/biz/ - Business & Finance

>>9487829
>How the fuck do the richfags in this area have so much money? What am I missing?
They are just buying them on loans. They are not rich. Most people you see are in extreme debt + have negative net worth. Flashy items, clothing, cars are always bought on loans. Houses and apartments too. Look into it, it’s very interesting. I didn’t know either.

>>9487926
There's no way. No one would give them a loan if if was too much of their income.

They're living under debt. That's how most millionaires are. Billionaires don't buy things that make them appear rich

>>9487829
>thinks driving a $50,000 car home from work means you're rich
>envies this
You are unironically, absolutely, indubitably not gonna make it

>>9487926
Cope

Next support 7892. On the brighter side we're still in uptrend

>>9488124

>>9487829

Either:

(1) they are a high level wageslave and Mr Shekelberg gives them a company car to shuttle themselves around in

(2) they are a low level wageslave and thought financing a depreciating asset as a status symbol to keep up with (1) and (3) was a good life decision

(3) they are a business owner and write off the expense and fuel in their accounts even though they use it 99% for personal use

>>9488184
How is 3) legal

>>9487829
Most of them are racking up unsustainable levels of debt, obligations and other troubling shit behind the facade.

At most 0.1% of the outwardly lavish living people can actually support it (truly successful + cocky characters such as businessmen, lawyers, traders, entertainment industry giants and stars etc). The rest see Veblen goods as something to achieve due to this, and consequently fuck themselves over. The rest of the reasonable rich people just kind of live and don't really feel pressured to show it, comfortable in the fact that they could if they wanted, but simply don't need to. Showing these kinds of things tends to draw unwanted attention, after all.

I thought the same of my former schoolmates who got married early, kids, vacations, purebred dogs and cats, cars, the works. They're roasting in accumulated debt and leases behind closed doors.

Which is sadly how most of lower and middle class lives go these days to achieve the whole idyllic family life scene. Your consolation is that you'll maybe have grandchildren by the time you retire (at the rate Europe is going, at 70 maybe) and will finally be free of that same debt that your working life was built upon while hoping you don't get fired, hit with financial disasters due to accidents/deaths/legal stuff with other people over mundane shit.

Such is the life of the seemingly happy wageslave.

>>9488250
Yarp, rampant consumerism. One interesting thing is high end clothing like gucci/versace/prada/etc has had slow growth in the west but rapid growth in asia/middle east as people break into the middle class and seek to emulate western status.

>>9488184
How common is having a company car? It's hard enough for burgers to get benefits, at least

>>9488321
How is it hard to get benefits? All I ever hear from my normie friends is the benefits they get.

>>9487992

That's what people were saying before 2008

>>9487829
"""rich""" people who buy expensive cars are retarded and almost always buy using loans.

>>9488404
I suppose I meant more excessive benefits, like sufficient vacation time, office perks, etc. I don't know the percentage of companies that spend a dime more than they need to on their employees, let alone finance cars.

>>9488197
When you own your own business. A business becomes your own bank account.

>>9487829
Around here they're all rich chanks and silly boomers.

>>9488250
>rest of the reasonable rich people
What about disgusting rich Chinks who flaunt it all over the place and just avoid taxes all day? They're genuinely rich and not in debt.
And tasteless.

Using loans is actually the smart thing to do. So you can use your capital on stuff that doesn't depreciate and can make you money e.g. real estate or buildings with rent. Then you take a loan against your real estate for your car and pay it off with the income.

>one third are leased cars
>one third are bought on a 10 years credit
>one third are actually owned

>>9487829
You will want a nice car until you buy one, then you realize what a huge waste of money it is, the constant problems and care an exotic "luxurious" car has is never ending.

Most people are in massive debt, welcome to America.

Also, you can own a $60,000 truck, $30,000 Tesla, if your credit is "good enough" and you have a steady job, all you have to do is make the monthly payment which I know you can get a C-Class Mercedes roughly $40,000 for a $350 monthly payment. Here is how most people in America live

"the middle class" two people work, and make anywhere from 50k-80k they purchase a home they can barely afford, and by purchase I mean they put the minimum down 20% of the home value, but it allows their peers to think they're doing well, they now have no money, and half of both of their paychecks go towards that house.

The wife wants kids now, and now you're buying every fucking baby product known to man, now they both need to drive a nice car, so the other half goes to affording that part of life, not everyone, obviously, but this is the majority, also add on whatever debt it took to make that 50-80k

>>9487829
you must live in/near silicon valley.

>>9488562
Getting rich in countries like china, middle east, SEA is not the same as the way you get rich in the western world fren. Almost everyone that gets rich outside of western world were either born into it, or had to do some shady shit to get there.

>>9488781
>welcome to America
Another braindead fucktard

>>9488481
i really need a ninja loan myself. i don't have a job and only have a few grand saved but i have a great business plan that i know will make money. unfortunately i can't just go to a bank and ask for a loan without some sort of collateral or proof of income.

>>9488837

>>9488913
also in case you are wondering i need about 20k to get my business started.

>>9488916
cope

>>9488562
Ah, I forgot the non-Western rich folks.

Dunno, a lot of their behavioral quirks are products of their culture. Chinks tend to be highly hierarchical in both social and professional settings, which is kind of conducive to raw productivity, but deleterious and highly draining for the underlings/employees/lower classes of society, who are often openly treated with derision and spite for merely being lower class. Consequently, their rich people have a higher tendency to turn out absolute shitlords with colossal egos/attitudes with not much stopping them from outright abusing/harming lower classes should they so desire because their respective place in the hierarchy affords them the leeway.

The children of Chinese elite/upper classes who have never known hardship/humility grow up inhumane monsters if the parents let them, and it's not unheard of for them to just roadkill pedestrians out of boredom or whatever. Hell, ordinary chinks double tap pedestrians they hit by accident anyway to avoid the Good Samaritan syndrome that grips their society so roadkilling another of the innumerable masses doesn't even register apparently.

I imagine it's far worse in the Middle East. Saudi princes and their own kids have more oil money behind them since birth that it literally means nothing for them. Hence the ridiculously over the top diamond and gold plated lambos, the giant mansions, the super degen orgies and parties, the best and highest quality foods and banquets etc. These people can and will get away with whatever they want that remains within their little desert kingdoms and they could probably step on the toes of quite a few people in other countries because the hush money game is *strong*.

>>9487829
the economy is really good right now

>>9487992
That's where you're wrong buddy. I worked processing documents for a debt collection agency when I first started my acquisition of wealth to make more wealth. People on fixed incomes, older retirees, etc. are preyed upon by creditors for the sake of "Bitch you're going to pay what you owe, alive or dead." Grandma? She has a $3,543 credit card debt at Victoria's Secret, the court is going to auction off her house for the money. Enrique who has been eternally fucked by the hurricane in Puerto Rico? Bitch is still going to pay somehow.

>>9487829
Most of them are leased, and most car companies will sell a car to anyone right now, they're desperate. Ford will sell you a car with shit credit and no income history.

>>9487992
That was true 40 years ago, gramps.

>>9487926
How do I "look into it"?

>>9487829
I think you'll find that in every city in the US, there are places with multi-million dollar homes and a BMW/Mercedes/Lexus in the driveway, and there are also places where government subsidized housing is provided.

>>9488913
You don't ask a bank for a car loan, dummy. You ask for company financing. Ford will sell you a car. You'll pay out the ass on interest on the loan, but you'll drive off the lot in a new car. Especially if you can put a grand or two down on it - most people go for no-money-down these days.
I'd bet they'd lease you a car even easier.

They provide more value than you. Simple.

>>9489132
>She has a $3,543 credit card debt at Victoria's Secret, the court is going to auction off her house for the money.
That literally cannot happen. The most they could do is put a lien on her property for the debt, and garnish any income she has.

>>9487926
This is extreme levels of cope, US is in one of the longest bullruns in history so many people are getting rich just not you, you’re not even in the game

>>9488837
Ausfag here. Our economy is fucked. A storm (which is going to be bigger than GFC) is coming. Short Aussi banks.

>>9489334
agreed, what is a HELOC?

>>9488913
What is it?

If you reply "It secret because muh steals" you're an idiot

This thread is one big cope session.

>”Hurr they’re actually probably in massive amounts of debt anon only poor people buy porsches everyone knows that”

You fags will not make it thinking everyone who is richer than you and showing it is actually in debt, yeah maybe 1/4 of them but in rich cities many people can afford 50k+ cars

>>9489410
>You fags will not make it thinking everyone who is richer than you and showing it is actually in debt, yeah maybe 1/4 of them but in rich cities many people can afford 50k+ cars

Its based on statistics retard lol.... there are far more different people with luxury cars than there are different millionaires.

>>9489365
and what is the nature/cause of this coming storm?

Old fags are retarded 10-20k gets you some fucking great options in this beautiful used market

>>9489437
>there are far more different people with luxury cars than there are different millionaires.

>Its based on the statistics

Literally one of the biggest non answers ever, what statistics? The ones that say what % people make payments on cars? What would that even imply? Making payments when you have good investment vehicles or a business is actually a good idea and doesn’t mean those people are struggling to pay.

>>9488574
You're right in principal, but car loans are a trap

1. You can get a nice, two year old *anything* for under 30K which willl still be modern, reliable, and attractive

2. If you can't afford 30K you don't have enough money for real estate (or real assets), and are therefore stuck with speculation (crypto, the boomer market, worthless financial products) that can generate a negative return

3. In all scenarios your best financial move with buying a vehicle is to simply have more modest tastes and get something you can actually afford

>>9489555
My current car was on sale, brand new, but they wanted it off the lot because of the new models coming in, someone had ordered it and canceled. I got a solid 10% off right there. Good credit and a decent down payment got me the lowest possible interest rate, and I paid it off early by making double payments when I could. Ford Credit hates me. It's not their cheapest car, but the most inexpensive mid-range model they had on the lot (of all the lots in the region). I also got some freebies thrown in, like tire insurance and free oil changes and shit like that.
Barring any accidents, I plan on getting 10 years out of it. I had my sports car period, now I just want affordable and reliable. It's paid off, and it has less than 8k miles on it. I plan on 10 years, easy.

>>9489551
Lets say a person spends $100,000 on cars it would be pretty stupid to spend more than 10% of your net worth on a depreciating asset right? You borderline can't afford it.

Now there are 4.8 millionaires in the US. You have to be borderline retarded to believe mercedes benz only sold to 4.8 million families and that doesnt include bmw's, porsche's etc.
>http://time.com/money/4959540/how-many-us-millionaires-capgemini-report/

>>9488837
ausfag here, can confirm our norman are batshit for property, the meme is to accumulate 10 - 20% equity in properties and pay down only the interest while renting them out, then you go and leverage more against unrealized capital gains, we have literally been jewed.

the vehicles aren't as bad and there are financial benefits to borrowing the money, the problem is of course that norman will just end up buying a more expensive car than they would if it was directly out of their wallet. since this is normal if you buy a practical car you just look like you were too poor to be able to borrow the money.

Most aren't rich, the vast majority of new cars are leased noe valley anyway, these people aren't poor at all, and most likely make 80k-100k+ per year depending on your city, but nearly all these people are in a lot of debt, or have extremely high expenses. I live in a pretty nice gated neighborhood (most homes are 500k-low millions) and there's tons of people like this, my neighbor has 2 50k range rovers 1 for him, 1 for his wife, their house is currently being foreclosed on. Meanwhile I'm 24 with a 1.4 million dollar networth and I don't even own a car, most normies just want to appear wealthy, they put so much time into wagecucking the only thing that makes them happy is buying expensive toys, then the wagecuck cycle continues.

>>9489612
>My current car was on sale, brand new, but they wanted it off the lot because of the new models coming in, someone had ordered it and canceled. I got a solid 10% off right there.

yah anon, I bet it was....

>>9487926
Ignore the poor faggots accusing you of coping, you're right. Credit is getting easier to obtain again, I even had a letter through the post the other day offering me a load, I applied online and got accepted straight away without even speaking to anyone

>>9489625
Yea interest only loans are a timebomb. Interest rate rise + housing price flatline or dip will destroy anyone who is in this scheme. They are likely on thin margins and trying this out in a time of historic low interest rates and in a possible tail end of a housing price boom.

>>9489671
*offering me a LOAN, not a load

>>9489659
Lmao kys, you fucking avatarfag. Arent you that loser cryptolydia or whatever that thought he was popular enought to start a twitter account?

what a loser.

>>9489671
>I even had a letter through the post the other day offering me a load
Lmao, nice freudian slip anon

>>9489703

It was a reaction image, you know like the ones on image boards?

>>9489719
I know right

>>9489659
Nobody cares, neckbeard.

>>9489690
I wouldn't count on rate rises, the RBA is fully aware the bulk of the economy is riding on it and is going to resist hikes while the banks tighten up, they're trying to ease into the ass as gently as possible.

They say interest only periods are beginning to expire, but these are goys that got in a while back and they shouldn't be panicking. Maybe profit taking kicks in and rattles newer buyers, I'm not really convinced this is how the mentality goes though, I think it's more likely they hodl all the way down and get their community memberships.

>>9489725
pretty sure you're the only faggot that uses that image.

>>9489821
that's where you're wrong, kiddo

>>9489855
whatever lydialoser. you're the only loser that uses that specific anime girl

>>9489874
HAAAA you can't even read IDs either

>>9489821

I've had it saved for a really long time

I feel like she's doing a cringing smile so I thought it would be perfect.

I guess I could have used this, but I see it a lot

>>9487829
OP, this is the car I drive. (can timestamp to prove non larp, if anyone gives a fuck)

I am a 20 y/o uni neet and I got bitcoin @ $10 (sold 98% at $100 so no millionaire)

I recently joined a bmw 2 series owner club, I can confirm that 99% of the people have bought the car on finance and are paying it off for years, they are slaves to the debt jew and you should not envy them at all.

Many of them even lease them, so they are paying a large payment on them but never ever get to own them.

AMA have spoken to alot of the people you talk about.

>>9489690
Cant the bank call on you to make up the differential on your loan if the value of your house drops below the amount owed?

>>9489926
boring looking car without the badge.

>>9488940
>cope
Nice argument you got there, buddy. What next, "stay poor faggot"?

>>9488916

He literally proved you wrong

>>9487829
SoCal?
I see this shit every day

>>9489874
>he found out all anime posters are the same person

>>9490181
Which badge?

>>9488184
family money bro.

most the time its family money.

>>9489622
There are so many assumptions wrong about your argument did you not read what i just said? You can make payments its not bad and most luxury cars start at 50k, you can get panameras for 70k even if you make payments on a nicer car for 100k you can definitely afford payments if you make 750k a year wtf?

>>9490272
I really really really like this picture, anon, may I save it?

>>9487829
Some buy in for prestige
others for status
many buy them used
enthusiasts stand a chance
But maintaining lux cars
Overpriced
Depreciates 9/10 times
You spend so much keeping them running
Only specialty mechanics can work on them
now they use all these custom tools
computers
e told me the world was gonna roll me, I ain't the sharpest tool in the shed. She was looking kinda dumb with her finger and her thumb in the shape of an "L" on her forehead. Well, the years stop coming and they won't stop coming. Back to the rules and I hit the ground runnin. Didn't make sense not to live for fun, your brain gets smart but your head gets dumb

>>9487926
Coping this hard.not everyone makes minimum wage working at mcdonalds mate. There are people in this world that actually got good enough education to get high paying jobs. But if that helps you cope with it the go for it

>>9490400
Frig off.

just lol @ wagecucks who think they're successful.

>>9489299
Leasing still holds a higher barrier of entry than financing.

>>9489821
>being this new

>>9487829
Most lease, others buy used...you can get a second generation Mercedes/Audi/BMW for around 15.000 euros in Europe