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Old 04-28-2010, 05:52 PM
 
Location: Montreal -> CT -> MA -> Montreal -> Ottawa
16,227 posts, read 25,453,163 times
Reputation: 25181

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Quote:
Originally Posted by 2cold View Post
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.
Wow!!! That's just AWESOME!!!! Great story. Terrific mother!
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Old 04-28-2010, 06:01 PM
 
Location: Near the Coast SWCT
65,052 posts, read 47,400,703 times
Reputation: 10528
Quote:
Originally Posted by skel1977 View Post
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.
I heard of a guy who sells marajuna. He built a house from scratch and paid all cash. I guess Marajuana paid for the house. Doesn't mean it was right.
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Old 04-29-2010, 10:06 AM
 
Location: Formerly TX, UT and CT - Currently NC
484 posts, read 1,366,239 times
Reputation: 376
My husband and I are both young, but we've been able to climb up the wealth ladder fairly quickly due to one thing: investing. We take a portion of my husbands checks each month (and, did with mine before I became a stay at home mom) and put them into an investment account. That account grows all the time. It's also all about savings. We don't keep a lot of liquid money on hand each week..most of it is tied up in savings or investment accounts which we can access..but not with a debit card or anything that instantly.
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Old 04-29-2010, 10:23 AM
 
90 posts, read 254,426 times
Reputation: 41
I always wonder what the people around here do to afford the HUGE houses and Mercedes, BMWs. When I drive by some of the houses in Madison and Woodbridge I'm in shock. Nevermind Fairfiled county!
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Old 04-29-2010, 10:31 AM
 
Location: Coastal Northeast
15,743 posts, read 22,015,413 times
Reputation: 5279
Quote:
Originally Posted by blogspott View Post
I always wonder what the people around here do to afford the HUGE houses and Mercedes, BMWs. When I drive by some of the houses in Madison and Woodbridge I'm in shock. Nevermind Fairfiled county!
Lots of them move up from Fairfield County because, to them, housing anywhere north of Fairfield is a bargain.
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Old 04-29-2010, 02:51 PM
 
Location: New England
8,155 posts, read 18,209,444 times
Reputation: 3279
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
Quote:
Originally Posted by mlassoff View Post
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.


Who are you and what did you do with progressive, redistribute the wealth, tax the rich Mlassoff!

I actually have a lot of customers who are in that "super wealthy" set. That was the crowd I was getting at who fly under the radar in Avon. THAT kind of money. Not "investment broker making 600K a year living in New Canaan" whatever. Not to say New Canaan doesn't have "mega money" either, it does in spades. But you would be shocked...SHOCKED at the legacy/mega money hiding in Avon.

Few examples who are customers of mine. The Konovers. Stephen Weiss who used to fly from Avon to NYC via private helicopter. (Company sold for I think 18 billion) The former owner of Asco the largest direct mail marketing business in the nation (Don't want to use his name since I'm going to talk about money) who I KNOW for a fact can write a check for 30 million dollars "now" and it'll clear. Nevermind non liquid assets. (Nicest down to earth guy you'll EVER meet) etc etc.

Having been around these folks, I'll tell you...most - the majority are decent hard working people and not the "mean bastards" they get portrayed as by many.

Hell the owner of ASCO grabbed one our machines and was working side by side with us getting funk nasty dirty refinishing some natural stone in his house. (We did over 3800sf of stone restoration there.) He just wanted to help. He's got a garage here and in Palm Beach full of things you can't fathom, yet he drives an old minivan with no hubcapps. ROFL Love it!

Oh and Mlassoff, careful - your boy let one slip recently.
"Now, what we’re doing, I want to be clear, we’re not trying to push financial reform because we begrudge success that's fairly earned. I mean, I do think at a certain point you've made enough money."
http://www.realclearpolitics.com/vid...ugh_money.html

Slippery slope when the government start saying how much a person can make! I wonder if he was including Warren Buffet or George Soros in that statment.
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Old 04-29-2010, 02:52 PM
 
Location: Quiet Corner Connecticut
1,335 posts, read 2,835,275 times
Reputation: 428
There's a monstrosity of a house on Route 200 on Thompson Hill, just recently built. Considering everything is dirt cheap in this end of the state, it's really just showing off. Stone driveway, stone lions at the gated entry, four garages, easily looks like a 4 bedroom (if not more) palace. I'd imagine it'd be worth a million easily, and not even a mile down the street/hill you can get something modest for well under a sixth of the price.

I know houses in Putnam going up for nearly 900k. Woodstock and Pomfret for over a million. Apparently somewhere in Woodstock, someone recently built a castle on a property now valued at 2.7 million.
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Old 04-29-2010, 05:21 PM
 
Location: Florida and New England
1,101 posts, read 1,306,863 times
Reputation: 1358
I'll agree that there is a pocket of serious wealth in the Farmington Valley. Farmington, Avon, Simsbury, and up in the hills of West Hartford.

It's Hartford's own version of Fairfield County.
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Old 04-29-2010, 05:30 PM
 
Location: New England
8,155 posts, read 18,209,444 times
Reputation: 3279
Quote:
Originally Posted by westender View Post
It's Hartford's own version of Fairfield County.
Oh God, last time I said that I got skewered. LOL

I agree though, accept the mega wealthy are even more understated around here.
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Old 04-29-2010, 06:19 PM
 
Location: New London County, CT
8,950 posts, read 9,821,120 times
Reputation: 5101
Quote:
Originally Posted by JViello View Post


Who are you and what did you do with progressive, redistribute the wealth, tax the rich Mlassoff!
You forgot about cutting military spending in half! I guess when you paint us progressives with a broad brush, you occasionally paint outside the lines, JViello. I am in favor of shifting spending to social programs, higher taxes on corporations, strong regulation of markets... But if you earn it, you should keep it. Invest well.
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