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re: Nearly Half of All US Families Have Zero Retirement Savings
Posted on 3/3/19 at 11:45 am to Bear Is Dead
Posted on 3/3/19 at 11:45 am to Bear Is Dead
quote:
Just look around, even more affluent communities, people spend money like it’s on fire.
I recently spent about 2 years in a relatively affluent Southern community. For the area, my income was about the top 5 to 7 percentile (closer to the 7) - I lived in a middling house for the area (nice, but just like a hundred or so others in the development), and drove nice, but well used cars (the cars new were a combined $90k, but I generally buy used and paid about $60k combined) - EVERYBODY seemed to live higher than us. Newer/nicer cars, bigger homes, stuff you can't fake, right?
I'm talking nicer BMWs, Mercedes G-rides, Lexus SUVs were the staple vehicles and the "small" houses were 2500 square foot, $250k. Where in the hell does all this money come from? I get that it is borrowed, but it has to be paid back.
2
Posted on 3/3/19 at 11:55 am to Ace Midnight
quote:Same. I know everyone in our little conclave well. My home is probably the 4th nicest, on par with most of the others a little better than the others. However, my income and net worth vastly exceed any of theirs. They are all against welfare, UBI, etc, but I'll guarantee they'll be bitching about how" you can't live on social security" in 20-30 years. Same ones that won't come in for a well visit or avoid a visit at all cost for real medical needs, yet will drop a few grand with me for botox, fillers etc.
I recently spent about 2 years in a relatively affluent Southern community. For the area, my income was about the top 5 to 7 percentile (closer to the 7) - I lived in a middling house for the area (nice, but just like a hundred or so others in the development), and drove nice, but well used cars (the cars new were a combined $90k, but I generally buy used and paid about $60k combined) - EVERYBODY seemed to live higher than us. Newer/nicer cars, bigger homes, stuff you can't fake, right?
Posted on 3/3/19 at 12:25 pm to Ace Midnight
quote:I dated a wealth manager once. She had a nice client base in Houston. We'd drive through the Heights (before the $1m McMansion craze) and she'd point out several millionaires- living in 1,100sf bungalows built right out of the Sears catalog in the 1940s.
I'm talking nicer BMWs, Mercedes G-rides, Lexus SUVs were the staple vehicles and the "small" houses were 2500 square foot, $250k. Where in the hell does all this money come from?
As she used to say "some people want to look like they have money, others want to have money".
I bet it's completely opposite in that neighborhood today judging by the house.
This post was edited on 3/3/19 at 12:28 pm
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