WELCOME TO RIVER DAVES PLACE

Honest question for RDP...

beaverretriever

Catchy Custom User Title
Joined
Sep 24, 2007
Messages
3,191
Reaction score
7,149
I don't ever want to come off bitter. There are plenty that can afford ALL the toys. There are lots that can't afford toys and still have them. I guess it's all what your priorities are.

I wish I was smarter with my money when I was younger and listened to my parents. Haha

There are definitely some legit ballers out there (and on this forum). There are also a lot of people with DCBs and new Eliminators that cant afford to replace their dishwasher when it goes out.
 

Singleton

Well-Known Member
Joined
Feb 5, 2008
Messages
12,916
Reaction score
12,568
Education is funny too. I flunked out of college because I cared more about the business I was starting. I love the saying; A students work for C students.

The other good line; if you don’t have goals you’re part of someone else’s goals.
‘A‘ students work for the ‘B‘ student who report to the ‘C‘ students that started the business.
In all my years of hiring team members, those with the higher GPA, took less risks. I never hired the person with the 4.0+ GPA.

I was a B/C student in college and you usually needed a 3.0 to interview on campus for certain companies. I had a 2.98 and rounded up to 3.0. I will always remember, someone asking me in an interview, ‘why did you lie, your transcripts GPA does not match your resume’.

My response = I would not be sitting in this interview room and talking to you if I did not round up. Your company is so focused on a number, you are not looking at the entire person. Yes my transcript GPA is a 2.98, but what that transcript is not showing you is me. My resume highlights I have been on the executive leadership board of the business fraternity for 2+ years (currently President), sit on two boards for the association of students for the university, work 15hr a week for the Computer Science Accounting Dept, plus work 20hrs a week tending bar (Thursday/Friday and Saturday night). I am also a new student orientation leader and a University Ambassador. If you want someone who is educated only, I am not your guy. If you are looking for someone who thinks an education is more then a GPA, I am your guy.

10 days later while in Chicago for Thanksgiving and on my dads birthday (it was the Wednesday before thanksgiving), I got the call from PwC (company that asked the question) and received the job offer I wanted in the specific Management Consulting Practice focused on digital asset management and security.
If I never rounded up, who knows where I would be today :)

I have made it a point to tell my kids this story and all family members who are attending college this story. It proves while college is good, you need to make sure to get the full experience,
 

lakemadness

Grobe Bruste Bitte
Joined
Sep 25, 2009
Messages
3,398
Reaction score
2,129
There are definitely some legit ballers out there (and on this forum). There are also a lot of people with DCBs and new Eliminators that cant afford to replace their dishwasher when it goes out.
I think people would be surprised how many rich people cannot afford a surprise expense like a dishwasher.
 

badgas

Well-Known Member
Joined
Jul 30, 2020
Messages
171
Reaction score
278
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

Well-Known Member
Joined
Dec 20, 2007
Messages
20,976
Reaction score
9,535
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

Well-Known Member
Joined
Oct 31, 2008
Messages
300
Reaction score
702
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

Well-Known Member
Joined
Dec 20, 2007
Messages
20,976
Reaction score
9,535
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

Grobe Bruste Bitte
Joined
Sep 25, 2009
Messages
3,398
Reaction score
2,129
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.
 
  • Like
Reactions: DWC

attitude

Well-Known Member
Joined
Jul 30, 2009
Messages
1,413
Reaction score
1,669
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.
 
Last edited:

BHC Vic

cobra performance boats
Joined
May 24, 2014
Messages
22,725
Reaction score
13,699
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

cobra performance boats
Joined
May 24, 2014
Messages
22,725
Reaction score
13,699
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

Well-Known Member
Joined
Nov 29, 2010
Messages
563
Reaction score
976
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

Well-Known Member
Joined
Jun 22, 2019
Messages
156
Reaction score
176
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
 
Last edited:

rivermobster

Club Banned
Joined
Dec 28, 2009
Messages
39,721
Reaction score
20,728
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

cobra performance boats
Joined
May 24, 2014
Messages
22,725
Reaction score
13,699
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

Well-Known Member
Joined
Jan 18, 2013
Messages
4,641
Reaction score
4,850
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

Grobe Bruste Bitte
Joined
Sep 25, 2009
Messages
3,398
Reaction score
2,129
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

In it to win it
Joined
Sep 13, 2007
Messages
105,225
Reaction score
88,274
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

Well-Known Member
Joined
Nov 7, 2013
Messages
1,710
Reaction score
1,562
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

cobra performance boats
Joined
May 24, 2014
Messages
22,725
Reaction score
13,699
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

Club Banned
Joined
Dec 28, 2009
Messages
39,721
Reaction score
20,728
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

Well-Known Member
Joined
Nov 7, 2013
Messages
1,710
Reaction score
1,562
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
 

Take The Long Way Home

Dog Days of Summer!
Joined
Jan 8, 2008
Messages
2,306
Reaction score
1,768
"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
 

B1gord

Well-Known Member
Joined
Aug 16, 2017
Messages
70
Reaction score
200
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

Grobe Bruste Bitte
Joined
Sep 25, 2009
Messages
3,398
Reaction score
2,129
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

Grobe Bruste Bitte
Joined
Sep 25, 2009
Messages
3,398
Reaction score
2,129
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.
 
Last edited:

clarence

Well-Known Member
Joined
Jun 22, 2019
Messages
156
Reaction score
176
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

Grobe Bruste Bitte
Joined
Sep 25, 2009
Messages
3,398
Reaction score
2,129
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.
 
Last edited:

rivermobster

Club Banned
Joined
Dec 28, 2009
Messages
39,721
Reaction score
20,728
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. ;)
 

B1gord

Well-Known Member
Joined
Aug 16, 2017
Messages
70
Reaction score
200
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.
 
  • Like
Reactions: ssc

lakemadness

Grobe Bruste Bitte
Joined
Sep 25, 2009
Messages
3,398
Reaction score
2,129
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

Club Banned
Joined
Dec 28, 2009
Messages
39,721
Reaction score
20,728
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.

 
  • Like
Reactions: DWC

lakemadness

Grobe Bruste Bitte
Joined
Sep 25, 2009
Messages
3,398
Reaction score
2,129
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...
 

B1gord

Well-Known Member
Joined
Aug 16, 2017
Messages
70
Reaction score
200
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

Club Banned
Joined
Dec 28, 2009
Messages
39,721
Reaction score
20,728
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. 😎
 
  • Like
Reactions: DWC

bonesfab

Well-Known Member
Joined
Jun 20, 2008
Messages
1,557
Reaction score
3,904
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.
 
Top