Living beyond one's means in south FL? (Miami, Tallahassee: low income, foreclosures)

[City Guy997S]

Originally Posted by T.Winter2001

I think Miami is full of posers, fakes, wanna-be's, show-offs, etc.

AKA......$30 dollar millionaires......trying to live like a millionaire with $30 in their pocket!

[Papillons2]

Originally Posted by mckinley120

I just don't get that 'old money' vibe from the people here though.

It's an accurate observation. You won't see a lot of "old money" in Broward County or Fort Lauderdale simply because the area has been populated for roughly only about 100 years and really didn't start growing like crazy until the '50s and '60s. There are certainly descendants of "old money" families from up north who buy second homes and have a part-time, seasonal presence here, but there's not really a dynastic family that goes back 100 years or more like the Mellons in Pittsburgh, for example. Probably the closest thing to "old money" here is Wayne Huizenga -- he was from a modest background and made his fortune in the '70s and '80s with Waste Management, Blockbuster Video and other companies.

[Momma_bear]

Originally Posted by mckinley120

I just don't get that 'old money' vibe from the people here though. It seems more like flashy parading, but with an aura of latent desperation.

I think what I'm trying to get at is that people seem to have terrible priorities down here. Like they haven't fully thought things thru when making purchases. And it appears no one is self-aware enough to see what conspicuous consumption does to a modest income.

That's not what you said in your OP.

The old money is transient. Those people don't necessarily make their homes in Broward but they have homes in Broward. They are in the area in the winter. They come for the boat parade and stay to enjoy the nice weather. They push up prices AND they make it seem like everyone is living a certain lifestyle.

There is a definite flashy parading sort of lifestyle in the area.

[Momma_bear]

Originally Posted by Nolefan34

mckinley120-

I think the truth is somewhere in the middle of you and momma bear. It is true that South FL has many wealthy people, but there are also lots of people living paycheck to paycheck with no wealth who live beyond their means. The main displays of money you see are fancy import cars, clothing styles, and nightlife culture. I see lots of people who lease brand new BMW's and Mercedes who rent apartments and have no savings. Driving those types of cars is normally considered a luxury in other cities around the country, but in South FL it is considered the norm.

I don't disagree that there are lots of people living beyond their means. I just wanted to point out that there are people here who have money to spend who are not getting their money from the crappy security jobs and the like. It certainly isn't a majority but I think there are more than in other parts of the country.

[Momma_bear]

Originally Posted by City Guy997S

This is off base on many levels......

1. The amount of "heirs to large fortunes" is simply a fairy tale. Large fortunes don't have the rates of return they once did and the cost of living is higher than ever so the principals of these fortunes simply don't have as much as someone in their position would have had years ago. So for every facebook billionaire, you still have millions of average people. Also many heirs are conservative in their spending, obviously Paris Hilton types are the exception.

Not all heirs to family fortunes are as famous as Paris Hilton. There are certain neighborhoods where several homes in a row are owned by the same family. Many of the people who own the houses are heirs to great fortunes but they are not famous, just rich.

Originally Posted by City Guy997S

2. Professionals can be in worse financial shape than the bartender that spends all her money on clothes, a trendy apartment and a leased BMW. Professionals have the income that can access almost unlimited credit causing overspending. I was a financial planner at one time in Boca Raton. Had a Cardiologist client that made over 400K in W2 income (years ago that was a lot) yet after leased Jaguar/leased house/private schools for kids etc. he had ZERO left over at the end of the month! Worst part was if that job ended (disability, death, etc) the whole family was going to be living under a bridge!

The OP asked about how people afford a flashy lifestyle on the type of crappy jobs available in the area. My answer is that there are plenty of professionals who have money to spend. Of course some of those people are overspending but that wasn't the question.

Originally Posted by City Guy997S

More of my clients were high income, over-spenders than any other category! Drs. and Lawyers are notorious spenders, trying to have the latest European car, biggest mansion yet their incomes aren't really rising to keep up with the spending......Buy a house on the water, then you need a boat, then since it has a 3 car garage you need 3 cars, then, then then......never ends!

The OP asked about how people afford a flashy lifestyle on the type of crappy jobs available in the area. My answer is that there are people who have more money to spend than one of those crappy jobs would provide. It goes without saying that some of these people are going to overspend. People who make $400K a year can overspend in a much higher fashion than people who make $50K per year. They are still overspending. That wasn't what the OP asked.

[T.Winter2001]

There is a reason why most of Miami and So. Florida live this high on the hog lifestyle as it stems from poor 3rd world Latin culture, and to truly understand 3rd world cultures that is Miami today, you must know Cuba, Colombia, Brasil up close and personal.

[ThreeOz]

Originally Posted by T.Winter2001

There is a reason why most of Miami and So. Florida live this high on the hog lifestyle as it stems from poor 3rd world Latin culture, and to truly understand 3rd world cultures that is Miami today, you must know Cuba, Colombia, Brasil up close and personal.

Not sure exactly what you mean. My wife of 8 years is Colombian. I have been to Colombia twice for about 4 weeks. There is nothing that I have seen that suggest what you say.

Also, there's a full world of difference between Miami and north Broward. Most Colombians and Brazilians settle in Broward, not Miami.

As for the comments on BMWs, it's supply. This is the largest market in the country for BMW. You can lease for <$400/month. You can buy, CPO, these lease returns for less than the price of a new Toyota Corolla, and get 3 years of warranty.

[T.Winter2001]

ThreeOz,

What fantasy world do you live in? I'm living in Cali Colombia part-time since 1998. I'm typing this from Medellin right now. Just because your wife is a Colombiana and you got 2 trips to Colombia, you're an expert on Latin culture? Puleze ... The fact is Broward is becoming a lot like Miami, and Colombians are all over So. Florida. Brasilians are also all over the area.
And So. Florida has the largest supply of BMWs? I beg to differ. I'd guess L.A. or the Bay Area, and leasing a car, any car is about the dumbest thing anyone could possibly do financial wise.

Today, in Medellin people are given credit like never before and it's creating the same mentality found in Miami.

Some of the junk I read here is unreal and untrue completely.

Before posting please get your facts straight.

[ThreeOz]

I didn't say that Broward isn't becoming like Miami. It is. Especially south Broward.

As for Colombia, I'm no expert by any means, but I certainly didn't get the vibe that I get when visiting the Caribbean. It's the Caribbean and Central American influence that makes Miami suck. I have no problem with South Americans. At least many of them, from the cities, are educated.

And yes, South Florida is a huge market for BMW. The only other other market that comes close is San Diego county. And yes leasing a new car or buying a new car is totally stupid which is why it's better to buy a car that is a certified lease handover. Leased BMWs have a stringent maintenance policy. If you handover an F'd up car they will pull it out you nose through your rectum.

[JohnD_fla]

Originally Posted by ThreeOz

It's the Caribbean and Central American influence that makes Miami suck. I have no problem with South Americans. At least many of them, from the cities, are educated..

Please qualify the above statement.

If you travel through and really get to know people in Jamaica, the Cayman Islands, Haiti, Trinidad, Barbados, Panama, etc. then you would know that that the image that many Americans have of these countries and the people who live in them is not only unwarranted but also inaccurate. Many of these people are more well off and live a much higher quality of life than the average American. And, contrary to popular belief, many of these people aren't interested in coming here to live either.

Many in the US think that only uneducated, poor people and other undesirables live in the Caribbean and Central America. And those from the South American continent are preferred because many have more Caucasian-like features. Please! You might be shocked to see how well some of these people live, and many, many of them are highly educated people. Even in a country like Haiti, which the US media constantly portrays only with images of extreme poverty...there are many other areas of that country that are populated by people of extreme wealth. It is like that throughout much of the Caribbean, Central America, and South America. And you know what? Its exactly like that all over the great USA, too.

It is myopic to say that the Caribbean and Central American influence make Miami suck. You're not talking about just two cultures, but dozens of cultures. And most of them have only slight similarities. True that Cuba is a part of the Caribbean, but present day Miami sucks because the Cubans turned it into Cuba II---not for any other reason.