There are places on CT alone where 150k is barely middle class. And moving isn’t an option because it’s either too expensive or it would take the person out of commuting distance.
Then the layoffs hit and people spend their money paying for the too high cost of living in ct, with little job prospects.
The wealthiest people are wealthy because they always took big risks that kept paying off.
So someone who desires that, never puts safe money away, they never save.
Every penny is invested, every purchase goes on a credit. Because why pay now when you can invest that money for free another 2 weeks?
As long as “numbers always go up” it works…
But then the market crashes, and everything is still tied up. You don’t have funds to pay the bills, and if you sell to pay the bills, you’re realizing market loss.
So it’s “lifestyle change” but not always wanting better stuff
The wealthy literally have a different lifestyle than the “paycheck to paycheck” the majority of people have. We can both have our shit completely fucked overnight thru no fault of our own
For most of us, that’s just reality. For the wealthy it’s a choice.
Lifestyle inflation.
People are really, really good at spending all their money, then living paycheck to paycheck with their BMW and too-many-sqft house payment.
There are places on CT alone where 150k is barely middle class. And moving isn’t an option because it’s either too expensive or it would take the person out of commuting distance.
Then the layoffs hit and people spend their money paying for the too high cost of living in ct, with little job prospects.
Nah, it’s survivorship bias.
The wealthiest people are wealthy because they always took big risks that kept paying off.
So someone who desires that, never puts safe money away, they never save.
Every penny is invested, every purchase goes on a credit. Because why pay now when you can invest that money for free another 2 weeks?
As long as “numbers always go up” it works…
But then the market crashes, and everything is still tied up. You don’t have funds to pay the bills, and if you sell to pay the bills, you’re realizing market loss.
So it’s “lifestyle change” but not always wanting better stuff
The wealthy literally have a different lifestyle than the “paycheck to paycheck” the majority of people have. We can both have our shit completely fucked overnight thru no fault of our own
For most of us, that’s just reality. For the wealthy it’s a choice.
Nothing really crashed, my stocks are doing well. I also had no problem selling stuff at a loss. This is just being irresponsible