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Oil workers make a lot more than 30k/yr (when oil prices are up that is), but yes, they absolutely blow it on giant pickup trucks and partying and frequently live this lifestyle.
I agree this was probably more of a thing in 2005 or so when cost of living was lower throughout the country, but before the financial crisis hit. I know in Austin back then you could absolutely make $40-50k a year, live downtown, drive a fairly nice car on a payment or lease, and still go out and hit the bars 3-4 times per week. Now you probably need to make $80k+ for the same lifestyle just because housing costs 2x more and alcohol 3x more.
Last edited by whereiend; 06-15-2020 at 04:04 PM..
I don't feel like you would truly see this a lot in high COL areas or the hip areas with a rapidly rising COL. Only because those 30K and 40K millionaires would eventually drown in debt or get pushed out. Someone who lives at home or on a trust fund of sorts might do that.
Now areas such as some rural areas or smaller cities/larger towns sure. You probably would see people making 30K and 40K living like six-figure men or millionaires. The lower COL allows them to live the illusion longer.
Also in a low COL area if someone budgets right and doesn't have debt they can enjoy some of the features of a six-figure income while making only around 40K because they aren't getting slammed by high rent and utilities that their peers in higher COL areas are. It would make them look like they are "faking it till they make it" but in reality, they are "making it with what they have".
I don't feel like you would truly see this a lot in high COL areas or the hip areas with a rapidly rising COL. Only because those 30K and 40K millionaires would eventually drown in debt or get pushed out. Someone who lives at home or on a trust fund of sorts might do that.
Now areas such as some rural areas or smaller cities/larger towns sure. You probably would see people making 30K and 40K living like six-figure men or millionaires. The lower COL allows them to live the illusion longer.
Also in a low COL area if someone budgets right and doesn't have debt they can enjoy some of the features of a six-figure income while making only around 40K because they aren't getting slammed by high rent and utilities that their peers in higher COL areas are. It would make them look like they are "faking it till they make it" but in reality, they are "making it with what they have".
Certainly possible. If you live in a place where a 1 br rents for 500.00 you can certainly have nice car and clothes. I think the premise of the 30 or 40k millionaire is they live at home and spend all their money on a nice car, clothes, have maxed out their credit cards and work at a pretty entry level job. They would also drive a very used luxury vehicle, often the BMW 3 series just for appearances.
Location: Miami (prev. NY, Atlanta, SF, OC and San Diego)
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You will see the wannabes in some high COL areas, if only for awhile until the funds run out or they find a sponsor...Newport Beach, CA was where I knew of 3 guys, in their thirties, sharing a 2 BR apartment just so they could say they had a NB address. There was another guy who drove a 10 or 12 year old Mercedes but changed the model decal number on the back to a more current version model number so he could try and pass it off as only a 2-3 year old car hoping to impress the ladies. You had the athlete who managed to make a NFL roster (an accomplishment) but who only lasted a season before being cut and rode the bench without playing in any regular season games passing himself off as an All NFL team player before ending up working for a headhunter firm. Douches. Maybe that’s why many women in that area would ask directly on a first date how much money you made. Both groups deserved one another!
The difference between Newport Beach and Vegas or South Beach was that residents—not weekend tourists—pretended to be something they were not. This pertains to some/small, but visible, percentage of the people that lived there at the time I did in OC and was annoying. Conspicuous consumption, “keeping up with the Joneses” (or trying and failing miserably) and poseurs at their “finest”.
Quote:
Originally Posted by fivenine
I don't feel like you would truly see this a lot in high COL areas or the hip areas with a rapidly rising COL. Only because those 30K and 40K millionaires would eventually drown in debt or get pushed out. Someone who lives at home or on a trust fund of sorts might do that.
Now areas such as some rural areas or smaller cities/larger towns sure. You probably would see people making 30K and 40K living like six-figure men or millionaires. The lower COL allows them to live the illusion longer.
Also in a low COL area if someone budgets right and doesn't have debt they can enjoy some of the features of a six-figure income while making only around 40K because they aren't getting slammed by high rent and utilities that their peers in higher COL areas are. It would make them look like they are "faking it till they make it" but in reality, they are "making it with what they have".
Last edited by elchevere; 06-16-2020 at 07:13 AM..
This is a funny thread, but I would say places like Tampa, Orlando, Atlanta, Charlotte, etc. You can actually afford to live in those cities with a lower or normal salary, therefore I guess the flashiness is easier? Plus salaries in those cities are lower in general than NYC, LA, Chicago, etc.
NYC and LA have their fair share of flashiness, but you would not have any money for anything besides rent and food, so 30k wouldn't cut it (unless you have additional sources of funding, if people know what I mean).
I would say the larger coastal cities have 100k millionaires. Great salary, they can afford dinners and trips, etc. but they think they are Rockafellars because they earn 6 figures. Its always the silent ones that are the most successful (at least from my experience in New York).
Location: Miami (prev. NY, Atlanta, SF, OC and San Diego)
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NY/NYC has its flashiness but, having grown up there, people are more likely to see through and call your BS to your face and in front of others and quickly bring you down to earth if you pretend to be something you are not. My Wall Street buddies used to flash the $ when we went out drinking, but they actually had the money to burn and didn’t brag how much they made (didn’t need to).
My general rule of thumb is if you go out of your way to tell me how much you have, how great you are, or how much you get laid you are none of the above.
Quote:
Originally Posted by cpomp
This is a funny thread, but I would say places like Tampa, Orlando, Atlanta, Charlotte, etc. You can actually afford to live in those cities with a lower or normal salary, therefore I guess the flashiness is easier? Plus salaries in those cities are lower in general than NYC, LA, Chicago, etc.
NYC and LA have their fair share of flashiness, but you would not have any money for anything besides rent and food, so 30k wouldn't cut it (unless you have additional sources of funding, if people know what I mean).
I would say the larger coastal cities have 100k millionaires. Great salary, they can afford dinners and trips, etc. but they think they are Rockafellars because they earn 6 figures. Its always the silent ones that are the most successful (at least from my experience in New York).
Last edited by elchevere; 06-16-2020 at 07:17 AM..
NY/NYC has its flashiness but, having grown up there, people are more likely to see through and call your BS to your face and in front of others and quickly bring you down to earth if you pretend to be something you are not. My Wall Street buddies used to flash the $ when we went out drinking, but they actually had the money to burn and didn’t brag how much they made (didn’t need to).
My general rule of thumb is if you go out of your way to tell me how much you have, how great you are, or how much you get laid you are none of the above.
Agreed and agreed. One of the many things I love about New York. Immaturity definitely plays into it as well. The older I get, the less patience I have for that crap.
I feel like this is probably easier to get away with in places like Dallas, Houston, Atlanta, etc because they still have a good amount of decent paying jobs but the cost of living is still low.
In NYC, SF, etc it’s super expensive so it’s kind of hard to fake it because you either can afford to live there or not.
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