Fake Millionaires (Is that the right term for it?...) (Atlanta: how much, home)

[south-to-west]

Originally Posted by LoveMiami

well that is your problem. You accepted that status like many people cause it is secure to be there. you can educate yourself and do more with your life.
By the way you should teach your kids how to invest. i know that your goal is not to be reach. it was not mine either but one day i realised that in this country nobody respect you if you do not have money nor you get anywhere.
thats why i am saying we should invest kids to invest money and not go into debt.

if you do not know how to invest money, you go into debt cause you did not learn how to make money so you live on expenses of tomorrow.
rich people invest money, than earn it and than buy things.
i am not going to pay for my vacation $2000 and put on my credit card and pay every month 20$ and it will cost me on the end $20000

all i am saying that rich people have better education than average guy. and people should know that and learn how to invest so they can profit too and not go into debt.

and by the way i did not mean to invest into stocks. there are many ways to invest money and put your money work for you so you can buy yourself vacation of $2000 and not go into debt.

just my 2 cents!

LoveMiami,

The man just said that he invests his money. What the hell do you think a Roth IRA is? You would be shocked at how many millionaires there are in this country that live rather unassuming lifestyles.

[LoveMiami]

Originally Posted by atlantagreg30127

People respect you in this country if you ....

1) Have a high CREDIT SCORE (which does NOT always equal income).
2) Speak English.
3) Have a full time job and no history of defaults (again - credit score).
4) Have no criminal record.

Being a millionaire doesn't help you get "respect" from banks, lovemiami. They may WANT you to park your money in their branch, but the fact is, I've known people who made nearly half a million dollars a year who still had crappy credit scores and could not get a loan. I'll be the first to say that there is too much emphasis on credit scores in some sectors of the U.S. now (as in getting an apartment and some employers will even check your score before hiring you). But I completely disagree that simply having money gets you respect.

Forgive me if I'm wrong, but based on the English you're using I'm also going to assume that you haven't been in the U.S. for a long period of time. U.S. based banks are not going to give loans out easily to people who come here from other countries who do not have a solid credit history established in the U.S. It has nothing to do with money. If you came here two years ago and have no credit score, or, have not done a lot of business with companies here using credit, then banks are not going to go out of their way to hand you over six-digit dollar amounts for a mortgage. Sorry.

i agree with you about credit score. but you can have the best credit score and no money, bank will not talk to you or give you loan.
i got a mortgage. my credit score is almost 800 but they wanted me to put downpayment and have money in the bank as reserve.

it is simple like that. sure that i stress money here a lot but it is not only in the USA. it is everwhere in the world.
maybe it is just how i see the world. But God please forgive me if I am wrong.

[JoeP]

Have a high CREDIT SCORE (which does NOT always equal income).

A high credit score means a lot of debt. It's very screwed up and creates a perception that debt is necessary, normal and needed. In fact it encourages debt. It’s absolutely crazy that you have a high credit score because you have a lot of debt that you essentially make timely payments on.

[doubledot]

I disagree. A high credit score does not mean a lot of debt. My score is 780 and the only debt I have is my my house and my amex card which I pay in full each month. I have few other lines of credit, but no other debt. If you have a lot of credit lines and carry high balances, your score goes down because of debt ratio, and some other factors. But I'm no expert...I just know that a high credit score does NOT = a lot of debt.

[dens]

I also agree with the last poster...I just bought a house for the first time last month and have not had a car payment in 8 years. I was pleasantly surprised when the mortgage compnay told me my credit score was 843...so debt does not equal high credit score as I had zero debt...an amex that I paid off every month.

[JoeP]

..and what would your credit score be if you didn’t have debt in any form – if you didn’t have any credit cards etc. It would be zero if there were no data to create the ratios and other criteria. Wow, your credit score is zero, you must be a problem is how that would be viewed. It’s really twisted.

[Twisted_Brim]

I would like to flip this and say that there is nothing wrong with being materialistic and wanting/having nice things.

I think the problem with people in Atlanta (especially black) is that there are too many people too concerned with what other people are doing. What other people are buying has nothing to do with you. Just mind your business and keep it moving.

[Collins AJ]

A lot of people on here mentioned leasing cars. Leasing a high end car does make sense in some scenarios. If you like to change cars every few years then it makes sense to lease. Also, since cars depreciate in value, leasing also makes sense in that you are not investing in an ownership piece that will depreciate. My husband leases a "luxury" car but it was the right decision for him. We have savings, investments and most debt paid off. Our home is also very reasonable. In fact our home was purchased on his salary alone, which means that my salary can go towards the princple and gives a nice cushion on the mortgage. Also, who thinks a $35 - $40K car is luxury? I think a $70 - $80K car is luxury?

So far as homes, if two people make $150 K then at max they can afford $450 and to be safe they could purchase a $400K. Would you still consider that flashy?

You can never really tell what a person makes or how they manage their money. Just because a person owns an old car and has no car payment does not mean they are doing well.

Plus, my husband and I are interested in generational wealth and to do that you have to invest and save, etc.....

There is nothing wrong with wanting nice things as long as you A) Do it responsibly and B) give some of it back to others in need.

[KerrTown]

Originally Posted by jxu66

It is not Atlanta unique issue. I used to live in Dallas and it is same thing or worse over there (People I hang out with all have BMW or some expensive European cars and I only have a Honda). Same thing can be said in LA, Boston, DC and other big cities. I think that if you live in any big city, you got young people who want to feel like successful.

What do we call that in Texas? The $30 k millionaire? I thought it was the $37,000 millionaire.

Originally Posted by Vampgrrl

Another reason Atlanta turned me off over time.

It's all about showing the bling and rubbing everyone's noses in it.

And there is a reason consumer spending (and debt) is a timebomb in this nation.

One more reason I live in Houston and like down-to-earth cities like NYC and Chicago. I can't stand the inland Southern cities. L.A. and S.F. are good but only in small doses.

Originally Posted by spacelord75

I will definitely agree this is bad in ATL, but not near as bad as LA or Chicago (the latter, for some reason, I have found to be really bad with regard to showing off what a high roller you are).

Chicago really? Naperville and the rest of DuPage County might be a big exception though but it's "Keeping up with the Joneses" with middle-class stuff. Think Coach instead of Gucci, Prada, etc.

Originally Posted by Vampgrrl

I currently live in New Orleans. When I worked in Atlanta I noticed 95% of all cars were Lexus, Acura, BMW or Benz. And I know most people do not make enough money to purchase the amount of $45k+ cars I saw.

My Uncle, who lives in the L.A. area, has a Jaguar sitting on his driveway. It's a 1989 model. At that time he needed it because he had to work the Hollywood scene and had to fit in. When he couldn't make it into Hollywood, he left it on the driveway when it started breaking down.

[Collins AJ]

A few links on leasing and when it is a GOOD option since peole seem to think its always bad:

Car Leasing Plans - Why They Are A Good Idea (http://ezinearticles.com/?Car-Leasing-Plans---Why-They-Are-A-Good-Idea&id=688959 - broken link)

Is Leasing A Car The Right Option? (http://www.aarticleboard.com/articles/25269/1/Is-Leasing-A-Car-The-Right-Option/Page1.html - broken link)


My hubby only works about ten minutes away from our home and plans to get a different car at the end of the lease AND I actually own a used car (a 2005 with few miles) with small montly payments...so just reinterating that you can't assume someone is being flashy or living beyond their means just by the car they drive. Some people CAN afford those things. I own the used car because I tend to get in more accidents and bump into things..poles, parking cones, etc...