Quote:
Originally Posted by XutvJet
I have a strong suspicion that many affluent 30 to 50 something y/o BMW owners spend much of what they earn on big homes, vacation homes, cars, boats, etc. and have little investments/retirement to account for their lavish lifestyles. Plus many of the things they have aren't even paid off. Why do I think this? Because most millionaires in this country live quite conservative lifestyles and most high earners ($250K+ salary) do not have remotely enough in retirement to sustain their lifestyles. Many assume/plan to dump a lot of money in towards the end of their work careers and sometimes that doesn't pan out because of health issues, divorce, job/business loss, etc.
All of my friends (45-50 age group) that bring in $200K+/yr have around $100-300K in investments. That is just bonkers to me. They lived big early on but now they're seeing that they'll need to work way into their 60s now. That's not for me, that's for sure.
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I'm in agreement... my point was that it's not so far fetched to hear people aim for $5M in retirement investments. It doesn't represent the majority, but neither does this forum.