High Percentage of young rich guys in Phoenix (Scottsdale, Paradise Valley: fit in, sales)

[Valley Native]

Originally Posted by RobinsonCrusoe

Let me preface this first by saying that what I'm about to discuss are just my observations and that I could 100% be wrong and overgeneralizing...

but it just seems to me as if Phoenix has a disproportionately high % of young rich guys per capita. a lot of self-made entrepreneurs in particular.

just wondering if are there others here who are seeing this as well? i'm aware that PHX is the 5th largest city in the US, but I've lived in NYC, LA, and SD, which are all in the top 10, and have only felt this way about PHX.

Perhaps you see people flaunting it more here? Seems like there would be more wealth in cities like L.A., NYC, San Francisco, or Seattle, but that doesn't mean they're going to wear it on their shirt sleeves. One thing about Phoenix is it's generally less expensive to live here than those other cities, so people who are making good money can usually afford more of the nice things in life, such as higher priced homes and luxury cars.

Originally Posted by MN-Born-n-Raised

But if you save a lot, you can reach retirement sooner!

With that said, I have always been in the camp: "Enjoy today (vacations, some toys that I'm more passionate on), and save for tomorrow." Because I saved, I've been debt free for a couple of decades. Now work as hard as I want versus being a slave to debt including a house payment. And giving the government too much money and working my life away. In short, I simply live under my means. IMHO, that's the reason to accumulate $$'s.

Completely agree! While it's fine to enjoy life's finer things with the money you've earned, it's purely idiotic to waste it all on luxuries and have little or nothing left by retirement. I've actually known some people like this: they make great salaries, but spend most of it on electronic gadgets, second homes, luxury cars, and the like. Many of them also have families to support. And by the time they retire? Most likely they'll be living on Social Security in poor health and will have to move in with their adult children. All in all, saving and investing wisely is always the better path to take.

[cjseliga]

I'm definitely the type of person who would never tell someone how and what to spend their money on. If you're wealthy and want to buy expensive vehicles, a learjet, multi-million dollar homes, dress "to the nines", more power to you. Likewise, if you're wealthy and don't want to spend your money on any of that, that's great as well.

I think the main point, myself and others were trying to get at, unless you know someone personally and are into their finances, never assume someone is wealthy, just by the way they look, or where they live, or what they drive, that'a all.

[AzScorpion12]

Originally Posted by Valley Native

Completely agree! While it's fine to enjoy life's finer things with the money you've earned, it's purely idiotic to waste it all on luxuries and have little or nothing left by retirement. I've actually known some people like this: they make great salaries, but spend most of it on electronic gadgets, second homes, luxury cars, and the like. Many of them also have families to support. And by the time they retire? Most likely they'll be living on Social Security in poor health and will have to move in with their adult children. All in all, saving and investing wisely is always the better path to take.

This is true but most Americans are more concerned with "keeping up with the Jones'" and getting the newest smartphone the day it's released. I know of several who've told me their family cell bill is over $400/month and that's before overages because the kids keep going over their data allowance.

I've always been a "frugal" person but have still splurged on many luxury items growing up. I've had my share of race bikes and hot rods and had a nice custom built house back east but have always saved and invested. I agree what good is working hard if you don't enjoy it but they key is balance and priority should be investment for the future but most only live for today. This paints a pretty good picture of most Americans financial future.

According to the National Institute on Retirement Security, almost 40 million households have no retirement savings at all. The Employee Benefit Research Institute estimates that Americans have a retirement savings deficit at $4.3 trillion. That means all U.S. households (with a head of household between the ages of 25 and 64) have $4.3 trillion fewer in savings than they should have for retirement. According to the Census Bureau, the (median) average net worth excluding home equity for an American 35-44 years old is $14,226. In the 55-64 age range, average net worth is $45,447.

https://smartasset.com/retirement/av...are-you-normal


Congrats to Bates419 on being able to snowbird at 40,it took me until 46. I had no kids either but I was to much of a workaholic for many years. I finally decided life is was to short and sold my business moved here to semi retired at 51. Funny as I got older my desires have changed too and while I still like nice things they're just not as important anymore....been there done that. Now I can do what I want when I want and my life doesn't revolve around an alarm or deadlines. I'd rather live a much simpler life with less stress and knowing that I owe no one anything except taxes and insurance.

[Bates419]

To be honest my path was looking very different until an 18 month span saw us lose a parent each and a 15 month old nephew....somehow it seemed work was not quite the be all and end all. We quickly traded more time for less money and I have no intention of changing Back!!!!

Originally Posted by Gixxer1K

This is true but most Americans are more concerned with "keeping up with the Jones'" and getting the newest smartphone the day it's released. I know of several who've told me their family cell bill is over $400/month and that's before overages because the kids keep going over their data allowance.

I've always been a "frugal" person but have still splurged on many luxury items growing up. I've had my share of race bikes and hot rods and had a nice custom built house back east but have always saved and invested. I agree what good is working hard if you don't enjoy it but they key is balance and priority should be investment for the future but most only live for today. This paints a pretty good picture of most Americans financial future.



https://smartasset.com/retirement/av...are-you-normal


Congrats to Bates419 on being able to snowbird at 40,it took me until 46. I had no kids either but I was to much of a workaholic for many years. I finally decided life is was to short and sold my business moved here to semi retired at 51. Funny as I got older my desires have changed too and while I still like nice things they're just not as important anymore....been there done that. Now I can do what I want when I want and my life doesn't revolve around an alarm or deadlines. I'd rather live a much simpler life with less stress and knowing that I owe no one anything except taxes and insurance.

[yukon]

Originally Posted by Flavia84

Hehe, why would I be bitter? I don’t care one way or the other, really. I’m not personally inversted in these abstract young guys we’re discussing

The fact is, the amount of wealth between LA, SF, NY vs PHX is incomparable. After living in a few cities here and abroad, I have observed that PHX has a much higher amount of young deadbeats/ lazy/ unmotivated/ over leveraged young people. Such is the nature of living in a cheap city where you don’t have to put in much effort to have a decent quality of life. I personally know of a few who are two paychecks away from defaulting on their brand new luxury car/house and everything else. I also personally know very well off folks in Seattle/Bay Are driving modest Subarus and not showing off their wealth. Perhaps it’s a cultural thing.

You see a lot of this in Dallas too. When I used to live there, I knew a lot of folks with McMansions and high end leased cars that were only a paycheck or two away from living off the street. It's all about image there.

[lewdog_5]

You can never judge a person's wealth status by their cars or their houses. For many, that's just piles of debt. I could lease a premium BMW and do fine making the payment. Doesn't mean my bank accounts would be stacked with dollars though.

I prefer to live in a modest house and drive a simple car so my extra cash goes to investing and building my net worth. No one but my wife and I know our net worth, so I won't appear "rich" to others, but on paper we do quite well.

[AzScorpion12]

Originally Posted by Bates419

To be honest my path was looking very different until an 18 month span saw us lose a parent each and a 15 month old nephew....somehow it seemed work was not quite the be all and end all. We quickly traded more time for less money and I have no intention of changing Back!!!!

I can relate to that,I had a builder who I worked for years with suddenly die of leukemia. We became very good friends over the years and he was one of the nicest, hardest working guys I ever knew. That changed my perspective on a lot of things,you cannot put a price on life. So like you I traded money for more time and even though I could probably fully retire I do still enjoy working but now it's nice to know I don't have to. I always tell people I've never seen a tombstone that said "I wish I had worked more".

[Burkmere]

Originally Posted by MN-Born-n-Raised

To save so you don't have to work as hard (or security).

Indeed. And what is "nice" to someone is relative and arbitrary. The car thing cracks me up. Sure, who wants to drive a beater, but overkill is overkill. Too many measure their self-worth by the car they drive, etc. Mostly out of insecurity.

[Burkmere]

Originally Posted by cjseliga

I'm definitely the type of person who would never tell someone how and what to spend their money on. If you're wealthy and want to buy expensive vehicles, a learjet, multi-million dollar homes, dress "to the nines", more power to you. Likewise, if you're wealthy and don't want to spend your money on any of that, that's great as well.

I think the main point, myself and others were trying to get at, unless you know someone personally and are into their finances, never assume someone is wealthy, just by the way they look, or where they live, or what they drive, that'a all.

That was my point, that was lost on certain people on here that always seem to try to one-up...probably out off insecurity.

There's more millioinaires per capita in the rural county I grew up (primarily because of farmland ownership) in than there is in Scottsdale, for sure...but you would never know it if you were sitting next to them by the way they dress, etc..

That was my point...

But hey, buy toys, fancy houses, etc. if you want to if you have the money and if floats your boat. Most of us could care less.

[MN-Born-n-Raised]

Originally Posted by Burkmere

Indeed. And what is "nice" to someone is relative and arbitrary. The car thing cracks me up. Sure, who wants to drive a beater, but overkill is overkill. Too many measure their self-worth by the car they drive, etc. Mostly out of insecurity.

I went though that phase. I was working my life away putting in an 100+ hours a week. The economy was overheated and it was like picking up money off the ground. I had many months where I made more in 2 weeks than most people made in a year. I bought a new SUV every year and bought some over priced widgets. But it didn't make me happier. Sure, I thought it did. But after buying all kinds of things, the "stuff" just didn't really matter. Plus, I split the profits with my silent business partner (the government). It wasn't worth it.

Saying that, marketing works! If we are being honest, marketing can make us lust after material possessions now and then. I just think back to when I was working my life away. My saying was the more $$'s you make, the better your garage sale.