Second and more importantly, they are spending on whatever the fuck they want. You do realize you’re going to die, yes? There’s no way in which saving more than your neighbor is “good”, morally or otherwise. Maybe by saving more “now” you have a more comfortable “later”, maybe you don’t — the former may be more likely but isn’t guaranteed, and you should not judge someone for having a different risk profile than you.
The square foot / person is huge and leads to lots of issues around transportation (hello cars !), so the cost on society is massive, especially if you factor in private gardens, which are basically private pieces of land that cannot be used for anything - and aren't that ecologically beneficial.
Lower you housing expectations to a 1500 sq ft apartment with no private garden (but with a park nearby) on a 10 story building and you have something that actually allows for efficient public services and is economically viable for an average person. Of course, rich people will still be able to afford private houses, but that should be the exception, not the norm. The median SFH shouldn't be the reference.
Housing is usually the biggest expense someone has. Asking for luxury here means that you'll have to compromise on everything else. Being reasonable will free budgets for a lot of other things.
Disregarding medical bill, yes, if you spend your money on luxuries, you will have less of it.
> Second and more importantly, they are spending on whatever the fuck they want. You do realize you’re going to die, yes?
Ok, so, clearly people are spending their money, which is why they are paycheck to paycheck?
I think most single people would have an easier time being frugal, but if you have a partner good luck with that. And if you have children you are stuck in the ratrace to send them to the most expensive schools and out of school activities.
If you would earn 250k, would you live in a trailer and take the bus to work?
I can hardly blame people. We are constantly bombarded with ads to buy buy buy. Max out your creditcards, invest in crypto, buy a boat, buy a car, fly around the world for holidays.
Before you know it you cannot get out anymore, no matter what your income is.
Housing obviously. Many rich people like having big, nice houses/apartments. Some even want to have a second house somewhere nice. Travel and similar experiences can easily burn basically as much money as you want. Schools can also be super expensive. Eating out can also set you back a lot if you're into that sort of thing.
I have "expensive" hobbies, but that mostly entails a high upfront cost ($2-3K) for gear that will last a decade minimum, so its not a huge issue.
What the hell are (somwhat rich) people doing with their money? I'm confused since I don't know what there is to spend big money on. Health care is a thing, but I assume high paying jobs have somewhat decent insurance that shouldn't bankrupt you immediately. There are only so many $20K watches and $75K cars you can buy before it just becomes pointless.