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Old 06-18-2012, 01:03 AM
 
1,232 posts, read 3,120,793 times
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Yeah, a mil ain't much anymore if you're retired, especially.

 
Old 06-18-2012, 10:46 AM
 
46 posts, read 65,097 times
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Quote:
Originally Posted by azriverfan. View Post
This is true to some degree. There are a lot of faux millionaires. The culture in Scottsdale embraces wealth and excess and unfortunately many of those people simply can't afford that lifestyle but are willing to go into debt to attempt to do so. You even see it among the young people that live there. They work in retail and the service industry and spend money like they are making hundreds of thousands of dollars a year. It's a joke. They go into massive credit card debt so they can wear $200 jeans and spend a $100 partying at night. You see this when you dine in Scottsdale sometimes. Your server will be some 24 year old kid who has a lot of attitude for no reason, this is particularly true of the bartenders at any Scottsdale location. They give you so much attitude for no reason. This is why sometimes I prefer to dine in Phoenix because you get the same quality food without the pretense.

What is ironic is Scottsdale has more homes for sale than Phoenix on the MLS. The reality is many of these 30K millionaires bought homes they couldn't afford and now they are trying to unload them but can't. There is a massive surplus of homes in Scottsdale that just can't sell because they are overpriced. Sorry but just having a Scottsdale name isn't enough any longer and a lot of people are looking to other parts of the Valley, competition that Scottsdale didn't have 10 years ago.
Perhaps south Scottsdale.

You don't find this in N. Scottsdale to my knowledge (or at least, I haven't really seen it since living here). South Scottsdale... you see a lot of people who will live in apartments for super cheap, who do actually make decent money, and spend it all on partying/cars/etc. Is what it is and they're free to do what they choose.

Also the lifestyle you described in terms of clothing/jeans/etc is doable for someone making $40-50k/year who lives in an apartment and doesn't have a lot of fixed expenses.
 
Old 06-18-2012, 10:18 PM
 
10,719 posts, read 20,224,761 times
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Quote:
Originally Posted by bguar View Post
Perhaps south Scottsdale.

You don't find this in N. Scottsdale to my knowledge (or at least, I haven't really seen it since living here). South Scottsdale... you see a lot of people who will live in apartments for super cheap, who do actually make decent money, and spend it all on partying/cars/etc. Is what it is and they're free to do what they choose.

Also the lifestyle you described in terms of clothing/jeans/etc is doable for someone making $40-50k/year who lives in an apartment and doesn't have a lot of fixed expenses.
Except they don't make decent money. The majority of them earn between 20-30K per year working in the retail and restaurant industry. Furthermore, the majority of them have student loans and credit card debt. They survive on credit cards and keeping their housing expenses low (sharing apartments and home rentals with 2 or 3 roommates). They don't have health insurance. They don't save. They lease cars or buy used luxury cars to provide the impression of wealth. However, none of them can really afford the lifestyle they live, they just assume they will pay off their debt at a later point in their lives when they are earning more. Many of those people sadly are forced to declare bankruptcy.

You and Speedy are correct in that the majority are found in South Scottsdale but even North Scottsdale has it's fair share of people who are living above their means because they want to live the Scottsdale life. They earn decent money but not the type of money to be able to afford to buy near million dollar homes, drive luxury cars and dine/party in Scottsdale.

Last edited by azriverfan.; 06-18-2012 at 10:28 PM..
 
Old 06-19-2012, 05:39 PM
 
Location: Utopia
1,999 posts, read 10,535,460 times
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As I understand it--and please correct me if I'm wrong--is that you cannot declare bankruptcy and get out of a school loan...everything else you can get out of doing a bankruptcy, but not a student school loan.
Am I right?
 
Old 06-19-2012, 08:44 PM
 
10,719 posts, read 20,224,761 times
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Quote:
Originally Posted by TootsieWootsie View Post
As I understand it--and please correct me if I'm wrong--is that you cannot declare bankruptcy and get out of a school loan...everything else you can get out of doing a bankruptcy, but not a student school loan.
Am I right?
Yes, so don't try it
 
Old 06-19-2012, 08:58 PM
 
Location: Phoenix, AZ
3,515 posts, read 3,663,308 times
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Quote:
Originally Posted by bguar View Post
Perhaps south Scottsdale.

You don't find this in N. Scottsdale to my knowledge (or at least, I haven't really seen it since living here). South Scottsdale... you see a lot of people who will live in apartments for super cheap, who do actually make decent money, and spend it all on partying/cars/etc. Is what it is and they're free to do what they choose.

Also the lifestyle you described in terms of clothing/jeans/etc is doable for someone making $40-50k/year who lives in an apartment and doesn't have a lot of fixed expenses.

$30k millionaires FTL????




 
Old 06-19-2012, 08:59 PM
 
Location: Phoenix, AZ
3,515 posts, read 3,663,308 times
Reputation: 6403
Quote:
Originally Posted by TootsieWootsie View Post
As I understand it--and please correct me if I'm wrong--is that you cannot declare bankruptcy and get out of a school loan...everything else you can get out of doing a bankruptcy, but not a student school loan.
Am I right?

Yeah, you're screwed with student loans, they'll follow you to the grave, which is why it doesn't make sense for those who spend $30k a year to go to some junk for-profit school like some of these culinary schools out there, graduate, get out and make $12 an hour and owe $100k+ in loans that can't ever be discharged.
 
Old 06-20-2012, 05:19 PM
 
Location: Utopia
1,999 posts, read 10,535,460 times
Reputation: 1530
Quote:
Originally Posted by azriverfan. View Post
Yes, so don't try it

Honey, I'd love to still be the age to even have a student loan....hahahahaha! (I'm a senior baby boomer.)


By the way, I know a younger gal who must be about 48 now who never paid back her school loan for the year she went. How do people get away with that I wonder? Even government loans must want back payment.
 
Old 06-20-2012, 10:51 PM
 
10,719 posts, read 20,224,761 times
Reputation: 10019
Quote:
Originally Posted by Juram View Post
Yeah, you're screwed with student loans, they'll follow you to the grave, which is why it doesn't make sense for those who spend $30k a year to go to some junk for-profit school like some of these culinary schools out there, graduate, get out and make $12 an hour and owe $100k+ in loans that can't ever be discharged.
I agree but I wouldn't classify the culinary schools in that category. In fact, I think the trade schools which include culinary schools are better investments than getting Bachelors and graduate degrees from online schools and for-profit schools. It's not sexy to say you went to a vocational school but the reality is those graduates actually get jobs whereas the people who get online degrees and other degrees from diploma mills are still unemployed. You can do quite well as an electrician, plumber, HVAC as opposed to getting an MBA from an online school. A lot of those guys are self employed and make near 6 figures or more. Even the culinary schools get their graduates entry level jobs in hotels and other restaurants. Sure, you start off as a short order cook or sous chef but that's how they work their way up, they have to start somewhere.
 
Old 06-22-2012, 02:16 PM
 
Location: Utopia
1,999 posts, read 10,535,460 times
Reputation: 1530
Quote:
Originally Posted by azriverfan. View Post
You can do quite well as an electrician, plumber, HVAC as opposed to getting an MBA from an online school. A lot of those guys are self employed and make near 6 figures or more. .


No kidding...and great point there, azriverfan! My sister is married to a Surgeon. So she's driving me around and pointing out all the Drs. and lawyers who live around her house. She comes to the biggest house with the 5 car garage, and guess who lives there? The plumber!

And don't snub those boy that own gas stations, gals, with the greasy fingers. Even 20 years ago they were pulling in over $200K a year from each one, and making more than the Drs. overall with their multiple stations.

You can make money in alot of different businesses, and a good businessman can always make more than a Surgeon if he's smart...which doesn't always require a college degree. (I have a 4 year University degree if you are wondering)
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