I don't follow, where? Not in the UK, US, Canada, Australia, NZ...wages have also gone up A Lot. Not in the blue collar segment perhaps but we are talking incomes north of 150k at the very least. Junior traders 30 years ago were paid 40-70k starting at banks. My first job offer in 2001 was around 100k, that same job today starts at 150k at least. (USD). You can buy houses all around Northern Jersey, CT, NY for 400 or 500k. Everywhere. Just not with prime views, 6br or other gimmicks. Condos for sale around the same prices. So, I don't agree, for someone who studied hard and smart and gets a great job offer, such person won't need a mortgage nor any debt ever. Rent a few years, then buy a condo, then upgrade to a house with growing family and income. Most all my classmates in the early 2000s have done so and hardly anyone had mortgages to repay. .
Because either the public commute is quicker, they use taxi or are picked up by company limos. What are you talking about? I bet less than 5 in 100 millionaires drives around in a shitty car if that is his/her main mode of transportation.
A quick google proved i was correct: "Most wealthy people aren’t throwing away money on vehicles. When looking at the list of cars most millionaires drive, only three in the top 10 are considered a luxury brand. Toyota Honda Ford BMW Chevrolet Lexus Nissan Subaru Dodge Mercedes " https://www.motorbiscuit.com/what-c...for-millionaires-according-to-thomas-stanley/
Lol, completely skewed stats made up by an author whose entire talking point (to sell his own book and make money) is to save up every single last penny. I am surprised the last chapter in his book is not the idea to sell oneself out as prostitute. Furthermore, the author did not disclose where his sample data originate from. Millionaires in the Midwest behave differently that millionaires in Manhattan. Also, the author failed to disclose whether he is talking about paper millionaires or those with realized assets in their bank accounts. Huge difference The source of information DOES matter, you know.
It has been like that for as long as i can remember, back in the early 90s, Ford was the top brand brand driven by millionaires. Nowadays its a Toyota. Expensive cars are driven mostly by people who lease them.
Right in Akron, Ohio. Certainly not in LA, NYC, London, Hong Kong, China, Japan, (ignoring of course the prius of the wives)
Those are the areas where 90% of millionaires live By the way, I never tried to make a point about luxury cars. My point was on a proper car between 50-150k. By the way even properly fitted Toyota run 50k or higher unless of course you stubbornly want to believe a Millionaire goes shopping for a corolla. A new 4runner trd costs around 50k. Then most proper entry level BMW, Audi, Mercedes start around that level or even higher.
My guess is most millionaires buy second hand (1, 2 or 3 years old). Although I wouldnt buy a luxury brand at three years old, as they are designed to fail after the lease periods ends. Just look at the Tesla screen issue in todays news. They do that deliberately to encourage people to keep on leasing new ones every few years.
Sure, in a street full of RB traders you are most likely right. Listen we talk about people who have that amount of cash in the accounts not those who sit on some paper profits. Car leases?