[SackGirl]

I just don't get how can people afford expensive houses. And it's not just the house, it's everything else too:cars, shoes, clothes, jewelry ... Let me know so I can do it too.

[kidyankee764]

They likely have one of the two: A good job, or family money.

I doubt they posted on a message board asking how to get rich quick.

[alphamale]

Originally Posted by SackGirl

I just don't get how can people afford expensive houses. And it's not just the house, it's everything else too:cars, shoes, clothes, jewelry ... Let me know so I can do it too.

It's actually very expensive being wealthy. You have a certain image to maintain. My property taxes alone are $30,000+ annually.

[mlassoff]

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

[kidyankee764]

Originally Posted by alphamale

My property taxes alone are $30,000+ annually.

Lucky you.

[nico7]

Originally Posted by mlassoff

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)...

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.

[LRPct]

Originally Posted by mlassoff

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

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.

[Cambium]

Originally Posted by kidyankee764

I doubt they posted on a message board asking how to get rich quick.

LMAO!!!

Originally Posted by SackGirl

I just don't get how can people afford expensive houses. And it's not just the house, it's everything else too:cars, shoes, clothes, jewelry ... Let me know so I can do it too.

After working your whole life...Out of 100 people at age 65....

1 person becomes rich
4 people are financially secure
5 are still working
62 are dead broke
28 are dead

Thats 95% poor. 5% Rich.

To be financially independent you need to : Inherit, own your own business, invent something, or invest. If you're not doing any one of those....keep working and stash money away so you won't be part of the 95% at age 65.

Got it?

[Cambium]

Stop being a robot and think outside the box. People wake up, have coffee, go to work, sleep wake up have coffee go to work eat sleep.

[Cambium]

Also note.... I know guys who lived in a crampy 1 BR apt for 15 years. Have a good job. Saved about $1000 a month for 15 years.

They had $250,000 in account from being frugal and saving. A $900,000 house. Put $200,000 down. Mortgage at 3% for $700,000. Do the math. Its affordable for someone who has a good secure job.

Thats how they have the million dollar home. Why? Beats the heck out of me why you need a big home like that. lol