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I am seeing ton of 30 year old men with boat loads of money to spend. 4/5 vacations a year, nice car, condos in high priced areas, TONS of "toys" (motorcycles, jet ski, snowboards)
HOW ARE THEY MAKING ALL THIS MONEY?
family support?
what jobs do they have?
Can someone explain to me how a 29 year old guy can spend like he makes $150k+ a year.
The recession has really hit those who make under $100k a year the hardest. For professionals in their late 20's to mid 30's , who started as bottom feeders 7 or 10 yrs ago, it's actually more lucrative since many firms have laid-off all their lower level associates/analysts/researchers and are dumping the work onto those who're left. I have attorney friends who've been promoted to partner status earlier than expected simply because their firms have eliminated entry-level associates & now demand that those who're left put in 80-hour weeks.
I think you can sum it up by saying that those with extensive work experience and a track record of productivity are still in demand. Another friend who's a biomedical researcher at Cal still gets calls from headhunters for biotech/pharma companies nearly every week. Being brainy & slogging through grad school is one way of assuring that you'll have a good income even when the economy is collapsing around you. Oh yeah, timing helps too.
Oh, the one other thing I've also noticed is that there are quite a few ppl (at least here in Cali) who made a killing in RE 7 or 9 yrs ago and through sheer luck & foresight pulled out right at the market top. One of my friends from college parlayed his $40k IRA into a nice nest-egg of $3M by flipping & rehabing homes and getting in on a condo conversion. He cashed out near the peak and has the funds to travel & wine & dine without counting pennies.
I would say that at least some of those guys are "nickle millionaires." They probably have jobs that range from average to decent but are in BIG debt to their creditors and only paying the minimum balance on their credit accounts each month, allowing the interest to pile up. Like that man in the TV commerial says, "I'm in debt up to my eyeballs." LOL
As smokingGun accurately noted, there are more than a few aggressive younger guys who made a lot of cash in RE, I know a couple of them. I also personally know of several high tech types under 30 who are making north of $200K from their software and engineering work. While the general job market is the pits for many folks, there are still quite a few people making big bucks.
Greenciti's comment is also a possibility, but I hope not for their sake.
I would say that at least some of those guys are "nickle millionaires." They probably have jobs that range from average to decent but are in BIG debt to their creditors and only paying the minimum balance on their credit accounts each month, allowing the interest to pile up. Like that man in the TV commerial says, "I'm in debt up to my eyeballs." LOL
This is no doubt the majority of what is being seen. Folks who are not adequately funding their future. I doubt those guys are paying down their mortgages and other debt. Or funding their 401K/IRAs adequately. Or setting up college funds for their kids. It is just not possible to live that lifestyle and prepare for the future unless they are making far more money than I suspect.
Those who hit it big before the recession and pulled out in time are a small minority. The professionals I know who have money to burn are very prudent about their spending.
I am seeing ton of 30 year old men with boat loads of money to spend. 4/5 vacations a year, nice car, condos in high priced areas, TONS of "toys" (motorcycles, jet ski, snowboards)
HOW ARE THEY MAKING ALL THIS MONEY?
family support?
what jobs do they have?
Can someone explain to me how a 29 year old guy can spend like he makes $150k+ a year.
Am I in the wrong field?
First of all, $150k a year is not nearly enough to fund the lifestyle you just described.
Second of all, they really could be making that much money.
For example, at my brother's law firm, they froze hiring. They actually have more work than ever, but now everyone has to do way more work...like each person is doing 1.5 people's work...so of course, there is more money to go around, but they are all killing themselves working 16 hour days.
1) They make a good income. (And yes, 150k goes a long way in some parts of the country vs. others.)
2) Debt, no savings, etc etc etc (You can lease a BMW for very little money, they are the lease kings)
3) Inheritance (If I get hit by a bus today my kids are insta-millionaires and aren't in highschool yet.)
However, with family that works in small banks doing loans etc. in MOST cases they are spending every nickle they have and are making payments on everything and actually "own" virtually nothing.
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