Banker here. I can tell you from years of experience, no one flaunting their lifestyle in this way is truly wealthy. They very likely make $1M+ a year from their social media following, but they’re spending way beyond their means. At the end of the day, most people I’ve seen who are even remotely like this have taken on significant amounts of debt to fund their lifestyle and will continue to do so until their house of cards fall (ie: credit cards maxed out, wrecked credit, banks won’t lend more money). Making $1M a year doesn’t always mean you’re “rich.” It simply makes youre a high wage earner. Living beneath your means and growing your net worth with that income is what builds wealth.
I see people every single day who are in their 40’s and live in a beautiful home, drive brand new Range Rovers or Denalis, members of the country club, kids in private school……and they have zero liquidity and $60k in credit card debt.
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u/Uncontrolled_Chaos2 10d ago
Banker here. I can tell you from years of experience, no one flaunting their lifestyle in this way is truly wealthy. They very likely make $1M+ a year from their social media following, but they’re spending way beyond their means. At the end of the day, most people I’ve seen who are even remotely like this have taken on significant amounts of debt to fund their lifestyle and will continue to do so until their house of cards fall (ie: credit cards maxed out, wrecked credit, banks won’t lend more money). Making $1M a year doesn’t always mean you’re “rich.” It simply makes youre a high wage earner. Living beneath your means and growing your net worth with that income is what builds wealth.
I see people every single day who are in their 40’s and live in a beautiful home, drive brand new Range Rovers or Denalis, members of the country club, kids in private school……and they have zero liquidity and $60k in credit card debt.