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Found this online.
As someone who looks at people's assets and liabilities positions for a living (I am a broker), here are some surprising observations.
As someone who looks at people's assets and liabilities positions for a living (I am a broker), here are some surprising observations.
- The amount of people on six figures who panic when their account drops below $4,000… while simultaneously financing a jet ski, caravan, Ranger and the designer dog they paid 5k for.
- The richest clients were usually the cheapest. The broke ones always wanted the black Amex "for points".
- How many couples are one transmission failure or a major cost like a pet surgery etc away from going broke.
- People will argue over a $5 bank fee or something inconsequential like that, then casually spend $180 on Uber Eats and bubble tea in the same afternoon.
- The quiet old guy in Kmart clothes is worth $12 million, I have a few clients like this. One drives a Honda CRV and has 800k in cash in his account and 1.5M in shares
- Most people don’t have a budgeting problem. They have a ‘little treats’ problem that somehow costs $1,700 a month. E.g Sportsbet is a usual suspect
- The people driving 15-year-old Corollas usually had healthier bank accounts than the ones driving brand new German SUVs.
- Couples earning $300k combined still saying ‘we’re just trying to get ahead’ don't understand how lifestyle creep works.