Anonymous wrote:A lot of people on this forum have financial planners.

A family member of mine has one and he recently told her she and her spouse need 6M + long term care insurance just for elder care.

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.

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:I’m too poor for the paywall.

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:"What I find interesting is how incredibly detached from reality this forum is."

Speak for yourself. I make $1M/year in my 40s. That's my reality. Others are worth billions. That's theirs. This board isn't detached from reality at all. What makes it great is that there are a lot of highly successful people willing to share info about managing money (and earning it) and I find it helpful and fascinating. I've found people I can relate to here. I'm certainly not someone calling someone with $2M at 40 a resident of Loserville, though. My liquid investable assets are $2.3M (total NW about $4M) which, as people here will quickly point out, is low relative to my income. In that way, I recognize that I'm behind where I should be given my earnings. I don't feel like a loser, but I do feel anxious, and I don't feel rich even though some might consider me so given my income. These aren't topics I discuss IRL with anyone because that would be obnoxious. So I come here. If it feels out of touch with reality to you, then you're free to frequent other money boards, of which there are many, that cater more to the average person rather than high income and high net worth.

Wonderfully representative post!! This is the prototypical DCUM Pinocchio at work again. OP, just so we’re clear, 99.9% of the people on this forum humblebragging about their wildly abnormal yet seemingly modest net worth is the red flag of the century. What sort of person making $1M per year is frequenting a local blog like this?!? Either a liar or a loser.

+1, if PP is soooo rich, doesn’t he/she have more important rich people things to do, like taking big scary risks?

Anonymous wrote:

Anonymous wrote:I’m too poor for the paywall.

Please see this link

https://www.dclibrary.org/washingtonpostonline

Anonymous wrote:I’m too poor for the paywall.

Anonymous wrote:I really don't care about the 80% or below of Americans. They are meaningless to me. What I care about is myself and what I need to live comfortable. Babbling about how much better off I am compared to the average is pointless. You're not scoring any virtue signaling points.

Maybe it's because I spent many years as an expat living and working in developing and second world countries that I long ago stopped thinking about the average. The middle classes in those countries aren't measured by people in the economic middle. But by lifestyle. My 80-100k salary at the time was very comfortable and put me well into the top 1% but it was still just an upper middle class salary and lifestyle. The wealthy and upper middle class locals knew exactly what it meant.

The US is shifting slowly towards this model where the middle class is not the 50% middle but closer to the top 20%. Which is historically the case, and what you find in most countries.

Anonymous wrote:I’m too poor for the paywall.

Anonymous wrote:

Anonymous wrote:I’m too poor for the paywall.

Merry Christmas - gift link

https://wapo.st/48F5rel

Anonymous wrote:

Anonymous wrote:"What I find interesting is how incredibly detached from reality this forum is."

Speak for yourself. I make $1M/year in my 40s. That's my reality. Others are worth billions. That's theirs. This board isn't detached from reality at all. What makes it great is that there are a lot of highly successful people willing to share info about managing money (and earning it) and I find it helpful and fascinating. I've found people I can relate to here. I'm certainly not someone calling someone with $2M at 40 a resident of Loserville, though. My liquid investable assets are $2.3M (total NW about $4M) which, as people here will quickly point out, is low relative to my income. In that way, I recognize that I'm behind where I should be given my earnings. I don't feel like a loser, but I do feel anxious, and I don't feel rich even though some might consider me so given my income. These aren't topics I discuss IRL with anyone because that would be obnoxious. So I come here. If it feels out of touch with reality to you, then you're free to frequent other money boards, of which there are many, that cater more to the average person rather than high income and high net worth.

Wonderfully representative post!! This is the prototypical DCUM Pinocchio at work again. OP, just so we’re clear, 99.9% of the people on this forum humblebragging about their wildly abnormal yet seemingly modest net worth is the red flag of the century. What sort of person making $1M per year is frequenting a local blog like this?!? Either a liar or a loser.

Anonymous wrote:"What I find interesting is how incredibly detached from reality this forum is."

Speak for yourself. I make $1M/year in my 40s. That's my reality. Others are worth billions. That's theirs. This board isn't detached from reality at all. What makes it great is that there are a lot of highly successful people willing to share info about managing money (and earning it) and I find it helpful and fascinating. I've found people I can relate to here. I'm certainly not someone calling someone with $2M at 40 a resident of Loserville, though. My liquid investable assets are $2.3M (total NW about $4M) which, as people here will quickly point out, is low relative to my income. In that way, I recognize that I'm behind where I should be given my earnings. I don't feel like a loser, but I do feel anxious, and I don't feel rich even though some might consider me so given my income. These aren't topics I discuss IRL with anyone because that would be obnoxious. So I come here. If it feels out of touch with reality to you, then you're free to frequent other money boards, of which there are many, that cater more to the average person rather than high income and high net worth.