Reply to WaPo on Net Worth

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[quote=Anonymous][quote=Anonymous][quote=Anonymous]It’s behind a paywall for me but this forum makes me feel poor.  It’s hard to be excited about my 401(k) hitting $1 million when reading about people worrying about retiring with accounts worth $6 million+.

I do feel like people on here exaggerate though because some of the people I know in real life who act the richest also have enormous 1st and 2nd mortgages and HELOCs, etc. so it’s a facade.[/quote]

This is a really interesting point. The one guy I know who drives the most expensive car and lives on the most expensive house and has the biggest beach house also has huge mortgages and is constantly moving money around HELOCs and personal loans to address cash flow throughout the year.[/quote]

It's actually really common for high-compensation individuals to retire with nothing significant saved. Divorces, expensive cars/toys/vacations, home improvements, etc. adds up. Eventually, they just run out of time and there's no more "next year". I've heard that story many times first/second/thirdhand at our firm. [/quote]

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