Just read this quote on CNN money:

Fear of not fitting in
Social pressure to conform isn't in your imagination. Sheryl Garrett, founder of the Garrett Planning Network of fee-only financial advisors, has worked with plenty of couples who try to support lifestyles they can't afford because, they say, that's how people in their professions live. "They think they're doing what they're supposed to be doing," she said.

And they're afraid not to. She knows of one neighborhood in an affluent county of Kansas that's filled with lots of lovely homes that have no furniture in them because the homeowners are too strapped.



That is SO pathetic!!! I almost can't believe that last sentence.
Have a huge house, invite the neighbors over.
Sit on cardboard boxes.

If someone ever looked down on me because my ______ wasn't as fancy-pants as theirs, I'd just roll my eyes at them. But I've always been a modest type.

Does anyone have any stories of people like this? (Even if it includes yourself).

 

I see that around here (northern VA) quite a bit. People buy the biggest home they can get on a funny-money loan, and have no money left for furniture, or even curtains for that matter. There are several 3500-4000sq ft homes that I drive by on my way home that look like this.

I once made a comment to my neighbor about how insane you'd have to be to buy a $500k home (which is what they all are around here) on a $60k annual family income. He just said "it can be done..." while looking away. I was shocked. I make more than 2x that, and I sweat the cost of living here.

 

Fortunately my wife and myself have better things to worry about than our social status. Good thing too, because we would be broke.

If you have the money to live the fancy lifestyle, then by all means do it. Otherwise you are just kidding yourself.

 

Let them do what makes them happy. Worrying about yourself is enough to handle.

 

I know a couple of people like that. I wouldn't mind it so much as it is more of a perception I get that they have this big-time need to try to keep up with people around them.

For 4 years straight, they were insisting they were very happy with their condo and that it was the right thing. In fact, they were so sure of their lifestyle, they bought another apartment suite that was larger and was awaiting it to be finished so they can move in. I get a house (as do a couple of their other friends) and suddenly, within 5 months, the couple buys a place that is obviously way more than they can ever afford.

So, what happens? The girl BUYS the condo off the BF at a price $80K more than it is worth. He then in turn takes that $$$ and drops it in as his downpayment for the house. WTF. And as for the purchase of the other condo, that's up for sale too.

So, now, the girl has an $170K debt for an apartment that is in reality worth $90K at the most and the guy has now inherited a mortgage all to himself for a house he was sure wasn't a fit for him just half a year ago because condos were the right lifestyle.

 

Hey Chod: got a link for the full article?

 

Nevermind, found the link: http://money.cnn.com/galleries/2007/...y_fears/2.html

 

We have a family friend who is HORRIBLE with money but it has nothing to do with trying to look good they are just bad with money. As far as image goes why do you think lexus can get away with charging a lot more compared to whats standard on the TL or G35. It is because people want the image. Dont get me wrong it is a great car and im sure some people do buy it for that reason but how many buy it for the L symbol. Also take a look at the BMW 3 series. They say the majority sold are totally stripped down because people just want the BMW name. Once again im not saying everyone gets a 3 series for that reason but some diffenently do it.

 

Where did you see this?

 

Honestly I dont remember. I am guessing though there is some place to look up pricing.