Anonymous wrote:

Anonymous wrote: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.

Post when you hit $1M. I'll celebrate with you. It is an awesome milestone to hit!

I was thrilled when I hit $500k at 40, so I feel you all. I'll celebrate too!

Anonymous wrote:

Anonymous wrote:

Anonymous wrote: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.

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.

One of my grad school classmates is now a specialist surgeon making 7 figures. He has 2 divorces, 5 kids and now a new wife with a baby on the way. I don’t know that he’s much better off than others with a more modest income.

He’s definitely not, as he probably started making that big income very late, and clearly went crazy after he graduated. Physicians are some of the saddest and financially unsuccessful people out there.

Anonymous wrote:yes. Well DCUM posters will argue to the death that they're "middle class" with their incomes in the top 1-5% of the US.

By literal definition they are delusional.

We're now higher income after many, many years in school, but live way below our means. We invest more than 50% of our pre-tax HHI each year. This means that we live a "middle class" lifestyle by and large, with a few splurges. It doesn't make us middle class, but we certainly aren't joining country clubs or sending our kids to private schools. Our 10 yo minivan is far from flashy. I think a lot on DCUM are similar.

My net worth is 10 billion but I can't afford the paywall.

Anonymous wrote:

Anonymous wrote: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.

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.

One of my grad school classmates is now a specialist surgeon making 7 figures. He has 2 divorces, 5 kids and now a new wife with a baby on the way. I don’t know that he’s much better off than others with a more modest income.

Yeah this is true. We are in 90 but feel solidly middle class because we live in a 2 bedroom house in South Arlington. Our money is in the equity in our home and our government retirement accounts. We just live in an area with a high percentage of wealthier people. Pretty crazy really. My brother also lives in an expensive area and it’s really shocking considering where we came from. We don’t access our equity or retirement accounts so it doesn’t really feel like ours right now. We live conservatively because we wanted a safety net. Makes me wonder about the finances of some of the people around us….

Anonymous wrote:

Anonymous wrote: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.

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.

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.

Anonymous wrote: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.

Post when you hit $1M. I'll celebrate with you. It is an awesome milestone to hit!

Anonymous wrote: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.

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.

People here are MC when they compare themselves to their fellow country club members. That is their world.

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.

I’m too poor for the paywall.

yes. Well DCUM posters will argue to the death that they're "middle class" with their incomes in the top 1-5% of the US.

By literal definition they are delusional.

I think (or hope) everyone knows that, but they just compare themselves to similar people - highly educated, in high-income professions, living in high-income areas.

The Washington Post has a calculator for net worth and HHI that just came out:

https://www.washingtonpost.com/business/interactive/2024/are-you-rich-american-wealth-net-worth/?itid=hp_most-read_p009_f001_1

What I find interesting is how incredibly detached from reality this forum is. There are tons of people here who claim a net worth of, say, $2M at 40 is basically next to loserville and you should immediately jump off a skyscraper and hide your shame. Some say you need $20M at 65 to retire comfortable in today's age. This points out how incredibly idiotic and detached from reality those views are when they reflect the views of the top 97% to 99% of already the wealthiest country on planet earth. Basically, the people on this forum are living on a really rarified bubble.