Trying to Live on $500,000 A Year (Part III) - The Mortgage and Co-op
These people have no shame.
The bankers are whining that if they accept the bailout they get capped at half a million a year instead of the 2 to 3 million they claim to make. Now here's the problem. The reason why their banks went under is because they stole from their customers to enrich themselves.
Many Americans have mortgages. Some pay coop fees. According to the NY Times article these people pay as follows:
Mortgage - $96,000 a year
Coop Maintenance Fees - $96,000 a year.
Total - $192,000 a year
Now $192,000 a year can buy you a home in many parts of the country, paid in full.
If you want to save and get a good home, you can for $384,000. That is still less than $500,000.
Now if you budget well you could probably get a really nice home for $576,000 or even $768,000.
At $500,000 a year I could own a home in full, live comfortably, have all necessities, and have enough money to pay for those eventual kids to go to college within 4 years. In short, I could almost retire on 3 million a year after a year.
Yet these greedy Wall Street types think that I should bail them out? Sorry, I'm tired of having my money taken from me and given to them. Learn to live without the excess. Learn to live on "only" $500,000 a year.
The bankers are whining that if they accept the bailout they get capped at half a million a year instead of the 2 to 3 million they claim to make. Now here's the problem. The reason why their banks went under is because they stole from their customers to enrich themselves.
Many Americans have mortgages. Some pay coop fees. According to the NY Times article these people pay as follows:
Mortgage - $96,000 a year
Coop Maintenance Fees - $96,000 a year.
Total - $192,000 a year
Now $192,000 a year can buy you a home in many parts of the country, paid in full.
If you want to save and get a good home, you can for $384,000. That is still less than $500,000.
Now if you budget well you could probably get a really nice home for $576,000 or even $768,000.
At $500,000 a year I could own a home in full, live comfortably, have all necessities, and have enough money to pay for those eventual kids to go to college within 4 years. In short, I could almost retire on 3 million a year after a year.
Yet these greedy Wall Street types think that I should bail them out? Sorry, I'm tired of having my money taken from me and given to them. Learn to live without the excess. Learn to live on "only" $500,000 a year.
Posted by DavefromQueens.com at 2/8/2009 10:14 PM 
Categories: economy, corporate greed, New York Times
Categories: economy, corporate greed, New York Times
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