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Old 10-13-2011, 08:30 AM
 
404 posts, read 973,263 times
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I moved from a mid sized city in Virginia to DC for better job opportunities. I did land a job and was excited I almost doubled my previous salary, same with my girlfriend. Compared to our hometown standards we're doing great for our age and experience. Here in DC we're about average at best. Now that we've been settled for few months I notice along with the higher salaries come higher spending. Young 20 somethings around my age are dumping their Honda Civics for Audi's & BMW's, spending $500 on a table at the club, and paying 2,000+ on rent. It's easy here to fall into the trap of "keeping up with the Joneses" and blow all your disposable income to show off and look important. Anyone else here feel the same after moving from a smaller city?
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Old 10-13-2011, 08:37 AM
 
Location: Portland, OR
601 posts, read 538,774 times
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Absolutely, it's almost human nature to want to either fit in with the crowd, or do one better than your neighbor.

I'm in a related situation, though opposite. I'm moving from Southern California (big city) to Tucson and my husband and I will be making the same income as we do now, but moving to a much smaller town, where the standard of living is a lot cheaper.

We're buying a NICE home in a very nice neighborhood. However we're not doing it to "keep up with the Joneses", but rather to maintain our current lifestyle - or at least what I tell myself! We're both in our lower 30s.

My siblings, both in their 20s, THANKFULLY are not like the young couples you described in your post - basically being reckless with their money. My sister, who just earned her doctorate, is purchasing a very modest, fixer-upper home and driving (an albeit new, but very fuel efficient) car.

Young people, in this economy, should not be spending everything they take in, rather they should be working on their retirement NOW, investing in their future. Just my 2 cents.
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Old 10-13-2011, 08:56 AM
 
Location: under the beautiful Carolina blue
15,726 posts, read 23,957,202 times
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It's not just big cities. You'll find this in certain areas, even small suburbs, all over the place. Try not to fall into the trap. Being rich is about having money, not spending money.
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Old 10-13-2011, 09:56 AM
 
Location: The Triad (NC)
26,847 posts, read 57,851,863 times
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Quote:
Originally Posted by poloi3eai2 View Post
I moved from a mid sized city in Virginia to DC for better job opportunities.
I did land a job and was excited I almost doubled my previous salary, same with my girlfriend.
Spend the minimum you can get away with to have a decent standard of living (safe home, healthy diet, reliable car, durable clothing, etc). Save every extra penny you can and take complete advantage of any employer matching retirement plans. Saving 50% is not an unreasonable goal.

Quote:
...I notice along with the higher salaries come higher spending. Young 20 somethings around my age are dumping their Honda Civics for Audi's & BMW's, spending $500 on a table at the club, and paying 2,000+ on rent.
Ignore them.
As Twingles said: Being rich is about having, not spending.

hth
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Old 10-13-2011, 10:05 AM
 
Location: Portland, OR
601 posts, read 538,774 times
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It also depends on what you are spending your money on. Cars are NOT a wise choice as they immediately depreciate as soon as you take it off the lot. Long-term wise (perhaps VERY long term!), homes and land would be a better choice. Of course, like I previously said again, the better you start planning for your retirement, the better!
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Old 10-13-2011, 01:28 PM
 
Location: Philaburbia
31,165 posts, read 57,288,199 times
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Quote:
Originally Posted by poloi3eai2 View Post
Anyone else here feel the same after moving from a smaller city?
Just the opposite. But then again, I like to be contrary.

The young 20-somethings you're talking about are just plain stupid and short-sighted. No need for you to follow those lemmings into the abyss.
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Old 10-13-2011, 06:27 PM
 
921 posts, read 982,300 times
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Quote:
Originally Posted by poloi3eai2 View Post
I moved from a mid sized city in Virginia to DC for better job opportunities. I did land a job and was excited I almost doubled my previous salary, same with my girlfriend. Compared to our hometown standards we're doing great for our age and experience. Here in DC we're about average at best. Now that we've been settled for few months I notice along with the higher salaries come higher spending. Young 20 somethings around my age are dumping their Honda Civics for Audi's & BMW's, spending $500 on a table at the club, and paying 2,000+ on rent. It's easy here to fall into the trap of "keeping up with the Joneses" and blow all your disposable income to show off and look important. Anyone else here feel the same after moving from a smaller city?
Don't fall into the trap!

I don't know how old you are but there's good advice in this thread. Use that disposable income to take advantage of your employers matching retirement plan. SAVE some. Invest some.
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Old 10-13-2011, 06:38 PM
 
Location: Northern VA (for now)
23,001 posts, read 31,949,672 times
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Quote:
Originally Posted by poloi3eai2 View Post
I moved from a mid sized city in Virginia to DC for better job opportunities. I did land a job and was excited I almost doubled my previous salary, same with my girlfriend. Compared to our hometown standards we're doing great for our age and experience. Here in DC we're about average at best. Now that we've been settled for few months I notice along with the higher salaries come higher spending. Young 20 somethings around my age are dumping their Honda Civics for Audi's & BMW's, spending $500 on a table at the club, and paying 2,000+ on rent. It's easy here to fall into the trap of "keeping up with the Joneses" and blow all your disposable income to show off and look important. Anyone else here feel the same after moving from a smaller city?
Just wondering which mid-sized city in VA? I actually moved from Hampton, VA (middle-class/blue-collar town) to Alexandria, VA (right outside DC) and experienced the same thing for nearly six years until I moved to my current city. It is a hard thing to resist that temptation to splurge. My advice is to keep your small-town values as close as you can.
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Old 10-13-2011, 06:58 PM
 
43 posts, read 31,355 times
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People who keep up with the Jones' are really "good credit" rich. Keep your small town values and focus on your future especially in this economy.
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Old 10-17-2011, 07:44 AM
 
404 posts, read 973,263 times
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Quote:
Originally Posted by Alanboy395 View Post
Just wondering which mid-sized city in VA? I actually moved from Hampton, VA (middle-class/blue-collar town) to Alexandria, VA (right outside DC) and experienced the same thing for nearly six years until I moved to my current city. It is a hard thing to resist that temptation to splurge. My advice is to keep your small-town values as close as you can.
That's funny, I moved from Newport News which is right next door to Hampton. The area is definitely not The Sticks boondocks small town but the area just lacks opportunities for young professionals.
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