Originally Posted By: SteveSRT8
There is so much envy and malice here towards money/success.
I don't think that's it at all. In fact, it's just the opposite. First off, who's to say they are "successful"? Just because they went into massive debt to buy some $90K depreciating vehicle, they'll be making huge payments on until the cows come home. And by the time they pay it off, it won't be worth 20% of what they paid for it, when you include all the interest.
You can call that a lot of things, but "envy" isn't one of them. People today tend to be financially irresponsible, and live way beyond their means. They buy everything they see. If they were so "successful" in the first place, they would write a check for the thing. Not mortgage their financial life away on it. It's the same with real estate. When I bought my first house in the 70's, I had to put 20% down, or the bank wouldn't even talk to me about a conventional mortgage. And I couldn't have any other credit card debt, or car payments either. Today the guy 2 doors down from me just paid $205,000.00 for the house.
He put nothing down. I sure wouldn't call that "success".
This is all going 100 MPH down a dead end road. And when we get to the end, there is going to be a massive financial wreck. People doing this today aren't "successful". They're just putting on a show with someone else's money. The lending institutions are just being foolish in handing out borrowed money. This caused the massive 2008 housing train wreck. They didn't learn a thing from it. They've gone right back to their foolish lending principals of, "no money down".
Today the average American is 1 paycheck away from being homeless.
http://www.marketwatch.com/story/most-americans-are-one-paycheck-away-from-the-street-2015-01-07
The average U.S. household owes $16,061 in credit card debt, up from 10% from $14,546 from 2006. And driving an $85K truck is only going to make their financial situation worse. That is anything but "successful". It's a financial disaster waiting to happen. I don't know how these people sleep at night. I sure wouldn't if I was in their financial position. And I don't "envy" them.... I pity them.