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How can people afford to do this?

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luvagreatdeal

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Everywhere I turn, I hear reports of "the economy is so bad, unemployment is so bad, blah, blah."

I know that for us personally, I dread getting a quarterly or monthly report from our 401k, IRA, mutual fund, or broker because the accounts seem to always go down and not up.

But, whenever we go out to eat at a nice restaurant, the place is packed with people.

Last night we went to Wildfire for dinner. We couldn't even find a parking spot at first. Had to stalk people until someone left and we grabbed their spot. We had a reservation and only had to wait about 15 minutes for our table. Other people were waiting for over an hour for a table. Keep in mind, this was a Wednesday night, not a weekend, not a holiday or anything special where you need to go out and celebrate. We went for our anniversary but not sure what the other throngs of people were out celebrating.

This is not a cheap place to eat either. You can't get out of there without spending 50.00 per person and often times, it's more than that. Our bill last night was 90-something and that was for 2 appetizers and 2 entrees. They comped us dessert and we didn't order any drinks. If I want to drink (and I hardly do), I typically do it at home because drinks often have the highest mark up when you eat out. Most people around me were ordering multiple drinks and desserts and more so I know their bills were much higher.

It's been like that every time we've gone out to eat. Shaw's Crab House, Morton's, Maggianos, Bob Chinns, Wildfire ... every place is like that lately.

So, how in the world can people afford to do this if it's such a bad economy and everyone's lost billions of dollars in the stock market, etc???
 
I know (a number of) people who are in foreclosure because they make a conscious choice to pay their car payments and credit card payments instead of their mortgage so they don't have to change their spending habits and visible "status."
 
I wonder the same thing when I go shopping at places like Home Goods or Kohls. People are checking out with full carts of crap and it just makes you wonder how they're gonna pay for all of that stuff.
 
I guess the answer is that some are "drowning" their sorrows by treating themselves irregaurdless of the expense (kind of like the US gov't handles debt--Charge it!). Also not everyone is faring badly in this economy. I know we are making more this year than we ever have...though we are not eating out at expensive restaurants.
 
The same reason you're at those places? :9: How/ why are you doing it?
 
I have a friend whose family is unemployed (both parents) with young children and they spend money in ways we don't....Hubby and I were just discussing last night...how do they afford things we would avoid as "too expensive"?
 
They don't just stick a Wildfire in any **** hole location...they're usually in affluent areas that haven't been hurt noticeably...now go to a Chili's or Applebee's and you probably won't have a wait.
 
skincarekathy said:
I know (a number of) people who are in foreclosure because they make a conscious choice to pay their car payments and credit card payments instead of their mortgage so they don't have to change their spending habits and visible "status."
Click to expand...

There is a book I read years ago called The Millionaire Next Door. Very interesting! Discussed how many you "expect" to be doing well are really leveraged to the hilt giving the image of affluence... nice cars, designer clothes, eating out at nice places, the "right" neighborhood... they blew their ig paychecks on the image they thought a doctor or lawyer should have. Then it went on to talk about blue collar workers and teachers that lived a conservative frugal life and how more often these types of people were the real millionaires. You'd look at the and feel sorry for them and in reality they were loaded. Great book about expectations and financial realities.
 
skincarekathy said:
I know (a number of) people who are in foreclosure because they make a conscious choice to pay their car payments and credit card payments instead of their mortgage so they don't have to change their spending habits and visible "status."
Click to expand...

Well, that doesn't make any sense. Pay your car payment but not your mortage? Hmm, drive a nice car but not have a place to live. Well, I guess if you want to live in your car ... at least it's a nice car then.
 
stazmatic said:
Maybe they are investing in gold???? It is skyrocketing.
Click to expand...

Yep, gold prices are insane. I keep thinking that it can't go any higher and yet it does. I really need to sell some of mine. I got lots of gold as wedding gifts and it's just sitting in the bank right now.
 
SIL's niece is a prime example of the way some people live nowadays. Husband works and has retirement $. He brings in about $5000 a month. She doesn't work. They have 1 child that is 12 y.o.

She spends like it is poison in the bank account and she needs to get rid of it as fast as she can.

They "bought" a house in 1993 for $107k. Since then they have not just a second mortgage, but a THIRD mortgage on it. They currently owe about $175k on it AFTER living there for 18 years.

She bought a horse, a little stable for him in the backyard after years of paying stable money. A tanning bed. A new car every 2 years. A new truck for him about every 3 years. Nails done. Hair done. Feet done. (times 2 because the DD has to now get it done everytime too). NEVER cooks. Eats out for lunch after the kid comes home from school and then goes back out to eat for dinner when the DH comes home. Always asks for $ from everyone because of "The baby". Baby? 12 y.o. is a baby????

Last week she hit up her parents who are in their 70s for $1500 for "the baby." Her step father can't stand her and asked to see all her bills. She currently owes her parents TENS of THOUSANDS. Her stepfather saw her bills and without doing anything their bills come to more than what they take in. He told her to get a job. "But I need to be there when the baby comes off the bus." He told her to get a job around it or work nightshift when her DH is there. Then he flipped about the new car. She said "I need something safe to drive the baby around in dad!" He goes balistic and says "BABY??? She is 12 y.o. and bigger than all of us!!!!!" :lol: The "Baby" is 5'10" because the father is 6'5" and she really is bigger than all of them.

Anyhooo...I only know about this because my SIL was in the car when they called her niece and her niece hit speakerphone. This was of course after asking my SIL for more $. They get off the phone and she turns to my SIL and says "Do you believe the **** I have to put up with to borrow some money???" My SIL told her "Get a job and you don't have to deal with it." Of course she started talking about how the "baby" needs her and all this other BS.


I think a lot of people are taking $ from old people. Seriously.
 
JRL19 said:
They don't just stick a Wildfire in any **** hole location...they're usually in affluent areas that haven't been hurt noticeably...now go to a Chili's or Applebee's and you probably won't have a wait.
Click to expand...

Not really, the Chill's and Applebee's near us are always full on Fri-Sun, sometime got a line outside!
 
eiramnoaj said:
I know but I'm there buying maybe one or two items. They've got full carts of crap.
Click to expand...

Well I was talking to OP but not everyone is broke. I mean yes we were affected in our 401k like everyone else and yes my house isn't worth what I owe on it, but if we're staying here for the long haul it doesn't affect me. DH has gotten a couple good raises, a bonus and a promotion since the recession. I suspect some others have too. His company has had a few lay-offs to get rid up excess and reorganize things again as I suspect other companies have done as well. So there's still going to be those that are running things and doing fine. :9:

That said, we have cut back on things out of fear that he could lose his job too even though they say he's safe...........you never know and I don't trust companies.
 
mrsmom said:
The same reason you're at those places? :9: How/ why are you doing it?
Click to expand...

I'm doing it because I can afford to do it and I like to treat myself every once in a while. Up until I became a SAHM, I always worked. I started helping my parents out in their businesses when I was 8. (They added money to my allowance and it was a nice, sizeable allowance which I mostly saved.) I worked all thru high school and all thru college. I never blew any of my money on stupid stuff like drinking at the bars, going to movies every weekend, etc. When I was in my 20s, I was the only person I knew socking away money in my 401k. My friends thought I was nuts to save money that I wasn't going to use for 30 or 40 years and not enjoy myself TODAY and go out every weekend and waste my paycheck and drink myself into a stupor.

But nowadays, even in this bad economy, I can still do the things that I enjoy because I was good with my money. I don't go crazy with it, but if I want a nice dinner, I'm going to go out and have one every few weeks then. I know exactly what I can afford to spend and I make sure I don't go over that so I'm good.

Now all those other guys out there ... I don't know about them. :dunce:
 
Holy **** Tazz! Those are the people who file bankruptsy and get off scott free! :ranting:
 
Mom2Dee said:
There is a book I read years ago called The Millionaire Next Door. Very interesting! Discussed how many you "expect" to be doing well are really leveraged to the hilt giving the image of affluence... nice cars, designer clothes, eating out at nice places, the "right" neighborhood... they blew their ig paychecks on the image they thought a doctor or lawyer should have. Then it went on to talk about blue collar workers and teachers that lived a conservative frugal life and how more often these types of people were the real millionaires. You'd look at the and feel sorry for them and in reality they were loaded. Great book about expectations and financial realities.
Click to expand...

I read that books years ago. Great book! I still have it somewhere. Your post makes me think about reading it again.
 
JRL19 said:
They don't just stick a Wildfire in any **** hole location...they're usually in affluent areas that haven't been hurt noticeably...now go to a Chili's or Applebee's and you probably won't have a wait.
Click to expand...

That is a good point. I know someone who is on the wait staff at Morton's in Schaumburg. He makes GOOD money there when he works on Saturday night so he never misses his Saturday night shift. I guess people in my area just have money to burn.
 
This reminds me of the question I was asking myself when all these Mc Mansions were going up. So many houses were being built, just HUGE. I was wondering what they all did, I didn't think there could be that many doctors and lawyers???

Big part of the problem is our culture tells us to live for the day. I live counter-culture.
 
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