Reply to Goldman Sachs: 40% of $400-500K and $500K+ households “live paycheck to paycheck”

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Reply to "Goldman Sachs: 40% of $400-500K and $500K+ households “live paycheck to paycheck”"

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]It’s hard to know what is accurate in this area. High end shops here seem filled with buyers. Are there that many wealthy people, or are people throwing money away that they can’t afford? I assume both. [/quote]

What kind of high end shops are you talking about?[/quote]

I’m specifically talking about the 20-30 minutes waits to get help at Chanel, Gucci and Louis Vuitton I experienced on Saturday. Lots of men and women walking out with big bags. Mostly young people in the line. [/quote]

The people I see at these shops don’t look like they make $400K.  They’re buying $4000 bags but wearing spandex and pushing junky strollers.[/quote]

I carry a $5K YSL and a $3K Loewe, wear mostly gap/BR/jcrew and drive a 2015 Toyota with a nice gash in the side that I haven’t bothered to fix.

We make $400K, save a crap ton and have millions in savings.

Women are funny about luxury bags. It’s my personal weakness. [/quote]

glad it’s not mine! our HHI is double yours and it’s on one income and I don’t even carry a purse, would look weird in my perpetual uniform that consists of yoga pants and sweatshirts or scrubs for my messy hobbies! My wallet is my phone. My weakness is high quality food ( I love to cook), gym/wellness memberships, and my very expensive art habit (creating not buying).

However we do fork our money over to a money manager and essentially live off what i refer to as an allowance.  [/quote]

How embarrassing… we make more than you and would never talk like this. And bragging about paying a money manager… they must make a killing off that $800K  :lol: [/quote]

Wealth is more than just w2 income, just an FYI. Among many strategies we have we also have a CRT, which is extremely complicated along with an irrevocable trust. [/quote]

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