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Old 04-28-2010, 06:47 AM
 
Location: CT
1,938 posts, read 3,192,621 times
Reputation: 1429

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Quote:
Originally Posted by mlassoff View Post
Of American millionaires "Fewer than 20 percent inherited 10 percent or more of their wealth." There are many myths about the wealthy. Many like to pretend the percentage of inherited wealth is much larger and significant than it actually is (I think so they can also pretend that many of the wealthy were simply "lucky" versus skilled and hard-working)...

You might want to check out The Millionaire Next Door by Stanley and Danko if you are truly interested in this subject. http://www.nytimes.com/books/first/s...llionaire.html

Thats a great book! I read that when it came out and try to adhere to the basic principles. Your right about skill and hard work; dont forget about being good saver and investor too. Dont take too much risk, live below your means, and you'll do just fine.
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Old 04-28-2010, 06:50 AM
 
Location: CT
1,938 posts, read 3,192,621 times
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Quote:
Originally Posted by alphamale View Post
It's actually very expensive being wealthy. You have a certain image to maintain. My property taxes alone are $30,000+ annually.
Ouch! You must be doing well to stay on top of that baby... I know a guy who has a great job, unreal house (60,000 yr taxes) and doesn't have a pot to **** in. Go figure.
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Old 04-28-2010, 07:02 AM
 
2,767 posts, read 8,888,119 times
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Yeah, keep in mind not everyone who bought a $1 million dollar house can afford that lifestyle. Some people are just showy, and may be financially hurting but still refuse to give up their house to help save money...

I know people who just like to look like they have money.

I know more rich people who DONT live in $1 mil dollar houses, they live in more modest normal looking homes but are VERY well off financially.
I would prefer to be that guy, then the one in the mansion.

Last edited by KH02; 04-28-2010 at 07:15 AM..
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Old 04-28-2010, 07:21 AM
 
5,065 posts, read 13,354,608 times
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In some areas of Ct., a $1 million home is not a mansion at all.
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Old 04-28-2010, 07:27 AM
 
Location: New London County, CT
8,950 posts, read 9,879,896 times
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Quote:
Originally Posted by LRPct View Post
I can tell you that percentage of "old money" is ALOT higher here in the Litchfield Hills. Thankfully, most of them are not here for the whole year.
Probably, but nationwide those ARE the numbers. There is much less inherited money/ old wealth than people think. Many of the people who appear to be wealth are simply spenders and some who appear to be solidly middle class are wealthy.

Read the book.
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Old 04-28-2010, 07:32 AM
 
Location: New London County, CT
8,950 posts, read 9,879,896 times
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Quote:
Originally Posted by nico7 View Post
I understand where you're coming from, but I think the pretending factor has much more to do with old money vs. new money. People who have recently become wealthy are not automatically members of the privileged and powerful set. If you examine the ties that bind powerful people, you will find that not all are wealthy and not all wealthy people are powerful. Among the wealthy, it is considered a demonstration of financial prudence for a family to have maintained wealth over generations.
There is very little old money out there. Likely about 10% of the actual wealthy. By the "privileged and powerful set" do you mean celebrities, athletes, politicians and the like? People who have fame and power? No, of course that's a small subset of the wealthy. There are many more anonymous wealthy doctors, accountants, small business owners etc.

We should also separate wealthy and superwealthy. There are lots of hard working wealthy people who live in Greenwich, Darien, Westport, etc. They are not superwealthy (although there are a few of those around the area). My definition of wealthy is that you can stop working tomorrow and continue a comfortable lifestyle. Superwealthy is the 15 mil+ set.

Sometimes I think people learned everything they know about wealthy people from episodes of Dynasty.
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Old 04-28-2010, 02:15 PM
 
Location: Central Virginia
834 posts, read 1,951,913 times
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Don't ever assume a person's wealth by what they flash. Look how many celebrities who are millionaires many times over claiming bankruptcy or have their house going into foreclosure.
It's just proof that no matter how much money you make, if you don't have a budget, you can end up broke.
I heard that Joan Rivers was experiencing money woes. Anyone else hear that? She was talking about it on Howard Stern's show a while back. How someone in entertainment for the past 40 years can have money problems is beyond me. Supposedly Nicholas Cage is broke, too.

But anyway, I read the book, The Millionaire Next Door and it was great. Very eye opening as to how many people who are millionaires are self made and are simply hard workers and smart with their money. People don't like to give credit to people like that. It's easier to assume that someone with money was born with a silver spoon up their butt. Personally I don't know any millionaires but I do know people who make upwards of 250k-400k a year and let me tell you, I wouldn't trade places with them for anything. They deserve every penny they make because they are workaholics. When most people are shopping or at the beach on the weekends, these guys are in the office. When most people are home watching Lost or American Idol, they are just leaving the office. No thanks.
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Old 04-28-2010, 03:02 PM
 
Location: Near the Coast SWCT
65,844 posts, read 48,003,256 times
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I'd rather be rich and live in a shack then poor and live in a mansion.
I'd rather be dead broke then dead.
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Old 04-28-2010, 03:07 PM
 
7,376 posts, read 12,591,331 times
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My sister married into money i guess you could say. I mean her husband works but his dad lives in a mansion. He is half owner of a nuclear power plant. I guess nuclear pays the bills.
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Old 04-28-2010, 06:46 PM
 
990 posts, read 1,482,858 times
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In 1970 my mother was newly divorced, had 3 kids still left at home to raise, and hadn't held a job outside the home since she came to America as a WW2 displaced person in 1951.
She lived in a triplex, renting out the 2 small apartments upstairs. The jobs she had until her retirement were housekeeper, gardener and watching over schoolchildren during lunch and recess at the local elementary school.
When she died she left an estate worth over $250,000. That's cash, before the sale of the house.

It may not be a million, but imagine if she'd gotten an earlier start, or spoke English without an accent.
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