Quote:
Originally Posted by DoubleF
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I hate being a millennial re-definer, but rich is such a poor term nowadays with the way it's been misused. I think part of the confusion of my comment is the difference between a financially prudent individual and some idiot who somehow lands a large sum of money and doesn't know what to do with it. There are plenty of people who live and look rich on the outside (thus spending habits), but on the inside they're up to their eyeballs in debt. You're talking about rich in the manner about someone's net worth being a large sum, not an individual whose net assets are significant, right?
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In this case, I wasn't trying to use a specific definition of "rich" (hence the quotes in most of my post), but just a more general "rich" as gets commonly thrown around and something pertaining to someone that has "rich" behaviours, such as financing a car at 0% so they car invest the capital elsewhere at 5%... There's no specific definition for someone that does that, but that's a "rich" sort of behaviour.
Quote:
Originally Posted by Sliver
Do you have any evidence to back this up? I don't think rich people finance cars. They just pay cash.
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I skimmed the article you linked, but the stats seem kind of dated. I will concede that a lot of wealthy people "purchase" their vehicles, but that is very often on some sort of line of credit, which is still not the same as an actual "cash" purchase.
But otherwise you might be surprised at the frequency very HNW individuals purchase very expensive cars using some form of finance or lease... I'm not talking a new E-class here, but at the level where the cars themselves become assets with prices in the 7 and even 8 figures.