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Once you get to know them well then yes, but I was certainly surprised with a bunch of people I know who are. I just would not have pegged them that way, not by a long shot. Think about it this way if you were single and had all the money you could ever want, would you necessarily live in a huge mansion you would have to keep up, or a low maintence, comfortable apartment/townhouse? If you always had to wear really nice dressy clothes for when you were with your folks/extended family would you want to dress nicely all the time? If you had enough money to just get taxis to take you anywhere you wanted, any time, would you necessarily bother to take a driver's test, or keep a car if you weren't into cars? If you had enough money to pursue whatever employment/hobby you wanted, would you want a high stress, long hour job?
Well, the low maintenance condo/apt. can be expensive, too. "Old Money" types aren't usually interested in living in a slum. Clothes, meh. No one dresses up much any more, but you can be sure Mr. Old Money isn't buying his clothes at Wal-Mart. Designer jeans, baby! If I had all the money I needed, I wouldn't work at nursing, that's for sure!
Well, the low maintenance condo/apt. can be expensive, too. "Old Money" types aren't usually interested in living in a slum. Clothes, meh. No one dresses up much any more, but you can be sure Mr. Old Money isn't buying his clothes at Wal-Mart. Designer jeans, baby! If I had all the money I needed, I wouldn't work at nursing, that's for sure!
Of course there not going to be living in the slums, and they probably are not shopping at Wal-mart. My point being, it is often not easy to differentiate someone who is 'old money' wealthy from someone who is your typical suburbanite until you get to know them.
sportsgeek is correct. Anecdotal evidence does not "prove" anything.
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Originally Posted by Katiana
Well, I guess you told me!
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(Sighs) Well I guess I was shown....
-Oh, Wait... (See below)
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Originally Posted by Randomstudent
Unless you count only the super rich, 'Old money' is, relatively speaking, reasonably prevalent, often though you will not notice it unless you are in the right social circles. This is at least in part because people who are 'old money' often don't advertise that fact for obvious reasons.
Sure, some of it will be passed 'under the raider', and MIGHT not be counted in this... but the feds are pretty good at tracking other people's money if they are good at anything.
(And that's just over $100K... HARDLY 'old money')
Ya'll should read 'The Millionaire Next Door' and not get your statistics from Hollyweard...
Sure, some of it will be passed 'under the raider', and MIGHT not be counted in this... but the feds are pretty good at tracking other people's money if they are good at anything.
(And that's just over $100K... HARDLY 'old money')
Ya'll should read 'The Millionaire Next Door' and not get your statistics from Hollyweard...
"Reasonably prevalent???...As I was saying...
1% is still 3,000,000+ people. Obviously it is not going to be that large since a lot of that isn't 'old money', but reasonably prevalent considering how few rich people are out there relative to the rest of the population.
On top of this 'The Millionaire Next Door' is mostly about new money. This is because if you are 'old money' you generally don't have to accumulate your own wealth.
Last edited by Randomstudent; 02-10-2011 at 07:02 AM..
Originally Posted by Randomstudent Unless you count only the super rich, 'Old money' is, relatively speaking, reasonably prevalent, often though you will not notice it unless you are in the right social circles. This is at least in part because people who are 'old money' often don't advertise that fact for obvious reasons.
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Originally Posted by Randomstudent
1% is still 3,000,000+ people. Obviously it is not going to be that large since a lot of that isn't 'old money', but reasonably prevalent considering how few rich people are out there relative to the rest of the population.
On top of this 'The Millionaire Next Door' is mostly about new money.
Less than 2% is NOT 'reasonably prevalent' by ANY description I have ever heard prior to your last post.
Oh, the reason WHY the book is about 'new money' is because of how statistically insignificant the numbers of 'old money' are... And as you can see by the link... that's NOT anecdotal...
Oh, and that Less than 2%... includes the people who inherited their parents house etc worth $101,000... and then had to pay taxes on it!
Imagine how small it is to be what we would consider 'old money'!
Less than 2% is NOT 'reasonably prevalent' by ANY description I have ever heard prior to your last post.
Oh, the reason WHY the book is about 'new money' is because of how statistically insignificant the numbers of 'old money' are... And as you can see by the link... that's NOT anecdotal...
Oh, and that Less than 2%... includes the people who inherited their parents house etc worth $101,000... and then had to pay taxes on it!
Imagine how small it is to be what we would consider 'old money'!
Ok, let me put it another way. Less then 9% of the financial wealth is in the hands of the bottom 80% and 42.9% is in the hands of 1%. Being wealthy is not that common in the first place.
I think the more surprising thing from that story is that only about 8% of Americans will inherit anything at all from their parents, and only 1.7% will inherit more than $50,000.
So how many of these people did you really know? I'm not talking about friends of friends, etc, but people you really interacted with. I ask b/c gee, I went to college, didn't know anyone like that; my kids went to college and never had any friends like that.
You seem to know "many" people in all sorts of situation.
LOL, yes, yes I do. It is simply who i am. You can not "relate" to people until you take the time to get to know them. BTW... This might sound weird to you...but that statement is actually a compliment to me. So.....thank you!
Yes, I DO get to know many people. This happens because I truly care, and I am an extremely approach-able person. Some people can go through their entire college experience never getting to know anyone. Some can live in a neighborhool for 20 years and never know anything about their neighbors. Some can work side by side with someone and not know anything about their private lives, childhoods, spouses, kids, parents, etc. I am not one of those people. I care. I ask questions. It isn't because I'm nosey.....it's because I really care about people. Because I really do care, people tell me so many things about themselves, they bare themselves to me, and tell me things about their lives because they know I "care". They know that I'm going to be flat out honest with them, too....because I care too much to lie to them. Some people will never be that fortunate. Caring does not run very deep in some people. It's why it's so easy for people to talk to people like me!
Ok, let me put it another way. Less then 9% of the financial wealth is in the hands of the bottom 80% and 42.9% is in the hands of 1%. Being wealthy is not that common in the first place.
As such when you are talking about that 1% which I would assume we are 'old money' is 'reasonably prevalent.'
I think around 1/5 of those that had that kind of money inherited their wealth.
Let me put it another way: less than 1/50th of a population is IN NO WAY "reasonably prevalent"... No matter what else you say.
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So.....thank you! 
Some people can go through their entire college experience never getting to know anyone. Some can live in a neighborhool for 20 years and never know anything about their neighbors. Some can work side by side with someone and not know anything about their private lives, childhoods, spouses, kids, parents, etc. I am not one of those people. I care. I ask questions. It isn't because I'm nosey.....it's because I really care about people. Because I really do care, people tell me so many things about themselves, they bare themselves to me, and tell me things about their lives because they know I "care". They know that I'm going to be flat out honest with them, too....because I care too much to lie to them. Some people will never be that fortunate. Caring does not run very deep in some people. It's why it's so easy for people to talk to people like me! 
