I ask the greater piggington community, “How do you define wealth?”.
My sister and brother-in-law, who I viewed as successful and wealthy are actually in process of getting foreclosed on and filing for bankruptcy. In addition, they have over $100K in credit card debt. It comes as a complete shock to me. I’m scared, and nervous. I want to help but I don’t want to throw good money after bad.
“Tom”, not his real name was an account executive at a good sized company. As long as I have known him he had the latest model BMW, usually 7 series or so class, large house, country club membership, the whole nine yards.
Their savings apparently was close to zero!
I’m begining to wonder how may other people who make such an effort to have the latest and greatest houses and cars, are just a thread to financial ruin.
Perhaps Warren Buffett’s way of living is the right way, driving an old Chevy and donating a bunch of his fortune to charities. I’m also reassessing my definition of wealth, do I really need to get a nice BMW to keep up with the jones?
[quote=scaredycat]wealth is a store of value. What you were witnessing was consumption, not wealth.[/quote]
Yep, a person who lives in El Cajon but have a few millions in the bank or in various asset is wealthier than someone who bought a beach front house in La Jolla w/ 100% financing and have little to no savings.
[quote=scaredycat]wealth is a store of value. What you were witnessing was consumption, not wealth.[/quote]
Yep, a person who lives in El Cajon but have a few millions in the bank or in various asset is wealthier than someone who bought a beach front house in La Jolla w/ 100% financing and have little to no savings.
[quote=scaredycat]wealth is a store of value. What you were witnessing was consumption, not wealth.[/quote]
Yep, a person who lives in El Cajon but have a few millions in the bank or in various asset is wealthier than someone who bought a beach front house in La Jolla w/ 100% financing and have little to no savings.
[quote=scaredycat]wealth is a store of value. What you were witnessing was consumption, not wealth.[/quote]
Yep, a person who lives in El Cajon but have a few millions in the bank or in various asset is wealthier than someone who bought a beach front house in La Jolla w/ 100% financing and have little to no savings.
[quote=scaredycat]wealth is a store of value. What you were witnessing was consumption, not wealth.[/quote]
Yep, a person who lives in El Cajon but have a few millions in the bank or in various asset is wealthier than someone who bought a beach front house in La Jolla w/ 100% financing and have little to no savings.
