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Do you know any rich people?
- Thread starter It’s Time To Go
- Start date
I was a lower middle class financial aid kid who went to a fancy boarding school in New England for high school, so yes, I knew a lot of rich people including the children of several celebrities. The amount of wealth flaunted by these kids and their families astounded me, especially since when I went home I slept on a couch and we counted pennies to buy groceries.
One of my friends lived rent-free in a beautiful three bedroom apartment in the lower east side of Manhattan because her parents owned the building and several others. Others had multiple vacation homes, yachts, expensive sports cars, etc.
One of my friends lived rent-free in a beautiful three bedroom apartment in the lower east side of Manhattan because her parents owned the building and several others. Others had multiple vacation homes, yachts, expensive sports cars, etc.
Naw. You get it.
" Most people making $100k do so in places where a lot of people make $100k. In large markets with higher cost of living it's not enough to make you rich by any relevant measure."
If individuals are making 100k average in those markets, and remember that individual isn't household, then you are way above the average for your geographical area IE San Fran or new York. Thus, you are rich in a sense as you have more disposable income after doing the same thing the average income person does.
You do get it. You just don't wanna admit it. That's fine. Keep trying.
Yes I know plenty of rich people since I'm classed as that myself and money seems to attract money. How many of them are my friends is a different question altogether. Also is 100k annually is used as the barometer for rich, then plenty of my friends and family are rich.
I have come around on this. Individuals making 100k tend to be more well off short term and long term. 60k versus 100k is a huge difference in buying power.
It's a huge difference but no one I know would consider that rich. Even before I had money I wouldn't have called that rich. Surely, it's well off and you can live really well. When I hear rich I'm thinking people the top 5 percent of the country. When I say tax the rich I'm usually not thinking of people making 100k a year and under.
best to ignore and move on. This is their mo for arguing things. Constant word salad and rephrasing.
One of my good friends is very wealthy. As in his family has many many millions of dollars. Usually he's just one of the boys and we all drink and go to hockey games and shit. Every now and then he will say some rich ass nonsense and we will all make fun of him and then we go back to business as usual.
last time the 100k thread came up many of us argued 100k is basically "middle class" of the 80 and 90s. Many of the things 100k affords people is the very stuff a lot of Americans were, supposedl, doing 30 years ago: savings, retirement, vacations, etc
Naturally the 100k swings based on region area. 100k in Louisville has a lot more buying power than in Boston
^this is how I would define it. Know one couple who is like that and they are pretty weird.
"Most people making $100k do so in places where a lot of people make $100k" says nothing of averages. Is something wrong with you? I can't explain density on this level. It seems motivated.
I know someone whose family had around a million invested in property, business, etc.
The family separated after tax-related stuff came up and now my friend is upper middle class, but he's lost some of the nice things he grew up with. Hasn't complained, though, he's a good guy.
The family separated after tax-related stuff came up and now my friend is upper middle class, but he's lost some of the nice things he grew up with. Hasn't complained, though, he's a good guy.
I have my aunt who is rich, but she is the toughest person I've ever met at the hour of asking her for a little help, no matter if it's just 5 dollars or if you are part of the family; she always says "I'm not a bank".
The last time she gave me something was like 6years ago where I crossed her in a mall, and it happens that that date was actually my birthday. She congratulated me and gifted me $500 on cash out of nowhere to "spent it in clothes" she said.
The last time she gave me something was like 6years ago where I crossed her in a mall, and it happens that that date was actually my birthday. She congratulated me and gifted me $500 on cash out of nowhere to "spent it in clothes" she said.
Your argument literally makes no sense. It's incoherent. Almost worryingly so.
I didn't until university
oil money kids. they were fine people, didn't hide their money, but didn't flaunt it either (well ignoring all their designer clothes).
but plenty of typical middle class english wealthy too.
oil money kids. they were fine people, didn't hide their money, but didn't flaunt it either (well ignoring all their designer clothes).
but plenty of typical middle class english wealthy too.
Imho rich starts (!!!) at 1 million of pure passive tax-free income annual without having to work for it while having no debts and multiple amenities all paid off.
Hence none that i know.
Hence none that i know.
Friends of mine complain they never had toys . This family went to Disney land annually learned to fly in their dad's plane and had in ground swimming pool and hot tub.
For reference they also had a 2 foot high pile of Lego among hundreds of other toys
For reference they also had a 2 foot high pile of Lego among hundreds of other toys
One guy. He was alright though. He sold me his decks when we were like 17. I pulled into this massive estate and parked up. One enormous mansion in the centre and 2 big ass houses behind it. He met me and said they're in the smaller house. I said whoever owns that mansion has got it good. That's when he told me the mansion is his parents, the smaller house his and the bigger house were where his two little brothers lived. These fucking people had individual housing as kids!
Still he is a nice guy though. We still meet up on occasion and nowadays hes renting and broke as the rest of us because that offer was only there growing up. Once he left for uni they stopped supporting him financially.
To be fair those first two points aren't a massive sign alone. Me and my wife dont have a lot of money at all but we really love Disneyland Paris and save up to go for a few days each year still. My best mate learns to fly in his dad's plane and he's barely scraping by most times. Some wealth isn't passed on in some cases. The swimming pool etc though would generally be a good sign they're wealthy lol.
Still he is a nice guy though. We still meet up on occasion and nowadays hes renting and broke as the rest of us because that offer was only there growing up. Once he left for uni they stopped supporting him financially.
To be fair those first two points aren't a massive sign alone. Me and my wife dont have a lot of money at all but we really love Disneyland Paris and save up to go for a few days each year still. My best mate learns to fly in his dad's plane and he's barely scraping by most times. Some wealth isn't passed on in some cases. The swimming pool etc though would generally be a good sign they're wealthy lol.
I have a 3 family friends with net worths around 60million, a few 100 million and one around 800 million.
2 CEOs and 1 is an angel investor.
I'm broke as shit though.
2 CEOs and 1 is an angel investor.
I'm broke as shit though.
OP
OP
A couple most are really mellow actually. You wouldn't know their stupid rich (old money) unless they told you.
Use 150 or 200 if 100 personally bothers you.
The point remains the same. When comparing to the rest of the world, these salaries are rich people salaries. Most people i know make around 15-20k. Quite a few of them less than that. And i live in the 8th richest country in the world.
But i get it. Rich people never like to think of themselves as rich.
Yeah, I grew up quite privileged so I've been around quite rich people for much of my life, sometimes without realizing.
Eric Snow. He wasn't a superstar or anything. But he played for the Sonics, Philadelphia 76ers, and Cavaliers. And they all went to the finals. He played with Iversion and Lebron.
My moms old boss. Some relatives who are retired early due to smart investing early on are extremely well off but not sure if I would put them in the rich category.
If 100k is rich then my wife and I are rich. I've known a few truly wealthy people (we'll classify that as disposable income without needing to work) but I wouldn't consider myself one of them. I'm a cpa (complete with 60-80 hour work weeks) and my wife works for a large tech company (not as an engineer however). I know I'm really lucky to not be in a situation where I've desperately needed money but didn't have it (yet). I do live in the sf Bay Area so cost of living is quite high. I could probably move to the Midwest and take a pay cut but live more comfortably but I don't want to be away from the rest of our families.
I don't think it's fair that there's a ton of people with much less than me or with fewer means to improve their lives. I'm sure others work a lot harder than me but earn much less (like teachers or restaurant workers).
I don't think it's fair that there's a ton of people with much less than me or with fewer means to improve their lives. I'm sure others work a lot harder than me but earn much less (like teachers or restaurant workers).
I've met the founder/CEO of my company, he's a self-made billionaire. His parents were middle class. The reason he and the company became a success? Just be stubborn as hell and keep growing & improving. Some luck was involved, obviously. While he is a reasonably clever guy, he really isn't any different from, say, your average restaurant owner.
Doesn't even care much about money, it's all ego to him. His house is enormous though.
Doesn't even care much about money, it's all ego to him. His house is enormous though.
Yes, I have a family relative who has assets north of 100 million. I will likely never see a dollar from it. lol
People really don't understand what true 1%ers live like. There's a enormous divide in quality of life once you clear north of 500k and even then there's another gap past that.
People really don't understand what true 1%ers live like. There's a enormous divide in quality of life once you clear north of 500k and even then there's another gap past that.
It really comes down to the comparison with your peers and if you struggle to maintain your life style. Plenty of rich people love flaunting it if they can, but if everyone you know also makes around 100k then you don't feel rich. I think most people are actually proud of their high incomes if they have them.
i went to a private international school so yes, but my family is not rich, just very lucky. my dad's employer paid for my education. it frustrates me a bit sometimes because a lot of the people i was friends with come from very, very wealthy families and literally don't work and just have "travel" instagrams but at the same time i am grateful for my lot, as i've been working since graduation and i think i am on a good career trajectory.
Our house hold income is well over 100k and i sure as hell don't feel rich. Im always worrying about the bills so....
Are we lucky? Fuck yes. I'm grateful for everything, I really am but it's all about context and where you're at.
I've seen a few classifications here, so I guess I'll answer for all..
100k+ household income: yes, I know a good deal of people who meet that
Multiple properties: 3 couples, 2 of which are in the next group
Never have to work again / already aren't working despite being <60: 2 aunts and uncles - one of which my uncle still works but they are very much loaded (multiple 1m+ properties etc) and one of my aunt/uncle's haven't worked since they were ~35/40. Uncle made a ton of money and then got bought out in a legal situation and hasn't worked a day since.
100k+ household income: yes, I know a good deal of people who meet that
Multiple properties: 3 couples, 2 of which are in the next group
Never have to work again / already aren't working despite being <60: 2 aunts and uncles - one of which my uncle still works but they are very much loaded (multiple 1m+ properties etc) and one of my aunt/uncle's haven't worked since they were ~35/40. Uncle made a ton of money and then got bought out in a legal situation and hasn't worked a day since.
My aunt's a multi-millionaire (bought a house in London during the 60's) my Dad was a millionaire and probably have a few rich relatives.
My parents were working class. My wife and I are lower middle class. The only rich person I've known is the owner in a previous job.
Cash rich, not really. My friend's mom owns multiple properties in a few states worth millions and has quite a bit tied up in other investments. She inherited the vast majority of that though. She is the kind of person who will be able to live on it for the rest of her life. On the other hand, I am pretty sure my friend will be one of those people who blow through more money than I will make in my lifetime and die broke when she passes it on to him.