Living a six-figure lifestyle on a $30,000 salary....

[doublejs07]

Just saw this on Yahoo....

Touches on home ownership, driving a luxury car, and having designer clothes....

*Note: This was written by a Yahoo! contributor. Do you have a personal finance story that you'd like to share? Sign up with the Yahoo! Contributor Network to start publishing your own finance articles.

Like millions of Americans out there, I like the nicer things in life. I have an affinity for high-end cars, designer clothing, and name-brand home furnishings.

There was a time when I had the six-figure income to afford these things. That was before the crash of what has now become known as the dot-com era. After losing many nice things, I learned that even living at one's means can be a risky proposition. So the challenge became how to continue to live that lifestyle while spending drastically less than I did before.

I wanted to figure out how I could afford these things at a $30,000-a-year salary, just in case I ever had another salary decrease. That planning all paid off when the great recession came. Here's how I learned to have a six-figure lifestyle with a $30,000 yearly budget.

How to Get the Big Home

This one was all about patience, hard work, and discipline. First: New homes are out of the question. They're generally overpriced. I almost bid on a couple of for-sale-by-owner homes, but just couldn't get the right combination of price and neighborhood. I focused on HUD homes and foreclosures, and learned quickly that banks don't want homes on their books. I found a HUD home in a neighborhood with prices averaging above $200,000. My home was more than 60% less than that. It required a bit of work -- I spent a lot of free time on it as a do-it-yourself project -- but in the end I had my nice home. No one knows that I paid less than $80,000 and that I have a monthly mortgage payment of less than $500.

Getting the Car to Match the Lifestyle

I'm a sport and luxury car enthusiast. First I wanted a Mustang, and this was the easiest deal of them all to find. I didn't go to dealers for this one. I went to Craigslist and the classified ads. I know many people will say that this is immoral, but I found a desperate seller who was willing to almost give the car to me because his notes were too high. I was happy, and he was happy to be rid of it. A simple refinancing and I had a car note for less than $150 per month. Not long after that I decided that I wanted a Lexus, and I did go through a dealer to get that one. I got a great deal on a used Lexus (I no longer buy new cars). Here's how I saved about $5,000 on that deal.



Rest of article lin link:

http://finance.yahoo.com/news/First-Person-Living-Six-ac-2328933919.html?x=0

 

[doublejs07]

Just saw this on Yahoo....

Touches on home ownership, driving a luxury car, and having designer clothes....

*Note: This was written by a Yahoo! contributor. Do you have a personal finance story that you'd like to share? Sign up with the Yahoo! Contributor Network to start publishing your own finance articles.

Like millions of Americans out there, I like the nicer things in life. I have an affinity for high-end cars, designer clothing, and name-brand home furnishings.

There was a time when I had the six-figure income to afford these things. That was before the crash of what has now become known as the dot-com era. After losing many nice things, I learned that even living at one's means can be a risky proposition. So the challenge became how to continue to live that lifestyle while spending drastically less than I did before.

I wanted to figure out how I could afford these things at a $30,000-a-year salary, just in case I ever had another salary decrease. That planning all paid off when the great recession came. Here's how I learned to have a six-figure lifestyle with a $30,000 yearly budget.

How to Get the Big Home

This one was all about patience, hard work, and discipline. First: New homes are out of the question. They're generally overpriced. I almost bid on a couple of for-sale-by-owner homes, but just couldn't get the right combination of price and neighborhood. I focused on HUD homes and foreclosures, and learned quickly that banks don't want homes on their books. I found a HUD home in a neighborhood with prices averaging above $200,000. My home was more than 60% less than that. It required a bit of work -- I spent a lot of free time on it as a do-it-yourself project -- but in the end I had my nice home. No one knows that I paid less than $80,000 and that I have a monthly mortgage payment of less than $500.

Getting the Car to Match the Lifestyle

I'm a sport and luxury car enthusiast. First I wanted a Mustang, and this was the easiest deal of them all to find. I didn't go to dealers for this one. I went to Craigslist and the classified ads. I know many people will say that this is immoral, but I found a desperate seller who was willing to almost give the car to me because his notes were too high. I was happy, and he was happy to be rid of it. A simple refinancing and I had a car note for less than $150 per month. Not long after that I decided that I wanted a Lexus, and I did go through a dealer to get that one. I got a great deal on a used Lexus (I no longer buy new cars). Here's how I saved about $5,000 on that deal.



Rest of article lin link:

http://finance.yahoo.com/news/First-Person-Living-Six-ac-2328933919.html?x=0

 

[GTA 809]

Son this is getting bookmarked to read later.

 

[GTA 809]

Son this is getting bookmarked to read later.

 

[mondaynightraw]

I wanted to figure out how I could afford these things at a $30,000-a-year salary, just in case I ever had another salary decrease
He has money put aside "just incase". Not the case for 99% of folks living that lifestyle...

 

[mondaynightraw]

I wanted to figure out how I could afford these things at a $30,000-a-year salary, just in case I ever had another salary decrease
He has money put aside "just incase". Not the case for 99% of folks living that lifestyle...

 

[ninjahood]

some pretty good advice here.

 

[blazekicks]

Bookmared for later.

 

[blazekicks]

Bookmared for later.

 

[ninjahood]

some pretty good advice here.

 

[da doc03]

good read

 

[da doc03]

good read

 

[sneakaprince]

Originally Posted by BlazeKicks

Bookmared for later.

 

[sneakaprince]

Originally Posted by BlazeKicks

Bookmared for later.

 

[kidufc]

pretty much common sense..

 

[kidufc]

pretty much common sense..

 

[sevit86]

Originally Posted by blackngold1z

Son this is getting bookmarked to read later.

 

[oidreez]

Interesting read

 

[sevit86]

Originally Posted by blackngold1z

Son this is getting bookmarked to read later.

 

[oidreez]

Interesting read

 

[supermanblue79]

Very nice read.

 

[supermanblue79]

Very nice read.

 

[pftjordans]

Thanks OP Good stuff!!

 

[pftjordans]

Thanks OP Good stuff!!

 

[downyboy]

not much of a read. could have just said "go out and find deals on everything you buy, don't pay retail."