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Posted on 7/27/21 at 10:23 am to evil cockroach
No. Generally speaking people that drive VERY expensive cars as in $100k up are not overly wealthy (as in net worth) they make good money yearly. Usually they are in the $2 mil to $10 mil net worth category. Most of the people I know that have a net worth over $8-10 mil or so have one or two nice cars but also have one or two beaters like an older F150. Rarely do they drive a car over $80,000.
Now the docs and execs that are making $500k-$1mil yeah they tend to be the ones that have a wife driving a Gwagon or 8 series to show off.
Now the docs and execs that are making $500k-$1mil yeah they tend to be the ones that have a wife driving a Gwagon or 8 series to show off.
Posted on 7/27/21 at 10:28 am to Zachary
Millionaire Next Door should be mandatory reading for 20 somethings
First impression used to be yes.
My life's experiences, said book, living in California early in professional life, and what I believe is some people's strong yearning for admiration (often much greater than their wealth-building capabilities ie, may make a lot of $ but spend a lot, if not more, of $), I now say not necessarily.
In southern California, the material exterior is as shallow as water tributaries.
First impression used to be yes.
My life's experiences, said book, living in California early in professional life, and what I believe is some people's strong yearning for admiration (often much greater than their wealth-building capabilities ie, may make a lot of $ but spend a lot, if not more, of $), I now say not necessarily.
In southern California, the material exterior is as shallow as water tributaries.
Posted on 7/27/21 at 10:52 am to Zachary
There are always exceptions, but in general the people with expensive things have more money
Posted on 7/27/21 at 11:02 am to kciDAtaE
quote:
There are always exceptions, but in general the people with expensive things have more money
I'd say they generally make more money but that doesn't mean they have more money. Two totally different things.
Posted on 7/27/21 at 11:15 am to Zachary
Not necessarily rich or poor but higher income or lower income. Is it a hard and fast rule? No. But it’s a solid rule for the average and extremes. You don’t see truly low income people driving high end cars, and you aren’t going to see many high income people driving true beaters
Posted on 7/27/21 at 11:37 am to Zachary
I’m such a cynic now that when I see a gigantic Escalade or some such I think “debt”. Like 5 different maxed out credit cards and an image built on a house of cards. An arms race to show wealth when you really are drowning in debt. I’ve seen it with my friends and others I know. McMansion and bmw but not two pennies to rub together. They look wealthy from the outside but on the inside it’s a financial disaster.
The folks I know who actually do have a bit of money have nice cars but nothing outrageous.
The folks I know who actually do have a bit of money have nice cars but nothing outrageous.
Posted on 7/27/21 at 11:43 am to ronricks
quote:
I'd say they generally make more money but that doesn't mean they have more money. Two totally different things.
This! Income and wealth are too often world's apart
Two examples nearest my world:
1. Neuro surgeon next door neighbor (you might think I live in exclusive, gated community). Live in couple steps above avg neighborhood, yes. House sat for years. Someone bought and rented to this fella. My impression is very high income but even higher expenses. At first thought they were building a house while renting, but they stayed a LONG, LONG time!
2. River pilot friend lives in enviable place with more luxury cars than drivers, eating a chef's tables at high end restaurants, and many more examples. Big purchase in last few years and pretty sure they are now living paycheck to paycheck.
And many more...
Posted on 7/27/21 at 11:49 am to Zachary
Depends on the luxury car, a lambo and etc yes. Lexus/Audi no. Old car i think of both
Posted on 7/27/21 at 12:19 pm to Zachary
Your profession can have an impact on what you drive and wear. Lawyers have to have nice suits to look good in court. Realtors have to have a nice car/SUV that seats 4 comfortably. Us accountants can wear Men's Warehouse suits and older cars and it's not problem.
Posted on 7/27/21 at 12:47 pm to Auburn80
quote:
Your profession can have an impact on what you drive and wear.
Very true
If you think peer pressure ends after high school, think again.
One reason (of many) I am not a lawyer.
Posted on 7/27/21 at 2:01 pm to Zachary
I did until I saw all the lexuses and bmws being driven by people living in the ghetto and trailer parks. hard to pass a trailer park these days without seeing a lexus or a 50k truck.
Posted on 7/27/21 at 4:10 pm to Zachary
What about an old luxury car? 
Posted on 7/27/21 at 5:03 pm to Zachary
I really have no instant thought about the car and wealth of a person. I’ve know people on all ends of the spectrum.
Posted on 7/27/21 at 5:23 pm to JL
quote:
Depreciating asset.
Except for the type of cars that are appreciating assets.
The people that own those usually have frick-you money. 
Posted on 7/27/21 at 5:39 pm to Zachary
Yes
Posted on 7/27/21 at 8:01 pm to Turf Taint
quote:
This! Income and wealth are too often world's apart
I worked at a bank in a small town for a time when I was young. I learned that some people whoblooked like they had a lot of money might, but many didn’t, and were leveraged beyond their means, and and the guy that drove a old truck wearing coveralls could be loaded. This was the era way before the internet when most people still used the local bank for all their financial needs including their investment broker. You could look at the ledgers, and get a pretty good idea about someone’s net worth.
Posted on 7/28/21 at 6:54 pm to JayDeerTay84
quote:
Also, rich is relative. To me, you are rich enough to buy the 100k + cars if you make over 300k a year.
You’re confusing income with wealth. A person’s income alone tells you nothing about how wealthy they are… or what they can or can’t afford.
Posted on 7/28/21 at 9:54 pm to Jag_Warrior
quote:
You’re confusing income with wealth. A person’s income alone tells you nothing about how wealthy they are… or what they can or can’t afford.
It drives me nuts when someone starts a thread with “what do you consider wealthy/rich?”, and inevitably 99% of the answers are “an income of x or more dollars per year”.
Posted on 7/28/21 at 10:14 pm to Zachary
Reading this is surprising, I drive an 8 year old Camry with 61,000 miles . I usually think the opposite when I see someone in a loaded BMW or Mercedes , I actually feel sorry for them as they need validation in their life and are compensating for something they don’t have and fills a void in their life. It’s a little sad honestly. I don’t owe one dime to anyone and have $635,000 in savings and investments and spend the rest traveling . I don’t give a shite what someone drives , it merely serves as a means of transportation to get me from one point to another, that’s it .
This post was edited on 7/28/21 at 10:19 pm
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