Hidden Canyon in Irvine
- Thread starter lcms2002
- Start date
NEW -> Contingent Buyer Assistance Program
True that qwerty! Living below your means is the best way to build your net worth. While some might find that sinking most of their $$ into a primary residence is the best investment, most times it's their only investment. Some of us believe that a smaller primary residence and diversification with several other assets that will actually enhance cash flow every month is a much better way to increase net worth. We were both very dirt poor growing up as well, which I think is why we are comfortable living below our means (which btw is a hell of a lot better than our life in childhood).
And btw dr/dr combo is never beneficial if you've got a massive load of student debt between you and are W2 employees getting hung out to dry by the tax man. And that is even if you each are clearing $500k because literally half is taxed away. A finance/ dr/ SBO combo is a much better way to go.
Doctors are overrated and usually terrible with money management and if it's a dr/dr combo it's usually a disaster
Wow so much speculation about what us buyers in HC do! Maybe I can help clarify how someone in their mid 30s buys a $3million house. We are 34 and 35. We have no help from our parents, in fact both of us came out of college with heavy student loans and are from middle class families.
Some of you are correct that it has to be the finance positions. We're both partner level in finance/management consulting and have been with our jobs 12+ years, kept same jobs right out of college. These types of jobs rely heavily on bonuses (in some years can be 70% of your salary) so we are very good about living off base salary and using bonuses for things like paying off your student loans (which we both did by 25), buying cars, saving for house downpayment. We've also made some money from our last four homes that we bought (we bought our first condo at 23). We have zero debt except for a mortgage and live way beneath our means. And so yes, people can purchase homes in this range in their early to mid thirties depending on their careers and how they save with zero family help.
We bought our current Newport Beach house for Just under $3 million when we were 32 and 33 years old. In fact the buyers of our Newport house (that we're under escrow in since we're moving to HC) are also in their thirties and are at the executive level positions. Our neighbors in Newport are younger than us and bought their house for over $3million and the husband developed three electrical patents.
Also not sure where people are getting the statistics about people being in their 40s and 50s in HC. As I've said before we've met several of our neighbors and none seem to be in their 50s, most are 30s-40s. Oh, and we are not DINKS, we have two kids under five. Hope this helps to clarify! I would just hate for someone to look at us and think oh they're young, they must have had family help to buy this house when it's totally not true!
You are exactly right. Majors in college are not as important as how you perform out of college. Neither of us majored in finance in college nor do our firms look exclusively at people who have finance backgrounds. It's more about always being the first to raise your hand when new opportunities present themselves, do not be afraid to speak up with your ideas on how to improve a service line or client relationship, etc. We actually just promoted a 27 year old over someone 10 years his senior because of these factors. Both of the firms we work in are completely merit based (one is a global 2000+ employee firm and the other is a small 50 person firm) and have "up or out" policies. So it does take a certain personality to be able to withstand the pressure of working in this type of firm.
I thought the staff to seniors work crazy hours at the Big 4. (sometimes Managers) It all depends what type of clients you work on. Partners at the Big 4 review at a high level so they are at the client on a daily basis. Not everybody sticks around the Big 4. Also, not all Big 4 Partners stay, some of them leave to take a CFO position.
Just means you have more money than us
Paris167
New member
qwerty said:bones said:qwerty said:bones said:
Let's not forget the accounting/accounting combo
Last I checked, that combo lives in the least desireable 3 car garage scenario zoned to "bad" schools in an "effed up" school district
Well I can't argue that. But we do take the Paris approach and live significantly below our means. Which is why we'll pay off our mortgage much much sooner than most. My wife and I came from low income households in our young years. While her situation got much better into her teen years mine never did. I can never save enough, my wife is now more of a we can't take it with us mentality now. My mentality is that it can all go away tomorrow.
Besides, why pay a premium to live by Asians in HC when I can pay a discount price to live by Asians here
The premium is reserved for living amongst the white folks
And like socal said, Mexicans don't take education as seriously as Asians which is why I dont need to be in IUSD.
Also, while most of you may think columbus square is some sort of second class neighborhood because of the school district, there is a lot of money here. One of farmies friends house is like a bmw 7 series/tesla dealership, another garage I've seen has like 3 Porsches and and a bmw, theres a couple of ferraris and a Bentley.
True that qwerty! Living below your means is the best way to build your net worth. While some might find that sinking most of their $$ into a primary residence is the best investment, most times it's their only investment. Some of us believe that a smaller primary residence and diversification with several other assets that will actually enhance cash flow every month is a much better way to increase net worth. We were both very dirt poor growing up as well, which I think is why we are comfortable living below our means (which btw is a hell of a lot better than our life in childhood).
And btw dr/dr combo is never beneficial if you've got a massive load of student debt between you and are W2 employees getting hung out to dry by the tax man. And that is even if you each are clearing $500k because literally half is taxed away. A finance/ dr/ SBO combo is a much better way to go.
Doctors are overrated and usually terrible with money management and if it's a dr/dr combo it's usually a disaster
lovingit said:
Wow so much speculation about what us buyers in HC do! Maybe I can help clarify how someone in their mid 30s buys a $3million house. We are 34 and 35. We have no help from our parents, in fact both of us came out of college with heavy student loans and are from middle class families.
Some of you are correct that it has to be the finance positions. We're both partner level in finance/management consulting and have been with our jobs 12+ years, kept same jobs right out of college. These types of jobs rely heavily on bonuses (in some years can be 70% of your salary) so we are very good about living off base salary and using bonuses for things like paying off your student loans (which we both did by 25), buying cars, saving for house downpayment. We've also made some money from our last four homes that we bought (we bought our first condo at 23). We have zero debt except for a mortgage and live way beneath our means. And so yes, people can purchase homes in this range in their early to mid thirties depending on their careers and how they save with zero family help.
We bought our current Newport Beach house for Just under $3 million when we were 32 and 33 years old. In fact the buyers of our Newport house (that we're under escrow in since we're moving to HC) are also in their thirties and are at the executive level positions. Our neighbors in Newport are younger than us and bought their house for over $3million and the husband developed three electrical patents.
Also not sure where people are getting the statistics about people being in their 40s and 50s in HC. As I've said before we've met several of our neighbors and none seem to be in their 50s, most are 30s-40s. Oh, and we are not DINKS, we have two kids under five. Hope this helps to clarify! I would just hate for someone to look at us and think oh they're young, they must have had family help to buy this house when it's totally not true!
irvinehomeowner
Well-known member
So finance is where the ballers go?
So what major is that in college? Econ? Need to force the kids in that direction.
So what major is that in college? Econ? Need to force the kids in that direction.
homer_simpson
Well-known member
Being in finance doesn't guarantee you anything. I'm sure Grayston can agree with me.. It takes a lot of hard work, sacrifice and even luck to get to a position to afford a home in HC.
I believe a person needs to have that certain drive and personality to rise up and stand out in that sea of people in the finance field to become a c-level exec or at that type of level.
I believe a person needs to have that certain drive and personality to rise up and stand out in that sea of people in the finance field to become a c-level exec or at that type of level.
FARMMMMMIE said:
You are exactly right. Majors in college are not as important as how you perform out of college. Neither of us majored in finance in college nor do our firms look exclusively at people who have finance backgrounds. It's more about always being the first to raise your hand when new opportunities present themselves, do not be afraid to speak up with your ideas on how to improve a service line or client relationship, etc. We actually just promoted a 27 year old over someone 10 years his senior because of these factors. Both of the firms we work in are completely merit based (one is a global 2000+ employee firm and the other is a small 50 person firm) and have "up or out" policies. So it does take a certain personality to be able to withstand the pressure of working in this type of firm.
qwerty
Well-known member
The sacrifice must be the toughest part. I know a lot of big 4 partners and consultants who work crazy hours and the consultants compound it with traveling. In general, that can't be good for family life. I'm pretty fortunate to be in the situation in in where I'm usually home by 6. Occasionally I have to work in the evenings and weekends from the house but not too often, special projects throw a wrench into things occasionally but always manageable.
qwerty said:
I thought the staff to seniors work crazy hours at the Big 4. (sometimes Managers) It all depends what type of clients you work on. Partners at the Big 4 review at a high level so they are at the client on a daily basis. Not everybody sticks around the Big 4. Also, not all Big 4 Partners stay, some of them leave to take a CFO position.
qwerty
Well-known member
They all work long hours. Staff and seniors do all the work. Managers have a bunch of clients where they need to detail review as well as admin stuff. Partners do review at a higher level but they have a a lot of clients. When they are not at the client they are doing business development, etc. then of course there are all sorts of client delays. So while your scheduled timing may end at one client and you move on to the next one during the day you work on your current client and at night you work at the client that couldn't get their shit together.
irvinehomeowner
Well-known member
I guess I should be happy I have more time than money... although qwerlyman and Farmmie seem to have more free time than me.
homer_simpson
Well-known member
irvinehomeowner said:
Just means you have more money than us