30k Millionaire Term

[+ Reisr30]

Someone mentioned to me some cities are ful of $30k millionaires and I was curious about the term. Any ideas?

[+ FrankR]

The term refers to people that live way above their means. They earn $30k a year but appear to live the life of the rich. Expensive clothing brands, leasing BMWs etc. As Suze Orman put it: Young, fabulous and broke.

[+ Pensant]

Think South Orange County, CA. I lived there for over 30 years.

[+ BenjaminNicholas]

In Dallas, there are a ton of these folks. They live big... On credit.

 

When the bill comes in, they pay one card with another. It's a sad way to live.

[instudiocity]

A new acquaintance moved from Chicago to Studio City neighborhood of LA. Walking around 'downtown' Studio City seeing the sights, he remarked, "There are so many Mercedes, BMWs and Rolls here, they are not special anymore."

 

My reply, "Yes and the lease companies love the cashflow"

 

Where else but Beverly Hills can you go into a Budget Rent-A-Car and rent a Lamborghini, Rolls, Ferrari or Porsche? For those who can only cashflow one day at a time.

[marylander1940]

Someone mentioned to me some cities are ful of $30k millionaires and I was curious about the term. Any ideas?

 

In Dallas, there are a ton of these folks. They live big... On credit.

 

When the bill comes in, they pay one card with another. It's a sad way to live.

 

I have a friend from Houston who always referred to Dallas as the city of the 30k per year millionaires.

 

I guess another way to say it it's: "fake it till you make it"

[cany10011]

I have a friend from Houston who always referred to Dallas as the city of the 30k per year millionaires.

 

I guess another way to say it it's: "fake it till you make it"

I guess Neimann Marcus has something to do with it... I love that store...lol.

[+ BenjaminNicholas]

I guess Neimann Marcus has something to do with it... I love that store...lol.

 

Neimans is a classic. Very few department stores are left that function like the downtown Dallas flagship.

 

It's been around a lot longer than the $30k millionaires and will remain around even after this current bankruptcy they're going through.

[Populist Fury]

Nothing sadder than people allowing themselves to become debt slaves.

 

If I can't pay for something upfront, I'm not buying it, unless it's a house...

[+ azdr0710]

report is six years old, but still accurate....

 

[+ Reisr30]

Thanks all. I get it now.

[instudiocity]

Thanks all. I get it now.

Maybe the admins will help you drop the 30 in Reisr30...

Edited May 22, 2020 by instudiocity

[+ Reisr30]

Maybe the admins will help yuo drop the 30 in Reisr30...

 

That's too funny; I am comfortable with the 30 in my username and it does not refer to 30 k millionaire LoL

[thickornotatall]

Has anyone heard of The Millionaire Next Door?

That is the way to live!

[+ bigjoey]

Has anyone heard of The Millionaire Next Door?

That is the way to live!

Yes, that is the way to live.

 

I have personally known people on the Forbes list who lived such understated lives that I was shocked to discover them on the list. No big houses or fancy cars; just regular people who maintained a low profile.

 

Back in college, I lived for two years with one of the nicest, down-to-earth guys you would ever want to meet; his father was a well known surgeon and they lived in a nice house but nothing out of line for a successful doctor; only after college did I discover that his maternal grandfather was number five on the Forbes list?.

[+ Pensant]

I guess Neimann Marcus has something to do with it... I love that store...lol.

I find their men’s department to be clownish of late. Ghastly shoes and boots, some over $1,000 a pair. Maybe for a bespoke pair of Alden’s or Church’s, but not Gucci or others.

[+ Pensant]

I think conspicuous consumption will become a thing of the past as we emerge from this pandemic a poorer and more stratified society. There’s going to be a lot of resentment against those who emerge unscathed and show off. If you hav money, best to keep a low profile. I like nice things, too, but if they’re understated they aren‘t as noticeable. For example, 99% of the people who I pass while riding a carbon road bike have no idea what it cost, and that’s fine with me.

[+ Reisr30]

I think conspicuous consumption will become a thing of the past as we emerge from this pandemic a poorer and more stratified society. There’s going to be a lot of resentment against those who emerge unscathed and show off. If you hav money, best to keep a low profile. I like nice things, too, but if they’re understated they aren‘t as noticeable. For example, 99% of the people who I pass while riding a carbon road bike have no idea what it cost, and that’s fine with me.

Completely agree. Prefer clothes and shoes that no one can tell how much they cost or what brand they are like John Lobb, Kiton or Brunello Cucinelli. I like quality and clothes that fit well. I don’t like being a walking billboard.

[+ BenjaminNicholas]

Ghastly shoes and boots...

 

At any point did you also step on the ping-pong ball?

 

[+ keroscenefire]

Denver has a lot of these too....here it is often with an added hippie/stoner element. Managers of a T-Mobile store going to every concert around, buying expensive drugs and living in these expensive luxury condos where they throw elaborate loud parties that they DJ themselves (they're alwasy part-time DJs here).

 

Man this pandemic is going to really put a crimp on their lifestyles.

[thickornotatall]

I find their men’s department to be clownish of late. Ghastly shoes and boots, some over $1,000 a pair. Maybe for a bespoke pair of Alden’s or Church’s, but not Gucci or others.

I wear Nike and Adidas exclusively...Hurley rubber sandals....Gap shorts...white T shirts..or blue..I would never spend that amount on clothing