Seems like everybody I know has new cars, homes, frequent vacations. Going to sporting events, concerts etc...

Are people just making money hand over fist now a days?

Are these people saving money for retirement etc...?

What's retirement?

on f16, we are all millionaires

Look at the statistics. The average person is screwing themselves left and right.

Take care of your business and kick back and laugh at them when they are still working late in life and still broke…

Mike Hancho said:

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Seems like everybody I know has new cars, homes, frequent vacations. Going to sporting events, concerts etc...

Are people just making money hand over fist now a days?

Are these people saving money for retirement etc...?

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Basically.

If you look at the median income for Houston, Dallas, etc, how could they not be? After their apartment payment and food, most people have little left.

Not endorsing just saying the obvious.

Its insane knowing the statistics and yet people are fighting over $45 stanley cups like they found literal gold

It's a combo. There's plenty of people that make a lot of money and many others just pretending.

We're a debt fueled society though and for over a decade money was cheap. Wasn't a bad move to leverage up at least some.

It's houses for me. The number of new builds being bought up in BCS despite high property prices and even higher interest rates.

Mike Hancho said:

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Seems like everybody I know has new cars, homes, frequent vacations. Going to sporting events, concerts etc...

Are people just making money hand over fist now a days?

Are these people saving money for retirement etc...?

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I don't spend money that I don't have. I haven't needed to borrow anything in about 35 years.

Also, vacations to go see tourist sites are not attractive to me. Sporting events to local events are okay, but I don't travel to other locations for them.

About a year ago I received notice of escrow deficiency to the tune of $200+ per month due to increased home valuation and insurance. Great... completely wiped out my raise. Thankfully I received a raise.

Add that to increases in everything else... food, tv, electricity/nat. gas, etc.

My disposable income has been almost completely gutted... but my credit card is at $0 balance and the mortgage has about 12 more years at a low rate.

The level of credit card debt in the U.S. has exploded... don't know how that's going to get reduced. Is not going to be pretty when the time comes.

AggieKatie2 said:

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It's houses for me. The number of new builds being bought up in BCS despite high property prices and even higher interest rates.

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Yes this is interesting, who is paying these values at current rates? Are they just hoping to refi later on

I know a lot of people doing really well the past few years, but that may just be the circles I run in. Car prices and home prices are going up, and everyone needs transportation and a place to live so I have to imagine there's a lot of debt accruing.

rocky the dog said:

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Loving the philosiphisor.

(Dodgeball reference for the young)

Look for this to become an issue over the next 2-years.

If this trend continues the IRS will change the rules in the dead of night.

I have a few dozen guys at the plant I supervise and they blow through money like it is going out of style. Campers, trucks, snowmobiles, luxury trips. There is no way they are saving for later in life. I hear them talk about purchases and spending habits and they must be up to thier eyeballs in high interest debt. Me on the other hand will retire early and am glad I made good financial decisions early in life.

AggieKatie2 said:

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It's houses for me. The number of new builds being bought up in BCS despite high property prices and even higher interest rates.

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There is a **** ton of wealth in BCS.. don't kid yourself

Mike Hancho said:

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Its insane knowing the statistics and yet people are fighting over $45 stanley cups like they found literal gold

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Personally I've supplemented my income by doing a spread in Playgirl magazine. And when I say spread, I mean spread.

Quote:

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and am glad I made good financial decisions early in life.

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Well, now, let's not be hasty.

I am debt free and feel free. Never again if I can help it.

Hoyt Ag said:

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I have a few dozen guys at the plant I supervise and they blow through money like it is going out of style. Campers, trucks, snowmobiles, luxury trips. There is no way they are saving for later in life. I hear them talk about purchases and spending habits and they must be up to thier eyeballs in high interest debt. Me on the other hand will retire early and am glad I made good financial decisions early in life.

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The only advise I ever give anyone younger than me is:

1) Always pay off your credit cards each month
2) Pay for your cars with cash.

These two simple rules will help keep your lifestyle within your means.

It's always been this way, it's just that the current climate augments and illustrates the issue better. Keeping up with the Jones is expensive. I knew people in my industry 20 years ago who were making 100k plus that were broke. I know people now that make 200k and are broke.

I have no clue where the money goes but they sure spend it.

I always invested everything we could, still drive a 24 year old truck, and reuse butter containers for leftovers. Lots of people just can't be without the newest phone or the newest truck. Some of my friends literally get new trucks every two years….they have continuous car notes. It's insane.

Hoyt Ag said:

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I have a few dozen guys at the plant I supervise and they blow through money like it is going out of style. Campers, trucks, snowmobiles, luxury trips. There is no way they are saving for later in life. I hear them talk about purchases and spending habits and they must be up to thier eyeballs in high interest debt. Me on the other hand will retire early and am glad I made good financial decisions early in life.

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And they'll be the one demanding a bail out from a broke government.

These are the types, living pay check to paycheck with debt up to their eye balls can bite me. They remind me of democrat eco policy to buy votes. Even those of us that did it right will be brought down by these people.

But I recovered. Very well.

Mike Hancho said:

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Its insane knowing the statistics and yet people are fighting over $45 stanley cups like they found literal gold

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Heard a school teacher talking about this the other day. Kids showing up to school with these cups and kids getting bullied because they got a knockoff stanley cup. Teachers not teaching but mediating disputes caused by stanley cups.

Also that kids are walking around with phones that cost $1000 in their pockets.

sleepybeagle said:

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Hoyt Ag said:

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I have a few dozen guys at the plant I supervise and they blow through money like it is going out of style. Campers, trucks, snowmobiles, luxury trips. There is no way they are saving for later in life. I hear them talk about purchases and spending habits and they must be up to thier eyeballs in high interest debt. Me on the other hand will retire early and am glad I made good financial decisions early in life.

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The only advise I ever give anyone younger than me is:

1) Always pay off your credit cards each month
2) Pay for your cars with cash.

These two simple rules will help keep your lifestyle within your means.

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And few to none will follow this simple and sound advise. I tell people the same. They listen until they get the buying itch. My kids are finally figuring this out.

I have not bought a new car in 15 years. I'll buy the most reliable 3-4 year old Lexus with cash then drive it for 10. Those things have never let me down.

Every situation is unique.

People become more stable as they age and advance in their careers. Usually their income is more, their debts are less.

They start spending more with increasing monthly cash flow.

BMX Bandit said:

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on f16, we are all millionaires

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And we're just pikers compared to the billionaires over on F57, Business & Investing!

People are making minimum payments, buy cars only looking at whether they can "afford" the monthly payment (when is the last time you've seen a car commercial that gives a sticker price vs the monthly payment?)

It won't work long term. Not for individuals, and not for countries either.

I'm in my 40's, college educated and so is my wife. I run in two circles. I have the one circle full of people not like me. They own multiple properties (actually own) pay cash for brand new Range Rovers and vacation non-stop. They have it. In spades, they have it.

My other circle, Circle 2, is upper middle classers like me. Solid household incomes, steady jobs with good benefits, etc. But in this circle, over the last two years especially, the vacations are few and far between. They're also very modest vacations. Trips to live sporting events have gone from many per year to once per year. The Chrismases are cut way back, the dining out has almost stopped completely. Circle two is absolutely feeling the crush of inflation and rising suburban property taxes (we paid $11,000 last year and have a kid in college). Circle two is not full of irresponsible people, quite the opposite. Circle two is the backbone of this nation and it's starting to look pretty shaky.

Agreed and I run in similar circles. If I want to travel, which I do more than the average person, I work extra for it through side hustles. I rely on that and credit card points to pay for any travel now. The rest of the $ from side work goes to investments and let it work for me.

imagine what it would be like today if you could still write off a portion of your credit card interest each year!!

sleepybeagle said:

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Hoyt Ag said:

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I have a few dozen guys at the plant I supervise and they blow through money like it is going out of style. Campers, trucks, snowmobiles, luxury trips. There is no way they are saving for later in life. I hear them talk about purchases and spending habits and they must be up to thier eyeballs in high interest debt. Me on the other hand will retire early and am glad I made good financial decisions early in life.

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The only advise I ever give anyone younger than me is:

1) Always pay off your credit cards each month
2) Pay for your cars with cash.

These two simple rules will help keep your lifestyle within your means.

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Three simple rules:

3) Never arm wrestle a single guy.

But, but, but "Bidenomics is working." Who said that? Joe said that so it must be so. lol

100% debt free now. Wasn't always this smart. Once you manage to become debt free, it's amazing how quickly money accumulates. Bought last two vehicle (used) with cash. Also paid for a house remodel, and a 30x40 barn, with cash.

Kids saw the difference, and are following our lead, while having much higher incomes. One family includes a professional who has paid all student loans off by age 35, and they are shoveling money into retirement and savings. Only debt is house, and they aren't in a hurry on it. as the interest rate is very low.

The others are doing similar things.

The freedom of being debt free, or even having little debt, is incredible.