Time Value of Money - How much would you pay for 10 more years of LIFE?

Oh and don't give me that... I love what I do crap.... unless you are a male porn star... heheheehehe

How does someone making $400K/year afford a $4MM apartment? The mortgage, taxes and maint are gonna swallow their annual salary. Excuse me, I digress.

As for sacrificing for years of your life, that's what NYC is all about:spending 10 years of your life trying to be a star, make partner, MD, become a millionaire, etc... That's the 2000's zeitgeist. Get rich or die trying. In my opinion, the overextended owner/developer is going out feet first. With so many people having real estate values so tightly bound to their egos it's Sydney or the bush.

if your old, retired, and without kids, you don't need 3 bedrooms.

Better to have purchased in the 1970s -- non? No. because if you could purchase in the 1970s you would almost be dead anyway...

not if your parents bought in the 70s ... in that case you really don't care about RE prices, rents, and the like. you just bitch is the maintenance goes higher, if even that.

Sorry, w67th -- some of us actually do love what we do for a living, even if we're not male porn stars (!).

I'm a writer. I make seven figures. I could retire tomorrow. But I'll write til the day I die because -- ahem -- I love what I do.

It is possible to pursue your passions and find success (or even just make a living). To imply otherwise is -- to my ears -- facile and sophomoric cynicism.

welcome aboard 701... You sound like my wife... I'm a doctor and I love what I do and I love academia that was b/f our second child and as she put it "the need to set up a nest egg for the kids." She is now in private practice :). Fine line between nest egg and a complete "trust fund f up" but I digress as usual... so may I ask what portion of the copyright racket you make your living at? Is it the change the chapters in HS/University books every year for no apparent reason except to make the students buy the new edition? or is it the ho hum copyright of new novels?

You're a writer making 7 figures, well that must mean you got the world figured out, no? Riddle me this my friend, why don't you just write all day and when the publisher says here is your cut from our little copyright racket (no different than A-Rod earning $250MM for swinging a stick on steroids or J Simpson shaking her pre-pubescent ass for the high life, this is bf she got fat)... in your intellectual condescending tone state.. pls just keep the chk... "I LOVE WHAT I DO." Look dumbass, I'm totally glad you got an education and had lots of choices and chose writing...good for you, but the last time I chked 99% of the world never even heard of copyright laws and they may have a passion/love for baseball, sailing, singing, writing, acting or being a porn star.... but end up paying the bills by being a RE broker, banker, check out clerk.. to earn a living. Seriously, look in the mirror today and ask yourself, is it the fact I am a SUCCESSFUL writer that makes me "LOVE" my job or is it the act of writing? Cause if it's the latter just give your work away.

Oh BTW, my wife and her colleagues are petitioning Albany to expand copyright laws so that if she treats you as a patient and you live, she'll be collecting 10% of your income till you die... i fully support this as I will $ benefit from it :)

Get a clue dude, you love your success not the writing.

As a follow up.. I grew up dirt poor... you know having a friend from the same church say hey dude you are wearing my Aquaman shirt that my mom donated to church last month and not telling my parents that I was hungry at nite, cause I was old enough to know there was no food... so go F'k yourself and your condescending attitude.... every time I've ever heard that line "I love what I do and would do it for free" .... to the man, that person has never lived through real poverty and mostly had shit handed to them all their lives. Like yourself 701.

Me, my love/passion in life has been to never be hungry and to that I've been very successful.

OH F' you got my blood boiling 701. Do you think lesser of a train conductor on the 7 line cause he's not following his passion? How about a RE broker... you think he/she shot out of the vaginal canal and shouted "I want to sell homes!" You think your doorman from Albania got on a boat 20 yrs ago cause it was his dream to open doors for a pompus 7 figure copyright milking writer in his 5th Ave. co-op? How about your maid/cleaning lady... you thinkz she's jumping for joy when you say I got to lower your salary... cause she's thinking I'd do this for free.... seriously if u indeed make 7 figs writing... do me a favor and get off SE... it's for working lawyers, doctors, bankers and other stiffs where a home is a major purchase...... ugggg... peace out 2x

Relax w67, read what 701 said: it's that SOME people can love what they do and make a living at it. what you're saying is that nobody can love their job and make a living at it, which I don't think is true either.

i think w67 is saying that first and foremost you gotta make a living...if it turns out that 1. you are successful and 2. you are the one in a large number who "love" it, consider yourself lucky beyond belief. to generalize from the experience of a writer (or basketball player or male porn star!) is a big stretch.

w67th, I am with you on this -- but I guess 701 is in that 0.01% of the population who does what they love, and gets paid a ton of money for doing it.

As for the other 99.99% of us... We work because we have to, not because we "love" it. The next question is why do we have to? The answer is: because we are slaves to our mortgages or to our landlords. That's reality for most people.

But, evidently, not for smug, successful, self-righteous 701. Good for him/her. I guess.

w67th,

I apologize. I very much regret any note of smugness or self-righteousness in my above post.

My intent was simply to chide you for making an overly-broad generalization that, in my experience, was not true.

I profoundly regret personalizing the argument by using myself as an example, which opened me (rightly so) to your ad hominem attacks, when there are an abundance of other examples from the world of business, science, or the arts that I could have used.

It was not my intention when I woke up this morning to provoke your ire, and I apologize for, evidently, having done so.

I come to this board to learn about the real estate market, and I will do my best to limit my remarks to that topic henceforth.

Again -- my sincere apologies.

Your post was fine, 701. Good for you. Always wonderful when you do, indeed, find a way to "follow your passion."

67 is just having a bad hair day. It happens to all of us. Usually he is pretty insightful and also quite humorous.

And now, let's all get back to real estate!

Welcome aboard 701!

w67th, no offense, but you went a little overboard with 701. You are pretty open to espousing your (rock-solid) beliefs on life and that is a good thing. Cut 701 some slack. I think you misinterpretted what he was trying to say.

I think you will see that yourself.

i love what I do regardless of the money. Sorry w67th that your life sucks. You could have made better decisions along the way.

oh pretridish... back to you later... to the rest, my apologies.... :) especially 701.. Gotta run :)

"As for the other 99.99% of us... We work because we have to, not because we "love" it. The next question is why do we have to? The answer is: because we are slaves to our mortgages or to our landlords. That's reality for most people. "

so true! the slaving from a mtg or landlords many times is compounded by the slaving into catching up with the jones. that makes people buy more house than they need and to show off.

my kudos to the guy in the mobile home that's in the park near my home. that guy got rid of maintenance, mtg, property taxes. i asked my hubby why nobody did it given the huge RE bubble, and he looked at me in disgusts thinking "how cheap can you be? why don't you realize that's illegal?". but the other day we were walking in that park and saw this RV parked there for the nth day in a row... like any other wife, i loved when the hubby says "you were right!"

You can love what you do for a living and not be a slave to a mortgage or a landlord. The only thing I am a slave to is my wife.

Takes big people to apologize. But it seems it's always the number guys. Right on 701 and W67

> i love what I do regardless of the money.

A million posts to the contrary...

nyc10022 - please show me one post where I stated that I do not love what I do? Just one.

Agreed NYCDreamer and "But it seems it's always the number guys." was pretty funny, too!

w67thstreet said: "Is it the change the chapters in HS/University books every year for no apparent reason except to make the students buy the new edition?"

It's worse than that. They don't even change the chapters. A few different stock photos, a few corrections, and that's it. Though it's usually a two-year cycle, not just one.

Textbook publishers foam at the mouth about used books, at not getting a cut of the second and subsequent sale.

NYC10022 you are again proven a complete liar who can only spread lies and offers no valid points.

This thread is just weird...

Hello OTNYC! Yep.. it's totally weird :)

I got bent out of shape b/c I aspired to be a writer at one point.. hehehehe... and 701's stmt gave me a flashback to my HS years when I had this yuppy friend from a private school in the East side (dalton) who was totally loaded and sharp as a tack, but was just lazy as hell and never understood there were real working people. For kicks he'd go into bodegas and steal... not cause he needed shit, but b/c he thought it was "exciting". Nice kid, but completely f'd up about the ways of the "real" world.

But getting back to my original post, if you "work" for a living and a home is a major purchase then it behooves you to "know" the mkt.... That's all folks... where's my carrot?

w67th, good to have you back! I knew it was something out of character.

Again, my apologizes to those who were offended (waverly), esp. 701 :)

No worries...

w67th you projected your issues on others by saying "Oh and don't give me that... I love what I do crap.... "

All I said was that some people do love what they do. Just because you do not does not mean that everyone doesnt like their work.

There are also a lot of other factors determining how long you have to work to be on equal or better footing than just real estate and income from your job. Life is not black and white and most successes are made in the grey areas.

I'm loving the "henceforth". 701 - do post more often :)

w67th,

I appreciate the full disclosure. I know exactly the kind of kid you're talking about. And I'll cop to being something of a dick in my initial post. Mea culpa. In my defense: while I'm loath to personalize this argument again (lesson learned), I will observe that very, very few writers (or anyone in any profession) gets to the top of their field without a long, grueling, and -- very often -- penurious apprenticeship.

'Nuff said. Over and out.

w67, you may have flipped out but you make a valid argument. I know very few people making good money who don't want to quit their job, move to a beach, a golf course (or a 2nd world country full of bars and strip clubs) . The American dream is to be financially independent, not to serve your boss/company for 30 years and then retire to Del Boca Vista Phase 6.

The real estate boom may very well have created a large group of people who are slaves to their mortgage/maint for a very long time.

701 - way to push those buttons. Sure, you probably have a better life if you listen to your heart and not to your wallet. But who does that?

w67street, you obviously have never gotten over these growing up poor issues. Too bad. And you are obviously very lame if you actually get upset at an anonymous poster on a message board that doesn't matter in life.

Tough life man. Glad your life and problems are not mine.

Take care, sucker.

yo...kingdick...stick it

you wish I'd stick this big thing in you, country redneck.

Only a loser worries about what his neighbor pays, how much his neighbor's mortgage is, whether he got a better deal than his neighbor. If losers like this worried about their own life and direction in life, we'd all get along better.

Typical poor kid issues.

kingdeka... in each of us lives a little child... why don't you get in touch with yourz... :(

Hey columbia :)

w67---you are the man.

king dick---i'm in columbia county, ny....not columbia county, tn (sorry to all my friends in tennessee--still love you guys). not a lot (actually no) rednecks here.

I work for one reason only. To buy the shit I want to buy for my kids, wife, and myself. Nothing wrong with 701's vocation being his avocation. Good for him, he is one of the truly lucky ones.
And hey 67, I love you like a brother, but, give it break. "Y'all love Elias. Oh, you wanna kick ass. Yeah. Well, here I am, all by my lonesome. And there ain't nobody gonna know. Six of you boys against me. Kill me. Huh. I shit on all of you".

Mr Foolery? Is that you Tom?

w67th - I'll get divorced if you'll marry me

Mee too cccharley...A fun guy with a solid set of principles... I fall for that too....
w67th, where is you family from? I feel I have already met your parents...
Kingdeka, you sound terrible. Are u ok? This is just a little exchange of ideas, and, yes, sometimes feels like a discussion on who has it longer...but you got a little too literal...Hold the horses, please.

There's no saving him ladies. He's a thief (stole $10 yesterday) and a bully (gave 701 a black eye).

;)

I'm getting a strong Russian/Eastern European or East Asian read from W67th. I'm curious about one thing - are you concerned that your children will not have the same drive you do because their vastly more affluent upbringing? You spoke about having 2 nannies, for example. We have the same issues, and for this reason, don't have as much household help as we can afford because I think my kids need to see how hard it is to juggle everything, and not have everything delegated away. Having said that, I can't do away with the weekly cleaning people and my oldest two kids are already saying things like "I'm not going to clean that up, so and so will" - of course they're punished for this, but still the entitled way of thinking is still there. I also grew up with a lot of household help around, but then went through a period of poverty in my late teens & early 20s which was very good for me.

Ah, the Virtual Life.

...cccharley, mimi, uwsmom....

nyc10023... yep, I wonder what motivates me/wife, people in general.... my kids are "spoiled" beyond belief at this point... but they r only 5 and 3.... hopefully there will be time a plenty to show them where grandparents and I came from... wife grew up in Queens, we tell other sad stories about growing up (she is from divorced parents, struggled but much later in life (15yo))... but I always win with the Aquaman story :)... BTW it wasn't Aquaman... but another comic character... still trying to be a little anonymous :) Hehehe

p09, tupac cool.. work out to his stuff.. :)

Calling w67thstreet . . . hate to divert you from the wonderful rants and raves on this thread, but I have a real estate question that's right in your neighborhood . . . literally: What is it about the Park Millenium that's so special is still seems to be able to command a price close to 2000 psft?

I asked the same question on another UWS neighborhood thread but no one responded (sometimes I feel SO Rodney Dangerfieldish . . . )

The premium condo buildings north of Lincoln Center seem to be Park Mill. and Grand Mill. - I guess the location & service & views (of higher apts) put them above other condos.

Thanks much, NYC10023

brooks, GM has a very nice cozy feel and the support staff is amazing... on par with 4Seasons Maui... the Park Mill (if not mistaken) was 1/2 owned by Morgan Stanley and so that side has crappy views etc... but nyc10023 is correct, both were the latest and greatest in an area (although it had great location) that lacked "new stock" apts... which GM and PM filled....

:) I'm all for keeping this thing on a RE slant :)

I hear you, w67thstreet . . . but $1800+ psft!!!

And i believe both replaced nbc/abc buildings - and minus the railyards and 15cpw, after the milleniums (and 101W67) went up, there were no more potentially buildable sites left for large buildings in the 60s and lower 70s.

historical perspective - http://query.nytimes.com/gst/fullpage.html?res=9d06e0df1e3ef934a25757c0a962958260&sec=&spon=&scp=8&sq=park%20millenium%201995&st=cse&pagewanted=1

I thought this thread is about living longer for 10 more years...LOL! If that's the case, by the way, I would like to experience 10 more years of my life in my mid-20s. :)

Can someone just tell me how I can earn $400K a year? That would be rich to me. I work way too hard and have way too much education to not be able to earn that kind of money so I could maybe one day hope to be able to buy a home and have a family........god there is such a disconnect. I actually think $400k a year would be fufilling a dream.