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$400k houses don’t even exist in some places
Or small guest house
Chief
They are saving up for their divorce
Chief
I know a partner who was driving a Prius! His Mercedes was in the shop and there’s a car rental shortage, so he bought it for the weekend.
Genius- and now he has a side business of renting out cars.
I resemble this comment.
I love how this posts assumes all partners make bank. LoL.
Rising Star
I’m trading in my Kia for a BMW today 🤷♂️
Type of people that the profession attracts. Although I know plenty of partners in 1m+ house. Although also partners know that the big bucks turn off at 60 so have to plan for that.
Really? The horror of living of only a couple hundred thousand for being retired. Not even counting the millions they have saved to supplement the paltry pension. And yes they can save millions even if they live fairly lavishly
The types of people who hang around to be partner at an accounting firm usually aren’t classically cool or flashy
Lol, very curious what types of partners your referring to
Has anyone asked yet why OP is looking up addresses of the partners in their firm and why they are looking them up on Zillow? Do they have a reason to be afraid?
I don’t know what firm you work for but I don’t think your partners are representative of most I know. Lots of larger houses and BMWs and Mercedes
But how many houses? Probably 7 and live in the cheapest one.
And driving a Ford because their kid took the Mercedes for a road trip
Different people prioritize different things. Not everyone has the same background. Lots of blue collar folks who make B4 partner and support parents, family members, etc. Granted I live in HCOL, but my house is twice as expensive as a PPED I work with in a MCOL area. I know this PPED supports family and also is saving aggressively for retirement as sole income earner. I have dual income and outside our daughter we support no one. So sometimes people just have different circumstances they are facing, even if they make a ton of money.
Chief
Sounds like new partners. Have you met Partners with 10+ years? Million dollar homes and 100k cars.
They’re probably fiscally conservative. Maybe they want to retire early. As you get older you tend to realize that material things don’t matter as much. Many reason as to why they wouldn’t spend money on big houses or fancy cars.
Read "The Millionaire Next Door". Its a survey of the spending habits of Millionaires.
To summarize so many Millionaires got to where they were by being frugal. One Millionaire who owned a company said his wife bought him a Cadillac for his bday but he sold it because he didnt want to give up his Ford F150. He owned a blue collar company and felt that showing up in a Cadillac would make his employees resent him.
Maybe it was a bad example, but the book goes into a study that concludes that a significant number of the Millionaires in the study aren't flashy with their money. The study revealed Toyotas and Hondas tended to be a popular car of choice for Millionaires. They didnt acquire their net worth by making foolish financial decisions.
But then again I guess that underscores the difference between Income and Net Worth. If your income is high but youre not smart with your money your NW wont be high. And vice versa.
The focus of the book was NW and the OP asked about partners with presumably high incomes. Maybe the partners the OP was referring to are interested in growing NW
Rising Star
Big hat no cattle
Rising Star
It’s called not being poor. Appreciating assets > everything
Pro
It’s the “all” for me.
Accountants by nature are a more conservative crowd, and many don’t feel the need to live flashy lifestyles.
The money is there, for sure, but I think many accountant types would rather invest it quietly than flaunt it.
The partner I work for lives in a ~$2m house and drives a sick audi. I have seen another partner in the same office drive a Prius.
I think some of it is the conservative people that our profession attracts. I also speculate that multiple divorces play a role for some.
They pay for private school or live in high property tax areas. Pay for kids’ college and that is about $280K in private university. Accountants are generally pennypinchers.