Rich mans game

Berkshireflyer said:
You can't feel that way - if you can do that and afford a family of 5 you should be damn proud

I am a new pilot - I clear well over 1mm - but living in NY in a nice apt (7k+ a month) with a weekend home - the expensive (Range Rovers etc) travel (which makes me middle class in NYC) there is no way I could support a family of 5 and have my wife not work and still fly. Everyone is fighting to stay afloat my friend - it's all relative - all I want is to save enough $ for a plane



Yo
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Dude, I've known many people like you, good people, but when the gravy train stops they ended up bankrupt. Stop spending it all and start saving, your 10 year older you will thank you. Keeping up with the Joneses will ruin you.
 
Mason said:
Them Columbia-flying Mercedes-driving guys probably feel the same way about the guys pulling up in a G-V.
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Yep. Until you are at the top of the heap, there's always someone that has more.

Just because someone has nice toys doesn't mean they are always in better financial shape. We did a financial review a couple of years ago with a financial planner we've worked with before. She said we live well within our means; We have a nice home in a great neighborhood, newer cars, travel and I fly SR22s and Baron (don't own them though), and most important we've saved well for our retirement.

There are plenty of people that are spending every penny they make and then some. They have really nice toys, but no safety net. Many have little to no retirement savings. They will work until they drop, or have a serious downturn in their lifestyle when they retire.
 
I don't care how much money anyone has. Wanna get humbled? Go house shopping in Aspen!
 
denverpilot said:
Another is very well adjusted but has a funny quirk. He's a vegetarian. One time we asked him what made him decide to be a vegetarian and the answer was shocking to his friends present. He said back when his second kid was born and he was struggling to get his business started, he and his wife wanted to eat healthy but couldn't afford meat. He got used to it over the next few years and never felt a need to go back to eating even cheap hamburger later on.
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Exactly what happened to yours truly. I started being a vegetarian because of poverty. I continued due to the health benefits. Now I just do it to pi$$ people off.

I don't think flying is a rich man's game, but it certainly isn't poor mans game. It used to be that if you had a blue collar job you could afford a vacation place, or a boat or a small aircraft. I don't think that's the case anymore.
 
There is always someone that has more _____ than you. Enjoy and appreciate what you have and live within your means. Forget about everyone else. That is happiness.
 
Our plane is by far the biggest expense we have. We paid cash for it as we did for our car and the few rental properties we have. We have not bought a home for us, but rent instead. Our philosophy has been that if we can't pay cash for something, we can't afford it. It has worked well for us for the last 15 years that we have been self employed. I would break that rule for a home for us, but the money has been better placed into income producing properties.

We have no kids, no debt, pay our credit cards in full each month, my phone is an iPhone 3G with no data plan (I use it to make phone calls), we do not have cable TV and we share one car.

It is all about priorities.
 
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It is possible to live in Manhattan, have a car, have a kid, and fly. My wife and I did it on modest incomes. (well under 1mm, heck, well under 100k...) It was hard but we did it. Now we live in Kansas, make about the same and have a house and 2 cars and another kid and I get to fly a whole lot more than I did in NYC.

Honestly, my biggest money suck isn't flying. It's Costco. Man, that place kills me.
 
I've always believed Money makes you more of who you really are at the core. It's similar to owning a firearm, it's not the actual firearm that's dangerous but it's the person using it that is, Applies to Money the same way. I'm not rich, but I do hang out with some wealthy people here in Florida to learn from them. They aren't different from people that don't have money either some are work a holics and put in 60 hour weeks and some are just living off of the assets that they worked hard to generate and work probably 5 hours a week spending most of there time with family.
 
Berkshireflyer said:
You can't feel that way - if you can do that and afford a family of 5 you should be damn proud

I am a new pilot - I clear well over 1mm - but living in NY in a nice apt (7k+ a month) with a weekend home - the expensive (Range Rovers etc) travel (which makes me middle class in NYC) there is no way I could support a family of 5 and have my wife not work and still fly. Everyone is fighting to stay afloat my friend - it's all relative - all I want is to save enough $ for a plane



Yo
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I'm from New York City and I call BS on this post Many of my friends clear a small percentage of that and do quite well in New York but you are right about the relative part.
 
steingar said:
Exactly what happened to yours truly. I started being a vegetarian because of poverty. I continued due to the health benefits. Now I just do it to pi$$ people off.

I don't think flying is a rich man's game, but it certainly isn't poor mans game. It used to be that if you had a blue collar job you could afford a vacation place, or a boat or a small aircraft. I don't think that's the case anymore.
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Fruit and vegetables cost more than meat!
 
Interesting read:
https://www.amazon.com/Stop-Acting-Rich-Living-Millionaire/dp/1118011570
(There are used copies available for about $4. That's what I bought. :) )

You'd be surprised at how many "rich" folks you see that aren't rich at all, just in debt up to their eyeballs. And you'd also be surprised to learn how many people really are rich but don't look it because they became rich by not ****ing away their income.

 
FloridaPilot said:
I'm from New York City and I call BS on this post Many of my friends clear a small percentage of that and do quite well in New York but you are right about the relative part.
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Its an example of what you sometimes see in folks who live in Manhattan or San Francisco. Once you dont get out much into the world beyond your little island, you may gain the belief that just because there are others who have even more than you, you must be in the middle.
 
James_Dean said:
Eggs and milk can give protein cheaper on a $/gram basis than most vegetable sources, but all other meats will be more expensive historically.

http://www.glnc.org.au/legumes/legumes-nutrition/protein-foods-cost-comparison/
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You're not getting much, if any, protein from fruits and vegetables.

Have you seen what a head of iceberg lettuce costs (0 nutritional value, but you feel good and p1zz off people by eating it) ? The same buck and a half will buy you a half pound of ground beef.
 
Half Fast said:
Interesting read:
https://www.amazon.com/Stop-Acting-Rich-Living-Millionaire/dp/1118011570
(There are used copies available for about $4. That's what I bought. :) )

You'd be surprised at how many "rich" folks you see that aren't rich at all, just in debt up to their eyeballs. And you'd also be surprised to learn how many people really are rich but don't look it because they became rich by not ****ing away their income.

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I didn't realize Stanley passed away, I haven't read the book you reference above, but his Millionaire Next door is a great book, should be required reading for all young adults and older ones who haven't read it.
 
weilke said:
Eat more eggs !! Its important.
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my-cousin-vinny-excuse-me-you-guys-down-here-hear-about-the-ongoing-choles
 
Half Fast said:
Interesting read:
https://www.amazon.com/Stop-Acting-Rich-Living-Millionaire/dp/1118011570
(There are used copies available for about $4. That's what I bought. :) )

You'd be surprised at how many "rich" folks you see that aren't rich at all, just in debt up to their eyeballs. And you'd also be surprised to learn how many people really are rich but don't look it because they became rich by not ****ing away their income.

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How do you solve your debt problem? Take on more debt!
 
overdrive148 said:
Yeah you should see some of the things that land at Meacham. I've been inside a couple (because of very gracious pilots) that completely blew me away.


Here's about the most business jet I can afford. Anyone want on?
View attachment 54756
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OD,

I'll be standing alongside the runway with my thumb in the air. Please disregard the sign that says "Do Not Pick Up Hitchhikers".
 
About 10 years ago, I was a partner in a big 4 accounting firm and trying to keep up with my peers. First I needed a "partner car". Then I needed a "partner house". Eventually, I came to my senses and began a journey to pass what I call the "Starbucks test". That is - able to maintain my same standard of living if I was working at Starbucks. Almost there...

BTW there was a story that made the rounds of a former partner who had a big party at his house and was showing a new associate around the grounds. When he finished the tour and was looking over the view with his young charge, he said "Johnny, if you really put your mind to it...if you really work hard for a number of years...some day...I can have another house just like this one"
 
I use to eat steak and eggs a long time ago but I gave them up for, (GASP) Fish and Vegetables and I never felt better health wise. (Not pushing an agenda) Generally speaking what do you think a person that owns a tobacco company is going to promote...even though it's bad for you? Nobody is going to think about your health BUT YOU!
 
wayne said:
Yep. Until you are at the top of the heap, there's always someone that has more.

Just because someone has nice toys doesn't mean they are always in better financial shape. We did a financial review a couple of years ago with a financial planner we've worked with before. She said we live well within our means; We have a nice home in a great neighborhood, newer cars, travel and I fly SR22s and Baron (don't own them though), and most important we've saved well for our retirement.

There are plenty of people that are spending every penny they make and then some, sacrificing their well being in retirement so their progeny can have all the toys in life. They have really nice toys, but no safety net. Many have little to no retirement savings. They will work until they drop, or have a serious downturn in their lifestyle when they retire.
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Wayne just made a very sentient point. Most people, myself included, were ill prepared for retirement. While not making a ton of money cranking wrenches on small GA airplanes I still managed to accumulate what I thought was a reasonable amount of savings. Damn! Was I ever wrong. Those savings disappeared faster than I ever thought they would thanks to inflation. I'm a bit older than the Boomers who felt it necessary to have all the amenities and my lifestyle was not in the least frivolous. I never put anything on plastic that couldn't be paid for when the bill arrived in the mail. Not going to max out my card till just before I die and can say "screw you" to the banks from my urn.

I was raised by parents who lived through and raised [a part of] their family during the depression. I came along ten years after mom and dad thought they had already raised their brood. Surprise, Surprise! Given my parents background and some of the financial hardships they weathered it is not coincidence my dad told me to "turn off the light when you leave the room". I guess their experience and guidance taught me to be financially conservative. Ya gotta have an expensive camera? Save your money till you can pay cash for it. I never financed anything other than cars and houses. All else was paid for up front.

Now, don't take my post to mean I'm some financial genius. Had I been that I would today be leading The Life Of Riley. I'm just an average "Joe Sixpack" who is getting by one day at a time.
 
FloridaPilot said:
I use to eat steak and eggs a long time ago but I gave them up for, (GASP) Fish and Vegetables and I never felt better health wise. (Not pushing an agenda) Generally speaking what do you think a person that owns a tobacco company is going to promote...even though it's bad for you? Nobody is going to think about your health BUT YOU!
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I am firmly pro-smoking and pro-diabetes.
 
For me its all about focus. I sold off a lot of other toys to get to a point where I could comfortably afford this crazy endeavor :)
 
Berkshireflyer said:
You can't feel that way - if you can do that and afford a family of 5 you should be damn proud

I am a new pilot - I clear well over 1mm - but living in NY in a nice apt (7k+ a month) with a weekend home - the expensive (Range Rovers etc) travel (which makes me middle class in NYC) there is no way I could support a family of 5 and have my wife not work and still fly. Everyone is fighting to stay afloat my friend - it's all relative - all I want is to save enough $ for a plane



Yo
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Poor baby.
 
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