Mass reserves of cash stashed away

36% Normal

Does everyone in America have mass reserves of cash stashed away somewhere? I ask because everyone drives a brand new shiny SUV with names like Lexus, BMW or Mercedes on them. Then they live in fancy houses that are $400K or higher. These same people have kids with the latest gadgets. They go out to eat at 3 times a week. Me and my spouse both work full time jobs and we've been saving for a couple years to buy a new house. We are frugal and don't spend frivolously. So I don't understand where everyone's money comes from. Is it inherited? Are they all in massive debt? Or they do all just have better paying jobs than us?

Voting Results

36% Normal

Based on 11 votes (4 yes)

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Comments ( 25 )

Azaman

7 years ago

Credit most likely... But, where the hell do you live that "everyone" is driving brand new shiny, expensive cars? Maybe you should travel more, most places have a decent mix of wealth classes..

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- Anonymous Post Author
  
  7 years ago
  
  I live in the Denver metro area. The jobs are good but not everyone can have a $100K plus job. Truly I just don't get it.
  
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- Put_name_here
  
  7 years ago
  
  I'm not OP but in the poorer parts of Manhattan's central business district the evening rush on major streets seems to be either late model Cadillacs, taxis, delivery trucks/vans, and buses. It's starting to look slightly futuristic now cause the luxury cars are so new. Immaculate black SUVs with chrome everywhere and lights that are vast expanses of LEDs in funky shapes and mirrors/body edges that are LED redundant turn signals.
  
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Holzman_67

7 years ago

Credit I'd say

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- Anonymous Post Author
  
  7 years ago
  
  I thought folks were doing better with not buying everything on credit. No?
  
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Sog

7 years ago

It's very easy to get a lease for an expensive car and a 30-year mortgage for a family home. They don't actually own these things and probably never will in their lifetime.

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- Anonymous Post Author
  
  7 years ago
  
  It's easy to get them but are they able to afford them?
  
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  - Sog
    
    7 years ago
    
    It depends on what you mean by afford. Month-to-month the payments aren't too bad, and then credit can be used to pay for other living expenses if they come up short.
    
    It's not healthy to live this way, but a lot of people do. Then they build up huge amounts of debt and it becomes a nightmare because it's spread all around from a billion different creditors.
    
    There are a lot of people out there in a significant amount of debt. A LOT. When you see someone driving a Lexus or a Mercedes, don't assume that they own it, and don't assume that it's all fully paid and they aren't living off of credit.
    
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mysistersshadow

7 years ago

Lots of ppl live on credit others have the money its a big country.

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Rich_Guy

7 years ago

It is not "Everybody" you hysteric bonehead. You need valid sampling to make your judgement. And, you will find that affluence belongs to us, the elite 1%. One in every 100 people makes quite an impression. Even the 2 to 3% that are not rich, but have one million dollars net worth present themselves comfortably.

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yjing

7 years ago

I would say or drug dealing or anyway money inherited, I live in Holland for example and there are people who have so much money either from old colony family businesses and all these kind of things... mostly is the difference that makes no sense, I work with people who have four cars, houses in switzerland and millions, and how is that... no idea mostly they build up stupid companies, sell them and buy stocks and then again. The problem as you say is that is absurd how much money they can do and finally they do really nothing. Is the whole system that is designed in a way that rich get richer and normal people are fucked a bit more everyday. There is no comparison here from a rich Dutch to a normal person, and the worst anyway is that these people loose touch completely with how it works for a normal person and the struggle they go through. Let alone a poor person.

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- Anonymous Post Author
  
  7 years ago
  
  What percentage fall into that rich category?
  
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  - yjing
    
    7 years ago
    
    I did read some articles that in the world is always worst like now is 1% superrich, but to be honest, if I look around in holland I would say this is correct based on what I live, I m here since 12 years, this is from an article:
    
    "One in 100 Dutch citizens is a millionaire and they control some 39% of the country’s wealth, according to the report. The average Dutch millionaire has a wealth about 2.9 million euro. Their average age is 50 and only 6% are younger than 40. Most of the rich Dutch live in Amsterdam or Utrecht. 53% have earned a large part of their fortune through their own businesses. However, only 40% of them have a university education."
    
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Put_name_here

7 years ago

Some people make $100K per year. Lucky bastards.

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- Anonymous Post Author
  
  7 years ago
  
  Even if you make a $100K per year, you live in Manhattan. That's not cheap. A $100K a year won't even come close to cutting it.
  
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  - Mr.PenisFAGGOT
    
    7 years ago
    
    Most people are in debt up to their eyeballs, and you would never know it because they don't walk around advertising it or telling people.
    
    This is because of the culture in America to keep up with everyone else.
    
    I don't adhere to this nonsense as I am perfectly comfortable to work a job that gets me on the system (mostly for benefits) an average salary, and saving, saving, SAVING for the true American dream. Early and comfortable retirement.
    
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    - Rich_Guy
      
      7 years ago
      
      You sir, understand wealth accumulation. Buy the dips.
      
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    - Anonymous Post Author
      
      7 years ago
      
      It's unfortunate that we have to wait until we're old to enjoy ourselves. What age do you think you'll be retired?
      
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      - Mr.PenisFAGGOT
        
        7 years ago
        
        Before I'm 50 years old. All I need is to stock the requisite amount of years for medical benefits. Than I can quit the daily grind and work as I see fit.
        
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      - Boner_Face
        
        7 years ago
        
        I'm the same person as Mr.PenisFAGGOT.
        
        In 12 years. I will be 48 years old. It depends on how my state reconfigures the amount of time you need to work to get the full benefits package locked in for life. I have other assets I have accumulated so I can live off that until I can collect a pension without a penalty.
        
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    - MichaelMyersindarkness
      
      7 years ago
      
      You arrogant americans and your famtasies.
      
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      - Anonymous Post Author
        
        7 years ago
        
        Which part is the fantasy?
        
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        MichaelMyersindarkness
        
        7 years ago
        
        All of it.
        
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  - Put_name_here
    
    7 years ago
    
    I don't live in Manhattan. I don't make $100K a year.
    
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MR.mr

7 years ago

better paying jobs, and the ability to buy on credit.

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Mass reserves of cash stashed away