Comments on: Lifestyle Inflation Is About More Than You

By: Stephen @ Financial Services

Stephen @ Financial Services — Wed, 30 Sep 2009 21:23:32 +0000

Porche at 16th? Why not! lol

Seriously, I think the important thing here is that they’ll realize how much their things worth and how daddy bought it. It’s like giving them PF education. If they know the basics of PF, there’s a good chance that they’ll value what was given to them and live within their means.

By: marci

marci — Wed, 30 Sep 2009 19:04:28 +0000

Luck really has NOTHING to do with it

By: marci

marci — Wed, 30 Sep 2009 18:27:36 +0000

some posting on a blog on the internet a couple months ago – from the NY times…. I found it funny actually that they placed more emphasis on annual income (where I am in the bottom 20% area and always have been) than on net worth (where I am in the top 5%) Doesn’t take a lot to be in the top – debt free helps tho!

By: Financial Samurai

Financial Samurai — Wed, 30 Sep 2009 18:11:14 +0000

Sounds good Marci! You are lucky to be in the top 5%. What determines the top 5% anyway?

By: Debt Cures

Debt Cures — Wed, 30 Sep 2009 15:02:52 +0000

You should buy yourself a Porsche on their 16th birthday! – LOL
Actually, I had many friends growing up whose parents gave them cars and money. Some of them did fine, but the majority had skewed expectations, and many weren’t prepared to work at a level required to achieve those expectations.

I fear that these days it is even worse. Many younger people that we hire expect the farm from the outset, and are somewhat taken aback when they discover they’ll have to pay their dues and prove their worth first.

By: Chris

Chris — Wed, 30 Sep 2009 14:52:44 +0000

I think it always does children well if they are not really aware of how wealthy you are. When the kids are older and developed a correct sense of proportion then you can relax a little more. We have a friend whose father is a very comfortable dentist and she was totally unaware when growing up that he had access to a large amount of money.

By: Lee

Lee — Wed, 30 Sep 2009 06:21:51 +0000

Lifestyle Inflation is fun to combat, in some respects. I’ve cut my life back to the bare necessary bones and will keep that going hopefully forever. The end result is much more money in the bank account !

By: Financial Samurai

Financial Samurai — Wed, 30 Sep 2009 05:58:03 +0000

$80-100,000 in salary first David!

By: David@DINKS Finance

David@DINKS Finance — Wed, 30 Sep 2009 04:46:04 +0000

My friend in high school got a lexus, BRAND NEW from her dad. He ruined her perception of what kind of car is right for her. She probably won’t realistically be able to “afford” a car like that for well over a decade (of course this totally depends on a variety of factors). Now look at my first car, a beat up saturn whose AC didn’t work. Plus I shared it w/my sister. I’ll tell you what – we both value just having our own car now! Plus my $5,000 used car and my sister’s $9,000 used car (both bought in full with cash) seems like a HUGE upgrade!

Now we just have to avoid stepping up too fast with our next cars – I will probably look for something in the $8k – $10k range, used of course.

By: marci

marci — Wed, 30 Sep 2009 02:58:06 +0000

Dear Financial Samurai – I AM one of the rich LOL! If you look at a financial statement and not at the yearly income! That’s the funny thing about it all… I’m in the top 5%….. which is sooooo funny! I ust work now cuz I’m too cheap to pay for health insurance You can be rich on $20,000 year…. it’ s all about NOT spending – and about putting your money, and the bank’s money, to work for you….. Once your money starts making money, having to generate a lot of money in actual working income is no longer necessary!

I bought my Forester at age 45. The way the miles are going on it, I figure it will be the last car I will ever need to buy Same with the Silverado I bought this year – used…. It will be the last pickup I ever need to buy….. That’s quality and duration and buying once and not having to do it again