To us, $1M doesn't sound like a lot in areas like SF/LA, but, generally speaking, most nouveau riche in this demographic typically don't even think COL upfront.

To us, $1M doesn't sound like a lot in areas like SF/LA, but, generally speaking, most nouveau riche in this demographic typically don't even think COL upfront. In the ESPN "Broke" documentary, it was said something like 50-60% of athletes end up broke (essentially back where many of them started). Young, financially uneducated, popular, and newly rich is a perfect storm for wealth mismanagement. If a 20-something actor/artist/athlete lands a lot of money, the first thing they go to is immediate lifestyle "improvement". Fancy cars, nice clothes, luxury amenities. "I'm rich now, so I gotta look the part, right?". Scroll through a few Instagrams of rookies who got their first payday, and you'll see them driving in an S-class Benz with an LV handbag. The novelty of saying "I'm a millionaire now" imprints the image that they will be a millionaire forever - and that short-term thinking is what runs the well dry.