Went to a party and a Google guy was bragging that he had 24 million dollars in his stock brokerage account. He is looking to buy a bigger house in silicon valley. Another friend of mine said his neighbor had 80 million in Apple stock due to the buyout of his small company that he worked at 20 years ago. He was looking to buy a house in silicon valley where he has lived for the past 40 years. Zillow says Austin homes went up 37% from one year ago.
Super wealthy outliers like that (and yes they are outliers even in the Bay Area) do not influence the broader market very much. No one can predict what will happen with the housing market, but realize that now that remote work is a thing, you no longer need to pay $2m for a shack in order to have access to high TC. You can get similar TC and zero state tax while living in a mansion for $500k.
Were you at Airbnb before they went public? You should have a million or two at least from that.
Yes and yes I do. But I have no interest in investing that on an overpriced housing market. Many people such as me have now moved away from the Bay Area.
24 million and 80 million and they have to think about buying a house? These must be the guys who ask “should I buy a Model 3 or buy a 1996 Camry and invest the rest?”
That's what poor people think of rich techies with NW of 1M+. "They have to think about buying a house?"
Both already had home and were thinking of upgrading.
That’s a sad story. I feel sorry for them.
He def got a small cawk to be bragging about that though so don’t feel too happy for him..
Who talks about their net worth at a party? Needs to invest some of that into developing social skills.
Sounds par for the course in Silicon Valley
Not among the people I hang out with, thankfully
Those folks won’t influence the 2-3M housing market. Do you think someone who has 24M will bid up 2M dumpster in South Bay?
OP is hanging out with some richie rich friends 🤣
Sounds like a boringass party. Who tf talks about their nw in front of people like that! Small pee pee
OP, nice story . You are exaggerating. People with 24 million dollars won’t really care about the trends in the housing market.
True they don't care whether prices go up or down much.
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I wish I had that kind of a money!