I’ll be a little kinder and say that people don’t so much “put up fronts” as they live right up to their limits for psychological needs.
I think the vagaries of life cause peope to make decisions that aren’t too wise.
One businessman I know was an alcoholic, he’s goodlooking and married a pretty wife from a good Beverly Hills family (that means she was used to the good life) and they had 2 daughters. Things didn’t go too well and the marriage was on the rocks. But then in 1992 he gave up drinking and he got a big break and money came pouring in. He got a beautiful ocean view house in Laguna Niguel and spent 200k to decorate it. He bought nice cars and treated his wife to $50k European vacations as well as luxury weekends in LA — just because. Things were looking up for him and his family. Unfortunately, debts were pilling up as business contracted. He declared bankruptcy right as his oldest daughter was entering college. Had he not gotten so much personal and business debt, he would’ve been fine. The last I heard, in 2003, he was living in a rented condo in Dana Point — still better than most people.
This man was living up to his in-laws’ expectations. And that caused his downfall.
I’m afraid that we’ll see a lot of the same during this RE downturn.
