Retirees living off their investments in expensive resort towns

[Anonymous]

Anonymous wrote:Why do you assume they’re all from flyover country?

Probably none of them are from flyover country. People in flyover country go to Florida’s panhandle and west coast.

[Anonymous]

Anonymous wrote:OP here. It's not worth focusing on the "flyover country". The point is that these retirees are able to live the high life because of their ample investments. Well done, but so many young people are not and will not be able to accumulate and invest as much. Just look at the mortgage interest they are paying, if they are lucky enough to become homeowners.

How do you know? They could’ve inherited.

[Anonymous]

Anonymous wrote:I recently visited a resort town in Southern California. I noticed that the majority of the lunch crowd in high-end restaurants were happy, relaxed retirees.

I kept thinking, these are the people who have saved up or sold businesses in the flyover country, and are now living the high life. The employees serving them are those without investments.

I am 45, and I really hope to be one of those retirees one day.

Are you working towards it? I'm a server who bought into crypto and stocks in 2020. I'm still a server, but not without investments. We have few more at my restaurant who are catching this years run-up.

[Anonymous]

Anonymous wrote:

Anonymous wrote:What town?

Also wondering, OP what town?

OP here. Newport Beach, but I'm sure it's the same in Palm Beach, Martha's Vineyard, etc.

[Anonymous]

Anonymous wrote:OP here. It's not worth focusing on the "flyover country". The point is that these retirees are able to live the high life because of their ample investments. Well done, but so many young people are not and will not be able to accumulate and invest as much. Just look at the mortgage interest they are paying, if they are lucky enough to become homeowners.

Mortgage interest? Do you have any idea what people paid in interest historically? 5-6% is nothing to get worked up over. You need some perspective.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:What town?

Also wondering, OP what town?

OP here. Newport Beach, but I'm sure it's the same in Palm Beach, Martha's Vineyard, etc.

Newport has about 75,000 residents. The people you saw probably live there or in another OC city. There are a lot of businesses there or in nearby Irvine; it’s not just a resort. People don’t generally move there to retire as it’s very expensive. Also, the population in Newport skews older than in some other cities, if they looked to be of retirement age. (Grew up there, live nearby).

[Anonymous]

Anonymous wrote:Wait so OP is just saying they want to be rich?

+1

Wtf is the actual point of this post? There’s not even a question. Did OP just become aware that some people are rich and some are poor and that it’s better to be rich?

[Anonymous]

What an odd post, OP. You shared your assumptions about people but you don’t know if what you think about their finances is accurate.

Are they retired? Who knows?

Do the servers really not have investments? Who knows?

Are the diners business owners who exited their companies with lots of money? Who knows?

Sounds like you are projecting your desires and making up a story that’s making you envious.

Live beneath your means and save money.

[Anonymous]

Anonymous wrote:

Anonymous wrote:OP here. It's not worth focusing on the "flyover country". The point is that these retirees are able to live the high life because of their ample investments. Well done, but so many young people are not and will not be able to accumulate and invest as much. Just look at the mortgage interest they are paying, if they are lucky enough to become homeowners.

Mortgage interest? Do you have any idea what people paid in interest historically? 5-6% is nothing to get worked up over. You need some perspective.

The people of the age you saw would have had higher mortgage interest rates in the 80s and 90s.
They would have seen their investments go up and down through several recessions.
It’s definitely harder now for young people but it’s also never been as easy as you think.

You were in one of the wealthiest towns in CA and the US. Many have generational wealth and other advantages. They are not representative of anything about the average American’s investments.

[Anonymous]

Anonymous wrote:

Anonymous wrote:I recently visited a resort town in Southern California. I noticed that the majority of the lunch crowd in high-end restaurants were happy, relaxed retirees.

I kept thinking, these are the people who have saved up or sold businesses in the flyover country, and are now living the high life. The employees serving them are those without investments.

I am 45, and I really hope to be one of those retirees one day.

Why flyover vice anywhere else? Why would servers not have investments? Such a strange post full of assumptions.

Op is trying to say “old yt people” politely. 😅

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:What town?

Also wondering, OP what town?

OP here. Newport Beach, but I'm sure it's the same in Palm Beach, Martha's Vineyard, etc.

You think the Vineyard is full of flyover country folk? Oh, you sweet summer child.

[Anonymous]

Anonymous wrote:

Anonymous wrote:OP here. It's not worth focusing on the "flyover country". The point is that these retirees are able to live the high life because of their ample investments. Well done, but so many young people are not and will not be able to accumulate and invest as much. Just look at the mortgage interest they are paying, if they are lucky enough to become homeowners.

Oh geez. Can you all stop harping on interest rates? For over a decade 9% was the lowest we got.

+1

[Anonymous]

I think OP is saying it would be nice to be rich and retired, even if you're currently working as a server. So why all the snark? Isn't that what we all want?

[Anonymous]

Once my kids finish HS and I move out of the DMV-not to Florida, not to California, I will fondly remember the DMV as the land of the people that "couldn't stop obsessing over FLYOVER COUNTRY people"...I will DRIVEOVER the DMV travelling up and down the East Coast, I may stop to use the restroom...

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:What town?

Also wondering, OP what town?

OP here. Newport Beach, but I'm sure it's the same in Palm Beach, Martha's Vineyard, etc.

You think the Vineyard is full of flyover country folk? Oh, you sweet summer child.

OP here. The Obamas are from Chicago.