Are there a lot of Rich BITOGers?

[ad244]

Afternoon everybody... The more and more older threads I read through (and new threads) I see some people on here with some impressive rides. Corvettes, Porsches, Buicks etc and I cant help but get the feeling that the BITOG forum has a lot of well to do members. Plus I see the stashes of 200+ quarts of oil and all the money it takes to buy that much oil and store it.... you guys must have some big houses.

Maybe its just the members are more frugal or maybe we just have some oil tycoons on here?

 

[Eddie]

Maybe Prudent, smart, frugal and a little psychotic tossed in. Ed

 

[John_K]

I got my stash for a buck a quart or less!

 

[Audios]

Could be anything. Everybody's got their thing, some people just love a deal on oil, some love couponing etc. I was just looking through a FB for sale post about 200 fishing rods, some were 5-800 used! He had about 50 of them listed with pics, all with very expensive reels. When I looked at his location, it was a tiny house, with a regular Honda element in the driveway. Some people just love their toys. I own a shop so its a little different for me, but I buy most of my cars in need of lots of work to keep costs down. The M5 was the most expensive purchase of my 3 M cars, at $13k. The E36 was half that, although Im sure Ive put more than that into it, the paint was almost that much a few months ago, not including trim, seals, bits, etc.

 

[bullwinkle]

Big old house, lots of old cars, not enough time to work on either! Wouldn't categorize myself as poor, not quite rich.

 

[Alfred_B]

 

[Astro14]

Having money is one thing.

Spending it, quite another.

They're not the same. And one certainly doesn't indicate the other...

 

[ZeeOSix]

Originally Posted by ad244
Afternoon everybody... The more and more older threads I read through (and new threads) I see some people on here with some impressive rides. Corvettes, Porsches, Buicks etc and I cant help but get the feeling that the BITOG forum has a lot of well to do members.


Lots of old dudes ... which typically means they have more money to buy stuff.

 

[Lyman]

I will say that I am far from being rich. I drive a 20 year old Jeep and live within my means. I make a good living but I also live in CA. One cancels out the other

 

[blupupher]

People can say whatever they want on the internet, how much is true?

I do have an oil stash, with pics to prove it, but my almost 100 qts only cost me ~$125, so my cost per qt is ~$1.30. I am by no means rich or well to do.
I almost owned a Corvette, but the wife said no when we found out we were having kids (and I totally agreed).

While I agree there are a few known "wealthy" members here, and many here are doing well, I would bet a lot of those with these "fancy things" are in debt to their eyeballs.
Things are not a measure of wealth.

 

[Mr Nice]

Lots of educated folks on BITOG making good $$$.

Some BITOGers invested over 2-3 decades and are very comfortable.

 

[ad244]

Originally Posted by Audios
Could be anything. Everybody's got their thing, some people just love a deal on oil, some love couponing etc. I was just looking through a FB for sale post about 200 fishing rods, some were 5-800 used! He had about 50 of them listed with pics, all with very expensive reels. When I looked at his location, it was a tiny house, with a regular Honda element in the driveway. Some people just love their toys. I own a shop so its a little different for me, but I buy most of my cars in need of lots of work to keep costs down. The M5 was the most expensive purchase of my 3 M cars, at $13k. The E36 was half that, although Im sure Ive put more than that into it, the paint was almost that much a few months ago, not including trim, seals, bits, etc.


I cant imagine having multiple BMW's...

 

[demarpaint]

I know a lot of thrifty wealthy people, who don't flaunt their wealth. And a lot of people who appear to have a lot of money and don't have two nickles to rub together.

 

[RamFan]

BITOG has a relatively high median age. This typically leads to increased wealth which allows for a fun car and certain costly upgrades. Being in my late 20s, I know I'm on the younger side of the BITOG spectrum.

With regards to stash building. At the prices most of us deem "stash worthy", that 200 qt stash cost at most $400, and that's on the higher end. So $25-50 here and there isn't that much of an expense to get there.

Also, as others have pointed out. Having material things should by no means be a measure of someones "richness".

 

[SirTanon]

As oil stash goes, most of the longer-term members on here tend to buy oil on sale, clearance, etc.. and frequently that means $1 per quart or less.. so someone with a stash of 200 quarts might only have paid $200 for it, over the course of time. Hardly rich.

As far as cars go - If we buy them used, or buy them new but finance through the nose, we may have the car, but that doesn't mean we're not neck-deep in debt in order to drive it.

Be careful what you assume.

 

[ad244]

For me.... Im making $50,000 a year and very little to show for it and only have 15 quart stash.

 

[RamFan]

The worst thing you can do is use what you perceive to be another's success as the rubric for which to grade yourself.

$50k a year is a good income for an individual. Make sure that the first thing you do every check is take a certain amount and stash it in savings, if a retirement account is available through your employer, set-it up as soon as possible. If you don't have that option, open a Roth IRA.

Keep your debts low, savings accumulation steady and you'll reach success. Turn your personal finances into a game. Set goals for yourself and check off the boxes as they're achieved. Once hit, create new goals. This will not only help you financially, but it will have a big psychological impact which in-turn will allow you to better allow the financial position you've put yourself in.

Good luck.

 

[dlundblad]

Originally Posted by Astro14
Having money is one thing.

Spending it, quite another.

They're not the same. And one certainly doesn't indicate the other...



Very well said.

 

[supton]

Originally Posted by RamFan
The worst thing you can do is use what you perceive to be another's success as the rubric for which to grade yourself.

$50k a year is a good income for an individual. Make sure that the first thing you do every check is take a certain amount and stash it in savings, if a retirement account is available through your employer, set-it up as soon as possible. If you don't have that option, open a Roth IRA.

Keep your debts low, savings accumulation steady and you'll reach success. Turn your personal finances into a game. Set goals for yourself and check off the boxes as they're achieved. Once hit, create new goals. This will not only help you financially, but it will have a big psychological impact which in-turn will allow you to better allow the financial position you've put yourself in.

Good luck.

I agree. Also, $50k in CA is probably different than in the Midwest. You might have higher cost of living--which might have its own perks.

Comparison to others is easy to do but should be done with caution. Sometimes you can see through the veneer and see that some of the people around you who seem better off really aren't--if they are rocking new rides and nice houses but are leveraged to the hilt, are they really doing all that well? Not to pat myself on the back but during the Great Recession I combated a loss in income by...not eating out as much. I wasn't leveraged to the hilt and so I was simply glad to still have a job, and still be able to balance my budget.

 

[Bud]

I remember my Dad telling me when I mentioned someone's fancy car, well they are doing well or in hock up to their necks.