aaaah...finally finished up my oil change with the tall filter, synthetic oil, and new washer...
oops, wait, wrong thread...
(lol thought I would add some levity to the thread haha):biggrin:
:biggrin: :biggrin: :biggrin:
RON98 said:
just because someone else has a formula that works for them, does not mean it will work for someone else or be beneficial.
That is very true, that is the reason my "figure" was an ideology and not a number. I do think hearing other people's formula can be both beneficial or detrimental depending on how you interpret them, but it still gives you options.
RON98 said:
Redshift, its nice to see that your field is economics, personal finance, business etc. Im sure your knowledge is endless and you could have easily seen that this topic requires case by case analysis and that one general sweeping number will not fit every box. Also it is not the proper advice since if this individual is incapable of making this purchasing decision by himself and if he was really using our "figure" as a basis to purchase an nsx, it would surely lead him on the wrong path.
Yes, I completely agree. That is the reason I chimed-in in the first place. I read the other posts before mine and thought they were a little too static; they gave hard numbers and formula. I wanted to give GSR a more general approach that could be applied on a case-by-case basis. The opening of a discussion tends to flush out information that helps in formulating a plan.
RON98 said:
I still fail to see how asking someone how much money you "should" make is relevant to owning an nsx or planning a purchase.
If you take this literally, then perhaps you are right about its relevance. Before I answered it, I personally expanded the question into, "What does it take financially to own an NSX?" I imagine gsr had a bit of both questions in mind when he asked... we all certainly have a voyeuristic curiosity on some level as to what socio-economic tier the joneses fall into.
RON98 said:
im sure someone can own a P-car on a lot less then 390K..... i know personally i make less than that and i can go out and get one.
I agree, that is why I think income is irrelevant and net worth is the real metric to be considered in every single case that pertains to money - just my opinion.
RON98 said:
"I’m just here to see how they do it and a discussion on money (in general) is beneficial to everyone."
sum up the answer in one sentence.
cut/minimize all expenses.
That is one method, but it is your personal formula. To somebody else they might not want to cut/minimize all expenses, but instead they might want to make more money. That might sound silly because it is sometimes assumed that all people want more money, but that isn't true in my experience. Most people think think they want more money, but they aren't willing to do the necessary work to gain it. It is just not worth the effort, sacrifice, or stress when they are already "comfortable" (that word is the bane of wealth). So for them the only way to expand their profit column (and tax burden) is to cut expenses.
Some people might just be able to move money into different types of accounts or utilize the time value of their checking account better to make more money. For them, it just takes a little financial management and all of a sudden they can buy their NSX... without cutting expenses.
So you see, I think you were dead on before where you said it was case-by-case. Cutting expenses is just one method that can be employed with many others to achieve your financial goals.
It is really cool that you ended up answering the original question. :biggrin:
