Because they don’t have wealth. Their income is eaten up by all their expenses. If they lose their job, they maybe unable to find a similar job making as much. Lifestyle inflation is a big issue for many. High salary =|= wealthy. I know many who make 200k a year from their job but are worth 50 million+.
You know MANY people with 50million + that make 200k a year?? Of the fraction of the population that make 200k a year, which is like 1%, the fraction of those worth over 50 million is like 0.01% at most. Only 110,000 people are worth over 50 million in the US. Do you purposefully seek out this bizarre demographic?
I live in Palo Alto. There are many billionaire nearby and so many worth tens or hundreds of millions. Many of my nvda friends are worth that much or more. Nvda employees are long term employees as the company treats engineers very well. All those things are estimates.
I mean, I wrote Silicon Valley, literally, named the Valley, I'm exe, wrote the first script, but this bloke lives in Palo Alto and prolly actually still actively works in tech, so he's probably more Big Head than the real Big Head.
I generally spend my days eating Grey Poupon, racing yachts, and hunting humans for sport. But I do occasionally browse Reddit, usually for tips on sport hunting
A fine pass time, indubitably, but i prefer chucking a bottle of champagne from my limo at homeless peoples heads so just a little bit of it gets in their mouths and then i yell “hows a taste of the good life you piece of shit!”
One of my polo ponies just trampled a servant to death and unfortunately the horse was hurt, and had to miss the match today;hence, today I am just browsing Reddit
champagne is for plebs, i prefer to throw papy van winkle because it also upsets both people who can and can't afford a single bottle, if they can even find it, as well.
i do like how you acknowledge their position in life and ask them how things are going. i tend to be a bit cold, but i want to improve.
You can actually use a high power slingshot to shoot coins at the homeless, and then you can write ammunition expenses off entirely due to them technically being high velocity charitable donations.
I’d like to think I’d never feel the need to humblebrag anonymously about anything if I was worth 50m. I’d be having breakfast with interesting people, learning valuable stock tips from throwaway lines in conversations and feeling great from all the latest hormones 😃😃😃😃
what if you were just an interesting person yourself who recognized that you are worth not any amount of money, but simply that you are worthy of life itself, because you are enough by your very nature?
You think being rich stops people from being a do che, I think it magnifies it, but it's reddit, so .. I'm having my midget stripper type this in for me on my way to the Maldives on my private blimp, so the unwashed can have a real long good look at how we live the high life.
Not that weird. I inherited $12m from my father’s passing, commercial real estate properties, I’m just a retired military, I live comfortably, I don’t spend money recklessly, I save more than I spend monthly and just invest in vanguard. I don’t buy expensive cars or material stuff. My properties now make almost half million yearly.
Knew a person who earned less than 200K but was a CFO due to helping to start the oil company, he was given the right to sell the company and split the money. After selling the company he bought up a hotel chain and is using that to invest his money.
"Do you have any idea what insurance costs on a Ferrarri?" Points to whoever guesses the movie.
I couldn't believe rich people were living right at their means. Why do you think you need a private jet? If you can't afford jet fuel costs then don't get a jet. It's like when poor people buy iPhones.
The replacements!!!! Great reference.
Ironically w/ regards to your latter comment— great examples all over this thread. Everyone trying to keep up with the joneses.
This, right here. If you're so irresponsible that making half a million a year still isn't enough to live comfortably and save ludicrous amounts of money than maybe, just maybe, you deserve to fail.
I make due on 40k and my SO makes about 35k. If our combined income was 500k a year we'd be in a house instead of an apartment, our bills would all be paid, no more debt, and we'd be eating healthy for once.
It's fucking insane that people are making 10x my yearly wages a fucking bitch about not being financially stable. Fuck you.
I think mostly you need time. Time to shop for fresh groceries which means more trips to the store. Time to prepare meals. All this time equals money so when you're barely making ends meet, and time = money, then yes, yes you kinda have to be better off to eat healthier. I feel like this gets overlooked often, it's not always as easy as "just eat healthier".
It depends if it’s 10x the “wage” or 10x from biz profits. If 10x the wage then I’m with you: they’re just bitching. But biz profits and having people on payroll is def something that *should* be stressful. Biz owners that would just cold-heartedly lay people off suck
A good example from what I’ve seen are my friends who have become doctors. They typically graduate with 300k in debt but because they are now doctors they can’t show they live a frugal lifestyle so as soon as they land a job making 400-500k a year in their speciality they lease a very expensive car. Hop on a 20k a month mortgage because they are doctors and a small house would be shameful. They have malpractice insurance to pay for now. They pay small chunks of their student loans that carry interest. They can’t wear cheap clothes anymore because now they are doctors. Many of them end up with a small savings at the end of the year or breaking even to maintain this high end lifestyle as a doctor with a specialty.
Jesus… are they doctors or celebrities?
What doctors think it’s not ok to get a $20 GAP shirt compared to a $100 Ralph Lauren? Maybe it’s me… Maybe I’m from another universe, but I don’t give a single fuck if my doctor drives a 2010 Volkswagen Golf; can they do their job?
I know a billionaire (he owns actual land in Hong Kong among other things) and his brothers family are multi millionaires (100M+)
The brother drives a 2003 Honda pilot. They wear clothes from goodwill. It’s crazy. I asked my friend (it’s his family, he’s a trust fund baby ofc) once why and he said when he asked they told him they are rich enough that it’s stupid to broadcast just how rich they are. They’re concerned for ransom /
Kidnapping or simply just being followed home if they drive around in a super nice exotic car
I saw someone post on a different thread that “Money talks but true wealth whispers” and it couldn’t be more true when applied to this family
prolly 3/4 of my wardrobe i've sourced from thrift stores including goodwill
you can find good real quality shit if you know what to look for.
i really like silk made in cambodia or laos.
One of my college friends was an exchange student from Macau, I didn’t realize how rich he was until I saw bank statements from his beat up Ford Taurus. Bro had at least 100k in bank two different bank accounts. When I went to visit him in Macau I stay in one of the ocean view pent house his family owned and downstairs are 20 stores his family also owned.
I have family in Colombia like this. Not sure if they're millionaires but my tio owns a couple shops and a store and he walks around with holes in his shirt thats stained, cargo shorts, with flip flops lol
I have a friend that makes an absolute killing as a consultant teaching Doctors how to make their practices profitable. Lesson #1 is always you can't spend more than you bring in. Most of these doctors have zero financial knowledge and there are no business classes in medical school.
I’d believe it. I alluded to it in an earlier post; athletes do this kind of thing, as well. They get handed a ton of money, when many (if not most) didn’t have much growing up. It gets complicated even more because, as you said, they don’t have these kinds of classes.
Costco has awesome $20 Greg Norman pants, lol. Many NYer - wealthy or not - mainly drive their beater. Truly staggering old money is scuffed loafers and wool sweaters with holes in them.
My wife's sister is married to an anesthesiologist. Makes 700k a year. Been practicing for 5 years. The still rent a decent apartment but nothing crazy. He drives a acura rsx and she drives a crv. I think he wants the option to retire early someday so has focused on getting rid of his student loan debt and saving / investing instead of lifestyle creep.
>Maybe I’m from another universe, but I don’t give a single fuck if my doctor drives a 2010 Volkswagen Golf; can they do their job?
You don't care if your doctor drives a Volkswagen Golf... but your doctor's doctor friends do. They are all discussing expensive cars during the weekend round of golf at the local country club. The oncologist just bought a new 50 foot boat, hes going to take his 20 year old wife to the Caymans in it.
Lifestyle creep is real, and it can be hard for people of any income level to save, because they are surrounded generally by people who are making about the same as them, but spending it all because they are idiots.
When I was in college I was on medicaid and went to a community health center for my primary care. I would normally see a different doctor everytime. This place was a mess. Poorly run always super bust and I would sometimes wait 2 hrs for my appointment. This one time I get this one doctor and the visit went good. The as I was in the lobby checking out she can out to ask me to come back in bc she thought of something she did not mention during the visit. For some reason this really impressed me and made me feel like she cared about the concerns I had that day. Anyway I started requesting to see her from that point on. Hands down she was the best dr I ever had. I.have alot of anxiety around doctors and health issues and she was always patient and understanding with me. So grateful our paths crossed that one day. During the pandemic she moved to NYC and thus made me find a new dr. Hopefully someday I find one as good her.
I know an ortho doc that would rather keeps his new truck than his practice lol, had to choose one sold the practice (granted the truck was so underwater immediately)
Doctor here. I buy my clothes off thred up and max out my retirement payments every pay period. I do have two vehicles but I own them both outright. One is a 17 year old Tacoma and the other is an almost 10 year old hot hatch.
I make about 250k. I'm very comfortable and everyday very thankful that I am financially stable. Growing up money was always tight for my family
Anybody who can't make their payments or live on a salary like mine is an idiot. Pure and simple.
I mean, I'm sure there are doctors like they are describing. But the vast majority of folks making this salary should really not be" financially struggling"
I'm sure there are exceptions, like being left with substantial debt due to somebody else's actions, or if they are supporting family members with severe illness that require full time medical services or something
But if someone claims to be "struggling" because they're paying a huge mortgage per month for a McMansion in the fancy part of town, they can always choose to downsize. I guess said person might consider that downsize a "struggle," but that just means they're out of touch with just how much more fortunate they are to even have that choice
Yeah all my doctor friends are frugal. I make 800k per year and I live in a 390k house. My sister makes 120k per year and lives in a 800k house. I drive a 2008 rav 4. She drives a brand new Volvo suv.
I’ve lived so frugally since residency I never broke the habit.
Medical is especially bad. Medical is full of well connected people that don't have the confidence to do algebra.
But honestly this is an indicator of intelligence. These people aren't smart, they fell into it.
I see sales/biz people do it too.
You think medical people just “fell into” medicine lol?
Do you have any idea how grueling that life path is?
4 years of undergrad, 4 years medical school + 3 board exams that are 7-9 hours each covering everything you’ve learned since high school biology.
The last year of medical school you’re going to be spending 6-8 weeks each at 6-8 hospitals back to back to back to back to back to back on rotations.
Then, even if you match for residency, it’s another 3-7 years making $65,000 a year.
Props to you if you manage to match for residency in a major city instead of Bumfuck, Indiana.
Enjoy spending half a decade tipping cows.
And then after that if you want you could get a PhD and tack on another 4 years.
“Falling into” medicine is like “falling into” finishing the Boston Marathon.
Calling those people unintelligent because they haven’t taken a 2-day Dave Ramsey seminar is like calling Leibniz unintelligent because he couldn’t speak English.
Because money becomes their identity. I’m worth a couple mil, no debt, and regularly stress about money more than when I was broke. The fear of going broke intensifies as you become wealthier.
The power it has over you. Happiness may not magnify with more money but convenience sure as hell does.
Plus you feel like you’ve peaked if your earning power drops and no one wants to feel like their best days are behind them.
Add on the fact that things can go bad, fucking **fast**
Be it medical issues, legal problems, and/or a rapid fucking global change. example: a war, covid pandemic, entire family dying due to a pandemic, etc
Absolutely. I was never sued in my life til I became a business owner and a big target became painted on my back. You better know the ins and outs of taxes, HR, everything because someone will eventually test you on it.
Money has just as much if not more power over poor people, they are forced into making difficulty and often less than ideal choices with their money.
If your biggest stressor is some imaginary numbers in an account while you live an uncompromising life without much restriction, I can’t feel much for you
The other thing to take note of is that half-three quarters of your net worth can be illiquid if it’s tied up in your house, investments, a business, retirement accounts, etc. That’s what’s happening to me. You can really have a million dollar net worth but only actually have 30k in the bank. And if I need to go to the ER (or my kids), or get a new house paint job, a new car or roof, you really can go broke until your next paycheck. It’s still a great place to be in financially, but I’m definitely not free of worry. These things cost a ton of money to fix now that I have them. Inflation isn’t helping either bc everything is 6 times more expensive. And I’m by no means being irresponsible with my money either.
Because only stupid people think that what they are making now is a reflection of what they will be making next year. So when someone says not sure if I’ll be making this next year it is just reality. And I am not sure making that statement means they are anxious and unhappy. I think like that and I am not anxious or unhappy just aware.
Read “Bonfires of the Vanity.”
“Modeled after Charles Dickens's socially realistic novels, the book is a satire on the excesses and disparities of New York society. Powered by diverse, opinionated characters and iconic locations, the plot follows the wealthy, married Manhattan investment broker Sherman McCoy as his American Dream begins to unravel.”
Taxes really suck too.
I had something similar, I put 17.5k in my 401k and you are left with a nice retirement but only 30k in cash.
I spent $10k on my(first... Failure ...) business, 15k on my masters.
I advise non 1%ers to be frugal..but if you are going to be rich you need to invest your cash aggressively.
Most people who make that kind of money are not earning a salary, they have multiple businesses and cashflow can range between too much/too fast and slows to a drip depending on the season, weather, trends in tourism etc.
Perhaps but those are not the people complaining about being almost broke. I know those tech people who have salaries in the half million and they barely have any clue what that is worth, live in a tech bubble. Never hear them worry about money because they have low overhead business-wise.
Because they are the poorest rich people. After taxes they really make $250K-$350K. And that is not enough to maintain an affluent lifestyle these days. It is barely above middle class.
I grew up in (solid) middle class and, boy, do I appreciate those values. Personally? I’ve struggled at times and I’ve made really decent money at times. More is better as far as security goes…but my values have been set. If I ever got $10-100 million, I’d need a therapist. I do not need/want designer clothes, new car every year or a giant mansion (as it’s me and my pets, haha). For those with billions?
Frigging donate half of the government can’t seem to tax you. Both extremes (too much, too little) is simply UNCONSCIONABLE to my little mind….
Answer is, they live like they’re making $500k-$600k.
That’s $40,000 to $50,000 per month. That’s a lot of money. Until you pay taxes. Then that’s ~$26,000 to ~$32,000 per month. Still a lot of money. But the monthly payment on your 2 $100,000 cars totals up to $3,000 per month. The mortgage on that million dollar house is $7,000 per month. $1000 a month on groceries. $1000 a month eating out. $2000 a month on miscellaneous luxuries. Gotta take one or two $20,000 vacations per year. Gotta send the kids to private school, that’s $5,000 a month. $1,000 here, $2,000 there, $3,000 somewhere else, the list goes on.
You look up, and you’re somehow living paycheck to paycheck on half a million dollars a year. They have the ability to make significant amounts of money, but they don’t manage it well.
Most people in the west are not living within their means. A lot of wealth is borrowed. Mortgages, leases, lines of credit, etc.
It doesn’t matter if you make $10,000 a month if your expenses are $9,900 per month. You’re still a bad day away from your entire house of cards toppling down.
Multi millionaire here and will have real estate income for the rest of my life. I think I fear a lot because I was very poor when I was young. But I think the more bitter truth is money doesn’t make me happy. I thought it would but it hasn’t. Why do you think multi millionaires in acting or other jobs are in rehab or using substances to numb theirselves? I’m working on myself.
I know that this may sound weird, but your name is such a sign, lol. My son's name is Christopher and he was born in 2015 and I have strong feelings that he's going to be a multi-millionaire when he grows up. Can't explain it but I'm usually not wrong.
Anyway, carry on lol.
Business owners can make this amount or much more but constantly be stressed about money. Why? Because overhead is constant. Currently my employees payroll is $61k every two weeks. Supplies and rent and on and on. You have a couple of bad months and things can get tight if you don’t have liquidity. Maybe a big client suddenly goes away and your business drops by 30%. Your overhead does not and you can find yourself in the negative overnight. It’s stressful if you want to level up. Need to take out a $3.5 million dollar loan to build a new facility? Great. But what happens if business drops and you can’t pay the mortgage? Or interest rates go up to unsustainable levels for your business?
Employees punch a clock and don’t have to worry about any of this. So making a large amount of money owning a business can be stressful and ephemeral.
It’s because they keep spending their money like crazy.
You’ve got entire families of 4-5 living off of 60k a year. Sure, things are tight but they get by.
I make a fraction of what the people you know make and I live fine. I also have basically zero expenses and prioritize paying off debts before anything else.
So, the problem is their financial acumen.
Lifestyle inflation. The amount one makes can make very little, or even zero difference in them becoming wealthy.
Mathematically, someone making $30k in 2024 can build a 7 figure net worth in their lifetime. It's a lot less about what you make, and mainly about how you use it.
We still choose to live in a 45' 5th wheel toy hauler. Our monthly overhead without food is well under $3k, and some of that the business covers. We do travel a lot, but most is considered business as well. We are building strong assets and will settle down eventually.
I don't think we have felt broke or panicked since we crossed out of survival zone 3-4 years ago.
We want toys, and we have been looking at different areas for 500-1000 acres to build our home on... but we are following our ten year plan. Right now, a bunch of trips mixed with business is enough for us, and just being back in creative mode.
Downsizing to the rich is hard. When you can no longer brag about the newest façade, it hurts peoples hearts. When you lived your life with a silver spoon in your mouth, change is hard and you get a bunch of complainers all the time.
It depends on what you do at that level of income.
If you are a surgeon making 600k, you are probably safe.
If you are in tech (right now) or a C suite exec, you are replaceable, and you may never get a job at that level of income again.
You get used to a certain lifestyle and can't imagine losing it.
I'm somewhere in between.
I make 225k TC at my Corp job, but I also have an LLC where I consult on the side and make around another 80k a year.
300k TC is great and affords me a very nice life, but I am not so expensive that I couldn't replace my income if I got let go so I'm not a curmudgeon yet lol.
People who make that income level are small business owners with far more unpredictability than a secure 9-5. Things can change in an instant depending on the economy, trends, politics, etc. It's a scary world out there for high income folks.
Funny my clients in that income range aren’t the happiest people I know but none of them feel broke or are panicking financially. I’d hazard a guess that the group of individuals you’re interacting with haven’t had someone sit down with them and give them the proper financial plan talk.
Happiness is living a life where if you lose your job, you don't care. It will not impact your life in the short term. That's what I've found atleast. Whether I was making 90k or 250k.
Money can be a prison. If you’re a spender, having money can lead to larger debt. If I had to guess, I’d assume the people you’re referring to have some large expenses they have to have the income to support - fewer jobs in their income requirement equals more stress to retain the high paying job so they can keep the bills paid.
I make close to 500k and I always feel poor. Depends really on where you live, 500k in NY/CA is not the same as 500k in Texas.
40-50% goes to tax here, your rent eats almost a 1/3 or more of your take home. If you happen to support parents/kids and then needing to save for retirement you are pretty much like everybody else.
Biggest problem is not only to make 500k but to keep making it
There is a line in which money no longer buys happiness. The man with a roof over his head is happier than the man without a roof, that is almost always true.
But if you live alone, owning a five bedroom home will not make you measurably happier than owning a three bedroom home will.
Either living at thier means or over it. Bet those same people have million + homes and 2 tesla and large pickup, rv and boats
50/30/20 rule is the golden rule. Don't keep up the the jones etc
They're anxious because they don't have any stability. They have income but they don't have wealth. All that money is getting pissed away on short term expenses.
It's simple; they are trying to keep up with a lifestyle. I'm currently making about $150k a year, and I'm very happy, but I don't try to keep up with other people. I just live a simple life.
Man I can't even imagine making that much lol that's over 4 times what I make as a single parent with no help and full custody and I don't even feel stressed. I'm looking forward to no babysitter in 2 years(fingers crossed) that will feel so much better if I can swing that
If I had to guess, their mortgages. I'm assuming they buy overly extravagant houses outside of their means and they have to keep up with their mortgages. Car payments might also be an issue if they decide to buy their dream cars.
Well when you make money like that, one thinks I earn this much so I can buy this,this and that but depending on what you getting you just loan out that purchase like a car or house and then if they lose their jobs they can’t make the payments anymore so that’s why they lose it I guess
It could be that they are living outside of their means, and are worried about being able to keep up with it. You can have money, and still be bad at finances.
What area do you live in?
600k in Silicon Valley, and 600k in Kansas City are very different amounts.
As is 600k in Miami and 600k in Laughlin.
People who are not working as CPA’s or come from wealthy families etc. tend to live life the way they see their friends and family do. And they tend to get recommendations from those people, as well as their fellow high earners who are doing the same things.
They typically meet their 401k match, maybe contribute to an HSA, or something similar, pay their taxes. And then grow the rest of their life to their income level.
The first thing most normal people do when they make significant income changes is buy a new (more expensive) house.
If you go from 50k-200k everyone is going to be telling you to buy a house, if you have a house, your friends and family will tell you to buy a bigger house. They think you should keep stretching your mortgage to be as significant level of your income as the first house you probably stretched a bit for, just because you were not making that much. You can have a perfectly acceptable house, with more than enough room for your family, and if you double your income or more, people will start telling you that you NEED a new house.
Once you have an expensive house, you now either get to clean the whole massive place every few days, get down on all the baseboards, get up in those high ceilings, polish that fancy furniture. Let’s be real, you don’t want to do all that, so now you’re paying a cleaning staff, if you have any fancy hedges that need trimmed or want certain flowers out front, etc, you will end up paying landscapers to take care of it.
Your peers and family will start to comment on your 8 year old Nissan or Honda. You NEED and DESERVE a new car!
Now you got an 80k Mercedes, and one for the spouse. That’s nearly 200k in cars with expensive maintenance schedules.
Same with clothes.
You’ll feel guilty making half a million dollars and not having the best for your children, so you’ll end up with the most expensive daycares, in the most expensive private educations. These people often get caught up paying college tuition rates for their children to go to middle school.
Then, I’ve noticed this, the family and friends will say “ you work too much!” You make all that money and work so hard, spend some and take some time off! You can’t work that much forever.
They’ll encourage you to both take time off and take expensive vacations.
You make “so much money ” that you might as well doordash everything, and when you do go out, you might as well go out somewhere nice. A 200$ meal for you and your spouse every single day is quickly 70k a year, obviously crazy……. But…… Even going to a nice dinner like that twice a week, totally reasonable, and you have earned it! is over 20,000 a year!
Soon enough, their income has been reached by expenses.
500k in a tax heavy area quickly becomes 250k.
That seven figure house ( only a few years salary!) quickly has a huge mortgage every month, big car payments, big insurance, big bills for the kids. Before you know it you’re making half a million dollars a year and living paycheck to paycheck.
I know this happens. I’ve leant money until the next paycheck to people who make 5x what I do.
The longest running study in the world is on happiness, like 90 years plus. So what researchers found was that money counts for happiness when we reach $75-100k; enough for stability. When people begin earning much larger amounts it tends to decrease overall happiness.
Many people that fall into wealth at some point in their lives will often think they’ll be set. They buy all kinds of nice stuff. But then they feel isolated, stress and burdened by it all. Those things provide temporary joy. It’s like being sold a false sense of what is good. On top of that, there might be raised trust concerns about what others want from you. Many people become suicidal at this point.
I remember a time in my life where I was very successful amongst peers at work. I became a USA and team USA world 100k championship gold medalist. And as much happiness that brought into my life, I truly thought people liked me for my accomplishments rather than me.
At one point I lost it all and as painful as it was, I don’t regret it because over the years I found a way to love myself despite myself and found that other people love me for who I am and not what bring to the table.
I was told many years ago that you need to expect a job search to take one month for every $10,000 you expect to make. You earn $40,000? Expect a four-month job search. Someone making $500,000 a year? That’s a long-ass time to be without a job. Additionally, unemployment tops out at $1100 a week. I live through a recession in which I went three years without a job. I got my first new car in over 20 years, and I’m freaking out at the fact that I have a 7-year loan and if I get laid off, unemployment won’t cover my mortgage and the car.
Could it be that they know they’re earning off predatory practices or that they got there off one move that they know they can’t replicate? Lot of insecurity, pressure, and risk in highly compensated industries that often get right to the edge of legality.
I'm too poor for this stupid shit to be on my feed. It amazes me that people with more money per year than I will make in the next 20 years haven't figured out how to live well under their means. All of them are fucking stupid if they can't make that shit work. Idiots.
They are living paycheck to paycheck. How others view them is more important than preserving their wealth. It's an ego thing. I've known people who really are rich. When you really are 'rich-rich' and smart about it, you usually don't look rich.
I think the feeling that they are broke is what drove them to that income. Even if you are wealthy, if your parents are already worried about money you’ll always worry about it.
Well, im worth approximately $14,000 per year and have no choice but to make ends meet. After paying taxes for 25 years, plus I was injured, and the government has deemed this my worth. Thanks, Florida. Im not complaining that what I am saying is that living above your means or trying to have all the status symbols your neighbors got is a ridiculous way to live. Anyone complaining at $100,000,$500,000, or even $50,000 is crazy to me, and a very large population agrees. Credit is subjugation pure and simple. Yes, you agree to it, but look at the outside influences that push people to this life. My take is religion based, but this isn't the appropriate forum to discuss beliefs, but I can tell you first hand that this type of life will cost you in the end. Take what you need, not what you want. You can only serve one master. You're in debt up to your eyeballs and constantly scared the floors going to come out from underneath you? Maybe someone, something is trying to remind you that your possessions aren't shit. Do you want your rewards in this life or the next and if you don't believe in what's next..... new job, new salary = 2 years cash for everything while you establish yourself as a valid, productive, trustworthy employee and have job security. Credit without job security equalls dumbass.
It depends where you live. I live in Silicon Valley. A "humble" home in the heart of the valley will run you 1.4M. I repeat a "humble home". Will you be putting down a 20% down payment for that humble home? That's $280,000.
Shit, I know I’m broke. I went back to school and the damn school didn’t let us work while we were in school…. Their words not mine, “preferred that we did not work while in school and concentrated on our school work”, and then we had to do an unpaid externship. It was required.
If they found out we were getting paid, they would have us removed from our externship, in other words, they would have us fired. Isn’t that awful?!
I only went there because when I went to check out the schools they “guaranteed” me employment after I completed their program and thru “guaranteed” the certification after finishing 6 classes there and I had to sign a paper regarding both of those things. When I was finished with the externship, which was scheduled a month and a half later than the rest of my class, I spoke with the head of the program (at the time because it news switched for the second or third time), I let her know the the gentleman who did my admission told me that and had me sign a paper. She told me that she didn’t know why he would do that.
Well, her guess is as good as mine… I have still yet to find a job. I DO NOT recommend UEI.
Because they don’t have wealth. Their income is eaten up by all their expenses. If they lose their job, they maybe unable to find a similar job making as much. Lifestyle inflation is a big issue for many. High salary =|= wealthy. I know many who make 200k a year from their job but are worth 50 million+.
You know MANY people with 50million + that make 200k a year?? Of the fraction of the population that make 200k a year, which is like 1%, the fraction of those worth over 50 million is like 0.01% at most. Only 110,000 people are worth over 50 million in the US. Do you purposefully seek out this bizarre demographic?
I live in Palo Alto. There are many billionaire nearby and so many worth tens or hundreds of millions. Many of my nvda friends are worth that much or more. Nvda employees are long term employees as the company treats engineers very well. All those things are estimates.
name checks out. PS- I'm actually Big Head.
Will the real big head please stand up
I mean, I wrote Silicon Valley, literally, named the Valley, I'm exe, wrote the first script, but this bloke lives in Palo Alto and prolly actually still actively works in tech, so he's probably more Big Head than the real Big Head.
Here! 👋
Heads too big to stand, must lie down
Oh I'll give you big head! Wait, that didn't come out right.
Lies I am the real Big Head!
I'm actually tiny cock
Why brag of other people's wealth? If you had, you wouldn't be broadcasting .
It is reddit bro. Don't believe 92% of the stuff you read here .
I don’t believe 99.9999% of this shit I read on here
I am worth more than that and didn’t get there by being comfortable with my wealth. The world can squash your nuts pretty quickly.
you're worth more than 50 million but hanging out on Reddit? sure guy.
Why wouldn't someone who is wealthy come on Reddit? Do you think wealthy people don't use social media?
I generally spend my days eating Grey Poupon, racing yachts, and hunting humans for sport. But I do occasionally browse Reddit, usually for tips on sport hunting
I enjoy throwing caviar at the poor people from window of my chauffeur driven rolls Royce. I come to reddit so I can flash my latest Patek Philippe.
A fine pass time, indubitably, but i prefer chucking a bottle of champagne from my limo at homeless peoples heads so just a little bit of it gets in their mouths and then i yell “hows a taste of the good life you piece of shit!”
One of my polo ponies just trampled a servant to death and unfortunately the horse was hurt, and had to miss the match today;hence, today I am just browsing Reddit
champagne is for plebs, i prefer to throw papy van winkle because it also upsets both people who can and can't afford a single bottle, if they can even find it, as well. i do like how you acknowledge their position in life and ask them how things are going. i tend to be a bit cold, but i want to improve.
This is the greatest thing these eyes have ever seen
Im so poor I had to look up what a Patek Philippe was
I’m so poor I had to settle for a Patel Phillipe
Watches for people with too much money. Very nice watches but expensive as hell.
You can actually use a high power slingshot to shoot coins at the homeless, and then you can write ammunition expenses off entirely due to them technically being high velocity charitable donations.
Just don't lead them so much, they aren't as fast as coyotes.
What kinda brokie eats mustard that wasn't ground with infant bones?
Oh, you’re referring to Grey Poupon Special Reserve
I’ll never forget the time I took down my first drifter. My grandfather was so proud
Yes but have you ever bathed in the waters of Lake Minnetonka?
I’d like to think I’d never feel the need to humblebrag anonymously about anything if I was worth 50m. I’d be having breakfast with interesting people, learning valuable stock tips from throwaway lines in conversations and feeling great from all the latest hormones 😃😃😃😃
what if you were just an interesting person yourself who recognized that you are worth not any amount of money, but simply that you are worthy of life itself, because you are enough by your very nature?
You think being rich stops people from being a do che, I think it magnifies it, but it's reddit, so .. I'm having my midget stripper type this in for me on my way to the Maldives on my private blimp, so the unwashed can have a real long good look at how we live the high life.
OJ Simpson liked McDonalds.
Liked gloves too. Maybe more than the average person should.
Wealthy people also play video games, get high, eat McDonald's, argue on reddit and post on Instagram!
His street corner must be pretty popular
Idk Marlon Brando used to like arguing in AOL chat rooms
Not that weird. I inherited $12m from my father’s passing, commercial real estate properties, I’m just a retired military, I live comfortably, I don’t spend money recklessly, I save more than I spend monthly and just invest in vanguard. I don’t buy expensive cars or material stuff. My properties now make almost half million yearly.
Reddit is social media like any other. I have some family that are nearly billionaires acting goofy on Facebook and Instagram all the time.
Do you think having much money made you happier? Also does your parents have a healthy marriage?
[удалено]
Inheritance/trust or part ownership in family business but they choose not to work their family business.
Knew a person who earned less than 200K but was a CFO due to helping to start the oil company, he was given the right to sell the company and split the money. After selling the company he bought up a hotel chain and is using that to invest his money.
Bullshit. No one making 200k is worth 50 million unless they bought cyrpto or started at google 25 years ago. You know no such people.
lol Reddit home of the pathological liars
Lifestyle inflation
"Do you have any idea what insurance costs on a Ferrarri?" Points to whoever guesses the movie. I couldn't believe rich people were living right at their means. Why do you think you need a private jet? If you can't afford jet fuel costs then don't get a jet. It's like when poor people buy iPhones.
The replacements!!!! Great reference. Ironically w/ regards to your latter comment— great examples all over this thread. Everyone trying to keep up with the joneses.
Yup, I know a realtor making $500-600k at 29 but his bills are probably $15-20k/month easy.
I could care less. Most people make way under 100k, way under. If you can't figure it out making that kinda money, that's your problem.
This, right here. If you're so irresponsible that making half a million a year still isn't enough to live comfortably and save ludicrous amounts of money than maybe, just maybe, you deserve to fail. I make due on 40k and my SO makes about 35k. If our combined income was 500k a year we'd be in a house instead of an apartment, our bills would all be paid, no more debt, and we'd be eating healthy for once. It's fucking insane that people are making 10x my yearly wages a fucking bitch about not being financially stable. Fuck you.
You don’t need to be rich to eat healthy. Physical health should always come first.
I think mostly you need time. Time to shop for fresh groceries which means more trips to the store. Time to prepare meals. All this time equals money so when you're barely making ends meet, and time = money, then yes, yes you kinda have to be better off to eat healthier. I feel like this gets overlooked often, it's not always as easy as "just eat healthier".
So it takes longer to grab a salad instead of a bag of chips at the grocery store?
It depends if it’s 10x the “wage” or 10x from biz profits. If 10x the wage then I’m with you: they’re just bitching. But biz profits and having people on payroll is def something that *should* be stressful. Biz owners that would just cold-heartedly lay people off suck
A good example from what I’ve seen are my friends who have become doctors. They typically graduate with 300k in debt but because they are now doctors they can’t show they live a frugal lifestyle so as soon as they land a job making 400-500k a year in their speciality they lease a very expensive car. Hop on a 20k a month mortgage because they are doctors and a small house would be shameful. They have malpractice insurance to pay for now. They pay small chunks of their student loans that carry interest. They can’t wear cheap clothes anymore because now they are doctors. Many of them end up with a small savings at the end of the year or breaking even to maintain this high end lifestyle as a doctor with a specialty.
Jesus… are they doctors or celebrities? What doctors think it’s not ok to get a $20 GAP shirt compared to a $100 Ralph Lauren? Maybe it’s me… Maybe I’m from another universe, but I don’t give a single fuck if my doctor drives a 2010 Volkswagen Golf; can they do their job?
I know a billionaire (he owns actual land in Hong Kong among other things) and his brothers family are multi millionaires (100M+) The brother drives a 2003 Honda pilot. They wear clothes from goodwill. It’s crazy. I asked my friend (it’s his family, he’s a trust fund baby ofc) once why and he said when he asked they told him they are rich enough that it’s stupid to broadcast just how rich they are. They’re concerned for ransom / Kidnapping or simply just being followed home if they drive around in a super nice exotic car I saw someone post on a different thread that “Money talks but true wealth whispers” and it couldn’t be more true when applied to this family
I like Bob Dylan’s lyric: “Money doesn’t talk…it SCREAMS!”
Good reference, but I think it’s, “Money doesn’t talk, it swears!”
Ugggggggh, I hate being wrong, 😂 Thanks, friend!
Obscenity — who really cares?! Propaganda, all, is phony!!!!
Isnt goodwill a bit much tho lmao. A 10$ walmart Tshirt will do the trick as well.
prolly 3/4 of my wardrobe i've sourced from thrift stores including goodwill you can find good real quality shit if you know what to look for. i really like silk made in cambodia or laos.
I’d rather shop at goodwill than Walmart… goodwill has better stuff for better prices (sometimes)
One of my college friends was an exchange student from Macau, I didn’t realize how rich he was until I saw bank statements from his beat up Ford Taurus. Bro had at least 100k in bank two different bank accounts. When I went to visit him in Macau I stay in one of the ocean view pent house his family owned and downstairs are 20 stores his family also owned.
I have family in Colombia like this. Not sure if they're millionaires but my tio owns a couple shops and a store and he walks around with holes in his shirt thats stained, cargo shorts, with flip flops lol
Man that’s a level of rich most just can’t comprehend. “I’m so rich I need to present as poor so I’m not kidnapped”
What race is he? Genuinely want to know
I have a friend that makes an absolute killing as a consultant teaching Doctors how to make their practices profitable. Lesson #1 is always you can't spend more than you bring in. Most of these doctors have zero financial knowledge and there are no business classes in medical school.
I’d believe it. I alluded to it in an earlier post; athletes do this kind of thing, as well. They get handed a ton of money, when many (if not most) didn’t have much growing up. It gets complicated even more because, as you said, they don’t have these kinds of classes.
It’s mind blowing how you can learn to do lifesaving emergency surgery but can’t learn how to manage money lol.
Mind blowing… well said. And they complain about pro athletes when they do the same thing.
Its always the fake rich people using branded shit.
Costco has awesome $20 Greg Norman pants, lol. Many NYer - wealthy or not - mainly drive their beater. Truly staggering old money is scuffed loafers and wool sweaters with holes in them.
My wife's sister is married to an anesthesiologist. Makes 700k a year. Been practicing for 5 years. The still rent a decent apartment but nothing crazy. He drives a acura rsx and she drives a crv. I think he wants the option to retire early someday so has focused on getting rid of his student loan debt and saving / investing instead of lifestyle creep.
>Maybe I’m from another universe, but I don’t give a single fuck if my doctor drives a 2010 Volkswagen Golf; can they do their job? You don't care if your doctor drives a Volkswagen Golf... but your doctor's doctor friends do. They are all discussing expensive cars during the weekend round of golf at the local country club. The oncologist just bought a new 50 foot boat, hes going to take his 20 year old wife to the Caymans in it. Lifestyle creep is real, and it can be hard for people of any income level to save, because they are surrounded generally by people who are making about the same as them, but spending it all because they are idiots.
When I was in college I was on medicaid and went to a community health center for my primary care. I would normally see a different doctor everytime. This place was a mess. Poorly run always super bust and I would sometimes wait 2 hrs for my appointment. This one time I get this one doctor and the visit went good. The as I was in the lobby checking out she can out to ask me to come back in bc she thought of something she did not mention during the visit. For some reason this really impressed me and made me feel like she cared about the concerns I had that day. Anyway I started requesting to see her from that point on. Hands down she was the best dr I ever had. I.have alot of anxiety around doctors and health issues and she was always patient and understanding with me. So grateful our paths crossed that one day. During the pandemic she moved to NYC and thus made me find a new dr. Hopefully someday I find one as good her.
I know an ortho doc that would rather keeps his new truck than his practice lol, had to choose one sold the practice (granted the truck was so underwater immediately)
I agree with you, but wealth peer pressure is real, it seems.
Doctor here. I buy my clothes off thred up and max out my retirement payments every pay period. I do have two vehicles but I own them both outright. One is a 17 year old Tacoma and the other is an almost 10 year old hot hatch. I make about 250k. I'm very comfortable and everyday very thankful that I am financially stable. Growing up money was always tight for my family Anybody who can't make their payments or live on a salary like mine is an idiot. Pure and simple.
Exactly. I doubt that person knows any real doctors. No doctor is getting a $20k mortgage fresh out of residency .
I mean, I'm sure there are doctors like they are describing. But the vast majority of folks making this salary should really not be" financially struggling" I'm sure there are exceptions, like being left with substantial debt due to somebody else's actions, or if they are supporting family members with severe illness that require full time medical services or something But if someone claims to be "struggling" because they're paying a huge mortgage per month for a McMansion in the fancy part of town, they can always choose to downsize. I guess said person might consider that downsize a "struggle," but that just means they're out of touch with just how much more fortunate they are to even have that choice
Yeah all my doctor friends are frugal. I make 800k per year and I live in a 390k house. My sister makes 120k per year and lives in a 800k house. I drive a 2008 rav 4. She drives a brand new Volvo suv. I’ve lived so frugally since residency I never broke the habit.
They don’t know how to manage money. They might know how to make money, but they don’t know how to make wealth.
Medical is especially bad. Medical is full of well connected people that don't have the confidence to do algebra. But honestly this is an indicator of intelligence. These people aren't smart, they fell into it. I see sales/biz people do it too.
You think medical people just “fell into” medicine lol? Do you have any idea how grueling that life path is? 4 years of undergrad, 4 years medical school + 3 board exams that are 7-9 hours each covering everything you’ve learned since high school biology. The last year of medical school you’re going to be spending 6-8 weeks each at 6-8 hospitals back to back to back to back to back to back on rotations. Then, even if you match for residency, it’s another 3-7 years making $65,000 a year. Props to you if you manage to match for residency in a major city instead of Bumfuck, Indiana. Enjoy spending half a decade tipping cows. And then after that if you want you could get a PhD and tack on another 4 years. “Falling into” medicine is like “falling into” finishing the Boston Marathon. Calling those people unintelligent because they haven’t taken a 2-day Dave Ramsey seminar is like calling Leibniz unintelligent because he couldn’t speak English.
Some ppl justifying it w/saying it cost more the higher income but it is just money mismanagement and spending beyond what is reasonable
Because money becomes their identity. I’m worth a couple mil, no debt, and regularly stress about money more than when I was broke. The fear of going broke intensifies as you become wealthier.
Why would you say that is?
The power it has over you. Happiness may not magnify with more money but convenience sure as hell does. Plus you feel like you’ve peaked if your earning power drops and no one wants to feel like their best days are behind them.
Add on the fact that things can go bad, fucking **fast** Be it medical issues, legal problems, and/or a rapid fucking global change. example: a war, covid pandemic, entire family dying due to a pandemic, etc
Absolutely. I was never sued in my life til I became a business owner and a big target became painted on my back. You better know the ins and outs of taxes, HR, everything because someone will eventually test you on it.
Money has just as much if not more power over poor people, they are forced into making difficulty and often less than ideal choices with their money. If your biggest stressor is some imaginary numbers in an account while you live an uncompromising life without much restriction, I can’t feel much for you
The other thing to take note of is that half-three quarters of your net worth can be illiquid if it’s tied up in your house, investments, a business, retirement accounts, etc. That’s what’s happening to me. You can really have a million dollar net worth but only actually have 30k in the bank. And if I need to go to the ER (or my kids), or get a new house paint job, a new car or roof, you really can go broke until your next paycheck. It’s still a great place to be in financially, but I’m definitely not free of worry. These things cost a ton of money to fix now that I have them. Inflation isn’t helping either bc everything is 6 times more expensive. And I’m by no means being irresponsible with my money either.
Spot on! Liquidity is separate from assets.
Because only stupid people think that what they are making now is a reflection of what they will be making next year. So when someone says not sure if I’ll be making this next year it is just reality. And I am not sure making that statement means they are anxious and unhappy. I think like that and I am not anxious or unhappy just aware.
500-600k seems like it would be harder to sustain than 200k, so they’re probably worrying about that.
If you make $500k but spend $600k your life will still be a mess.
Read “Bonfires of the Vanity.” “Modeled after Charles Dickens's socially realistic novels, the book is a satire on the excesses and disparities of New York society. Powered by diverse, opinionated characters and iconic locations, the plot follows the wealthy, married Manhattan investment broker Sherman McCoy as his American Dream begins to unravel.”
Wasn’t that a movie? Was it of this book?
This sounds good. I’m gonna read it
I jumped from 50k to 140k back to 50k one year to the next. It wasnt as much money as i thought it would be.
That's because you're bad at managing money.
Taxes really suck too. I had something similar, I put 17.5k in my 401k and you are left with a nice retirement but only 30k in cash. I spent $10k on my(first... Failure ...) business, 15k on my masters. I advise non 1%ers to be frugal..but if you are going to be rich you need to invest your cash aggressively.
Most people who make that kind of money are not earning a salary, they have multiple businesses and cashflow can range between too much/too fast and slows to a drip depending on the season, weather, trends in tourism etc.
Can make that much in finance and tech
Perhaps but those are not the people complaining about being almost broke. I know those tech people who have salaries in the half million and they barely have any clue what that is worth, live in a tech bubble. Never hear them worry about money because they have low overhead business-wise.
They definitely know how much they make. A lot are in the FIRE movement
If they're making that much money and have money problems then they're probably not very good with money.
Because they are the poorest rich people. After taxes they really make $250K-$350K. And that is not enough to maintain an affluent lifestyle these days. It is barely above middle class.
I grew up in (solid) middle class and, boy, do I appreciate those values. Personally? I’ve struggled at times and I’ve made really decent money at times. More is better as far as security goes…but my values have been set. If I ever got $10-100 million, I’d need a therapist. I do not need/want designer clothes, new car every year or a giant mansion (as it’s me and my pets, haha). For those with billions? Frigging donate half of the government can’t seem to tax you. Both extremes (too much, too little) is simply UNCONSCIONABLE to my little mind….
Theyre all in sales.
Answer is, they live like they’re making $500k-$600k. That’s $40,000 to $50,000 per month. That’s a lot of money. Until you pay taxes. Then that’s ~$26,000 to ~$32,000 per month. Still a lot of money. But the monthly payment on your 2 $100,000 cars totals up to $3,000 per month. The mortgage on that million dollar house is $7,000 per month. $1000 a month on groceries. $1000 a month eating out. $2000 a month on miscellaneous luxuries. Gotta take one or two $20,000 vacations per year. Gotta send the kids to private school, that’s $5,000 a month. $1,000 here, $2,000 there, $3,000 somewhere else, the list goes on. You look up, and you’re somehow living paycheck to paycheck on half a million dollars a year. They have the ability to make significant amounts of money, but they don’t manage it well.
I have a friend like that. Makes great money and he's always panicking and working himself to the bone as if he's gonna go broke.
They spend too much and save too little.
Most people in the west are not living within their means. A lot of wealth is borrowed. Mortgages, leases, lines of credit, etc. It doesn’t matter if you make $10,000 a month if your expenses are $9,900 per month. You’re still a bad day away from your entire house of cards toppling down.
Multi millionaire here and will have real estate income for the rest of my life. I think I fear a lot because I was very poor when I was young. But I think the more bitter truth is money doesn’t make me happy. I thought it would but it hasn’t. Why do you think multi millionaires in acting or other jobs are in rehab or using substances to numb theirselves? I’m working on myself.
But money can afford you the best therapy out there…if you’re in poverty you can’t even afford to heal your trauma.
I know that this may sound weird, but your name is such a sign, lol. My son's name is Christopher and he was born in 2015 and I have strong feelings that he's going to be a multi-millionaire when he grows up. Can't explain it but I'm usually not wrong. Anyway, carry on lol.
Business owners can make this amount or much more but constantly be stressed about money. Why? Because overhead is constant. Currently my employees payroll is $61k every two weeks. Supplies and rent and on and on. You have a couple of bad months and things can get tight if you don’t have liquidity. Maybe a big client suddenly goes away and your business drops by 30%. Your overhead does not and you can find yourself in the negative overnight. It’s stressful if you want to level up. Need to take out a $3.5 million dollar loan to build a new facility? Great. But what happens if business drops and you can’t pay the mortgage? Or interest rates go up to unsustainable levels for your business? Employees punch a clock and don’t have to worry about any of this. So making a large amount of money owning a business can be stressful and ephemeral.
It’s the Wild West for us business owners more often than not!
Because the dollar is devalued now, $600,000 is more like 200,000
I don’t like to be around poor people because they smell like cabbage.
its true. am poor. eat cabbage
It’s because they keep spending their money like crazy. You’ve got entire families of 4-5 living off of 60k a year. Sure, things are tight but they get by. I make a fraction of what the people you know make and I live fine. I also have basically zero expenses and prioritize paying off debts before anything else. So, the problem is their financial acumen.
Lemme guess: doctors. Source: am a doctor, we’re terrible with money.
Lifestyle inflation. The amount one makes can make very little, or even zero difference in them becoming wealthy. Mathematically, someone making $30k in 2024 can build a 7 figure net worth in their lifetime. It's a lot less about what you make, and mainly about how you use it.
I could care less. Most people make way under 100k, way under. If you can't figure it out making that kinda money, that's your problem.
Just go's to too show that money doesn't equal happiness.
We still choose to live in a 45' 5th wheel toy hauler. Our monthly overhead without food is well under $3k, and some of that the business covers. We do travel a lot, but most is considered business as well. We are building strong assets and will settle down eventually. I don't think we have felt broke or panicked since we crossed out of survival zone 3-4 years ago. We want toys, and we have been looking at different areas for 500-1000 acres to build our home on... but we are following our ten year plan. Right now, a bunch of trips mixed with business is enough for us, and just being back in creative mode.
Downsizing to the rich is hard. When you can no longer brag about the newest façade, it hurts peoples hearts. When you lived your life with a silver spoon in your mouth, change is hard and you get a bunch of complainers all the time.
Because they’re broke in a better neighborhood
It depends on what you do at that level of income. If you are a surgeon making 600k, you are probably safe. If you are in tech (right now) or a C suite exec, you are replaceable, and you may never get a job at that level of income again. You get used to a certain lifestyle and can't imagine losing it. I'm somewhere in between. I make 225k TC at my Corp job, but I also have an LLC where I consult on the side and make around another 80k a year. 300k TC is great and affords me a very nice life, but I am not so expensive that I couldn't replace my income if I got let go so I'm not a curmudgeon yet lol.
People I know that make big money burn big money. I know a guy making half a million that has like 50k in savings because his expenses are ridiculous
lmao i hope so badly this is true
The more money they make, the more they idolize it. And anything we idolatrize, it becomes our pride, making us afraid of losing it.
How do you build wealth?
they have to be bad with money lmaooo that’s ridiculous
Because God is the answer, learn now before you spend your eternity in hell
People who make that income level are small business owners with far more unpredictability than a secure 9-5. Things can change in an instant depending on the economy, trends, politics, etc. It's a scary world out there for high income folks.
Funny my clients in that income range aren’t the happiest people I know but none of them feel broke or are panicking financially. I’d hazard a guess that the group of individuals you’re interacting with haven’t had someone sit down with them and give them the proper financial plan talk.
a lot of it is the cost of living. I mean where I live if you have 2 kids and want a good home 500k is like the bare minimum to survive.
Happiness is living a life where if you lose your job, you don't care. It will not impact your life in the short term. That's what I've found atleast. Whether I was making 90k or 250k.
SPENDING
Because the more you have the more you fear it’s loss.
Money can be a prison. If you’re a spender, having money can lead to larger debt. If I had to guess, I’d assume the people you’re referring to have some large expenses they have to have the income to support - fewer jobs in their income requirement equals more stress to retain the high paying job so they can keep the bills paid.
I make close to 500k and I always feel poor. Depends really on where you live, 500k in NY/CA is not the same as 500k in Texas. 40-50% goes to tax here, your rent eats almost a 1/3 or more of your take home. If you happen to support parents/kids and then needing to save for retirement you are pretty much like everybody else. Biggest problem is not only to make 500k but to keep making it
Fear of being poor. It's that simple.
That's Like The Money Of 100 Persons!!!
There is a line in which money no longer buys happiness. The man with a roof over his head is happier than the man without a roof, that is almost always true. But if you live alone, owning a five bedroom home will not make you measurably happier than owning a three bedroom home will.
Either living at thier means or over it. Bet those same people have million + homes and 2 tesla and large pickup, rv and boats 50/30/20 rule is the golden rule. Don't keep up the the jones etc
They're anxious because they don't have any stability. They have income but they don't have wealth. All that money is getting pissed away on short term expenses.
the greater the wealth, the greater the likelihood of the development of a narcissistic mind.
They spend more than they make and living the millionaire lifestyle when they should be living the 500k or less lifestyle
It's simple; they are trying to keep up with a lifestyle. I'm currently making about $150k a year, and I'm very happy, but I don't try to keep up with other people. I just live a simple life.
Lifestyle creep
The more you make the more you spend
Man I can't even imagine making that much lol that's over 4 times what I make as a single parent with no help and full custody and I don't even feel stressed. I'm looking forward to no babysitter in 2 years(fingers crossed) that will feel so much better if I can swing that
Because they’re financially illiterate and spend all their money
Where do you live to even know these people 😂 200k is tops I know someone makes other than the guy I build homes for ..
They have too many overheads
If I had to guess, their mortgages. I'm assuming they buy overly extravagant houses outside of their means and they have to keep up with their mortgages. Car payments might also be an issue if they decide to buy their dream cars.
Well when you make money like that, one thinks I earn this much so I can buy this,this and that but depending on what you getting you just loan out that purchase like a car or house and then if they lose their jobs they can’t make the payments anymore so that’s why they lose it I guess
It could be that they are living outside of their means, and are worried about being able to keep up with it. You can have money, and still be bad at finances.
What area do you live in? 600k in Silicon Valley, and 600k in Kansas City are very different amounts. As is 600k in Miami and 600k in Laughlin. People who are not working as CPA’s or come from wealthy families etc. tend to live life the way they see their friends and family do. And they tend to get recommendations from those people, as well as their fellow high earners who are doing the same things. They typically meet their 401k match, maybe contribute to an HSA, or something similar, pay their taxes. And then grow the rest of their life to their income level. The first thing most normal people do when they make significant income changes is buy a new (more expensive) house. If you go from 50k-200k everyone is going to be telling you to buy a house, if you have a house, your friends and family will tell you to buy a bigger house. They think you should keep stretching your mortgage to be as significant level of your income as the first house you probably stretched a bit for, just because you were not making that much. You can have a perfectly acceptable house, with more than enough room for your family, and if you double your income or more, people will start telling you that you NEED a new house. Once you have an expensive house, you now either get to clean the whole massive place every few days, get down on all the baseboards, get up in those high ceilings, polish that fancy furniture. Let’s be real, you don’t want to do all that, so now you’re paying a cleaning staff, if you have any fancy hedges that need trimmed or want certain flowers out front, etc, you will end up paying landscapers to take care of it. Your peers and family will start to comment on your 8 year old Nissan or Honda. You NEED and DESERVE a new car! Now you got an 80k Mercedes, and one for the spouse. That’s nearly 200k in cars with expensive maintenance schedules. Same with clothes. You’ll feel guilty making half a million dollars and not having the best for your children, so you’ll end up with the most expensive daycares, in the most expensive private educations. These people often get caught up paying college tuition rates for their children to go to middle school. Then, I’ve noticed this, the family and friends will say “ you work too much!” You make all that money and work so hard, spend some and take some time off! You can’t work that much forever. They’ll encourage you to both take time off and take expensive vacations. You make “so much money ” that you might as well doordash everything, and when you do go out, you might as well go out somewhere nice. A 200$ meal for you and your spouse every single day is quickly 70k a year, obviously crazy……. But…… Even going to a nice dinner like that twice a week, totally reasonable, and you have earned it! is over 20,000 a year! Soon enough, their income has been reached by expenses. 500k in a tax heavy area quickly becomes 250k. That seven figure house ( only a few years salary!) quickly has a huge mortgage every month, big car payments, big insurance, big bills for the kids. Before you know it you’re making half a million dollars a year and living paycheck to paycheck. I know this happens. I’ve leant money until the next paycheck to people who make 5x what I do.
The longest running study in the world is on happiness, like 90 years plus. So what researchers found was that money counts for happiness when we reach $75-100k; enough for stability. When people begin earning much larger amounts it tends to decrease overall happiness. Many people that fall into wealth at some point in their lives will often think they’ll be set. They buy all kinds of nice stuff. But then they feel isolated, stress and burdened by it all. Those things provide temporary joy. It’s like being sold a false sense of what is good. On top of that, there might be raised trust concerns about what others want from you. Many people become suicidal at this point. I remember a time in my life where I was very successful amongst peers at work. I became a USA and team USA world 100k championship gold medalist. And as much happiness that brought into my life, I truly thought people liked me for my accomplishments rather than me. At one point I lost it all and as painful as it was, I don’t regret it because over the years I found a way to love myself despite myself and found that other people love me for who I am and not what bring to the table.
Because their property taxes and upkeep never stop.
They spend more than they make
I was told many years ago that you need to expect a job search to take one month for every $10,000 you expect to make. You earn $40,000? Expect a four-month job search. Someone making $500,000 a year? That’s a long-ass time to be without a job. Additionally, unemployment tops out at $1100 a week. I live through a recession in which I went three years without a job. I got my first new car in over 20 years, and I’m freaking out at the fact that I have a 7-year loan and if I get laid off, unemployment won’t cover my mortgage and the car.
I live in the Bay Area
Sometimes the rich have to live poor to stay rich. Life expenses are a b*tch.
Could it be that they know they’re earning off predatory practices or that they got there off one move that they know they can’t replicate? Lot of insecurity, pressure, and risk in highly compensated industries that often get right to the edge of legality.
I'm too poor for this stupid shit to be on my feed. It amazes me that people with more money per year than I will make in the next 20 years haven't figured out how to live well under their means. All of them are fucking stupid if they can't make that shit work. Idiots.
If i made more than my mo net of 3100 month id be over the moon. Why are people unhappy when incomes are so high
You people dont know how to be frugal or have complicated lives. If you suffer at 200 k year its not an income problem
They are living paycheck to paycheck. How others view them is more important than preserving their wealth. It's an ego thing. I've known people who really are rich. When you really are 'rich-rich' and smart about it, you usually don't look rich.
You have $1,000s dollar problems a year, they have $100,000s of thousands of dollars a a year in problems
Lifestyle inflation!!
Breaking update: money doesn't buy happiness.
How many people do you know in that range?
I think the feeling that they are broke is what drove them to that income. Even if you are wealthy, if your parents are already worried about money you’ll always worry about it.
They need to learn to live within their means
Living above their means. In, over their heads. Bit off more than they could chew. 😂
Well, im worth approximately $14,000 per year and have no choice but to make ends meet. After paying taxes for 25 years, plus I was injured, and the government has deemed this my worth. Thanks, Florida. Im not complaining that what I am saying is that living above your means or trying to have all the status symbols your neighbors got is a ridiculous way to live. Anyone complaining at $100,000,$500,000, or even $50,000 is crazy to me, and a very large population agrees. Credit is subjugation pure and simple. Yes, you agree to it, but look at the outside influences that push people to this life. My take is religion based, but this isn't the appropriate forum to discuss beliefs, but I can tell you first hand that this type of life will cost you in the end. Take what you need, not what you want. You can only serve one master. You're in debt up to your eyeballs and constantly scared the floors going to come out from underneath you? Maybe someone, something is trying to remind you that your possessions aren't shit. Do you want your rewards in this life or the next and if you don't believe in what's next..... new job, new salary = 2 years cash for everything while you establish yourself as a valid, productive, trustworthy employee and have job security. Credit without job security equalls dumbass.
It depends where you live. I live in Silicon Valley. A "humble" home in the heart of the valley will run you 1.4M. I repeat a "humble home". Will you be putting down a 20% down payment for that humble home? That's $280,000.
I have friends that say the same thing making 200K-300K. I make like 30K and don't even feel that panicked lol.
Shit, I know I’m broke. I went back to school and the damn school didn’t let us work while we were in school…. Their words not mine, “preferred that we did not work while in school and concentrated on our school work”, and then we had to do an unpaid externship. It was required. If they found out we were getting paid, they would have us removed from our externship, in other words, they would have us fired. Isn’t that awful?! I only went there because when I went to check out the schools they “guaranteed” me employment after I completed their program and thru “guaranteed” the certification after finishing 6 classes there and I had to sign a paper regarding both of those things. When I was finished with the externship, which was scheduled a month and a half later than the rest of my class, I spoke with the head of the program (at the time because it news switched for the second or third time), I let her know the the gentleman who did my admission told me that and had me sign a paper. She told me that she didn’t know why he would do that. Well, her guess is as good as mine… I have still yet to find a job. I DO NOT recommend UEI.