Luxury Obsession Is Real - And It Can Ruin Your Life!
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- เผยแพร่เมื่อ 2 ต.ค. 2024
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Everyone should listen to this before deciding on buying luxury items. I really love this topic. Why do we keep buying those overpriced substandard luxury items. You just make yourself poorer and the billionaire richer. Your channel is becoming much more interesting than those luxury unboxing TH-camrs. Keep up the good work.
Absolutely. Educational gold.
I wish everyone reads this! It’s so freaking true and sensible!!
I am sure the $200k is pre-tax. To have $200k left after tax, you will have to make $400k
Especially in California….you get taxed for every thing
Living paycheck to paycheck with 200k income, sadly, I can see this. Most of the places where you can make that sort of take home tend to be in places where the cost of living is exorbitant. Places like San Fran, or New York, for example. Looking at average costs for rentals, assuming a good number of the millennials referenced in this are in their 40s, possibly with families to support. Rents in those 2 metros average about 2-4k just for a studio. You start adding rooms and you're heading upward of 7-10k a month for rent. That's close to half or more of your take home right there. Then you take in the costs of utilities, food, transportation, schooling, clothing (non-luxury but required for your job, etc), plus any personal/student debt you might have. And suddenly you're wondering if you can afford anything more than hamburger helper for dinner, much less the latest designer handbag.
This is so true! After I graduated from grad school and was married had my kids we made like $150,000 (pre taxes) total we lived an hr away from the city. After commuting, kids, food, activities child care ehh communicating? We were broke! We lived in a rich neighborhood ( chosen for the kids school ) everyone knew we were “basic” in our tiny cottage ha this was in 2009! Now it’s 2024 and I’m worse off 😅
@@heavenj7 I feel you so much on this. And it's impossible to buy, almost anywhere in the same places you make a decent amount. I was just reading an article in the Boston Globe, that stated that the current average cost of a single family home in Boston is now 950k, if you can even find a house to buy. I live in a small, considered much poorer, town south of Boston, and between when we bought our house in 2018 and now, 2024, the cost to buy our house has more than doubled. So, you know, great if we ever went to sell the house (assuming anyone could afford to buy it), but also means we could not afford to buy a comparable house, even in the town we live in now, forget about anywhere more well to do, because our income has not increased commensurate to the current cost of housing. And renting is out, because an apartment of the same size, relatively speaking, in our town, currently would cost twice what our current mortgage is.
@@snowglass3969 something funny?? Oddly enough I’m on cape cod now! Another rich place …why? They had affordable housing and decent apartments! So here i am ha i had to leave NYS! To live in a rich persons vacay town ( that I use to come to with the kids when they were babies ) now broke with affordable housing 🤷♀️ha it’s crazy here!!
@@heavenj7 You live on the Cape? That's so weird to me. Or would have been to my younger self. When I was a kid growing up in Philly, the only people we thought lived on Cape Cod were people like the Kennedys. It was a fantasy place, like the Hamptons. A vacation place, the way the Jersey Shore used to be. A place rich people went in season, but didn't really live there, and certainly not a place for normal people. Then I actually went down to the Cape and thought...I would hate to live here. People with tons of money, sure it's great, but people like yourself? It must be a complete nightmare. So isolated and so expensive!
200k / year minus 40% or more for taxes
Im going to listen to this video everyday for a week, deprogramming luxury addiction. Thank you Dacob, you voice have now become a little vispering sound of reasoning when i see bling bags etc. ;)
I really enjoy this topic, keeping up with the Joneses will always be a thing but with tiktok and micro trends and a shrinking middle class in the US it’s only getting worse… There are definitely times I look at my closet and think, jeez I coulda bought an acre of land with how much I spent but not land anywhere I would particularly want to live so it stirs a weird feeling and inner debate with myself. Maybe if buying property in a walkable city in America wasn’t so expensive I wouldn’t spend so much on luxury if I saw a realistic goal of ownership of anything beside fashion or maybe that’s just what I tell myself to placate my hedonistic tendencies. Love the videos that really make y’a think
What your thinking here is related to doomsday spending. When the future seems so unsure, home goals are almost unattainable the itch to get something of value is there .. luxury goods are then attainable. This remind me of when i experienced people living in slums, with steal plates as roof ..they still had very nice cars and perfumes...
True if I can’t afford the house? I’ll get the bag 😢 🤷♀️
The problem is that people don't want to understand that luxury isn't for those who earn only 150-300 k a year, luxury is for multi-millionaires and above.
When you earn 150-300 k a year, you buy yourself a Vuitton bag for Christmas and that it.
When you earn 300k a year in Germany, my dear, believe me you can afford THE life.
Absolutely agree
Absolutely agree.
In general, people in the US have a very skewed sense of proportion when it comes to spending vs. what they actually need. I'm saying this as an American citizen who has lived abroad in multiple countries. For example, people will complain about the high price of gasoline (which is way cheaper than in Europe, but that's a topic for another day) but will buy the biggest gas guzzling trucks or SUV's. When you point out that they don't need an enormous car to drive from their house to the Starbucks they take personal insult at the comment. The same with housing. I've known people who complain about the cost of their rent, but they insist on living in a 2 or 3 bedroom apartment when it's only one person or a childless couple. It's ingrained in the culture, sadly.
I understand what you mean. The SUV from home to Starbucks took me out 😂😂😂 sooo accurate 😂😂💖💖💖
And let's not forget that the average American thinks that a 3,000 sq. ft. house is the minimum acceptable, while Europeans are satisfied with 1,300 sq. ft.
Americans do not arrive to get out of the sad mentality of bigger is better.
You’re right…..we went to owning an SUV to a Tesla Model Y and leasing cause cars are liabilities…..not assets. I live my life as an American to simplify as much as possible and that is living within our means cause yes traveling opens your eyes. Also so t get me wrong I love the idea of owning a Louis Vuitton one day…..but I am aware of my reality too.
Great topic. The report is flawed, my son makes over 180k and still can’t afford to buy a house on his own. The prices of homes here in Canada are insanely overpriced. Just when you think you have saved enough of a down payment 150k the houses go up again in price. Also need to consider fuel and food are also going up.
Yup 😢
That amount has to be pre-tax.
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Solution: people should stop paying their taxes which fund countless wars and corruption
And don’t do anything about the homelessness issues here in California
Going to prison probably doesn’t help anyone lol
Good luck with that unfortunately.
If you earn 200k and have to live paycheck to paycheck there's a serious issue in your budgetting and spending.
How is this even possible?
When I divided the 200k per 12 month… the amount per month kinda shook me 😳
You need to take out the taxes and deductions and factor in the cost of living for the area. That is gross not net. These high salaries look like a lot of money until you take out federal and state tax and social security and all those deductions.
Yep!
You can find lots of nice things from thrifting and shopping vintage/antiques/flea markets. Maybe not designer but affordable and often better made items. Plus, the treasure hunt is fun!
$16k PER month is freaking lots man 😭 more than comfortable tbh
I agree
I dont think 36% of millenials make 200K+. I think 36% are millennials, who make 200K+ AND live paycheck to paycheck
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Escapist shopping. Fantasy shopping.
As if owning some luxury items will magically change all your personal circumstances.
We've all done it to a point, but most wise up pretty rapidly.
Of course, there is a bit of a frisson when we first put on a particular item.
The rest of the time it can become a burden:
which occasion can I suitably wear it?
How to co-ordinate?
Do I look ridiculous?
Is it a trend that's over?
Does it make me a theft target? etc.
When stressed I find myself thinking about handbags it's soothing.
Then I have obsessions, that I go back to again and again. A bag someone else has
And you're convinced that....(see above.) So I work through the obsession and usually don't buy it.
Living pay check to pay check on $200k per year?
Must be super in debt., and/or in the thrall of escapist/fantasy shopping.
There is no other explanation.
Plenty of other explanations. Caring for elderly parents, raising children, medical bills, increased housing costs (my son’s apartment has doubled in the last two years), massive federal and state income taxes…
Lifestyle creep is real but I shifted my focus from luxury items to investing. I have enough bags and slgs . I already saved a lot this year.
We got our fix of bags and slgs but I wonder how it will be for new generations who just discover luxury goods… the new prices are much higher than when we were starting our luxury journeys.
@@SuperDacob so true. I feel for them.
@@SuperDacob I guess, the second hand/pre-owned/pre-loved goods will take main place at some point and they will dictate the prices as per the consumer preferences and affordabillities.
That I see happens in Europe already.
We do have a massive production as well - luxury brands really got out of the niche concept and they are no longer special or niche.
Many of the main providers of luxury goods are selling their leftover lines to companies selling pre-owned products.
The pre-owned/second hand companies have the option to lower the prices until a customer deems the price reasonable and buys the item.
Also, we know that the actual price of each luxury product is at least 60-80% lower than the price you see in the official page or shop, and these 60 to 80% are the interest the designers are earning from (when I understood that fact about the actual price the whole concept of luxury was totally ruined for me).
Remove 50% of that interest and they still will be earning enough,just because now potential buyers are higher in count than in the past. So, what I see in future is a total collapse of the designer understanding of price formation because customers are not dumb.
You cannot manufacture a t-shirt for 20 cents in Turkey and sell it for 200 $ and expect that trick to do the job indefinitely.
If I am paying 200 $ for a shirt I would purchase from an unknown niche designer or tailor but the shirt will be 100% personalized and handmade with high quality materials per my own preferences.
I would no longer pay for Chanel,Dior or Versace manufactured in Turkey or Taiwan for a dollar and then repriced in the official page as a genuine product.
9:33 - but are they contributing to a 401k? Whats the health insurance cost? If they are in CA, a mortgage will cost you $5k - 7K. Do you have a car? Insurance on that car? Regular cost of living (food, gas, credit card/student loan payments). If you have a small child not yet in public school thats another $2k a month on average.
I've been leary of buying luxury since I heard how easy it was for thieves to sell their ill gotten gains on popular reselling sites.
Millennials are absolutely accumulating wealth faster and earlier than previous generations.
Tech jobs paying significant salaries are ubiquitous, Millennials aren’t having children (and those who ARE are having fewer than was once typical), they aren’t buying homes (even during the Trump era and 3% interest rates), they’re living at home longer and have roommates if they have an apartment/condo which saves on rent.
They’re spending their money on travel, daily Starbucks trips and “lifestyle.” They’re broke and don’t realize they’re wasting money that could be invested.
I’m sure the article’s mention of $200k/year is gross income and without a lot of deductions, they get killed on taxes too. Take home of $160k isn’t very much if you live in a high cost city.
I believe even with 160k netto one can live a wonderfully good life.
People are making more than they have ever made before and they can't make it. Young families have mortgages, car payments, food, devices, clothing, etc. 2021 changed our lives forever. I was spending then. Now I can't make it a week on THE more money than I ever made. And I'm retired! I love luxury and would love to invest in a bag, but I need to eat. This group is in trouble or soon will be.
Are we not going to mention the insane 6.55% rate on student loans? Making payments as fast as you can but the interest outpaces you, and it’s like, why not get yourself something here and there because it just always feels like you’re treading water
Calcalatoor 💅🏻
My sisters, and our nieces have this thing where we say, "And what does Mick Jagger tell us? You CAN'T always get what you want"! 🎶 Right? Even the 6 year old knows this! Words to live by!
BUT, Im 40old And Im not in any kind of Debt Thx God.
Great video Dacob! As always!
Thank you so much Deborah 🥰🙏🏻💖
THIS. I live for this topic. Thank you for addressing it, Dacob. As a Gen Z myself, I truly feel that no matter how much we try to promote financial literacy, the desire to fit in, seem successful, and avoid FOMO will always win. This is the inherent problem. BNPL (when used on non-necessities) goes against the principal: don’t spend what you don’t have. This can lead many to spiral into unnecessary and debilitating debt. Part of me wants to direct some blame on the shows and media we grew up with - watching SATC and imagining yourself as a sort of Carrie - shopping beyond one’s means, sporting the trendiest fashions, catching cabs, eating take out, and going out with friends for martinis every other day. That fantasy lives in a lot of us and I wonder how much early 2000’s shopping/luxury culture has influenced where we are today. A lot of our world on social media has become superficially visual. Fashion is art, of course, and is something to enjoy and appreciate. However, people are now being evaluated in a similar way… at a glance. On social media, one’s value often comes from what others can assess visually, much of which might be luxury. Overall, this is a very complex issue, but one I hope we can overcome. I think it absolutely starts with addressing FOMO and flex culture though, rather than focusing primarily on smart spending (as important as the latter is).
Thank you so much pink 🥰🙏🏻💖 omg yes, SATC was a major reason many people thought they could all live the luxury lifestyle on a columnist budget. Haha. Those were he days though… that naiveté had its charm though even though it ruined many a person’s bank account 😭
I stopped buying myself brand new things a while ago & I haven't missed them. it's definitely a FOMO thing, status, etc....reality Is u cant take it with u when u die
going into debt because of luxury spending must be the dumbest thing anyone can do. It's bad debt that brings no benefit. Do not buy it if you can't afford to pay it in cash and put the same amount into savings or investments. Man, I WISH I made 200K a year. I would be retiring early with how much money I would put on the side and make work for me. And I live in Switzerland, which is an expensive place to live. Americans have a massive spending problem.
I am definitely not a high flyer. I work in the public sector. I think luxury obsession can ruin anyone's life regardless of income and more so for people who don't have high incomes like myself. I was shopping too much four years ago and I accumulated debt. I have $200 more to pay off and I then I will finally be debt free.
For some people, taxes and cost of living. I understand the bigger cities pay more but cost of living is nearly doubled and sometimes even tripled compared to the surrounding areas. Sure you can commute, but that’s more money lost in that etc. not sure about other states but taxes are pretty much 40% of what we make where I live. Which is A LOT. Too much honestly. Even post tax bringing in $200k is not actually that much in the long run. The ultra rich are not taxed this way and even if they are they are clearing millions. And I don’t mean the people making less than $5 mil a year. I mean the people making even MORE than that. Avg cost of a house is more than $200k in a ton of places now too even run down areas…so $200k is really not as much as it seems. Not everyone wants to rent either as that provides zero security and you have no equity in it. So there’s more to it that just that. When rent for a 2 bd is $7000-$8000 a month, without utilities, bills, groceries, transportation, it all adds up and super fast. How do you save for a house realistically? It would take a while. I think the economy is just doing super poorly right now. Cost of living is so high. It’s actually really sad for a lot of people. I think this luxury bubble is not actually what it seems and this is not reality for most people. Seems like most of this is not a luxury spend issue if I’m being quite honest. Seems like other factors.
I think the wealth factoid was about savings and especially investments, it’s much more common for people my age (30s) to have an active investment retirement account alongside a 401k, while boomers couldn’t even tell me what their 401k was.
I am not HI,have only 1 luxury bag.I carry no brand leather bags most the times.I love this channel and love to learn about luxury,but if I spend 10k in credit card for luxury bag or I invest it in paying off my mortgage ?
200k significantly puts you in a better finally category, even with the high cost of living. Something is wrong with your budgeting. I'm also skeptical at the same time that these younger generations are actually making 200k, very funny indeed.
I work in tech and I there there are LOADS of kids in their early 20s making >$200k/yr in this industry alone. Many more than people might realize.
Hey, you're absolutely right. I got amazed quite a while ago by young influencers confessing to be on debts because of over consuming luxury that started indeed right after lockdowns...This is scary 😮😮😮
Dacob! I admit that I was like this last year aka my first year out the Army. I'm making a solid 150k a year with no bills, no car note, no rent, kids, etc, just cheap hotels (maybe under $300/wk) and traveling. I absolutely splurged last year and bought everything I've almost ever wanted (New Macbook, New iPad, New iPhone, Rolex Submariner, Cartier Santos, Trip to Bali, bought a ton of Supreme, guns, etc etc) and honestly, not an ounce of happiness came from it! I can't even travel BUT with my Pelican case (1615 Air) and my Pelican laptop briefcase (1495).
I know I joined the other day mentioning the Keepall 55 and LV Christopher backpack (deciding not to get the Horizon) but outside of those items and maybe a pair of Balenciaga's I'm done for the year. I did save a lot last year but I could've saved more.
Gonna buy a nice condo in Thailand this year for me and my fiance (unashamed passport bro here lol) and I'm checked out on the spending until I have all the essentials covered. LOVED THE VID
Thank you so much for the super thanks 🥹🥰🙏🏻💖💖💖🎉🎉🎉 yes, prioritizing the spending to what truly makes us happy in life is essential 💖💖
@@SuperDacob 🙏🏽❤️
Your work is so wonderful Dacob, loving the cultural commentary and how you are looking after people's wellbeing. For me, it's enough to be educated about luxury - I simply like being in the know (iykyk - I learn that from you!).
Thank you so much Svatisigh1 🥹🙏🏻💖🥰
This is so refreshing
I live in Montreal Canada, With a 50K/Year Salary -30%TaxShit., And I manage to get 2,3 Designer pieces per year (On Sale haha), I kinda live paycheck to paycheck too, I can’t move Out of my 390SquareFoot 2.5Room Apt at 900$/Months (All Incl), 💩 , Sometimes I ask Myself if I should get a Second Job and work 7/7days., Not having Life!
I’m the most screwed. Middle income, 😂 MiFi
LiFi is even more in trouble…
We are all in trouble. Except the 1% ❤😅😊
@@akong331the 1% is in trouble too.
You are so DAMN right
Before I met my husband in 1995, I was a divorcee with 2 children living off of 950.00USD a month and no help from the govt. I shopped at the local 5&dime stores and didnt even know what designer clothes were as I had never entered a mall in my life. I had family that raised me up in flea markets, trading and selling antiques-ahh, this is where the luxury was at....all the classical oil paintings, porcelain, clocks, silver, sculptures, furs etc and oh boy did my family find some good things! Liberace was one of their best clients.....oh yeah, this is where the riches were......but back to the husband- he had grown children raised in a different era as he is much older than I and his adult children were all about the brand labels....I never seen such a farce! Even the food had to be bought by brand labels! haha......I mean, I was like macaroni is macaroni ya'll.....haha.....but this is when I realized that I was about to join the ranks of the "keeping up with the Jones" world and my children were influenced by this buying behavior so much that my son still to this day tries to buy me expensive gifts for Christmas but I always feel bad for accepting them because I know how much he paid yet he cannot afford to pay cash and has to place everything on credit (I have since told everyone to keep gifts to a dollar limit).....I never had a credit card till I met my husband and even when he co-signed one for me I never used it......I think this generational flaw rolls itself down to the next.....but its people like you Dacob that open up minds and bring thought processing back to the forefront of the conversation. We need more like you in the world then maybe life wouldn't be so hard on these future generations.....I still have some paintings.....they are all the luxury I need......everything else is just extra mindless spending.
A lot of influencers post about their LV Nice in all three sizes. Can you do a video with your thoughts on this? Do you think they are a waste of money? I personally love them but will have to wait to get one or two. :)
Problem is More we make Money/high Salary, More we Spend!! Loll
A lot of people cant seem to differentiate between needs and wants.
Most people dont even know what they spend their money on and where it went at the end of the month either.
I used to be like that with a very mediocre income. And yet, with that same low income I managed to save a years worth of salary in 2,5 years during Covid. I had to look myself in the mirror and admit it was me. 😅
(I dont do online shopping, I couldnt travel or go out to the theatre so it was obvious how much went there when everything was shut)
Oh I was looking fwd to Wednesday’s live! Sorry I missed it 😢 but the new ! I couldn’t comment on insta I’m in jail! 😅
This was from this Saturday’s live 😉 Wednesday live has not happened yet 💖🎉🎉
@@SuperDacob phew I thought maybe you’d had a super early one! Now watch my old butt fall asleep! I’m going thru some health stuff..tired! I hope I make it ha
I don't agree buying products by installation makes u even owe more debts.
I am fortunate to have a job that pays 6 figures. I am also fortunate that my mother qualified for a VA loan in 2020 when interest rates were under 3%. It's because of my low mortgage that I was able to pay off my grad school loans and can now afford to make car payments. The cost of living is so high!
Great video. I like this topic 👌
Always great videos
Thank you Alicia 🥹🙏🏻💖
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