Since the 6 recessions I have lived through I have figured out what is different about the last one

[JustAnotherGen]

1. Sort of

I think the Upper Middle class that wanted to *think* they were *wealthy* spread themselves too thin. Technically - I'm upper middle class though with the combined finances of marriage last month - my husband and I are the millionaires next door.

Next door to you we live in an apartment.
We rent that apartment - the wife lived through the tech bubble and thought something was rotten in real estate as early as 2004.
She drives a 2006 Altima - he drives a ten year old Yukon. Both they paid cash for.
They pay as they go. They like nice things but wait for sales.
They have credit cards. When they use them to gather rewards - they are paid off within a day or two.

I'm not being arrogant. I'm showing how high earners - who aren't trying to impress anyone live.

I feel bad for these relatives of yours - but not as bad as I feel for you. They had a gift? Luck? A few breaks? All were squandered by them trying to live "big".


You didn't live big - you did the best you could and are probably far more responsible with your money. That said - I'm AOK with you gloating a little bit about the situation they are in. You'll survive this - but they will never likely bounce back to where terry were. They won't bounce back because the concept of saving their pennies for a rainy day, a house is for living - not an investment, and cars lose their value the minute you take it off the lot.