that has 3 cars, 4 rooms, and have pretty decent life. Not high class but not midle class. So between middle class and high class. What's the income for that? Monthly not year
2007-11-10 10:55:11 · 7 answers · asked by Anonymous in Business & Finance ➔ Personal Finance
$10,000 a month is high class!! I meant between middle and high class.
2007-11-10 11:04:37 · update #1
Income does NOT have ANY cars, rooms, OR life. PEOPLE do. The average LOTTERY winner is bankrupt 5 years after winning. On the other hand, there are school janitors that live a 'decent life' and leave MILLIONS to charity when they die. Your INCOME is not the issue. How you USE your income is what matters.
2007-11-10 12:28:13 · answer #1 · answered by STEVEN F 7 · 0⤊ 0⤋
If you think $10M/month is high class, you haven't been to San Diego, where I live. In north San Diego County in September 2007, the median house cost $625M. That means that half the homes sold cost more than that. And the average new vehicle costs just under $30M.
So here's the math:
Home -
20% down payment ($125M) on a $625M home
$500M loan at 6.5% 30-year amortization
$3,160M/month principal & interest payment
$573/month property tax payment at 1.1% annually
$91/month homeowner's insurance
$3,824/month total house payment
Cars -
10% down payment ($9M) on 3 cars at $30M each
$81M in loans at 6.75%, 5-year amortization
$1,594/month principal & interest payment
If the the total of these two doesn't exceed 38% of your income (assuming no other debt), then you'd need income of $14,260/month, or just over $171M/year. If you have a couple making $85M/year each, this would cover it.
If you wanted to live in a nice house anywhere near the beach, you'd be talking about a house that costs at least twice as much. And new cars can cost a lot more than $30M.Believe me, this is not extravagent living - it's middle class.
I know the cost of living is much less in much of the country - but not here.
2007-11-10 19:38:06 · answer #2 · answered by Marko 6 · 0⤊ 1⤋
4 rooms? Not exactly upper middle class, I'd say.
A good income depends a lot on where you live. $75K a year in the midwest and many other parts of the country would qualify - in places like New York City, Boston or LA it wouldn't be.
2007-11-10 19:14:36 · answer #3 · answered by Judy 7 · 0⤊ 0⤋
It depends where you live . In Texas , $6,000 per month . In Florida , $7,500 . In California or New York you need around $15,000 a month because of high taxes and corruption of the government .
2007-11-10 19:15:26 · answer #4 · answered by Anonymous · 0⤊ 0⤋
Good income is income that is residual and will keep paying you for the rest of your life!
As far as a monthly amount, it really depends on where you live!
Sharilee Guest
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2007-11-10 20:28:11 · answer #5 · answered by Sharilee10 2 · 0⤊ 1⤋
Depends on were you live. 40-500K
2007-11-10 19:37:56 · answer #6 · answered by Anonymous · 0⤊ 0⤋
$10,000 per month.
2007-11-10 19:02:20 · answer #7 · answered by mollyflan 6 · 0⤊ 1⤋