Does it seem like the #1 signal of wealth is a summer/weekend home?

[Anonymous]

Anonymous wrote:

Why is she a leech? We have a country home and happily lend it to friends. We hardly use it and I'm happy that someone can enjoy it. If that makes my friends leeches, then i ? leeches.

It's a moocher move to do more than once. Past a certain age (mid 30s) it's time to buy your own.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:With Memorial Day approaching, it seems everyone that has money is off to the coast, maybe Florida, or up to Maine, etc. The UMC pretenders seem to rely on invitations to join, or else they're stuck in town.

Haha, op, it must be miserable being you.

Seriously!

And just an FYI, OP, the truly wealthy people are not the ones who drive fancy cars and have vacation homes.

What is truly wealthy to you? I grew up in Middleburg, VA with extreme wealth, running in the same circles as the Mars family and Mellon family. Having multiple homes was the norm and no one was driving a Chevy. We showed horses more expensive than what i bet you consider a "fancy car". The truly wealthy are not pinchung pennies with their multiple homes and cars. My parents still are alive and last month just returned from their ranch in Texas where they basically stay most of the winter.

I don't know anyone who is truly wealthy who drives a Chevy or anything that is not a luxury car. The truly wealthy are past the point of trying to save.

+10000
Yes to all of this. Lots of chatter on DCUM about how the wealthy don't own second homes or luxury cars. Baloney! Of course they do! Affluent people who need to protect their savings (millionaire next door types) are often frugal, but truly wealthy people spend large amounts of sums on all sorts of frivolous crap.

[Anonymous]

Anonymous wrote:

Anonymous wrote:A very rich person once told me that the key to wealth is one house and one wife. It made me laugh, but probably true.

doesn't answer your question, but I agree with a previous PP that you can probably swing a second home without being all that rich, especially if you can rent it out a lot of the time.

This. Owning multiple houses is a PITA. Been there, done that.

Agree - I think I fit in to the 'wealthy' category, and the idea of wasting my time traveling to a second home is just a PITA. My life is not so small and unfulfilling that I must flee it every chance I get to stare at an ocean. When I want to sit on beach, I travel to a resort or rental. And if it burns down or floods the day I leave, that's not my problem.

[Anonymous]

Not so hard to get a second shack/mortgage. What's? more a marker is the fact that you "summer" somewhere.

[Anonymous]

Anonymous wrote:Ugh, who would want to go to FLORIDA in the summer!

Me!!!!!! I love the beautiful gulf coast. Love love love it in the summer.
It's jam packed with people then (though never as much as Ocean City) so others must also love it.

[Anonymous]

Anonymous wrote:

Anonymous wrote:A very rich person once told me that the key to wealth is one house and one wife. It made me laugh, but probably true.

doesn't answer your question, but I agree with a previous PP that you can probably swing a second home without being all that rich, especially if you can rent it out a lot of the time.

This. Owning multiple houses is a PITA. Been there, done that.

Everyone I know who has had one long term is pretty happy. They build wealth.
All those years you pay the mortgage rather than spending the money on some hotel or someone else's home and then you have equity at the end of the 30 years. My mother's 'mountain shack' increased greatly in value as it became a popular destination and she has a waterfront lot.
Her BF's ' beach shack' has similarly increased in value.
You can also rent them out and deduct taxes.

[Anonymous]

No, we have a paid off condo in CO, and right now we barely can afford to go there due to kid's college cost and high cost of living here.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Ugh, who would want to go to FLORIDA in the summer!

Me!!!!!! I love the beautiful gulf coast. Love love love it in the summer.
It's jam packed with people then (though never as much as Ocean City) so others must also love it.

I love it too! Gulf coast, not the other dirty gross, swimming in seaweed and trash crap! I would love to have a place in Naples.

[Anonymous]

Guy here. Is this thread written by a catty woman? If so, is this what women really worry about? It smacks of idiocy.

[Anonymous]

Most people I know/have known with summer homes inherited them and they have been in the family for generations. Most are in Maine, Martha's Vineyard, Fire Island, the Cape, etc. They are from wealthy families where the wealth goes back several or more generations.

The people I've known who buy second homes as adults don't buy in those locations, but that might be a function of the region where I grew up/went to college versus?

[Anonymous]

The three families we know that have second homes also have a stay at home parent, and they all squeeze every nickel. Very old cars, inexpensive primary residences, vacations only to visit family. The common thread is that they all value family time, and a second home is a way to get it.

[Anonymous]

The #1 signal of wealth to me is lots of leisure time. I know a couple who just bought a Manhattan apt in cash and one of them doesn't work and the other works at a startup.

And another family where neither parent really works- one casually started a boutique, the other just kinda hangs out. And they bought a home in an expensive neighborhood, tore it down, and built a new one.

Not needing a job in an expensive city = wealthy.

[Anonymous]

We have a weekend home (that we inherited). We hardly have the money to maintain it and don't have the time to visit it. With only sentimental reasons for keeping it, it will likely go on the market soon.

[Anonymous]

Anonymous wrote:Guy here. Is this thread written by a catty woman? If so, is this what women really worry about? It smacks of idiocy.

Great job, guy.