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Old 01-31-2012, 05:28 PM
 
7,687 posts, read 9,527,345 times
Reputation: 5657

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When I was in college trying to pick a major, I came up with an idea...

I would go to the wealthiest subdivisions I could find, and go door to door and ask each homeowner what he/she did for a living. Then I would know what the most lucrative careers were.

Obviously, you can't do that.

However, I'm still curious. If you think about all of the grossly expensive homes and condos in Atlanta, you have to wonder: Who are these people? Even a city the size of Atlanta only has so many neurosurgeons, high power attorneys, professional athletes, CEOs, and so on.

The best answer I have ever gotten is there is a wide variety of people who make a lot of money, people who rose to the tops of pretty much any career field. There is always money at the top.

I'm still curious, though. If I knocked on the door of every property worth over a million dollars in Atlanta and found out how the owner made money, what are some of the answers that you think I would get? If you know anybody in a home like this, where did the person's money come from?
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Old 01-31-2012, 05:39 PM
 
2,325 posts, read 3,548,096 times
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To start, the majority are going to be individuals that own their own business. My sister works for a company that specializes in investing and accounting to small business owners. You would be surprised how many of them fell into something that was a passion. Most of them don't have special training or advance degrees.
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Old 01-31-2012, 05:45 PM
 
Location: ATL
4,688 posts, read 6,401,888 times
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Most own their own business. You will NEVER GET RICH WORKING A DAY JOB.

Lawyers

Doctors

Athletics

Old Money

etc



Dr.Claude Anderson on Black Business Ignorance - YouTube
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Old 01-31-2012, 05:46 PM
 
876 posts, read 1,883,107 times
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The people (only several or so) I know of in million dollar-priced homes in the ATL area are medical doctors, successful inventors and business owners. Personally, I don't really know "old money" types. Most lawyers I know are not very high income, but yes, there are some, of course.
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Old 01-31-2012, 06:06 PM
 
5 posts, read 32,898 times
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Actually it could be anyone who manages their money well. Invests properly or Wins the lottery. I sell many large homes (mansions) who worked middle waged jobs who saved and invested since high school that have bought with cash and now live their life off their planning for the future. Not me I might add! Possible inheritance or lottery! I thinks its a mixture or has been for me selling to a few of them some were great jobs some got lucky...... Just my 2c
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Old 01-31-2012, 06:11 PM
 
7,687 posts, read 9,527,345 times
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Sorry, I forgot to be a little more specific....

I know most people will say these are people who own their own businesses.

However, I would like to know: What kind of businesses do they own? The majority of people who own their own businesses do modestly well, but not million dollar house well. The guy who owns the local drugstore or the woman who designs and prints wedding invitations are not making this kind of money.

So the question is, if we assume most of these people are running their own businesses, what kind of business can you start that has the potential to generate this kind of income?
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Old 01-31-2012, 07:02 PM
 
Location: Atlanta, GA
1,262 posts, read 2,443,780 times
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Let's also not forget there are those among us who still live beyond our means. There are plenty of people who buy these million dollar homes that are mortgaged to the hilt. Not all, but some.

Also, there are neighborhoods, especially in the older parts of north Atlanta, that the current owners didn't pay such a price for it 15, 20, or 30 years ago. They have stayed put and watched the neighborhoods evolve and upgrade so that now they are sitting on quite expensive land. Neighborhoods such as the Mount Paran area come to mind. If you notice, most of the older homes are much much more modest than the new large lavish nouveau riche homes that occupy the streets.
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Old 01-31-2012, 08:00 PM
 
2,597 posts, read 536,851 times
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Are you ready for this one? I know someone who lives at Sugarloaf Country Club in what I would consider a mansion---and her husband is a Baptist minister! It's actually a second career---he was a bigwig in a major company before that---but not an actual business owner.

I've actually wondered the same thing about smaller but expensive places in other cities---what people do to afford living in them, like San Francisco and New York.
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Old 01-31-2012, 08:20 PM
 
Location: http://www.johnscreekrealtypartners.com
953 posts, read 2,775,941 times
Reputation: 408
ATL,

What makes you think people who live in these million dollar homes are rich, and not actually poor in terms of cash.

My guess is that there are lot more concentrations of millionaires living in a subdivions like the Gates in Johns Creek ( where home prices ranging from $280,000 - $300,000 than a million dollar home in Sugarloaf Country Club. Remember wealth is measured by networth, not high income $200 - $300k/year.

According to Thomas Stanley, a native Georgian and author of the millionaire next door states that ultra high networth individuals with networth of $6 million or more lives in $1 million homes. Unfortunately this is not the case with majority of the million dollar home owers in Sugarloaf Country Club. Many million dollar home owners in Sugarloaf have less than 1/4 of their entire mortgage balance in savings. Sounds like prison to me.

In terms of what type of businesses they are in? They have discovered a profitable unique niche which also overlaps with their passion. Assets are spread out between their own business, investing in real estate, and stocks. I would say a good allocation in 2012 is 40% in small business, 40% in real estate, and 20% in stocks. Just my opinion


Quote:
Originally Posted by ATLTJL View Post
Sorry, I forgot to be a little more specific....

I know most people will say these are people who own their own businesses.

However, I would like to know: What kind of businesses do they own? The majority of people who own their own businesses do modestly well, but not million dollar house well. The guy who owns the local drugstore or the woman who designs and prints wedding invitations are not making this kind of money.

So the question is, if we assume most of these people are running their own businesses, what kind of business can you start that has the potential to generate this kind of income?

Last edited by mrpanda; 01-31-2012 at 08:36 PM..
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Old 01-31-2012, 08:30 PM
 
28,104 posts, read 24,632,008 times
Reputation: 9523
There are plenty of folks in Atlanta for whom a $5-10 million house is no big deal at all.
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