Re:Travis Kalanick Is Exiting His Uber Holdings Uber Quickly
by kjs3 on Monday December 16, 2019 @12:24PM
(#21804832)
That's not completely true. Ignoring the tax and operational hedges I can employ if I legitimately use my plane for business purposes, if I fly more than 200 hours a year it's not that (relatively) expensive to own a personal jet. Admittedly, I'm not talking about a Gulfstream G5 or Lear 75, but something like a Citation III or Lear 31/35 cost US$500K-US$1m to acquire (refurbished) and cost less than $10/mi to fly (so less than US$1m for around 200/hrs/yr all in). That's not a big chunk of $100m, especially if you can justify it for business reasons. At the local GA airport where my niece is getting her pilots license, there are lot's of businessfolk and small businesses that justify owning an 8-12 place jet, and they have significantly less than $100m in liquid assets.
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Re:Travis Kalanick Is Exiting His Uber Holdings Uber Quickly
by Retric on Monday December 16, 2019 @01:40PM
(#21805717)
To be clear I am speaking of someone living off of 100m in assets. You can have negative net worth, be pulling in 35m/year and reasonably splurge on a 1m/year expense.
But, if you’re living off of say 5m/year from your assets a 1m/year splurge is a huge chunk of your income. At that level renting one would be far more appealing to most people. Though sure if owning a jet was a major hobby vs a means of transportation it’s easily possibly, just as I said a major expense.
Re:Travis Kalanick Is Exiting His Uber Holdings Uber Quickly
by kjs3 on Monday December 16, 2019 @01:52PM
(#21805839)
If I'm making $100k/yr and I spend $20k cash on a second car (e.g. I don't use that often), or a pool, it's the same ratio, and people do it all the time. And that's just luxury items, not things I can justify from a business perspective. And I don't disagree for most people renting or fractional ownership of planes are undoubtedly better deals (200 hours is a lot of time in the air), but none of that is what you said.
Re:Travis Kalanick Is Exiting His Uber Holdings Uber Quickly
by Retric on Monday December 16, 2019 @02:16PM
(#21806085)
It’s both 1m upfront and 1m every year after that. So, buying a second car for 20k every year is a different story.
Put another way, someone making 100k/year could send their kid to prove school for 20k/year, but it’s a major expense that would impact their lifestyle or savings significantly. It’s possible, but not affordable.
Re:Travis Kalanick Is Exiting His Uber Holdings Uber Quickly
by perl4ever on Monday December 16, 2019 @11:33PM
(#21810601)
Planes and boats at all levels are known for being a sink for money - no experience personally, but come on, you know operating costs are huge. Like, at an ordinary person's scale, you buy a used German luxury car for $10K, but it's still the same car that was $60K new, which means fixing it will be proportional. And if you can't personally pilot it...