Author Topic: Our well off friends.  (Read 17799 times)

rob/d

  • 5 O'Clock Shadow
  • *
  • Posts: 38
  • Age: 60
  • Location: blighty
  • Grumpy ? me ?
Our well off friends.
« on: April 17, 2016, 10:15:18 AM »
Rich friends .
You got some right ?
We have !
One of our married couple friends  has just hit the rocks in their big ass boat and it’s all sinking fast .
He travels ,with work ,all over the world and  it seems he’s accidentally forgot he’s married and has been found out.
He makes the big bucks but they spend even bigger .
It’s my wife’s friend so we have  had her denial of the situation , the anger and now the bargaining.
Good news ,only two stages left !

Here’s the rub.
The house , the cars , everything , it’s all on credit.
There is no money !!!!
It’s all built on bullshit .
No savings , no equity in the house , cars are on tick.  C.C’s are maxed out…. arghh.
What a mess.
These are the same friends that looked at us like a pair of  fricking aliens when we said we were quitting racing rats for a living .
Now i get why !
No  schadenfreude to see here folks , move along .

It just makes me a bit angry and disappointed that people live on this knife edge of a so called affluent lifestyle , when it really should be none of my business .
 Rant over .


CatamaranSailor

  • Stubble
  • **
  • Posts: 207
Re: Our well off friends.
« Reply #1 on: April 17, 2016, 01:51:53 PM »
Unfortunately, this describes my sister and brother in law almost to a tee. No cheating (that we know of, but wouldn't be surprised)...but definitely a check next to everything else. For years they have led life in the fast lane...11 new cars in the last 3 years alone! Big house, big RV, etc,etc,etc. On just alcohol and Vegas trips, they've easily blown 100k just in the last 2-3 years. Now the ship is sinking fast. We feel bad (kinda) but these are the same folks who've scoffed at us for buying a small house, paying cash for cars and saving for retirement. I really wanted to punch my dad in the head when he started describing "what a terrible situation" this was.

MgoSam

  • Magnum Stache
  • ******
  • Posts: 3684
  • Location: Minnesota
Re: Our well off friends.
« Reply #2 on: April 17, 2016, 02:49:44 PM »
Sometimes we feel like Cassandra's, able to predict what's going to happen but unable to be listened to by anyone.

SirSavesaLot

  • 5 O'Clock Shadow
  • *
  • Posts: 23
Re: Our well off friends.
« Reply #3 on: April 17, 2016, 03:21:16 PM »
Unfortunately, this describes my sister and brother in law almost to a tee. No cheating (that we know of, but wouldn't be surprised)...but definitely a check next to everything else. For years they have led life in the fast lane...11 new cars in the last 3 years alone! Big house, big RV, etc,etc,etc. On just alcohol and Vegas trips, they've easily blown 100k just in the last 2-3 years. Now the ship is sinking fast. We feel bad (kinda) but these are the same folks who've scoffed at us for buying a small house, paying cash for cars and saving for retirement. I really wanted to punch my dad in the head when he started describing "what a terrible situation" this was.

11?  "This irresponsibility goes up to 11."  Ha!

Uturn

  • Pencil Stache
  • ****
  • Posts: 889
  • Age: 54
  • Location: Raleigh, NC
Re: Our well off friends.
« Reply #4 on: April 17, 2016, 03:49:56 PM »
At my previous job, I had a vendor that often had a sales engineer with him.  The SE drove a King Ranch F150, had a small sheep farm, new Harley, big fancy house, and a nice boat.  None of his stuff impressed me, and I figured it was all financed.  I remember the look of disbelief on his face when I said that I paid cash for my car.  However, I knew that he had to make a pretty decent salary in order to qualify for that much debt.  I was fed up with my employer, so I asked the vendor if they had any open positions, and a week later I was putting in my notice. 

On my first day of work, I asked where the other SE was, and they said that I was his replacement.  The last I heard, the bank now has a King Ranch, Harley, and boat for sale.  On top of that, I found out what his salary was.  I was shocked that not only would someone put themselves in that much of a bind, but the banks would give that much credit after knowing his debt/income ratio. 

clarkfan1979

  • Magnum Stache
  • ******
  • Posts: 3352
  • Age: 44
  • Location: Pueblo West, CO
Re: Our well off friends.
« Reply #5 on: April 17, 2016, 10:45:50 PM »
I don't really have any friends that behave this way. If they did, we probably wouldn't be friends. No judgment here. Just not a lot in common.

libertarian4321

  • Handlebar Stache
  • *****
  • Posts: 1395
Re: Our well off friends.
« Reply #6 on: April 18, 2016, 12:16:03 AM »
Rich friends .

It just makes me a bit angry and disappointed that people live on this knife edge of a so called affluent lifestyle , when it really should be none of my business .
 Rant over .

If they "look rich," they probably aren't.

The real rich folks look less prosperous than you.

Most "luxury" cars are bought on credit.  Think about that for a moment...


rob/d

  • 5 O'Clock Shadow
  • *
  • Posts: 38
  • Age: 60
  • Location: blighty
  • Grumpy ? me ?
Re: Our well off friends.
« Reply #7 on: April 18, 2016, 12:18:18 AM »
Hi Clarkfan, i think you may have a point there.
 It's something i have been noticing lately.

ShoulderThingThatGoesUp

  • Magnum Stache
  • ******
  • Posts: 3053
  • Location: Emmaus, PA
Re: Our well off friends.
« Reply #8 on: April 18, 2016, 03:58:04 AM »
Look up the largest and most expensive foreclosure on the market in your area. It's amazing what people destroy themselves with.

Tjat

  • Pencil Stache
  • ****
  • Posts: 570
Re: Our well off friends.
« Reply #9 on: April 18, 2016, 05:26:16 AM »
People like that shouldn't be able to fully absolve their financial mistakes through bankruptcy.

fattest_foot

  • Pencil Stache
  • ****
  • Posts: 856
Re: Our well off friends.
« Reply #10 on: April 18, 2016, 03:47:35 PM »
Hubby and I were talking about what we would do if we won the lottery and he said, "I might buy pre-sliced veggies."  He wasn't kidding, that is all he would splurge on.

That's pretty funny. My wife and I have had the conversation before (mostly when the lottery gets to ridiculous numbers).

The best I used to be able to come up with was a new pair of shoes. A few weeks ago, however, I finally found something I could buy that'd cost a substantial amount (although certainly not nearly enough to put a dent into lottery winnings). Our tentative FIRE plan is to buy an RV and drive around the US for 2-3 years. After that, we'll trade in the RV for a sailboat and do the Caribbean.

So with lottery winnings, I'd get a $200k Class A RV (although my wife said even if we won the lottery, "we're not spending $200k on an RV") as opposed to the $40-60k I had planned. The boat would get upgraded from a $40kish sailboat to a $150k+ catamaran.

I don't think I know how to dream big.

dragoncar

  • Walrus Stache
  • *******
  • Posts: 9923
  • Registered member
Re: Our well off friends.
« Reply #11 on: April 18, 2016, 06:25:11 PM »

Most "luxury" cars are bought on credit.  Think about that for a moment...

Doesn't that completely depend on the interest rate they got?  If any of us had, say, a billion dollars and felt inclined to buy a new car, we might easily get a better deal on the sales price by agreeing to a loan (which we could immediately pay off) or we could take advantage of the spread between a promotional 0% interest rate and our SWR.

coolistdude

  • Stubble
  • **
  • Posts: 199
  • Age: 34
    • Retirement Tree (Same One I Use):
Re: Our well off friends.
« Reply #12 on: April 18, 2016, 09:36:54 PM »
Rich friends .

It just makes me a bit angry and disappointed that people live on this knife edge of a so called affluent lifestyle , when it really should be none of my business .
 Rant over .

If they "look rich," they probably aren't.

The real rich folks look less prosperous than you.

Most "luxury" cars are bought on credit.  Think about that for a moment...

I recently stopped a Facebook friend's updates from appearing in my feed. The final straw was his gardening. The guy rented a Bobcat, with his BMW in the background and I think his big-ass giant pickup to tow said Bobcat. It was the classic "Oh, just doing a little gardening. No big deal. Tomorrow I'm having a giant bonfire using clumps of money as tinder."

pdxmonkey

  • Bristles
  • ***
  • Posts: 364
Re: Our well off friends.
« Reply #13 on: April 18, 2016, 11:43:09 PM »
I have some gardening I want to do with a bobcat in my backyard. No BMW or pickup though...I'd have to rent the bobcat and a way to haul it or have someone deliver/pick up. Actually...come to think of it my uncle might own a bobcat. I think he did at one point. Pretty justifiable as he built his own house though on a decent sized piece of land and used it quite a bit. Hmm....need to ask about that. Have been putting this off because renting one sounded expensive, but if I could just BORROW one...

slowsynapse

  • Stubble
  • **
  • Posts: 103
  • Age: 51
Re: Our well off friends.
« Reply #14 on: April 18, 2016, 11:57:42 PM »
Hubby and I were talking about what we would do if we won the lottery and he said, "I might buy pre-sliced veggies."  He wasn't kidding, that is all he would splurge on.

That's pretty funny. My wife and I have had the conversation before (mostly when the lottery gets to ridiculous numbers).

The best I used to be able to come up with was a new pair of shoes. A few weeks ago, however, I finally found something I could buy that'd cost a substantial amount (although certainly not nearly enough to put a dent into lottery winnings). Our tentative FIRE plan is to buy an RV and drive around the US for 2-3 years. After that, we'll trade in the RV for a sailboat and do the Caribbean.

So with lottery winnings, I'd get a $200k Class A RV (although my wife said even if we won the lottery, "we're not spending $200k on an RV") as opposed to the $40-60k I had planned. The boat would get upgraded from a $40kish sailboat to a $150k+ catamaran.

I don't think I know how to dream big.

In addition to sliced vegetables and your RV/boat package, my lottery splurge would be to have backup dancers with me at all times.  It occurred to me at a concert that people should have backup dancers not just at shows, but for more mundane tasks as well.

albireo13

  • Pencil Stache
  • ****
  • Posts: 517
  • Location: New England
Re: Our well off friends.
« Reply #15 on: April 19, 2016, 04:35:43 AM »
If I won the lottery I'd pay off all my kids' college debt first, then my mortgage. After that .... invest!

Seppia

  • Pencil Stache
  • ****
  • Posts: 616
  • Age: 43
  • Location: NYC
Re: Our well off friends.
« Reply #16 on: April 19, 2016, 07:22:59 AM »
In addition to sliced vegetables and your RV/boat package, my lottery splurge would be to have backup dancers with me at all times.  It occurred to me at a concert that people should have backup dancers not just at shows, but for more mundane tasks as well.

That, and have Morgan Freeman follow me and live-narrate my life for the public.

"And note how he gets up from bed half asleep, already savoring the roasted chocolate aroma coming from the coffee his lovely wife has prepared"

All this with dancers around.

Sounds amazing.

If I ever won big I think I'd just go from one paradise place to another.
Summer in the Rockies, winter in Turks and Caicos , stuff like that.
Since I don't play the lottery I have an insignificantly smaller chance of winning than those who actually play, so I guess why not hope?

Miss Piggy

  • Handlebar Stache
  • *****
  • Posts: 1549
Re: Our well off friends.
« Reply #17 on: April 19, 2016, 07:24:44 AM »
That, and have Morgan Freeman follow me and live-narrate my life for the public.

"And note how he gets up from bed half asleep, already savoring the roasted chocolate aroma coming from the coffee his lovely wife has prepared"

All this with dancers around.

Sounds amazing.


That's funny. And I agree, it would have to be Morgan Freeman.

ohana

  • Stubble
  • **
  • Posts: 172
    • An Ocean Lover in Maine
Re: Our well off friends.
« Reply #18 on: April 19, 2016, 07:41:53 AM »
I think I already won the lottery, being born where, and to whom, I did. 

:)

Chris22

  • Magnum Stache
  • ******
  • Posts: 3770
  • Location: Chicago NW Suburbs
Re: Our well off friends.
« Reply #19 on: April 20, 2016, 08:19:05 AM »
Most "luxury" cars are bought on credit.  Think about that for a moment...

Most luxury cars (BMW, Mercedes Benz, Range Rover, Audi) are leased, which is technically different than financed.  Maybe it means the same to you, not sure.  Given their (lack of) longevity and long term running costs, that's not actually a bad way to go IF you can afford one of these cars.  Using leasing as a way to squeak into driving one of the cars is silly though. 

jinga nation

  • Magnum Stache
  • ******
  • Posts: 2696
  • Age: 247
  • Location: 'Murica's Dong
Re: Our well off friends.
« Reply #20 on: April 20, 2016, 02:29:03 PM »
Rich friends .

It just makes me a bit angry and disappointed that people live on this knife edge of a so called affluent lifestyle , when it really should be none of my business .
 Rant over .

If they "look rich," they probably aren't.

The real rich folks look less prosperous than you.

Most "luxury" cars are bought on credit.  Think about that for a moment...
This has often been told to me by the financing departments at local stealerships. Ironically, some of the finance personnel are thrifty with their money. An oasis in a vulture-filled savannah.

attackgnome

  • 5 O'Clock Shadow
  • *
  • Posts: 63
  • Location: Denver, CO
  • It was a cold spring day in Casper, Wyoming.
Re: Our well off friends.
« Reply #21 on: April 20, 2016, 04:10:46 PM »
Or James Earl Jones
Or Gilbert Gottfreid.....

Gilbert Gottfried? Really? I guess there is no accounting for taste or lack thereof.

former player

  • Walrus Stache
  • *******
  • Posts: 8824
  • Location: Avalon
Re: Our well off friends.
« Reply #22 on: April 20, 2016, 04:43:12 PM »
That, and have Morgan Freeman follow me and live-narrate my life for the public.

"And note how he gets up from bed half asleep, already savoring the roasted chocolate aroma coming from the coffee his lovely wife has prepared"

All this with dancers around.

Sounds amazing.


That's funny. And I agree, it would have to be Morgan Freeman.

Or James Earl Jones
Or Gilbert Gottfreid.....
I will accept no-one less than David Attenborough.

Miss Piggy

  • Handlebar Stache
  • *****
  • Posts: 1549
Re: Our well off friends.
« Reply #23 on: April 20, 2016, 04:50:07 PM »
That, and have Morgan Freeman follow me and live-narrate my life for the public.

"And note how he gets up from bed half asleep, already savoring the roasted chocolate aroma coming from the coffee his lovely wife has prepared"

All this with dancers around.

Sounds amazing.


That's funny. And I agree, it would have to be Morgan Freeman.

Or James Earl Jones
Or Gilbert Gottfreid.....
I will accept no-one less than David Attenborough.

Actually, I've changed my mind on this. I'm going to go with Kermit the Frog as my narrator.

Apples

  • Handlebar Stache
  • *****
  • Posts: 1372
Re: Our well off friends.
« Reply #24 on: April 27, 2016, 12:52:57 PM »
Sometimes we feel like Cassandra's, able to predict what's going to happen but unable to be listened to by anyone.

I'm way behind on reading this thread, but internet high five for this awesome comment.  You pretty much wrapped up my experience in this in about 20 words, which would have taken me 200 words.  Add an internet fist bump.

libertarian4321

  • Handlebar Stache
  • *****
  • Posts: 1395
Re: Our well off friends.
« Reply #25 on: April 27, 2016, 01:00:50 PM »

Most "luxury" cars are bought on credit.  Think about that for a moment...

Doesn't that completely depend on the interest rate they got?  If any of us had, say, a billion dollars and felt inclined to buy a new car, we might easily get a better deal on the sales price by agreeing to a loan (which we could immediately pay off) or we could take advantage of the spread between a promotional 0% interest rate and our SWR.

Yeah, sure, they are all billionaires buying on credit, lol.

The problem is, most luxury cars are bought on credit ALL THE TIME, whether interest rates are high or low.

Most people who drive Beemers are "aspirational" (which is a nice way of saying "poor wanna be fake it til they make it" types- though most never "make it.")

BTW, Beemer and Mercedes will bend themselves over backwards to get you to buy on credit.  Not because they care about your financial well being, but because they know that most people who buy on credit end up paying FAR more than the car is worth.

We financed my wife's Beemer because they offered a $2,500 discount to do so.  We paid it off a few days later.  I think we paid about $10 in interest.

I'm quite sure that is not the norm...

lthenderson

  • Handlebar Stache
  • *****
  • Posts: 2252
Re: Our well off friends.
« Reply #26 on: April 27, 2016, 01:01:11 PM »
Look up the largest and most expensive foreclosure on the market in your area. It's amazing what people destroy themselves with.

Foreclosure auctions are how I supplement my MMM lifestyle. A few years ago I bout 50 almost new Wii U games for my daughter's console for $100. Needless to say, she is pretty popular among her friends. I've also bought a lot of power tools for pennies on the dollar. Makes me pretty popular too.

dragoncar

  • Walrus Stache
  • *******
  • Posts: 9923
  • Registered member
Re: Our well off friends.
« Reply #27 on: April 27, 2016, 01:52:00 PM »

Most "luxury" cars are bought on credit.  Think about that for a moment...

Doesn't that completely depend on the interest rate they got?  If any of us had, say, a billion dollars and felt inclined to buy a new car, we might easily get a better deal on the sales price by agreeing to a loan (which we could immediately pay off) or we could take advantage of the spread between a promotional 0% interest rate and our SWR.

Yeah, sure, they are all billionaires buying on credit, lol.

The problem is, most luxury cars are bought on credit ALL THE TIME, whether interest rates are high or low.

Most people who drive Beemers are "aspirational" (which is a nice way of saying "poor wanna be fake it til they make it" types- though most never "make it.")

BTW, Beemer and Mercedes will bend themselves over backwards to get you to buy on credit.  Not because they care about your financial well being, but because they know that most people who buy on credit end up paying FAR more than the car is worth.

We financed my wife's Beemer because they offered a $2,500 discount to do so.  We paid it off a few days later.  I think we paid about $10 in interest.

I'm quite sure that is not the norm...

You sound like quite an exceptional individual.  I'm sure nobody else is financing things they can afford.  It's just you.  Lol