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They don’t
👆 these replies. Hubs and I live in NorCal and the toys in our neighborhood are crazy 😜 We have a paid for $600K house, paid for cars, max our our 401ks and our spend categories are food $1500 and daycare $1600.
We see so many pools, brand new trucks, boats, NEVs, Tesla’s, solar panels, etc. Leases using house equity as cash during this low interest rate environment is the conclusion we’ve come to. These folks definitely aren’t actually owning or affording these things.
Most people who live like that save no money. If you saved nothing for retirement you would be able to live like a king too
This.
Also people choose different things to spend their money on. It's possible to live flamboyant in one aspect and frugal in another. For example I spend a lot of money on restaurants and travel. I don't spend a lot of money on clothes, clubs, bars. I am for sure saving for retirement very aggressively still.
Some people flip that.
Smells like new money
Pro
A few options: daddy’s credit card, massive amounts of debt, or no retirement savings. Or they talk a good game and ended up with $500tc somewhere
Sources of wealth you don’t see, like buying ETH at $10
Rising Star
I spent my ETH on cryptokitties in 2017 🤦🏻♀️
Rising Star
I don’t spend much money but I sashay with great flamboyance.
Rising Star
Here’s your answer.
Rich parents funneling them money.
With debt
Most live beyond their means via debt. It’s better to be wealthy than to look wealthy.
And, shocker - some people simply do well enough to afford it
Rising Star
I think most people, regardless of income, spend beyond their means. If you make more, that means there are just more expensive items for you to spend your money on.
They probably make more money too.
See also Expense report fraud.
They invest in flamingos.
Credit
If not blowing it with credit cards then have rich families. A lot of people in big cities have a lot of family money.