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Message
re: Why do OT Ballers hate diamonds and new cars?
Posted on 4/23/18 at 11:36 am to Pecker
Posted on 4/23/18 at 11:36 am to Pecker
quote:
This is a problem with Americans in all income brackets, but more so those with smaller incomes.
I love how we're acting as if this money management issue is one that is ravaging the households making greater than $200k a year.
We've now moved into a strange territory here where we are supposed to look at the woman driving a new Porsche Panamera and assume she can't afford it because it's "too expensive" and if I can't afford it then you can't afford it.
I would worry less about the people with high incomes and buying nice things, and more about the people making a modest income trying to buy redneck status symbols.
I don’t think anyone is saying that it’s exclusive to high earners. I think the point is that just because one makes a lot of money doesn’t mean they can afford any luxury item they want. Lots of high earners have a “spend what’s in my pocket” mentality, don’t budget and over leverage themselves.
Again, not all, but way more than there should be.
Posted on 4/23/18 at 11:38 am to StupidBinder
quote:
Lots of high earners have a “spend what’s in my pocket” mentality, don’t budget and over leverage themselves.
Again, not all, but way more than there should be.
This is actually more true with low earners. That's why this is an odd angle to take with regard to spending on luxuries.
Those with higher income have greater liquidity when you compare across income brackets.
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