College grads with the usual entry-level salary are more like 40k millionaires, but you get the point. If you don't get the point, check out the always classic definition from Urban dictionary:
A 30k millionaire is a person, usually a guy, who makes around 30k a year, usually from working at a window tinting shop, loan office, or an occupation that does not by any means require a college degree. With his pitiful a income, he spends it all on bottles of champagne at clubs, a boat,a nice car, and sometimes a 3-day trip to Vegas, only to be left with nothing in his account by overdraft fees and possibly a pending loan...(more)
I'm familiar with the term, have friends that definitely fit the bill, and actually came across it again when looking at, well, boats. I'm a huge fan of living at the lake in the summer, and enjoy boating. The cheapest wakeboarding boats are in the 35-40k range, so do the math. It would have to be a long term loan with a higher interest rate to realistically happen. Boats are a horrible financial investment, but I'm only young and able once. I have health insurance, dental, vision, short-term and long-term disability, life insurance, a Roth IRA, a 401K, and a stock portfolio. That's enough responsibility and deductions out of my paycheck to negate any comments of financial irresponsibility. Why not balance that out with a little irresponsibility by getting a boat loan before a mortgage?
I don't run game, buy drinks for random girls at the bar, or even go to bars very often. When I do go I never open up tabs, and only take cash. I like to be liquid and have a limit when I'm spending money on being social. I don't buy designer clothes, accessories, or the newest weekly special at Best Buy. I used to be a huge impulse buyer, but I've tamed that habit and do plenty of research before making even small purchases. You could say I am living more like a 45 year old married guy with 3 kids - but I'm not. I'm saving up for things that I truly enjoy, and would get a lot of use out of.
I like to play the card that another year will have passed, I'm almost 25, and if I don't do it now I never will. That's what blood-sucking lenders want to hear, my parents are scared to hear, and I like to hear these words come out of my own thoughts every now and then to help push me over the edge. The only thing holding me back at this point is - will I have the ability to change my job or career if I have a change of heart or will this boat loan lock me into my current position? That's where the responsible side of my decision-making comes into play, and I go back to sitting on my hands thinking about what a horrible decision this would be.
I enjoy having the freedom and ability to change jobs at any point to stay happy should something turn sour in my current situation. I have no mortgage, just an apartment lease that I could easily break. I can take my car loan with my other belongings - mostly easy to assemble furniture which is easy to move. I could take the boat with me, but the financial burden of the loan may be the kicker. I don't want to settle into a work position because of a finance issue, and be unhappy for years to come.
30k millionaires don't think like this.
