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Reply to "Upper and UMC Ppl: Do you Actually Know Anyone Living Beyond their Means?"
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[quote=Anonymous][quote=Anonymous]Honestly no. In general, people who spend a lot make a lot and are saving a lot. Poorer people like to think to otherwise make themselves feel better for missing out ("So and so went on an exotic vacation but I bet they have no savings") but that doesn't make it true.[/quote] I know of a family that was making good money (highly educated professionals) but spending it too freely and bought too much of a house. At one point they had to borrow about $80k from family member so as not to lose the house (family member is friend of mine). Also my best friend and spouse spend too much money, to keep up with the Joneses. They make upwards of $250k, but have no savings because they've sunk it all into home additions, improvement, vacation house they are underwater on, etc. Friend feels guilty but hasn't put a stop to it. They are late 40s, kids are a few years away from college, and don't know what will happen.[/quote]
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