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There is very little concept of thrift left in the United States, so if you make a huge salary the entire economy is designed for you to spend it all and more.
by rpiguy 8y ago
There is very little concept of thrift left in the United States, so if you make a huge salary the entire economy is designed for you to spend it all and more.
What do I mean by that? The more you make, the more banks aggressively offer you credit. You have no idea how many people I know that make several hundred thousand a year, but are crippled by debt.
Not just mortgages on big houses, if you make a lot of money banks literally mail you forms saying "Sign this and mail it back and we will deposit $100,000 into your bank account, Pre-Approved."
I agree with the other person who commented and said it would be better to live in the US for 10 or 20 years and then return to Germany to retire.
- sokoloff 8y agoIt’s a matter of personal discipline. There is an enormous variety and quantity of inexpensive calories available as well. Some people take excessive advantage of that and others don’t. I get those same credit line offers and just don’t respond. We live in the same house we bought 12 years ago when I was making around half of what I make now. We drive our cars for 8-15 years and usually buy them used (my cheap electric LEAF was bought new only because of the $10K in government incentives made buying used make no sense, all others were used). Frugality can easily be done; it does take some discipline. I see colleagues with $100K kitchen renovations and two leased luxury automobiles. I am quite sure we’re headed to a happier and more secure retirement, early if we like, but more likely simply flush and setting our kids up for a good financial grounding and head-start.