Reply to Why are DCUM salaries so much higher than in "real life"?

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Reply to "Why are DCUM salaries so much higher than in "real life"?"

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[quote=Anonymous][quote=Anonymous][quote=Anonymous]I know DC is a HCOL area so salaries are higher than normal, but the $400K-$2M salaries that are often bandied about here are so unreal to me.  I can only think of three possibilities to explain this:

1)  DCUM is a congregation that specifically attracts this small subset of high earners

2)  These salaries are more common than I think, and they simply go unnoticed because people generally don't talk about money openly

3)  People are lying liars who lie about their income.

Which is it?[/quote]

Almost every person who posts on this site is lying and exaggerating. There is another current post in Money and Finance on having a 15 year vs. 30 year mortgage. What’s interesting there, is that every sound and conservative advisor knows that a 15 year mortgage is the way to go. Yet on DCUM, there is a high concentration of vehement opposition to a 15 year and support for a 30 year. This makes no sense for a group that is allegedly pulling in $500K+ in HHI. People on here know enough to lie about HHI, net worth, and home values. But, they’re not smart enough to know about the less obvious wealth revealing indicators. I especially like the ones in their mid-30s they already have 1M+ in their 401k and retirement plans. A near impossibility given federal limits on annual contributions. They’re just to dumb to know this isn’t possible. [/quote]

NP here.  I haven't read the "15 year mortgage" thread but I can tell you this:  while it may be true that every "conservative" advisor knows that a 15 year mortgage is the "way to go," not every "sound" financial advisor thinks that way.  There are many "sound" ways to use mortgage financing and for many wealthy people a 30 year mortgage makes sense.

I've lied and exaggerated about things on DCUM but have been very accurate and precise about my income.  I retired early, but when I was working I made very good money -- I averaged over $700k my last ten years on the job -- and I never even considered a 15 year mortgage.  I will agree, though, they many posters likely lie about the size of their retirement portfolios and net worth.  It's very hard for folks in their 30s and even 40s to accumulate assets along the lines being described here.    [/quote]

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