I was just admiring my neighbors new...
- Thread starter Oh Donna!
- Start date
Think what you will, but I think spending $20K on a HAND BAG is indicative of an illness, no matter what funds you have. And to take out a loan for a bag? ITA, irresponsible.
! Living above your means... not cool at any income level.
well I do know that she owns over 30 properties in CA and much is beachfront and most are owned free and clear. I did the escrow for her when she bought her luxury townhome for almost a million dollars a few years ago. Her first loan was $100,000.00 at the time of purchase at the advice of her tax consultant. Her 2nd is interest free for 2 years and I bet its paid off prior to that. She is EXTREMELY well off. I seriously doubt knowing what I do about her financial background its an irresponsible purchase for her. I just found it amusing to me and I knew you guys would get a chuckle out of it. BTW, she has no kids or family left. All her money is to be going to various charities at her time of death. I saw her will and Trust when I did her escrow. The woman is worth a pretty penny. I think she's 58 now.
Donna, I can imagine you with your trash bags and her with her Hermes. 
I only own one Hermes bag at the moment but I like them. I don't have the funds to buy more and not willing to go further into debt just to have one, that is insane!
Sounds like she can afford it (and even if she couldn't I wouldn't judge her, don't even know her!) and isn't hurting anyone or cheated anyone to own it so good for her!
I only own one Hermes bag at the moment but I like them. I don't have the funds to buy more and not willing to go further into debt just to have one, that is insane!
Sounds like she can afford it (and even if she couldn't I wouldn't judge her, don't even know her!) and isn't hurting anyone or cheated anyone to own it so good for her!
Taking out a second mortgage for a $22,000 bag is really not that bad considering people take out second mortgages to buy cars (which depreciate immediately). At least Birkins appreciate...I'm sure of she ever had to sell her Birkin, she could get her 22k back (if not more).
That Birkin cost more than I paid for my car in 2000 and definitely more than it is worth today.
That Birkin cost more than I paid for my car in 2000 and definitely more than it is worth today.
To each is own right? If she can afford it why not? My friends would scoff at me if they knew how much I paid for my handbags. I have no desire for a Birkin though. When my DH said he would buy me one after I graduate college, I scoffed! I would rather have ten other bags!
If she has so much money, why does she have to take out a 2nd mortgage on only 22,000.00? Does she take out a 2nd mortage every two years when she buys a new Hermes? There are even retirement accts where you can take out a loan against your own 401K and pay it back with interest to yourself. She's somehow getting a return off of the new loan and paying less for the bag. I have a feeling it's not really a necessary "2nd mortgage for a bag" per se, in the irresponsible sense of the word but more a smart move on an expensive bag. I'm surprised she doesn't go for a higher priced croc. LOL. Not to get all technical, but sounds like she knows what she's doing and I commend her for it.
