Do you know any rich people?

[Sumio Mondo]

Yes. Live in a rich area, have rich family members (uncle who used to own a hotel chain in Ireland, cousin in Canada whose husband is a very senior member of a construction company) and work with rich people (in the contracting/tech sector), often reporting directly to Deputy CIOs, Headteachers (one who owned multiple businesses) and CEOs/Managing Directors of private businesses. They're very interesting for various reasons. Some extremely prejudiced and very strange creatures.

I've also been to "rich" parties as well in the past (through work), met all sorts of people, some really rotten people (egotistical), some nice on the surface (then you learn something about them from people gossiping) and some creepy. Some genuinely nice as well.

Also met some on my travels as well around the world (Airbnb, meetups etc).

 

[Pwnz]

This is a lie the upper class sell you. Many places in the US have the standard of living of a third world country.

Anyways, no, I don't know any rich people. I had a professor who liked me quite a bit in college who was a multimillionaire back in my petroleum days. He was close to alright for a certified bougie. Spent his money on things that he liked. Loved his family. Made his fortune, according to him, averting wars by promoting greed in place of wrath. Had the sort of charisma that let me believe that was possible. Actually spent money on interesting things, like a connected indoor/outdoor pool.

Never spoke with him again after I switched majors. I presume he's fully retired by now.

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Yeah no, anyone that has been to a 3rd world country or even bad parts of a 2nd world nation knows there is a difference. People dont die by the millions from diarrhea and malaria in the US. Drinking tap water in all but the richest of areas will give you the shits, but yes so much of the US has it just as bad and it is so hard uh huh.

 

[Deleted member 59519]

Yes but the only way you'd be able to tell that they're rich is that they travel a lot. Other than that, they own an average house, average car, iPhone 7 etc.

 

[DeadlyVirus]

Yes, I know some rich assholes

 

[Deleted member 8741]

Yeah no, anyone that has been to a 3rd world country or even bad parts of a 2nd world nation knows there is a difference. People dont die by the millions from diarrhea and malaria in the US. Drinking tap water in all but the richest of areas will give you the shits, but yes so much of the US has it just as bad and it is so hard uh huh.

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I've worked in those countries for significant amounts of time (The poorest parts of Guatemala, Colombia, India, Senegal, and other countries) . You act like people should be grateful to not have basic lifestyle functions. Those people are in awful conditions AND people making $16,000 a year in the US are in awful situations too. It's not worth comparing these as reasons for people who make $50,000 should consider themselves rich. It's like talking about basic health and telling someone with chronic pain to be grateful because they don't have cancer. Who gives a shit? It sucks to different degrees and neither should be the norm.

 

[Crocodilelogic]

Thats because it is.

Excuses about how expensive it is to live in cities is irrelevant. Living in these places IS a perk generally reserved for the rich.

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100k a year is not rich lmao. Well off and upper middle class sure rich hell no. Even living in Ohio where the cost of living isn't bad 100k isn't making you rich.

my uncle in law owns several produce and trucking companies and is filthy rich million dollar yacht and vacation home in st. Thomas.

He's also an asshole which is not surprising he grew up rich and thinks his wealth was all earned

my partners family is also wealthy but I wouldn't call them rich his dads a doctor.

 

[RestEerie]

Once again... living in those places IS a perk reserved for the rich for the most part.

Just because you can't buy/sell the perks that come from living in these areas doesn't make them not real.

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Man, you don't really travel out of your state, let alone America, do you?

The amount of presumption & ignorance in this post alone.......

 

[Wafflinson]

Man, you don't really travel out of your state, let alone America, do you?

The amount of presumption & ignorance in this post alone.......

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Justify privilege however you like. Whatever floats your boat.

 

[RestEerie]

Justify privilege however you like. Whatever floats your boat.

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Let me introduce you to Singapore.........and how moving away from city to the suburbs is not a thing because....... there's no suburbs.

Justify ignorance however you like. Whatever floats your kayak.

 

[healbite-maritima]

This one guy I knew had a father who was a surgeon and his mother was president for marketing for a VERY WELL KNOWN company, and we went to college together. He went from playing centrist to revealing himself to be utterly racist. I honestly believe his wealth has isolated him to the point that he cannot connect or sympathize with people in need. It stings because we used to be kinda close.

 

[Jarmel]

100k a year is not rich lmao. Well off and upper middle class sure rich hell no. Even living in Ohio where the cost of living isn't bad 100k isn't making you rich.

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100k isn't shit, especially pre-tax. Most of those people probably have student loans that eat up a good chunk of that as well. Now in some areas it might get you a decent house and all that but that's about it. In other areas like San Francisco, you're probably trying to make ends meet.

 

[Mammoth Jones]

LMFAO

like clockwork darknight in here caping for the rich. every single time. WON'T YOU PLS THINK OF THOSE POOR PPL MAKING 100K!? HAHAHA

unless you live in Manhattan, DC, SF, it's a bunch of stupid nonsense. there are ppl there making it on about 1/3rd of that, so don't come in here preaching about how hard they have it.

hey, bruce wayne. how much do you make and where do you live? gotham? billionaire playboy?

and i have one relative that i know that is reasonably well-off and they're nice/pretty down-to-earth all things considered. which is cool.

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Doing well and being comfortable isn't rich. Yes I know what it's like making 12k a year. I been there. But just cause I'm doing far better after 20 years doesn't mean it's "have no worries in the world lemme go get on my yacht" rich. Rich is when you don't even have to work if you don't want to. Just let your money make you money.

Just cause it's enough money for you to not care about them as human beings doesn't mean they're rich.

100k isn't shit, especially pre-tax. Most of those people probably have student loans that eat up a good chunk of that as well. Now in some areas it might get you a decent house and all that but that's about it. In other areas like San Francisco, you're probably trying to make ends meet.

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Try homes in NJ, CT, LI, NYC (andfolks act like nyc is only Manhattan. BK and Queens home prices are high af.)

Factor in family costs. Daycare, medical costs, transportation, etc it adds up to where sure the bills are being paid but it's not by any means rich.

 

[Deleted member 8741]

Justify privilege however you like. Whatever floats your boat.

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For most people if they love out of the city they don't have a job. Living in an expensive city may be a privilege, but it is also can stretch you financially and be your only option.

Your argument lacks any nuance and really isn't grounded it circumstances a number of people face.

 

[subpar spatula]

100k isn't shit, especially pre-tax. Most of those people probably have student loans that eat up a good chunk of that as well. Now in some areas it might get you a decent house and all that but that's about it. In other areas like San Francisco, you're probably trying to make ends meet.

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Your buying power is considerably greater. You are also able to pay student loans while buying property. Someone making 70k pretax isn't going to be able to do that. Just because someone pays bills or mortgages or debts with 100k, doesn't mean their money isn't working to benefit them. Eventually those student loans disappear (faster too since you make more), and that mortgage is paid off, and now you're essentially debt free, paying utilities and property taxes and what not, making 100k (potentially more after some years), and that person who was making 70k is probably making 70k still or maybe has improved, but their power buying before left them far behind you.

To say 100k isn't shit means your ignorant of what 100k can do to a quality of life long term.

Like, we can all say, "But in San Francisco, they'll have an average life", which isn't exactly true, especially if your household income is over 175k (which isn't actually a stretch in some parts of San Fran) as that can actually get you a house relatively debt free. Similar to having over 100k in Vancouver can essentially get you one as well. 100k goes a long way. It's really weird how people don't actually see that. It's like y'all think people making that type of money are always in debt and never able to buy anything.

 

[Deleted member 6562]

Well having multiple properties, having a lot of cash along with not having much debt, ability to live without needing to work, whatever. I guess its a fluid term.

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The only people I know that can live without needing to work are retirement age.

 

[Deleted member 8741]

Your buying power is considerably greater. You are also able to pay student loans while buying property. Someone making 70k pretax isn't going to be able to do that. Just because someone pays bills or mortgages or debts with 100k, doesn't mean their money isn't working to benefit them. Eventually those student loans disappear (faster too since you make more), and that mortgage is paid off, and now you're essentially debt free, paying utilities and property taxes and what not, making 100k (potentially more after some years), and that person who was making 70k is probably making 70k still or maybe has improved, but their power buying before left them far behind you.

To say 100k isn't shit means your ignorant of what 100k can do to a quality of life long term.

Like, we can all say, "But in San Francisco, they'll have an average life", which isn't exactly true, especially if your household income is over 175k (which isn't actually a stretch in some parts of San Fran) as that can actually get you a house relatively debt free. Similar to having over 100k in Vancouver can essentially get you one as well. 100k goes a long way. It's really weird how people don't actually see that. It's like y'all think people making that type of money are always in debt and never able to buy anything.

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I'm pretty sure people see that. It's just that 70-100k is still not going to be the gap of rich/poor. You're basically saying that more money helps you have more money. Everyone knows that. But depending on location, cost of living, medical bills, life expenses, etc, $30,000 is not going to make one poor and one filthy rich.

 

[Jarmel]

Your buying power is considerably greater. You are also able to pay student loans while buying property. Someone making 70k pretax isn't going to be able to do that. Just because someone pays bills or mortgages or debts with 100k, doesn't mean their money isn't working to benefit them. Eventually those student loans disappear (faster too since you make more), and that mortgage is paid off, and now you're essentially debt free, paying utilities and property taxes and what not, making 100k (potentially more after some years), and that person who was making 70k is probably making 70k still or maybe has improved, but their power buying before left them far behind you.

To say 100k isn't shit means your ignorant of what 100k can do to a quality of life long term.

Like, we can all say, "But in San Francisco, they'll have an average life", which isn't exactly true, especially if your household income is over 175k (which isn't actually a stretch in some parts of San Fran) as that can actually get you a house relatively debt free. Similar to having over 100k in Vancouver can essentially get you one as well. 100k goes a long way. It's really weird how people don't actually see that. It's like y'all think people making that type of money are always in debt and never able to buy anything.

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I know people making twice that much and are in debt. Taxes in particular are a bitch. It also depends on aspects like benefits, how many people in a household they're supporting, how much student loans they have and interest attached to it, location, and transportation. One semi-decent medical bill and a good chunk of your salary can easily be gone. Also what mortgage are you paying off on a 100k salary and over how many years?

Are you going to be struggling with a 100k salary? Probably not. However that's really not much in the grand scheme of things even in lower cost of living areas.

 

[TechnicPuppet]

I know loads and I've had dinner with a billionaire.

 

[subpar spatula]

I'm pretty sure people see that. It's just that 70-100k is still not going to be the gap of rich/poor. You're basically saying that more money helps you have more money. Everyone knows that. But depending on location, cost of living, medical bills, life expenses, etc, $30,000 is not going to make one poor and one filthy rich.

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Filthy rich? No. Able to buy more long term which can easily lead to more gains long term, yes. That is a privilege of those making good money. 100k is good money.

I know people making twice that much and are in debt. Taxes in particular are a bitch. It also depends on aspects like benefits, how many people in a household they're supporting, how much student loans they have and interest attached to it, location, and transportation. One semi-decent medical bill and a good chunk of your salary can easily be gone. Also what mortgage are you paying off on a 100k salary and over how many years?

Are you going to be struggling with a 100k salary? Probably not. However that's really not much in the grand scheme of things even in lower cost of living areas.

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If someone is making 200k a year and it isn't helping them then there's some serious mismanagement of money going on. Even if they are in debt and taxes take a lot, it's still going to make your life 15 years later WAY more comfy. Especially if you use the money wisely. How these people you know are fucking that up (or they're not because the debt is actually good because they probably bought into things that will either make them money or will appreciate in value) is a mystery.

 

[Coyote Zamora]

I could live without working but it would be fairly spartan existence so I work to provide "luxuries"

 

[Jarmel]

If someone is making 200k a year and it isn't helping them then there's some serious mismanagement of money going on. Even if they are in debt and taxes take a lot, it's still going to make your life 15 years later WAY more comfy. Especially if you use the money wisely. How these people you know are fucking that up (or they're not because the debt is actually good because they probably bought into things that will either make them money or will appreciate in value) is a mystery.

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Practice goes under, medical bills, back taxes, child needs therapy, house repairs and so on and so on. Everybody's situations are different.

200k pretax and completely debt free outside of mortgage? Sure. However very people have minimal responsibilities like that. That's not high enough of a number that you can just handwave other obligations. Again I'm not arguing that isn't well off but there is a gap as wide as the ocean between well off and rich.

 

[Deleted member 8741]

Filthy rich? No. Able to buy more long term which can easily lead to more gains long term, yes. That is a privilege of those making good money. 100k is good money.



If someone is making 200k a year and it isn't helping them then there's some serious mismanagement of money going on. Even if they are in debt and taxes take a lot, it's still going to make your life 15 years later WAY more comfy. Especially if you use the money wisely. How these people you know are fucking that up (or they're not because the debt is actually good because they probably bought into things that will either make them money or will appreciate in value) is a mystery.

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No one is arguing differently. But if someone is on the early end of making good money, has school debts, and is supporting a family, 100k isn't going to make you feel rich for a long time. Even then, one medical bill or emergency and you could be set back significantly.

People who think $100,000 is rich from the get go without knowing people's circumstances are making broad assumptions.

 

[subpar spatula]

No one is arguing differently. But if someone is on the early end of making good money, has school debts, and is supporting a family, 100k isn't going to make you feel rich for a long time. Even then, one medical bill or emergency and you could be set back significantly.

People who think $100,000 is rich from the get go without knowing people's circumstances are making broad assumptions.

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Unless the circumstances are dire, 100k will easily weather it. I doubt most people making 100k a year are living paycheque to paycheque because of insurmountable debt.

 

[Jarmel]

Unless the circumstances are dire, 100k will easily weather it. I doubt most people making 100k a year are living paycheque to paycheque because of insurmountable debt.

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You don't know many people making 100k plus then.

 

[Deleted member 8741]

Unless the circumstances are dire, 100k will easily weather it. I doubt most people making 100k a year are living paycheque to paycheque because of insurmountable debt.

Click to shrink...

You're very wrong.

 

[subpar spatula]

You don't know many people making 100k plus then.

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So, wait, you are saying people making 100k (as an individual, not household), are usually living paycheque to paycheque?

 

[Jarmel]

So, wait, you are saying people making 100k (as an individual, not household), are usually living paycheque to paycheque?

Click to shrink...

A good chunk absolutely are. Student loans and taxes are no joke.

 

[subpar spatula]

A good chunk absolutely are. Student loans and taxes are no joke.

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You cannot be serious.

The closest thing to even data about 100k+ paycheque to paycheque is this: https://money.cnn.com/2018/02/27/pf/high-earners-paycheck-to-paycheck/index.html

1 in 10. That's not a "good chunk".

 

[2PiR]

i am rich. i know and have met myself. So yes?

 

[Dr.Phibes]

Our CEO earns like 10 million per year. And my cousin got a 7 figure bonus for staying with Oracle instead of joining some startup. I also met Larry Ellison through him but I wouldn't say I really know him.

 

[Jarmel]

You cannot be serious.

The closest thing to even data about 100k+ paycheque to paycheque is this: https://money.cnn.com/2018/02/27/pf/high-earners-paycheck-to-paycheck/index.html

1 in 10. That's not a "good chunk".

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I should have qualified that by saying around 100k as if you're making 150k+ you shouldn't be paycheck to paycheck. Also how did they define that in that are you talking week to week or month to month? If you're paid weekly then no you really shouldn't be paycheck to paycheck but monthly is a totally different ballgame.

Edit: Found the survey

http://press.careerbuilder.com/2017...Workers-According-to-New-CareerBuilder-Survey

Having a higher salary doesn't necessarily mean money woes are behind you, with nearly one in 10 workers making $100,000 or more (9 percent) saying they usually or always live paycheck-to-paycheck and 59 percent in that income bracket in debt. Twenty-eight percent of workers making $50,000-$99,999 usually or always live paycheck to paycheck, 70 percent are in debt; and 51 percent of those making less than $50,000 usually or always live paycheck to paycheck to make ends meet, 73 percent are in debt.

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60% of that 100k bracket are in debt and 10% are in almost constant paycheck to paycheck. Of note too is that this survey doesn't breakdown age in those income brackets as making 100k when you're 30 is substantially different than making it when you're 50.

 

[Deleted member 8741]

You cannot be serious.

The closest thing to even data about 100k+ paycheque to paycheque is this: https://money.cnn.com/2018/02/27/pf/high-earners-paycheck-to-paycheck/index.html

1 in 10. That's not a "good chunk".

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100k

70k take home.

1k per month in student loans
2k a month for rent/utilities
300 a month on groceries
600 a month for retirement
400 per month for health insurance and medical
300 a month car payment
500 a month child care
Another 500 for misc (eating out, replacing tires, buying clothes, housing needs, etc)

$67,000

I didn't account for additional savings for emergency funds or any big medical expenses.

So how is a sudden $20,000 medical expense, or other life event going to be able to be easily weathered?

And I aimed low on many of those expenses.

 

[JonnyDBrit]

My parents would class by the lower range definitions of 'rich' laid out in this thread. They technically own two properties, though they basically took the second one - an apartment up in Coventry - on their existing mortgage, and are thus still paying it off, giving my brother and subsequently my sister a place to live without worrying for rent while they were/are there. So like, they qualify for Sam Vimes' Boots Theory at least. They still have to work for a living themselves, but are most certainly in 'got enough for leeway and benefit' territory.

If we're talking the millionaire range of rich, then Paul of the Chuckle brothers is technically part of my extended family (it involves in-laws and godparents, mind you), and I met him at my cousin's wedding.

 

[Prototype Viktor]

not anymore back in high school yes if need them to be a millionaire +
a couple if you count the quarter millionaire types

 

[Wes D. Mess]

Got a cousin who's had prominent roles on The Office and has been in numerous other comedy TV shows and movies. Even had his own short lived show at one point.

 

[toy_brain]

I work for a wealth management company, so yea.

 

[subpar spatula]

100k

70k take home.

1k per month in student loans
2k a month for rent/utilities
300 a month on groceries
600 a month for retirement
400 per month for health insurance and medical
300 a month car payment
500 a month child care
Another 500 for misc (eating out, replacing tires, buying clothes, housing needs, etc)

$67,000

I didn't account for additional savings for emergency funds or any big medical expenses.

So how is a sudden $20,000 medical expense, or other life event going to be able to be easily weathered?

And I aimed low on many of those expenses.

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So essentially you are debt free, will pay off student loans, can afford retirement payments, and this is all before the introduction of a credit card? Like, you got $300 month car payment. Yeah, that person is actually off to a good start. Especially knowing it isn't going to get harder for them. Introduce even a 40k second income in form of a partner and you're well off then.

 

[TheDutchSlayer]

Well having multiple properties, having a lot of cash along with not having much debt, ability to live without needing to work, whatever. I guess its a fluid term.

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That rich? No

But making enough to live nice lives? Yes I do.

 

[Jarmel]

So essentially you are debt free, will pay off student loans, can afford retirement payments, and this is all before the introduction of a credit card? Like, you got $300 month car payment. Yeah, that person is actually off to a good start. Especially knowing it isn't going to get harder for them. Introduce even a 40k second income in form of a partner and you're well off then.

Click to shrink...

There was zero savings in that budget. That's not (no offense to Octodad) a great place to be. Also depending on the house, $500 is an extremely low estimate for anything even semi major in a house or just miscellaneous as a whole. He also didn't include stuff like phone bills, car insurance, and gas (unless that falls under utilities).

Also it IS going to get harder for him as some point he's going to have to help with the kid's schooling and additional aspects related to the child.

 

[Deleted member 8741]

So essentially you are debt free, will pay off student loans, can afford retirement payments, and this is all before the introduction of a credit card? Like, you got $300 month car payment. Yeah, that person is actually off to a good start. Especially knowing it isn't going to get harder for them. Introduce even a 40k second income in form of a partner and you're well off then.

Click to shrink...

Not being in debt is not the same as being rich.

They'll likely have a fine life, but it's not by any means rich. Add a few kids more and family expenses and that 40k additional goes away. One kid has medical challenges. They have no savings. The 1k student payment could last a decade. Many salaries don't go up for the rest of their lives. And that level of retirement isn't going to let them retire very comfortably (it's not awful, but again, not rich).

You are just assuming a lot about someone's life and trajectory. Again, is their life likely bad or financially awful? No. Are they rich? No.

 

[Deleted member 8741]

There was zero savings in that budget. That's not (no offense to Octodad) a great place to be. Also depending on the house, $500 is an extremely low estimate for anything even semi major in a house or just miscellaneous as a whole. He also didn't include stuff like phone bills, car insurance, and gas (unless that falls under utilities).

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Not offended. That's not my income/expenses. It's just a rough budget to show how quickly 100k goes while still being somewhat conservative.

 

[Aeriscloud]

Honestly, I don't think I do know any.

 

[Darknight]

So essentially you are debt free, will pay off student loans, can afford retirement payments, and this is all before the introduction of a credit card? Like, you got $300 month car payment. Yeah, that person is actually off to a good start. Especially knowing it isn't going to get harder for them. Introduce even a 40k second income in form of a partner and you're well off then.

Click to shrink...

What does a credit card have to do with anything here? Plus being in not a awful place doesn't mean you're rich. And man, thinking a second income of 40k makes you rich on top of that is hilarious without factoring in the fact that the second income of 40k gets taxed and you have to pay for additional expenses for that person bringing in the second income. You really aren't thinking things through here.

 

[twentytwo22]

My uncle is rich. He's a cool dude, definitely doesn't flaunt it and uses it for good causes often.

 

[BarryFishFinger]

My mum's oldest friend married a guy who started his own law firm in London which got very successful. Seemed to deal mostly with wealthy Saudis so they did very well financially. Multiple houses, exotic holidays, private schools for their son etc.

And they were the loveliest, most generous people you could meet. The husband died of cancer at the age of 55, despite his wealth, nothing to be done. Very sad.

 

[subpar spatula]

Not being in debt is not the same as being rich.

They'll likely have a fine life, but it's not by any means rich. Add a few kids more and family expenses and that 40k additional goes away. One kid has medical challenges. They have no savings. The 1k student payment could last a decade. Many salaries don't go up for the rest of their lives. And that level of retirement isn't going to let them retire very comfortably (it's not awful, but again, not rich).

You are just assuming a lot about someone's life and trajectory. Again, is their life likely bad or financially awful? No. Are they rich? No.

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You're building a specfic case, though. 1 out of 10 people who make 100k+ are living patcheque to paycheque. 70k take home is good, and people build great lives around that type of single income, add more income contributers to the house and it's even better. I think if you're making 70k net, and it is somehow going down the drain then you need to reevaluate what you are spending it on. I know plenty of folks who make less than that and still save and this is in places like Vancouver and New York City. Building a specific case isn't all that worth it when examing the overall buying power of 70k net.

 

[Deleted member 8741]

You're building a specfic case, though. 1 out of 10 people who make 100k+ are living patcheque to paycheque. 70k take home is good, and people build great lives around that type of single income, add more income contributers to the house and it's even better. I think if you're making 70k net, and it is somehow going down the drain then you need to reevaluate what you are spending it on. I know plenty of folks who make less than that and still save and this is in places like Vancouver and New York City. Building a specific case isn't all that worth it when examing the overall buying power of 70k net.

Click to shrink...

That's not a specific case that's a normal if not conservative case. I'm not surprised 1/10 people are in debt that make 100k. 1 medical bill, one bad situation, one paying for a parent in a retirement home, one bad purchase, etc. and they're in debt. None of these expenses are specific, they are general and roughly conservative for most people. Sure people save more, but the whole point is making 100k does not make you rich. In most big cities it means you might be able to save a bit and afford a house if you budget well. That's it.

 

[PickledCucumber]

Yeah and 500k/year isn't rich if you live in Monaco.

Anyone making over a 100k is rich in comparison to the other 99% on Earth. Just because they live in a luxury area doesn't make them poor.

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Unless you're living right in Downtown LA, 100k a year is enough to live comfortably in Los Angeles, and yes, you'll be considered rich by the rest of us (especially if you're living in Boyle Heights).

 

[higemaru]

I know a few doctor/lawyer's kids. They're pretty well off and have nice houses and stuff, don't seem like they worry too make about being financially insolvent but it also isn't a topic I've broached with them

 

[It’s Time To Go]

So most people know at least one kinda rich or upper middle class person.