Are people really as wealthy as they make it seem they are?

Their wealth is actually their debt. Think about it.

A lot of it is bullshit.

I have thought about that R1 but is it really possible to fiance a lavish lifestyle on consumer debt?

On one message board I belong to a member said he bought two new Rolex watches. That's well over $20k.

Another member said he bought a boat.

Another said he and his family spent three weeks in Italy and posted pics of the five star hotel they stayed at.

I hope so R2 otherwise I really feel like I've missed out on life.

^ You're shallow and unimaginative if those people manage to impress you, OP.

Where did I write that I was impressed R4?

They’re all in debt up to their ears. All of them. Try don’t have a penny saved in retirement.

A number of my friends and colleagues are in this boat— fancy cars and vacation, credit cards maxed out

That's depressing R6. I can't imagine going day to day in debt.

Fucking christ OP. People show just show off the cool-looking parts of their life on social media. All you know is it was a cool picture, you don't know any details of what is actually going on with them.

I've been wondering this too. We're far from poor...retired with just over 7 figures...but we don't have any of these toys, just a Honda and a condo.

Mind you, we're plenty happy and get out and about. Then again, we have no debt whatsoever. I guess these toys are all on credit.

Eh.

There are people who want to appear wealthy. They post on SM in order to appear wealthy.

There are people who are wealthy and they do not care about appearing wealthy.

I know a legit billionaire and you would never ever know, by looking at him. He looks like a plumber. His wife likes to throw the money around, but he’s just quietly confident that he could buy and sell just about anyone he encounters. Chill, humble dude.

I too wonder OP. Lots of people living lavishly yet the average salary for majority of America is 50,000 or below. Something isn’t adding up

Credit is a helluva drug.

I wonder if a lot of celebrities (more so reality stars like the Kardashians or rap stars) aren’t as rich as we think. They are certainly wealthy, but I imagine the upkeep and cost of living is enormous.

I think when you see people living lavishly, they are noticeable and memorable. They may be small in number, just noticeable.

Many are. I know a lot of people who have tons of disposable income. Many acquired wealth from rental properties. They bought buildings for their businesses and investment in the 80s when commercial real estate was cheap, have since retired, and now make tens of thousands of dollars a month from renting to tech business in San Francisco. Mostly, they are not show offs. They travel a lot but do not brag. Two each live in family homes they inherited. One lives in a decent house they've owned for decades but it's tricked out with all the latest in remodels. Still, it's in a middle class neighborhood (for this area).

Others inherited family wealth or have/had successful careers. I get jealous sometimes, I don't have as much. They aren't any happier than me, though, except for the travel part. I wish I could travel more than I can afford now.

I have one friend who inherited a family fortune from long held real estate. He's rather clueless, often posts his latest purchases on Facebook. He's had lots of health problems. He lives a luxurious life but I would not trade mine for his.

OP, I have a family member who makes high six figures and posts a ton of travel and boasty stuff on FB. She was living paycheck and has a ton of credit card debt. How you live paycheck to paycheck on $700k a year is beyond me, but she does. Don’t get me started on that bitch.

I also know extremely wealthy people who wear a plain Timex, battered chinos and drive a Volvo. You don’t know, sometimes. But I assume that braggy people are full of it.

I'm the opposite of R10. I'm retired but basically broke. But I have a beautiful car. I just can't take anyone home in it.

Why is R7 in here?

Most of the shit people post on social media is fake AF. Everything they do is about getting a good pic for their Insta. Pathetic.

[quote]Why is [R7] in here?

The link was timed to start playing at 0:24, "That's a bunch of bullshit."

Referencing r2.

Didn't work though.

So hard to know what’s real anymore - as with everything nowadays. But if you look at statistics of how many households under 65 have a net worth over $1 million (which is a minimum amount for a decent safety net/retirement savings), it’s only 3-4%. So over 97% of America doesn’t have enough money to spend on Rolex watches or BMWs. Which is a shocking reality when you see how many people are buying expensive shit that they can’t afford. A truly dysfunctional society where your average American wants and feels they deserve things that they will never be able to afford and don’t need. A sick country.

R12 most people I know don't even make that much and they live like Kings. I look at their lives and wonder how they do it.

R22 on another thread here on DL someone wrote that people are spending the money today that they expect to inherit tomorrow. I found that an interesting observation.

Many gay men exchange sex for nonreportable money. Many have sugar daddies that pay for the condos, cars, vacations, etc. I think we all know that. This is all very accepted in the gay lifestyle/culture.

It's called DEBT, or if not debt then NOT SAVING ANYTHING. In either case, enjoy being poor when you get old.

and a lot of them have inherited already. Can't tell you how many people at work move about a year after a parent died (or a parent AND a spouse's parent died) to a much nicer neighborhood.

And good for them. But they really shouldn't give out vibes like they earned it through all their hard work--I mean, we work with you.

I lived in Los Angeles for 15 years and I met a lot of gay men like this. It seemed to me that a lot of them came from wealthy families. Nothing about their jobs seemed to scream six or seven figure income. I'm an attorney but I practice in an area where I do OK but it's not the big bucks. They would always latch onto me upon funding this out but soon went away once learning I wasn't a person really into money. It got me laid a good number if times though.

You’re right R24 R27. Which pisses me off - as a child of parents in poverty who I have to support using my hard earned retirement money. There should be 80% inheritance tax. Level the playing field. Unfortunately we are going in the other direction - less taxes on the rich, eliminating inheritance tax, creating loopholes to create nontaxable estates. Burn this whole system down and hang the rich. I’m ok with some innocents getting hurt - if it ends this unfairness for the next generation.

I've wondered about this myself. I see my classmates who graduated law school 3 years ago and seem to be on vacation all the time or having extravagant weddings, but never post about going to court, winning cases, etc.

Three things happening:

1. It’s possible, if they are single and barely make six figures, to otherwise live modestly, but indulge in some moderately expensive things (European Vacations, Rolex Watch, Fancy Ski Clothes/Resort). That’s what they post.

2. Above them, parts of the upper 1% (a couple million in net worth; over a million households) are too prevalent on SM. They crowd everyone else - normal working stiffs - out. The general public gets distorted ideas. (Sort of like 8+” always posting, so gays begin to assume that’s “average.”)

3. Debt

I just found out my brother was making $600,000+ per year. I’m so proud of him. I thought more like ~$300,000, if that.

OP, maybe it’s just one really prolific rich guy?

They're $30K millionaires, LOL. Do you see Warren Buffett blingin out? Nuff said.

R2.9m, be comforted by the aphorism “shirtsleeves to shirtsleeves in three generations”. It’s not common for wealth to remain or increase if descendants aren’t trained and onboard. Fortunes are lost every day.

I live in an area with a lot of rich people--bling does not equal wealth. It's often a sign, in fact, of someone who doesn't understand how to manage money well--they think they have more of it than they do--i.e. they don't get how much they'll need for retirement or buying property, etc. People with real money do, however, seem to vacation wherever they want, have someone doing a lot of the housework and live in places where you want to live, even if it's not obviously lavish. Money give you freedom.

I was recently at a party given by some people who live in a low-key way--house is a nice ranch house, but nothing showy. But the owner started telling me about flying his private plane to pick up fresh seafood on the coast--and how convenient it was to hop over in his plane and then back in time for dinner. I can't afford that kind of convenience myself.

I'm sure this guy can afford a Rolex, but he'd never buy one. Rolexes aren't convenient, after all.

I grew up in Nebraska, and you never knew whether the old dirtbag driving a 15 year old pickup truck was, in fact an old dirtbag or a farmer who owned more land than Ben Cartwright, and that was exactly how they wanted it.

Truth be told, it's frustrating to be rich in Crete, Nebraska or Salina, Kansas because there really isn't much you can spend your money on. You wind up living two lives you have the winter home in Phoenix, or Palm Springs, or wherever, and that's where you spend your money on the nice car and the country club membership, and you make sure that there is very little overlap between the two lifestyles.

There are many of us who are wealthy and don't flaunt it. My husband and I are in the top 2% of the country, perhaps 1%, but the difference between us with tens of millions sitting in the bank vs those with hundreds of millions is staggering and disgusting.

We need a class war, socialism, and universal healthcare. NOW.

R38 you don’t flaunt it...except that you just did. LMAO.

[quote] It's called DEBT, or if not debt then NOT SAVING ANYTHING. In either case, enjoy being poor when you get old.

IF you get old. Some folks will probably run up lots of consumer debt and then check out. Some by choice others by illness. Not everyone will live long enough to retire. I say live it up while you can. Life is just a bowl of cherries.

This is all out of hand.

I worked for the NJ state government, after 33 years was making about 125,000. Retired at 55, worked part time till 65. Combined pension and SS is 93,000. Have untouched 401k abt 250,000. No debt. I can afford a nice trip every few years, live comfortably. I expect to live much longer so that money will sit there until I need care. Along with my long term care insurance I should be ok. This means I am doing much better than most retirees. That includes most of the fabulists who post here.

If I paid attention to social media, or DL, I would feel anxious about my savings, my future, my standard of living. My Dad used to advise "Don't count other people's money. It will make you bitter". I would add that people who brag about their finances or their great sex life are seldom telling the truth.

[quote]you have the winter home in Phoenix, or Palm Springs, or wherever, and that's where you spend your money on the nice car

Which is still not likely to cost more than $50,000 or be particularly new

When I was in my 20s and broke, I spent a ton of money on a lavish vacation. Now that I am older and richer, I am much more conservative with my money. So you can't really tell how much money people have because they could be in debt or rich and thrifty.

R41 so you have a pension of about $5500 a month? That’s insane! Then again, I know people who work for the government do get better pensions than anyone, so I guess it makes sense.

What gets me is the neighborhood after neighborhood of million dollar homes. They just go on and on. Somebody out there has real money or else they’d all be empty.

[quote]7,647,278 American households with $2 million or more, and 4,665,039 households with $3,000,000 or more in net worth. $2 million or more in net worth covers roughly 6.07% of households, while $3 million or more covers 3.70%.

OP there are a lot of people who can afford the million dollar homes but they are less than 6% of the population.

^^ meant to say about 6%^^

[QUOTE]7,647,278 American households with $2 million or more, and 4,665,039 households with $3,000,000 or more in net worth. $2 million or more in net worth covers roughly 6.07% of households, while $3 million or more covers 3.70%.

I wonder what the numbers would look like if you exclude the value of their homes?

A friend of mine is in the auto restoration business, and he says that everyone he works wth is paying for their cars with home equity loans.

Ugh, I know OP. It's depressing as hell. Here I am... barely able to buy myself a jacket (although expensive) for Christmas. Then I see all these people with huge houses, brand new cars, all the latest gadgets they got for Christmas. I realize I'm poor with my old crappy car, tiny condo and barely any Christmas gifts. I knew I had a mediocre job, but I realize my salary is way below most people's. The kicker is I also have poor parents, so I will barely inherit anything when they're gone. In other news my future is looking just as bleak as the present.

The last time I wondered where everyone was getting their money was right before the housing bust. perhaps we are heading into another down turn in the economy.

What R1 said. You can have an expensive house and lots of expensive stuff, but that probably means a mountain of debt... mortgage and credit cards.

.... then you're in over your head, paying off that debt.

[quote]Is there more money out there being spent by some class of wealthy people that most of us don't see

???

What are you even asking? Unfortunately, extremely wealthy people do exist, and yes, “most of us” will never cross paths or engage in any way with them personally. Also: how people present on social media is incredibly fake and staged. If you havent figured that out then I don’t have much confidence in your intelligence.

Not sure if true but there was a story about one of these 'influencer'/posey-wankers being caught out faking it.. He'd pose with other people's gear- His lavish home with impeccable interior was actually a display home, the external and views were probably from yet another place, selfies next to a complete stranger's parked car, photographed an expensive watch tried on in the store. When companies are willing to send discounts and freebies to people who appear to have a large following and to be successful,. there's going to be some people highly motivated to get creative. (ie. Lie through their teeth)

I don't think it's unfortunate that really wealthy people exist, I think it's unfortunate that we have such an imbalance in the distribution of income. Part of the problem is the average citizen doesn't understand the basics if finance and the basics of out tax code. If they did, the poor and middle class would not be voting republican.

R54 Where they Indian?

R56 , I'm sorry, I can't even remember. Although I do remember another guy who did similar on a chat forum about 5 years ago. Called himself something like Alexander or Xavier. For months he spoke of being a young white guy from a wealthy family, his snobby act was quite obviously fake and most of us caught on he was exaggerating. Turns out he was actually gay but but about 14yo, from a poor-working class family in a black township in South Africa. He wasn't grifting though, just a closeted gay boy wanting an escape I guess.

I think R57 is full of poop.

Where’s the Sure, Jan for R57?

[quote]Many gay men exchange sex for nonreportable money. Many have sugar daddies that pay for the condos, cars, vacations, etc. I think we all know that. This is all very accepted in the gay lifestyle/culture.

Datalounge refers to being gay as a “lifestyle”? Or, is that just a poster from Lip Stick Alley...

You can believe me or not, but I came into a rather large sum of money and I haven’t told anyone or spent a penny of it. For me, it’s extremely satisfying to have this little secret. As soon as anyone knows you have money, there’s a target on your forehead.

Best to savor it quietly and have it when you need it.

[quote] They aren't any happier than me, though, except for the travel part. I wish I could travel more than I can afford now.

I used to travel on business so I racked up a ton of Marriott points, which my partner and I used to stay at Ritz Carltons in places like Tokyo and Singapore. Very nice, but very sterile. You don't meet anyone but other first-world travelers. Everybody tells you about a restaurant you MUST try, which invariably turns out to be hysterically expensive and filled with tourists Instagamming their food.

They aren't happy, IMO. Their children have no manners. At the RC in Berlin, the little monsters overran the breakfast buffet while their parents stared at their phones, oblivious to the mayhem their precious offspring were causing. At one Marriott in London, we got caught up in a conversation between a couple from Florida and a couple from Georgia, each trying to out-impress each other with stories of their new cars and their gated-communities. When I interjected that I don't own a car and take the subway to work they looked at me as if I had just taken a shit in their omelette.

Anyway, I changed jobs, no more travel, and the points dried up pretty soon. We still travel on vacation, but now we stay in small, local hotels or Airbnb. It's so much more fun and interesting. We have breakfast with locals in cafes and bakeries instead of with business travelers in the concierge lounge. I miss flying in business class, but staying in little places and eating in small, out of the way restaurants is far more rewarding than traveling five-star.

Don't let the years go by without traveling because you think you can't afford it. Get creative and you can make it work.

[quote] A friend of mine is in the auto restoration business, and he says that everyone he works wth is paying for their cars with home equity loans.

Though it is not technically lawful for everyone, EVERYONE deducts interest paid on home equity loans from their taxable income. For people with money tax avoidance is a hobby.

The tax codes are geared toward people who have their own business. When I was self-employed I was amazed at all the deductions that were available to me, my accountant at that time was able to deduct many things and get any taxable income down to almost half of what I earned.

Recently I had a friend who was a CPA do my taxes and he used software normally used for high income earners from his accounting firm on my taxes. With all the deductions he has gotten my overall tax rate down to 11%.

R63... Home equity loan tax write offs are gone, with the new tax law. Not anymore...

Another tax avoidance technique is tax loss harvesting. In a down market you sell stocks with capital losses and purchase something similar or wait 31 days and buy back in to the stock you sold (the wash rule). Then when the market goes up, you use the losses to offset the gains.

My God R49 I could have written your post myself. Except I live with my mother in her house and stand to inherit nothing as my nieces and nephews will be the benefactors of whatever the house sells for when mom dies.

I gave up my life to take care of family while my siblings lived their own lives and are very well off today because of that.

[quote]Though it is not technically lawful for everyone, EVERYONE deducts interest paid on home equity loans from their taxable income. For people with money tax avoidance is a hobby.

When I heard that Americans can deduct mortgage interest I nearly shit. In Canada you can't deduct fuck all.

R67 R49 - good to hear there are others in the poverty parents position. Seems like everyone I know is inheriting money - which is a big part of their retirement plan. It’s so unfair. I’ve worked hard and saved - but have also had to support elder parents which none of my richer friends did. Then in addition they get hundreds of thousand when their parents die. Sick of how unfair this whole system is. I’m ready for socialism. Instead the US lowers taxes on the rich and corporations, those who live on investments and those who inherit money. Time for the poor to revolt like the French Revolution. This is disgusting.

R69, what you propose would help even the playing field for blacks as well. I'm sure white people inherit a lot more money than blacks.

I had a friend who had a successful and glamorous career who would spend lavishly on travel, cars, clothes, restaurants, art and antiques, and then declare bankruptcy. He did this twice. He made a lot of money, but he spent even more than he made. He's still going strong after two bankruptcies and lives an even more lavish life today. I think his income finally caught up with his extravagant tastes so he can avoid all the debt.

Don't you run out of credit after a while? Even with cards that have a $15,000 limit, if you use more than $4500 (30%), your FICO score drops and it makes it hard to get another card or another loan... and if you do, it'll be maybe another card with a $3000 limit, so you can only use $900.

I learned this when I was moving & put a ton of furniture & expenses on a 0% card. I basically had to pay it down to 40% or so. Getting close to the limit causes a lot of problems. That's why I am always amazed when people have 100k or 200k in credit card debt. The banks actively try to prevent you from amassing that amount, since it puts them at risk too.

Where is Suze Orman when I need her?

R62, interesting post. Except for a few business trips I've never traveled as you were able to do before the points dried up. I've always traveled they way you're doing now. Way more satisfying. I should have clarified, though, that I can afford to travel some but choose not to because I have a fear of spending money after watching elderly family members run through their savings paying for long illnesses, even when they had good insurance. I do travel closer to home, road trips up and down the west coast and an occasional jaunt to another US or Canadian locale. I imagine I have one or two grand tours left, but need to plan and save to do it. Thanks again for sharing your advice and experience, I appreciate it.

[quote]Seems like everyone I know is inheriting money - which is a big part of their retirement plan.

Never count on an inheritance. You may be denied any provision for reasons which are well known to you.

I'm 51. I have 100k in 401k and another 250k in stocks. I make $125k a year and have very little debt and no dependents. I plan to retire at 62 and live off my investments and social security. Am I in decent financial shape?

It depends on where you want to retire, R75. If you want to find some little Mayberry somewhere, live in a cottage with a white picket fence, and sit on the bench in front of the barber shop all day (not a bad option) then you're probably in fine shape.

On the other hand, that kind of money isn't going far in NY or LA.

It’s never enough. There is always financial risk and the chance that you run out of money due to health issues or an economic disaster. Thanks uncontrolled capitalism. I got tired of worrying and realized that I keep putting off enjoying life for fear I will live to 90. I’m placing my bets on dying by 75 now and planning on quitting by 60. I’ve seen too many gay men and family members die by 60. And very few outlive their money. I want to die with exactly $1 left - and ideally unpaid bills.

I've never understood why a Rolex the gold standard of wealth. Luxury goods depreciate like bags of shit. A 2000 Civic has more value than a 2000 BMW 740.

I bought my Submariner from an estate for $1300. Also bought a set of Baccarat crystal and a Steinway baby grand for 1/10 of their retail price from another estate. Went for the crystal and they had the piano. Left a cheap bid and they needed it gone. I like nice stuff and I actually play it. Plus its worth at least what I paid for it since I'm in no hurry to sell. I guess I'm a balla on $50k a year.

I was blessed with ambition, drive and intelligence (not to mention great looks and a slim yet muscular physique...ty genetics!), so at 38 I am very well off financially and could retire now if I wanted to. I guess if I were dumb and lazy I'd wind up like most Americans, with some minimum wage mcjob and no savings. It's very hard to muster sympathy for those sort of people who are below my station in life.

"The worst thing you can do with money is spend it frivolously."

Best investment advice ever.

OP -- you can buy two Rolex watches for $3K (vintage Rolexes are cool, and cheap)

R75 you will be fine if you live in a retiree friendly state. No matter your fixed income, living expenses rise over time and you need to think long term.

R41 here. Planning to leave NJ, cost of living and taxes too high here. Planning to move to southern NH about 40 miles from Boston. Good health care system, low crime, very friendly tax structure for retirees.

Remember this OP: There's a thriving market in used, empty shopping bags from high-end stores. Shallow bitches will pay a bit of money for empty bags from Prada or Armani or Louis Vuitton stores, so they can stuff random shit in the bags and then put pictures on social media of themselves on a "shopping spree".

A lot of what you see on social media is outright lies.

I hope it is all true.

Yes they are.

And some are whores.

You never really know. I find the more showy and materialistic they are, the less they truly " got it like that". Most of the truly wealthy people I know are low key. If they do spend a lot on luxurious things they don't post or flaunt them.

Some people are that wealthy, but a lot of Americans are deeply in debt and Keeping Up with the Joneses is often a big reason for that. You'd be amazed (and depressed) by how many people have almost nothing saved for an emergency or a significant change in circumstances. And it isn't just the poorest of the poor in that situation.

That's not to say that one shouldn't have some fun now, but based on social media, you'd think most people think they are going to die within the year.

R83 is not kidding. I've sold high-end shopping bags on eBay.

The richest guy I've known came from a family that had been rich for generations. They still are. One of his aunts has been discussed here on Datalounge. When I met him he was working construction. What I did not know was that his family was big in real-estate development. You would never have guessed by the way this guy lived, at least, I didn't way back then. Two traits I learned from him take notice of: 1. He had impeccable manners. In the most informal settings he would still take the time to be considerate and gracious. 2. He could be a cheap bastard. Back then I though that meant he was short on funds; now I know that many people who grew up with big money are still cost conscious.

R62 here. One thing I did not mention, but R73 made me think of it is that my partner and I put away $500 each every month into our vacation fund. Then we take that money and budget our two-week vacation. You can do a lot with $12,000, but not as much as you think (14 nights at the Mandarin Oriental is not a possibility).

When I was young, I used to charge everything and pay it off over the following year. Not only do you end up paying interest, doing it that way you're certain to overspend. I've probably become a bit too anal about the whole thing, adding up expenses every few days just to make sure we're on track, but after years of coming home to a Visa bill that just about broke the mailman's back, it's much nicer to know you've saved up the money beforehand.

Some of the wealthiest people I've met looked like they would be among the poorest. I met a friends sister who has a substantial fortune, around $500M her husband dresses in old clothes and drives a 20 year old wreck of a car. They don't want to draw attention to themselves because every grifter and people looking for a handout would be hounding them. They do a lot of charitable giving but with the stipulation that their donation is anonymous.

I work with very wealthy people and they are all very condescending.

The thing is they are superficially nice but most of them suffer from the problem they simply don't realize that no everyone has money.

Like some of my coworkers will have a car break down and one had a bad tooth that had to be pulled. Not one of them could understand why they just don't get it fixed.

When I told them, they cannot afford to, they simply shrugged.

But yet they will host fundraisers to help the people of Haiti or to help the tennis pro (who makes six figures) kids go to college.

And the worst part is they want to be "understanding." When I ask them why don't they live in a nice suburb, instead of the city paying astronomical prices to be surrounded by homelessness, filth and crime, they say "Oh we want to live in a diverse neighborhood and have our children experience differences."

Of course when I point out, diversity means "different food" and the fact they all live in housed off sections or guarded high rises and their children go to private schools, they are basically living in a reverse zoo, where they are locked up and seeing their "diverse neighborhood" through bars, they don't get it.

So yes rich people are happy but they don't get the real world, because 99.9% don't have to. And unless their some publicity or something to put on their resume (I was on the board of the Latin School) they don't care.

On one of those unauthorized celeb shows talking about Aaron Spelling's death, they told a story about how Aaron would buy the wife a $250,000 necklace and then secretly give Tori $50 as if it were a huge amount of money and beg Tori not to tell her mother.

Not certain what you're asking OP. In general what you read on FB or see on Instagram is not necessarily the truth. But then you knew that, right? Yes there is enormous wealth at the top right now in the US due to overheated compensation at the top and historically low top bracket income tax, inheritance tax, capital gains and of course all manner of loopholes. And the middle class and below are stagnant. But you knew that too, right?

As for R91, I know a lot of wealthy people as well. You simply cannot generalize. Most of those I know are Democrats (cannot abide Repubs in 2019) and well aware of the breaks the GOP has given them- I am one of them. I am not a "socialist" but I certainly don't need all the breaks I am able to legally take to avoid tax. I think there is a reasonable middle ground in our nation which can easily afford universal health care, but for lack of political will. There are lots or wealthy people in France, Canada, Germany, UK, Japan etc. you know. I would add that most of the wealthy folks I know are actively charitable. Yes that giving can be deducted from taxable income- but that is not why I give money to charity. If I was only concerned with maximizing my income, I would not give anything away.

The world is not black and white. That said, our tax system and priorities in this nation are at an all time nadir and in the long run will not sustain our nation. Elizabeth Warren is right: the nation is "rigged" toward the wealthy, in practically every sense, from travel, the taxes to healthcare and education. And such a nation cannot sustain itself as a great nation.

I have a few friends who according to social media spend their days traveling the country. What they don't say is that it's for work, it's an awful job and extremely taxing.

My bf is a lot younger than me. We joke that I'm rich in stocks and mutual funds and that he is rich in good looks and muscle. To the casual observer, it appears to be a sugar daddy arrangement, but it's really so much deeper than that. We complement each other perfectly.

R94, what do they do?

[quote] I'm 51. I have 100k in 401k and another 250k in stocks. I make $125k a year and have very little debt and no dependents. I plan to retire at 62 and live off my investments and social security. Am I in decent financial shape?

You may need another $500k to retire in 10 years at 62 if you have a normal life expectancy (@80). If you are living within your means -- and not in LA, SF, NYC or DC -- you can contribute up to $24,500 in your 401k, reducing your taxable income by that amount. Hopefully you can also get an employer match. You will be fine if you save aggressively in your 401k for next 10 years.

R97, last I looked, the experts were advising people to put-off their Social Security withdrawals until age 67 or 70. It pays you more monthly, if your start date is postponed until then. It might be worthwhile to live off savings until that time, especially if your family is long lived.

Read about it online. Then I’d recommend speaking with a finanial adviser. They will charge you, but it should pay-off over time if you make the best decision.

Do people who buy base models of luxury cars to impress others realize that people are laughing at them?

Of course they're exaggerating.

How many people are truthful about their yearly income or their amount of debt when they fill out a credit app, or a rental agreement?

How do you know someone's wearing a Rolex unless they're prominently placing it the photograph to be noticed? They want you to know how expensive it is. It seems kind of needy.

I've been wondering that myself. So many people, families too, traveling all over the place, beautiful homes and possessions. I always wonder how they are support themselves when all they do is travel and photoshop and filter their pictures. I know Instagram can generate income, but some of these people don't have tons of followers. Then there are the people, a lot of times c-list basketball players, people associated with nightlife or just randoms, who live in NY or LA and all they show is travel, yachting and going out to glamorous places, posing and partying. I'm talking straight men here too.

There’s no faster way to announce yourself as new money than advertising your brand name crap on social media. It’s barely a step above shilling skin care on YouTube.

A friend of mine worked for a lawyer who lived lavishly, big trips, a boat, and the McMansion of course, but he ended up filing for bankruptcy with over 2 mill in debts. It’s all fake op, don’t even think twice about those tacky arses.

One of the biggest signs I’ve noticed of true wealth is if a person has ever taken a sabbatical (non medical obviously) year off. I’m not sure why, but it’s a reliable sign of coming from money by my observation.

Well, R102, if they're like a co-worker I once had they spend their lives applying for every credit card and credit line they can get their hands on, lease everything, and live like Kings for as long as they can. Then when the house of cards comes crashing down they file bankruptcy and start the process all over again. I watched the people I'm thinking about do it twice, and what was amazing was how quickly they got the whole thing going again.

I look at how they lived vs how I lived, and I'm not so sure they didn't have the right idea.

I've noticed a man's shoes, his teeth and how his trousers fit his ass but have never given a thought to or noted his watch. Or, if he was even wearing one. Do you watch queens have meet-ups, so you can find and partner one another?

R60, you know the deal. An invasion!

R69. Especially R70! Listen to yourselves! Why do we need to even the playing field for black people? YOU ARE RESPONSIBLE FOR YOU. You're not a child, are you? Are you? Is that the problem here? Come on!

R75, it's impossible to answer without knowing how much you will need to live on per year in retirement.

If you don't want to learn about this stuff on your own, I would suggest you find a CFP who charges by the hour. Others will want to charge you a percentage of your assets which is a major ripoff.

[quote]It's depressing as hell. Here I am... barely able to buy myself a jacket (although expensive) for Christmas.

I haven’t bought a single piece of outerwear in almost 10 years. I can barely afford to replenish my wardrobe at all. Much of what I wear daily is noticeably threadworn. So sad you could “barely” buy an “expensive” jacket this year, but you’re not doing terribly if you’re still treating yourself to extravagances.

R109, modern capitalism is designed to favor the 1%, and straight White males in general. That’s how our society and laws are structured. When you’re born and raised in it, it’s easy to overlook and just think “it’s the normal way things are, when things are equal”. Things aren’t equal at all.

R111, are you asian by any chance?

The excuses!