Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
This kinda wealth is not the personal kind it is the business kind since this kinda toys usually belong to the business (for the write off on taxes) rather than the person.
Apparently, you haven't been to the Bay area. Ralph Ellison, founder and CEO of Oracle, has his own yacht from the back of which he can launch his own helicopter. It's not the Oracle helicopter we're talking about here. Oh, and it also has space inside for a private submarine. Word is that he very purposefully wanted it bigger than Paul Allen's yacht (co-founder of Microsoft), which has two helicopters, a submarine, seven boats, and a permanent crew of 60.
I think you may need to redefine your perspective on what very wealthy people in this nation live like. They definitely don't seem averse to the notion of "buying some stuff" with their wealth along the way.
Apparently, you haven't been to the Bay area. Ralph Ellison, founder and CEO of Oracle, has his own yacht from the back of which he can launch his own helicopter. It's not the Oracle helicopter we're talking about here. Oh, and it also has space inside for a private submarine. Word is that he very purposefully wanted it bigger than Paul Allen's yacht (co-founder of Microsoft), which has two helicopters, a submarine, seven boats, and a permanent crew of 60.
I think you may need to redefine your perspective on what very wealthy people in this nation live like. They definitely don't seem averse to the notion of "buying some stuff" with their wealth along the way.
Could be but I doubt it since it makes more sense to rich people to let the corporation own the item/property for tax purposes while they use it 100%.
Remember, that corporations get tax write offs that normal folks can't even dream of.
were already 'richer' than most, as our house is paid off and we have 0 debt.
my reason for wanting to be rich is to care for my grandparents and have them live in us in a bigger house. actually we are working on buying a bigger house just for that reason, so i guess... we are rich, in a way.
Could be but I doubt it since it makes more sense to rich people to let the corporation own the item/property for tax purposes while they use it 100%.
Remember, that corporations get tax write offs that normal folks can't even dream of.
A popular misunderstanding given general CEO perceptions, but it actually doesn't work that way - at least not with large publicly traded corporations. When a corporation like that owns the asset, it is subject to a whole load of accounting rules and regular scrutiny by auditors, board of directors, even government regulators, shareholders, etc. It is not the CEO's property. That means that if the CEO takes the corporate jet out for a fun-filled jaunt around the world that has nothing to do with business, it will be exposed pretty quickly and result in a variety of very unpleasant consequences - the least of which will be the bad publicity and potential impact on the stock price, which no board of directors will appreciate. It's not a career-advancing move.
But the CEO can do whatever he damn well pleases with his own yacht on his own time. The cost to them is the equivalent of your pocket change.
were already 'richer' than most, as our house is paid off and we have 0 debt.
my reason for wanting to be rich is to care for my grandparents and have them live in us in a bigger house. actually we are working on buying a bigger house just for that reason, so i guess... we are rich, in a way.
Believe me, you are "rich" in the only way that really matters!
A popular misunderstanding given general CEO perceptions, but it actually doesn't work that way - at least not with large publicly traded corporations. When a corporation like that owns the asset, it is subject to a whole load of accounting rules and regular scrutiny by auditors, board of directors, even government regulators, shareholders, etc. It is not the CEO's property. That means that if the CEO takes the corporate jet out for a fun-filled jaunt around the world that has nothing to do with business, it will be exposed pretty quickly and result in a variety of very unpleasant consequences - the least of which will be the bad publicity and potential impact on the stock price, which no board of directors will appreciate. It's not a career-advancing move..
A CEO can use a company asset for personal use if:
1) such use is approved by the Board of Directors of the corporation.
2) personal usage of the asset is treated as personal income.
3) such usage is disclosed along with the other executive income on the necessary SEC filings.
Apparently, you haven't been to the Bay area. Ralph Ellison, founder and CEO of Oracle, has his own yacht from the back of which he can launch his own helicopter. It's not the Oracle helicopter we're talking about here. Oh, and it also has space inside for a private submarine. Word is that he very purposefully wanted it bigger than Paul Allen's yacht (co-founder of Microsoft), which has two helicopters, a submarine, seven boats, and a permanent crew of 60.
Who's Ralph Ellison? Don't you mean Larry Ellison? He's the big dog at Oracle.
His ego's bigger than Manhattan & it's well known he has pissing matches with people like Allen & other high ranking execs. Gotta have the most impressive toys & the biggest d#*k, donchaknow?
My smart-alek response is, because poverty sucks! Like it said on a poster that was popular back in the 80's (although it is apparently not yet considered public domain on CD).
But my more serious answer is, while I am unsure if "rich" is being operationally defined here as being a millionaire, or making six figures a year, I do know that I prefer to make a "comfortable" living (financially speaking) because it means that I don't have to worry about keeping a roof over my head, or keeping my family fed. It means that I can afford to do what I want, when I want and enjoy the time I spend not working, and not have to worry about every penny I spend.
But my more serious answer is, while I am unsure if "rich" is being operationally defined here as being a millionaire, or making six figures a year, I do know that I prefer to make a "comfortable" living (financially speaking) because it means that I don't have to worry about keeping a roof over my head, or keeping my family fed. It means that I can afford to do what I want, when I want and enjoy the time I spend not working, and not have to worry about every penny I spend.
I agree with this answer .
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
