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Honest question for RDP...

badgas

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Live on less than you make, stay away from debt, Invest consistanly and you will be suprised how the money ads up. There is NO doubt that a lot of this toy craze is just someone in debt over their head trying to look the part. On the other hand there are also many wise hard workiing business owners out there who serve thier customers well and make a LOT of money.

Everyone gets a choice on how they handle money and how hard and smart they work.
 

Bobby V

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175-250 gets you a nicely equipped deck boat or twin engine outboard cat in the 25-28 foot range.

The customers income sources are as diverse as could be. Like many have pointed out, lots of retiring FD and LE, pot guys, lol, and everywhere in between. Regular ma and pa who have had used toys most of their lives finally saved enough to make a move on their last river toy and it’s going to be new!
Plumbers, painters, pro ball players, casino owners, etc and can think of a couple guys who would stop by on their lunch break wearing fluorescent vests. These are guys that get dirty and do physical work.

Is as diverse as the age range.
Done stuff for guys in their early 20s and did one for a guy who was 80. He was building a twin o/b cat capable of 110+, lol.
You forgot retired fire sprinkler fitters. My buddy has a nice new 25’ Speedster thread going down in the mold section..:D
 

C-Ya

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To answer the OP’s original question......

If I had to make a guess as to where the majority of the money comes from for toys....... I would guess that there are a majority of people that pull money from the equity in their homes. Look at how much property values have risen over the last 10 years.

First priority....... buy a home!
 

Bobby V

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If I didn’t have kids I could own a dcb. I’m a union carpenter. I know we aren’t supposed to say it but anyone can look up what I make. About 150k a year.
You make how much!!! 150K!!! Just think how much you would make if you didn’t have to pay all that UNION dues, pension, medical... lol :p
 

lakemadness

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To answer the OP’s original question......

If I had to make a guess as to where the majority of the money comes from for toys....... I would guess that there are a majority of people that pull money from the equity in their homes. Look at how much property values have risen over the last 10 years.

First priority....... buy a home!


Many modest properties can appreciate and throw off cash annually rivaling the national average income. Multiply that by as many properties as you want/can handle and numbers get crazy. Good way to obtain wealth.
 
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attitude

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I’m surprised no one has brought this up during this thread but I believe age makes a big difference. The 30 year old who makes a 150k a year will be in a lot different financial position than a 50+ year old who has made a 150k for 20 years. Not only does the 50 year old more than likely have a house with a ton more equity that would also be paid off shortly but he has had time to save over 20 years. To a salesman I would assume on paper they are equals but when it comes to finances there is probably a huge gap. I am probably at the bottom of the barrel in RDP income and having to enter the housing market in this economy doesn’t help. At the end of the day life is short and you can’t take your money with you, buy what makes you and your family happy.
 
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BHC Vic

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You make how much!!! 150K!!! Just think how much you would make if you didn’t have to pay all that UNION dues, pension, medical... lol :p
Lol I made more in the field but I wasn’t in ca. Wasn’t good for my family life. I have no issue paying union dues. I’m a dumb ass with no education, I’m more than happy with what I make. I guess I could open my open shop but I stress out a lot. I don’t think it would be worth it. Money isn’t everything to me anymore. Plus I’m learning it’s not a sprint. The more time that goes by the better off we are. That was my problem. I wanted everything now and I had no patience. I’m starting to learn it’s a process
 

BHC Vic

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I’m surprised no one has brought this up during this thread but I believe age makes a big difference. The 30 year old who makes a 150k a year will be in a lot different financial position than a 50+ year old who has made a 150k for 20 years. Not only does the 50 year old more than likely have a house with a ton more equity that would also be paid off shortly but he has had time to save over 20 years. To a salesman I would assume on paper they are equals but when it comes to finances there is probably a huge gap. I am probably at the bottom of the barrel in RDP income and having to enter the housing market in this economy doesn’t help. At the end of the day life is short and you can’t take you money with you, buy what makes you and your family happy.
Yup pretty much exactly what I just trying to say. I make a lot, so I was comparing myself to guys the had 30 years on me. It’s impossible to compare
 

propcheck

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What's REALLY weird is where the NEW money is coming from. It's hard for me understand the YouTube Influencer bull shit, but there is NO DOUBT that it's real.

Makes zero sense to me, but this dude has 108 MILLION followers...

As of 2021, PewDiePie's net worth is estimated to be $40 million. Felix Arvid Ulf Kjellberg, who is famously known by his online pseudonym PewDiePie, is a Swedish YouTuber

I think it is a great thing to see people making money as an entertainer without having to take a turn on the hollyweird casting couch. Youtubers have pretty low overhead and keep the money for themselves at a greater percentage than a traditional entertainer would.
 

clarence

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Guys, just remember, if you get real lucky, if you make a lot of money, if you go out and buy a lot of stuff -- it's gonna break. You got your biggest, fanciest mansion in the world. It has air conditioning. It's got a pool. Just think of all the pumps that are going to go out. Or go to a yacht basin any place in the world. Nobody is smiling, and I'll tell you why: Something broke that morning. The generator's out; the microwave oven doesn't work; the captain's gay; the cook's quit. Things just don't mean happiness.

Ross Perot
 
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rivermobster

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I think it is a great thing to see people making money as an entertainer without having to take a turn on the hollyweird casting couch. Youtubers have pretty low overhead and keep the money for themselves at a greater percentage than a traditional entertainer would.

That dude can buy any boat he wants! 😁
 

BHC Vic

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What's REALLY weird is where the NEW money is coming from. It's hard for me understand the YouTube Influencer bull shit, but there is NO DOUBT that it's real.

Makes zero sense to me, but this dude has 108 MILLION followers...

As of 2021, PewDiePie's net worth is estimated to be $40 million. Felix Arvid Ulf Kjellberg, who is famously known by his online pseudonym PewDiePie, is a Swedish YouTuber

One of the finance guys I follow “trey trades” made a video on how much he makes doing YouTube videos. It’s nuts. I told my wife we could do it with our house and animals and kids. I was half joking half serious
 

DLC

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Money or no money...

what gets me is the guy with a $200,000.00 plus boat & a nice truck and yet no house to stay in ..... He has to rent something / VRBO/ hotel ....
I would rather have a $200,000 home and a $25,000 boat
 

lakemadness

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Money or no money...

what gets me is the guy with a $200,000.00 plus boat & a nice truck and yet no house to stay in ..... He has to rent something / VRBO/ hotel ....
I would rather have a $200,000 home and a $25,000 boat

Maybe that guy doesn’t want to go to the same destination every trip and prefers to explore new lakes.
 

RiverDave

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Yup pretty much exactly what I just trying to say. I make a lot, so I was comparing myself to guys the had 30 years on me. It’s impossible to compare

You are in a career mindset not a money mindset.. meaning 100% of your money comes from your career.

You will never generate wealth by saving money from a career. That you can take to the bank.
 

traquer

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You are in a career mindset not a money mindset.. meaning 100% of your money comes from your career.

You will never generate wealth by saving money from a career. That you can take to the bank.

^ This is very true.

I'll add a one liner as well: "your network is your net worth."
 

BHC Vic

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You are in a career mindset not a money mindset.. meaning 100% of your money comes from your career.

You will never generate wealth by saving money from a career. That you can take to the bank.
I don’t know that I’ll ever be wealthy, but that’s not what I’m after. I’m trying to be happy. I’m actually pretty happy with the path we are on. I need a couple things to go my way, and I can start making some other Investments. My main goal is to set my kids up for success. Honestly, if I can do that, I’ll die a happy man.
 

rivermobster

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You are in a career mindset not a money mindset.. meaning 100% of your money comes from your career.

You will never generate wealth by saving money from a career. That you can take to the bank.

I think you would be quite surprised to know what the partners at Deloitte & Touche make...

I have a good friend who was an investment manager for a large firm. He's 50 something and has been retired awhile now. House in Vegas, house in San Gabriel, a whole bunch of 50k+ classic cars, and everything he has is paid for.

Him and his finance buds now flip businesses for a living. And I'm not talking about garages and liquor stores. Business that need BIG cash infusions to survive.

They invest millions and the flip em buh bye.

They do this shit for fun, you know, like the rest of us flip cars and boats?

He could buy any boat he wants. But doesn't need to. His brother has a house and boat in Havasu he can use anytime he wants.

😉
 

traquer

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The Deloitte guy above was an investment manager though haha. Meaning he's smart with money, not just smart enough to make the money. I think that's what RD was getting at
 

Long Way Home

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"What I have realized over time is that in many ways, money spells freedom, If you learn to control your finances, you won't find yourself stuck in jobs, places, or relationships that you hate just because you can't afford to go elsewhere. Being in a good spot financially can open up so many doors. Being in a bad spot can slam them in your face." - Sophia Amoruso
 

86403

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You are in a career mindset not a money mindset.. meaning 100% of your money comes from your career.

You will never generate wealth by saving money from a career. That you can take to the bank.
Disagree.

I know plenty of people who are 1%er’s asset wise, who achieved that level of wealth by living a conservative lifestyle, avoiding depreciating assets, staying married to wife 1.0, and investing in the market.
 

lakemadness

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So If someone has a couple million in thier 401K do you not factor that into wealth ?


There’s many more assets that perform better than a retirement account that wealthy will possess. Sure it can be a component but surely not a vital one.
 

lakemadness

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Disagree.

I know plenty of people who are 1%er’s asset wise, who achieved that level of wealth by living a conservative lifestyle, avoiding depreciating assets, staying married to wife 1.0, and investing in the market.

You just confirmed what RD wrote. The plenty of people for your example sound like not only did they have an earning but they invested in profitable ventures and avoided depreciating assets. Working towards wealth beyond a career mindset.
 
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clarence

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You will never generate wealth by saving money from a career.

Sure you can. Investing a significant fraction (20%) of one's salary over time pretty much guarantees wealth by retirement age.

It just is hard to see at first, as compounding works similarly to Hemingway's bankruptcy (there's a passage in The Sun Also Rises in which someone is asked how he went bankrupt. “Two ways,” he answers. “Gradually, then suddenly.”).
 

lakemadness

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Sure you can. Investing a significant fraction (20%) of one's salary over time pretty much guarantees wealth by retirement age.

It just is hard to see at first, as compounding works similarly to Hemingway's bankruptcy (there's a passage in The Sun Also Rises in which someone is asked how he went bankrupt. “Two ways,” he answers. “Gradually, then suddenly.”).

Not really. If that’s how you roll then when you retire you’ll start to spend those savings. Your net worth will decrease. That’s not being wealthy nor is it creating wealth.

Wealthy people will continue to earn past their retirement. Their assets continuing to appreciate and provide returns. Big difference.
 
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rivermobster

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The Deloitte guy above was an investment manager though haha. Meaning he's smart with money, not just smart enough to make the money. I think that's what RD was getting at

Nope...

He didn't work at Deloitte, my wife did, that's why I know what kind of money they make over there.

Not sure where my friend worked, he was already retired when I met him. I built him a 71 Bronco that he dropped maybe 40k in with me. That was over 10 years ago now.

You assume way too much. ;)
 

86403

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Not really. If that’s how you roll then when you retire you’ll start to spend those savings. Your net worth will decrease. That’s not being wealthy nor is it creating wealth.

Wealthy people will continue to earn past their retirement. Their assets continuing to appreciate and provide returns. Big difference.
Not really, as long as the drawdown is less than appreciation.
 
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lakemadness

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Not really, as long as the drawdown is less than appreciation.

True in that regard. But that’s not entirely wealth in my opinion. Doesn’t define it.

In a majority of situations the drawdown will exceed the appreciation when you’re in retirement.
 

rivermobster

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I'll take Stupid career moves for a thousand Alex...

Walmart CEO Doug McMillon had total compensation of $22.105 million, plus $135,000 of salary deferred. His base salary of $1.176 million has been constant for the past three years. His stock awards this past year were $15.709 million, also in line with the past three years.

 
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lakemadness

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I'll take Stupid career moves for a thousand Alex...

Walmart CEO Doug McMillon had total compensation of $22.105 million, plus $135,000 of salary deferred. His base salary of $1.176 million has been constant for the past three years. His stock awards this past year were $15.709 million, also in line with the past three years.


Yeah but still, he works at Walmart...
 

86403

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True in that regard. But that’s not entirely wealth in my opinion. Doesn’t define it.

In a majority of situations the drawdown will exceed the appreciation when you’re in retirement.
Only with insufficient assets😉

If you’re a 1%er in CA ($7.5M in assets), and you were smart enough to get there, but can’t make it work in retirement, there’s something wrong.
 

rivermobster

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When I first joined the Boy Scouts, our treasurer was the CEO at Warner Brothers. He quit shortly after and landed himself a better job!

He had a stellar pad in the hills above Glendora and a nice place in Parker we would use for the water sports merit badge every year.

Had a pretty nice boat as well. 😎
 
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bonesfab

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My Customer we built the galaxy for was WEALTHY. His father and grandfather developed half of Marina Del Rey. They have over 30,000 doors of apartments. Basic simple math gross 100,000,000. a month. And he spent his allowance every month and them some. I will never be rich or wealthy.. Comfortable and not in a ton of debt is my simple goals. As I joke around I am shit rich and cash poor. Just start selling come shit and have cash to do whatever with. And I still have the same boat 23 years later.
 

lakemadness

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Only with insufficient assets😉

If you’re a 1%er in CA ($7.5M in assets), and you were smart enough to get there, but can’t make it work in retirement, there’s something wrong.

Ok, you’re talking 1%er lol.

At the end of the day a 401k isn’t wealth.
 

LowRiver2

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Ok, you’re talking 1%er lol.

At the end of the day a 401k isn’t wealth.
No
It’s a mindset that put $1 million or more into a Middle class worker’s portfolio when they retire.
That coupled with $1million in DROP money and 90% pension pay for life makes for a comfortable life, not a wealthy one.
 

lakemadness

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No
It’s a mindset that put $1 million or more into a Middle class worker’s portfolio when they retire.
That coupled with $1million in DROP money and 90% pension pay for life makes for a comfortable life, not a wealthy one.

Agreed. I didn’t say it was wealthy. Completely different.
 
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