Australian real estate advisor Neil Jenman was warning about a global real estate crash already three years ago. To his credit, he is not crowing about being right, he is just trying to help the people who have been taken in.
From the article:
The high cost and the stress of snobbery isn't worth it. Sell your home and move to the western side of the Pacific Highway (you know what I mean).
Get rid of the McMansion in Bella Vista Waters (seriously, there is such a place) and buy yourself a lovely home in a lovely street just 15 minutes away in Blacktown. Before you say, "I'd never live there," go and have a look at it. You can buy a great 4-bedroom home in a quiet street in a wonderful community for less than $300,000.
What would you prefer? That people think you're rich, but you are really stressed out and battling to survive? Or, that people think you are battling, but you have low debt and you are ever-so-happy?
The price of pretending to be prosperous is very high - both financially and emotionally."
I agree. I live well below my means. If I had a big house and a big car, I may have some people who would look up to me for that, but those are not generally the kind of people I want to impress. I prefer the quiet satisfaction of doing well by doing good, no matter if it shows in my material surroundings or not.