Fake Millionaires (Is that the right term for it?...) (Atlanta: apartment, for rent)

[doubledot]

Hmmmm, its funny and I guess its all relative but I grew up in Los Angeles and relocated here in May. One of the first things I noticed was a definite DECREASE in the number of Benz, Lexus, BMW, Hummer, and 22inch chrome rims I saw on the roads. Even my 12 year old commented that "they don't really have that much chrome wheels in Atlanta". It's almost ALL you see in LA, and yes they lease them. And actually, I think that leasing is the best option for people like that...who want to be flashy and have a different car every 12 to 18 months...if that's how that want to live. Different strokes for different folks. Its silly, yes. But people have different priorities.

Maybe I'm too far north to see all the "flash" in Atlanta. I work downtown but live in Gwinnett. Is that why I'm not seeing ALL the bling and the like? Or am I seeing it and just not noticing because I'm used to the way that LA folk show off?

Things that make ya scratch ya chin and go....hmmmm????

P.S. I haven't seen any gold teeth yet either. Lookin' forward to it!

[Mattie]

To all the recent college grads here, did you get a credit card while you were in school? If not, how did you establish a credit rating? My son will graduate this year debt free, thanks to his parents, and my husband is encouraging him to apply for a credit card now. He's resisting, because he knows that he likes to shop, and prefers to not deal with the temptation. I think I'm on his side, but, should I be?

[itabb]

People with a significant mortgage, say 400k to 600k, get a huge tax break on interest and property tax. Without being too specific, I saw my fed tax cut by 60% going from a 100k mortgage to a 400k mortgage. That's made a big difference in how much house I can buy. I can keep more of my paycheck since I can claim more deductions. Also helps and hurts as I go from 0 to 3 kids. Not dedicating 3 rooms to wall-to-wall toys and actually spending time with my children (instead of outsourcing their care) makes a big difference in my costs as well as their development (my wife stays home). So for you who rent, you can afford more if you buy because of the fed tax deductions, esp if you go for a 300k+ mortgage on your house. Check an amort schedule on bankrate.com and use the irs witholding calculator. I think you'd be surprised as I was to see how much house a frugal person really can afford. And this housing market is prime for a buyer to really slam home a great deal, as long as you have 20-25% to put down for a 15 or 30 year conventional mortgage, and maybe go without cable tv.

[Parsec]

Originally Posted by JBnC

Did you live with your parents?

Nope ... I went to college in GA and my parents lived out of state. Not to sound snobbish, but they bought me a condo and also paid for my college tution in cash. Plus I got a $800 monthly allowance while in college. I admit I had it easy growing up and at the time, I probably felt entitled to all the things I got, but I feel very differently now. After getting married and starting a family of my own, I know what it's really like. It was a shock at first -- especially living in Boston -- not having money to buy anything after paying the rent. It was a good learning experience. I know my parents will always be there for me if I need anything, but I wanted to see what it's like to make it on my own. I wish others in my situation could've gone through the same thing, but most of my friends are trust fund babies. They don't want to work, so they end up going to school for 10 years to accumulate numerous degrees. I wonder what they're going to end up doing once they're sick of learning =p

[arlaporte]

Awesome topic,


I have dealt with this specimen before, I call them 50k dollar millionaires, they are fairly common in every major city, I frequent Miami and Tampa so to me when I went to ATL it wasn't a big shock to me.

To me image has never been an issue either, I have an excellent career which I enjoy, I dress decent enough that other woman check me out enough to have the wife punch my shoulder from time to time. Every couple of years I buy a semi expensive bycicle and in the end I'm always that guy at the used car lot looking to buy that Lexus or that M3 that our 50k millionaires had to get rid off becuase they couldn't keep up with the loan.

In the end these things will be everywhere you go but the joy of all is once you come to understand where you came from, where you are, and where you are going in life, this is has been one of many childhood lessons that I thank my parents for every day, and Im only in my late 20's, maybe I came in agreement to my purpose in society or Im getting old too fast.


It's Friday who's buying the first round ?



Keep in mind this specimen is not to be confused with true wealthy individuals, I have never had any issues with that at all.

[Parsec]

Originally Posted by Mattie

To all the recent college grads here, did you get a credit card while you were in school? If not, how did you establish a credit rating? My son will graduate this year debt free, thanks to his parents, and my husband is encouraging him to apply for a credit card now. He's resisting, because he knows that he likes to shop, and prefers to not deal with the temptation. I think I'm on his side, but, should I be?

My parents added me to their account and paid my bills so I could establish some credit. Now my credit score's approaching 800 -- not bad for a 25 year old! If he feels he will be tempted to buy, you can add him as an authorized user on your account and just don't give him the card. When it comes in the mail, activate it, then cut it up and throw it out.

[mg83]

Originally Posted by Parsec

Nope ... I went to college in GA and my parents lived out of state. Not to sound snobbish, but they bought me a condo and also paid for my college tution in cash. Plus I got a $800 monthly allowance while in college. I admit I had it easy growing up and at the time, I probably felt entitled to all the things I got, but I feel very differently now.

Okay well, not to hurt your feelings, but this is exactly what I'm talking about. Maybe you don't realize, but you are in the very SMALL percent of young people. To be honest, I think that's a little ridiculous, especially 800$ allowances. Most of us have had to pay for rent and have to pay back the many dollars the US government has lent us to go to school.

Either way, I don't understand the sense of entitlement here, but then again, I didn't go to school with an 800$ a month allowance. But from what I see of these kids my age, the one's who went to the private Buckhead schools, and went off to Duke or Wake Forest or Vandy, I guess this is the norm. Not something I want to be around... and rampant here in Atlanta.

[mg83]

Originally Posted by Mattie

To all the recent college grads here, did you get a credit card while you were in school? If not, how did you establish a credit rating? My son will graduate this year debt free, thanks to his parents, and my husband is encouraging him to apply for a credit card now. He's resisting, because he knows that he likes to shop, and prefers to not deal with the temptation. I think I'm on his side, but, should I be?

He graduated from college without a credit card? Seems a little behind the curve to me. You need to establish credit... even if it's to do little things like turn on electricity or have a land line.

Capital One gives out the credit cards with like a $250 limit. They're great for emergencies. I started out at 18 with a Capital One with a 400$ limit. Now I'm 23... my credit score is 790, and I have open credit lines nearing $40k on a total of 3 cards, and that's all I have... and I'm very. very. careful.

[Go Blue 99]

I think this is part of being in a car-centric city like Atlanta. People think.."I spend so much time in my car, and I drive everywhere I go, so it's ok to splurge on a luxury car". This is especially true for some single guys who think a nice car is a ticket to hot women.

[forresthills]

The younger generation is brainwashed by the media. The older folks are just trying to keep up with the "jones" in my opinion.By the way Mercedes Benzs are the Yugos of the next generation(reliability wise)