’s watches scream 'luxury' at least to watch connoisseurs who are acclimated to the thin air of Swiss watch prices. His Rolex Datejust, for example, is considered an undisputed classic, but in another sense, almost could be regarded as entry level for a brand with head-turners that quickly climb into the five-figures." I was excited when I saw the a...