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Forum » More General Categories » Education/Career/Finance » I make ~$80/hr and its not enough.
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Thread: I make ~$80/hr and its not enough.

post 1678335723 03-04-2023, 02:15 PM
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#31
  1. Destor
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Originally Posted By TryingMen⏩
I feel you bro.

Part of the problem is you're trying to buy responsibly. These retards around us have totally f*cked the housing market by paying 55% of their gross toward their mortgage. I sh*t you not, that's what's happening. People are simply buying above their means irrationally and it's making it impossible for those of us trying to spend responsibly to get the value we otherwise should be able to get.

All of these people shoving so much of their income into their 30 year mortgage are going to end up with $0 savings and have to work until they die. Right now it's all fun and games cause they got themselves a nice house but these f*cking retards will absolutely get what's coming to them one way or another dead ass srs.

It's stuff like this why I 100% hate people. The stupidity is simply off the charts and now I'm being impacted by their stupidity. F*ck them.
How are they getting approved for loans at such high debt servicing ratios?
post 1678341043 03-04-2023, 03:42 PM
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#32
  1. bicmane777
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Originally Posted By Destor⏩
$200k consistently is a fukton of money in my world. I live in a city of 1million+, and the only people I know who make $100k+ consistently are immediate coworkers.
that makes sense why you negged me before for stating how much i make lol
post 1678342843 03-04-2023, 04:11 PM
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#33
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Originally Posted By Briangumble⏩
Buy a 4plex with an FHA loan, live in 1 unit and rent out the other 3. Your tenants will pay all or most of your mortgage, so with the money you save from that, put that all towards maxing out a Roth IRA that's invested in index funds / stocks. After about a year you could probably buy another property and rent out the unit you were living in. Rinse and repeat.
Plans like this don't factor in risk (assuming you could even get such a large loan). What happens when a unit is unoccupied for a while, or the tenant doesn't pay, or you need it vacant for a few weeks to clean up after damage? Plus, mortgage isn't the only cost of home/building ownership.
post 1678343163 03-04-2023, 04:15 PM
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#34
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Originally Posted By nutsy54⏩
Because the "average" American buys far more than they can afford, which distorts everything.
This.
OP how much did you spend on the PC you are typing on, or the phone in your pocket, or last night out with the woman, or the TV you have on on the background, how bout that heater running right now..?

Most people have a spending problem, not an earning problem.
post 1678366363 03-04-2023, 11:13 PM
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#35
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Originally Posted By nutsy54⏩
Plans like this don't factor in risk (assuming you could even get such a large loan). What happens when a unit is unoccupied for a while, or the tenant doesn't pay, or you need it vacant for a few weeks to clean up after damage? Plus, mortgage isn't the only cost of home/building ownership.
You'd likely need to come up with a business plan of sorts w/ financials to get approved for a large loan on something like a 4plex, or have big income and the bank will mitigate risk by approving only what you can handle with less than 100% occupancy

If you use an existing property to get a mortgage on a second house here in Canada, rental income is included at 50% occupancy
post 1678393213 03-05-2023, 02:07 PM
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#36
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Originally Posted By Destor⏩
You'd likely need to come up with a business plan of sorts w/ financials to get approved for a large loan on something like a 4plex, or have big income and the bank will mitigate risk by approving only what you can handle with less than 100% occupancy

If you use an existing property to get a mortgage on a second house here in Canada, rental income is included at 50% occupancy
nobody cares about Canada, and wrong opinions of a salty broke middle age man.

post something interesting srs
post 1678403923 03-05-2023, 05:13 PM
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#37
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Originally Posted By nutsy54⏩
Plans like this don't factor in risk (assuming you could even get such a large loan). What happens when a unit is unoccupied for a while, or the tenant doesn't pay, or you need it vacant for a few weeks to clean up after damage? Plus, mortgage isn't the only cost of home/building ownership.
There's no such thing as a risk free way of making money or investing, that's just a given. But as long as you're smart about it and take calculated risks then you shouldn't have any problems. My uncle has several single family houses that he rents out and he's doing well and doesn't have any problems with any of his tenants. But he does background checks on them and checks their credit report so his tenants are low risk.
post 1678413363 03-05-2023, 08:22 PM
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According to my income calculator,

$80/hr breaks down to $8900/month after taxes.

How are you struggling on that?
post 1678415583 03-05-2023, 09:13 PM
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#39
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Originally Posted By MikeLowrrrey⏩
According to my income calculator,

$80/hr breaks down to $8900/month after taxes.

How are you struggling on that?
OP must live in a financial centre or area with generally high cost of living

Someone making $166k a year with a bit of discipline can buy a borderline mansion in my neck of the woods
post 1678417333 03-05-2023, 09:51 PM
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#40
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Originally Posted By Destor⏩
OP must live in a financial centre or area with generally high cost of living

Someone making $166k a year with a bit of discipline can buy a borderline mansion in my neck of the woods
most of us arent living in tiny little sheds in the middle of no where.
post 1678418543 03-05-2023, 10:33 PM
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#41
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Originally Posted By bicmane777⏩
most of us arent living in tiny little sheds in the middle of no where.
This is my jam, but I make significantly more than $166k

Spoiler!
post 1678418843 03-05-2023, 10:45 PM
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Originally Posted By Destor⏩
This is my jam, but I make significantly more than $166k
canadian $$$ though. so not worth that much
post 1678419143 03-05-2023, 10:58 PM
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Originally Posted By bicmane777⏩
canadian $$$ though. so not worth that much
Bringing this back to the original topic, $80/hr USD in a financial centre might not be huge but $80/hr CAD in my area is a fukton.
post 1678435973 03-06-2023, 09:31 AM
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Bro, thats so sad. Bet it must of been so embarrassing you couldnt get the 911 turbo and had to settle for the Carrera.
post 1678542513 03-07-2023, 11:26 PM
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I don't get it, misc always has a hard on for landlords.

I remember back in the day. "A landlord charging $3K per month rent is living in poverty. You should be able to afford it since they only make $36K per year"

Now where are these boomers at?
post 1678746613 03-11-2023, 12:40 AM
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I think the thing you are missing is the power of smart investing. You are not going to establish wealth on an hourly wage, but if you can at least maintain that income level over time, not waste it all on stupid things, and invest smartly, you can use it to establish financial freedom and multiple million net worth. That won't happen overnight but unless you have some great business idea and the ability to execute it, that is going to be your only path to get where you want to be.
post 1678766733 03-11-2023, 10:42 AM
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#47
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Originally Posted By Cartiac⏩
I think the thing you are missing is the power of smart investing. You are not going to establish wealth on an hourly wage, but if you can at least maintain that income level over time, not waste it all on stupid things, and invest smartly, you can use it to establish financial freedom and multiple million net worth. That won't happen overnight but unless you have some great business idea and the ability to execute it, that is going to be your only path to get where you want to be.
Most people can't even afford a house, financial freedom isn't going to be feasible if you are renting.

1 step at a time.
post 1678768203 03-11-2023, 11:09 AM
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#48
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Originally Posted By AccountingMajor⏩
I don't get it, misc always has a hard on for landlords.

I remember back in the day. "A landlord charging $3K per month rent is living in poverty. You should be able to afford it since they only make $36K per year"

Now where are these boomers at?
You would need many cashflow-positive rentals to live off just real estate. I'm renting a house out for $2500/month and am technically losing money on it, however it's just on the side of regular income and is more about someone else building the equity in it rather than providing living expenses etc -- I'm putting in like $400 and getting renters that are putting in $2500.
post 1678808603 03-12-2023, 01:38 AM
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Originally Posted By AccountingMajor⏩
Most people can't even afford a house, financial freedom isn't going to be feasible if you are renting.

1 step at a time.
He is never going to afford to purchase a house somewhere like Los Angeles on that income alone. Saving is futile, Investing IS the next step to make that level change. Way too many people make the mistake of thinking their job is the primary factor to their earnings potential and lifestyle, when the money you make from working yourself should be seen as the starting point to make money. The crazy thing about money is it has earning potential of its own, gives you all the proceeds of its work at a much lower tax rate than the income the person works for. All you have to do is give your money a job. That is how the large majority of people reach financial freedom, not by working hard and saving their paychecks.
post 1678812943 03-12-2023, 06:15 AM
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Originally Posted By Destor⏩
You would need many cashflow-positive rentals to live off just real estate. I'm renting a house out for $2500/month and am technically losing money on it, however it's just on the side of regular income and is more about someone else building the equity in it rather than providing living expenses etc -- I'm putting in like $400 and getting renters that are putting in $2500.
how much you paying a month in interest ?
My ALT is elevated. 75.
post 1679717893 03-27-2023, 05:22 PM
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Originally Posted By Paul
This.
OP how much did you spend on the PC you are typing on, or the phone in your pocket, or last night out with the woman, or the TV you have on on the background, how bout that heater running right now..?

Most people have a spending problem, not an earning problem.
lmao pls go, PC, tv and phone is not making a ding on a 100k after taxes salary , thats your peasant showing. OP clearly talking about the big ticket items.
Yo yo yo I beez keepin it real since 02 fo real nowuimsayin

*ballin crew*

Quest to reach 8k before DartBoard.
**Beat Dartboard on quest to 8k on 05/21/2012 as the underdog.**
post 1679718993 03-27-2023, 05:40 PM
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#52
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Originally Posted By Zere0wn⏩
how much you paying a month in interest ?
On the rental? It's at 1.69% interest

post 1679723353 03-27-2023, 06:52 PM
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#53
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I can agree with OP. I grossed 140K last year. After I paid my taxes and saved for retirement like I am told to do by society I netted 70K. Probably spent 35K between the mortgage/upkeep for housing so that only left me with 35k to live on for the year. I don't have any debt besides out side of my mortgage but things still felt tight. I think alot of it was the price of everything basically went up like 20-40% in a year and my wages stayed the same.
Live & Direct from rural Iowa- GBR
post 1679723623 03-27-2023, 06:57 PM
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#54
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Originally Posted By Anachron⏩
Please tell me that you know enough to be writing off the interest on the mortgage as a loss?
Oohhh yes

Also paying utilities on it, and property tax and a couple hundred bucks on a lawn service — I think all of that is deductible
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