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We have some friends that probably have a bunch of money. He's a retired doctor. They have a nice house/property that they work on a lot. They go to Europe and NZ every year. They seem kind of frugal on their own level, but I know they like to buy the Best. I think they must have at least a few mil on hand to support their lifestyle. It's a little strange that they befriended my SO & I, we are much less well off (poor!).
We met them just before I graduated college. They wanted to give me a graduation party at their place. They provided food for all the guests (20). Very generous of them.
That's nice of them! Some people who are well off might not want to spend time with others who aren't as wealthy as they are. It's good that they don't care about that stuff. I like people like that.
It's all relative. People perceive themselves to be the middle. You are poor with less than them and rich if you have more. To me, rich is having so much money you no longer care about cost. Your accountant will just take care of it. It's sort of like ordering from the dollar menu at McDonald's, you don't even think about the bill. Rich people can afford to buy yachts, Rolex's, and Lamborghinis like we buy double cheeseburgers.
I've known some people who are by my standards, rich. They still have their worries and problems. But they don't have to waste a second thinking about normal expenses. They don't sweat the electric or heating bill if it's been really cold or hot. They don't worry about the price of hamburger or cheese. They can have whatever they want or need without sacrifice. It's a kind of freedom most of us will never experience. Most wealthy people I know worry a lot about their health. I guess they want to live long enough to spend all that money!
I've been poor and not so poor. I can tell you for sure, rich is better.
Just found out the owner of the place I get my haircut actually owns 4 apartment buildings debt free. He has more than enough to never work again so I asked why he was still working at his shop. He said he would be bored all day sitting at home. I then asked him what it's like to be rich and he said he's just like typical people. Wears the same clothes, eats the same thing. But he said the best thing was that his children would be covered financially and that his life no longer has ups and downs. It's very smooth.
Thought that was interesting and wanted to know if you ever asked rich people what life is like and what they said (and if you are rich, please enlighten us!) As for the definition of rich, I would say you're rich if the passive income from your investments (real estate, stocks, business, etc.) allows you to live the life you want to live.
You know, my wife and I are well off. Yet we are by no means rich. Yet, through chance, we associate with a lot of wealthy individuals, so much so that we jokingly call ourselves "Honorary Old Money." More than a few times we've been to people's houses and thought, "Okay. We're way out of our league here."
Here's the thing. We never befriended these people because of their money. We just got to know these people over time through church or mutual friends. We get invited to dinner, pull into the long circular drive, and think, "Okay. Our $15 bottle of wine as a gift for the hosts is looking pretty stupid right now."
But you know what? The really wealthy we've rubbed elbows with don't seem to care. I think there's some natural caution with new people simply because they're often seen as having a target on their back for lame investment offers and the ilk. Over the past twenty years, all we've done is hang out and provide good conversation. They've been to our modest house and actually invited us back. Because most old money is pretty down to earth. They don't drive a new Mercedes every year, they don't dress in designer duds, and they don't have mansions that look like they should be featured in Architectural Digest. Yeah, they send their kids to Yale, the University of Chicago and the Sorbonne. But they don't sneer when you mention your child is going to the state university. Why? Because they've known you and your kids for a long time.
I think the key characteristic is one of restraint, the quiet confidence that comes from old money prudently invested. They don't have to try that hard. They can be a little eccentric. They can do whatever they damn well please. And if it's family money, they typically have to be prudent to keep family money. If you light cigars with $100 bills and take the family on the Lear to Bermuda for Thanksgiving, the money will run out. So it takes smarts, patience, and restraint to hold on to a fortune.
It means you have fewer inconveniences. You have more options. These things must be nice.
Imagine knowing you could either always fly first class, or by private jet, and you could go anywhere you want.
Imagine that you never had to fear running out of money before payday.
Imagine that any repair you needed to do to your house could be done immediately.
Imagine that you never had to clean your house yourself, or cook a meal unless you wanted to.
You can buy the best car for your family and lifestyle, not just the cheapest one.
It means you have fewer inconveniences. You have more options. These things must be nice.
Imagine knowing you could either always fly first class, or by private jet, and you could go anywhere you want. Imagine that you never had to fear running out of money before payday.
Imagine that any repair you needed to do to your house could be done immediately.
Imagine that you never had to clean your house yourself, or cook a meal unless you wanted to.
You can buy the best car for your family and lifestyle, not just the cheapest one.
They tend not to fly first-class, because the really wealthy remain that way by being good stewards of their money. And they do not buy the most gaudy, ostentatious car they can get their hands on.
However, what they do value is time. So they do hire household help. Not many DIYers in this world.
The sentence I highlighted, though, is key. I dated a girl whose father was a coal bazillionaire. Once when I was short of funds and needed my car fixed, she couldn't fathom why I was having to wait for payday. When I patiently answered that I didn't have the money, it was as if I was speaking Swahili.
This is how I was raised too. I always saved a little from every check since HS. I didn't know it was an emergency fund at the time but that's what I was doing.
I'm not sure I understand what you mean. It's good to have cash for emergencies.
This is true. Look at steve job's. His money couldn't save him from pancreatic cancer.
I don't know any rich people. Maybe I do and I just don't know they're rich lol. I would love to have enough to live a decent lifestyle. I don't have be to a multi-millionaire. Just enough to be able to take care of myself and not worry about bills.
I'm surprised posters here are open about being well off. I'm used to people being hush hush about that sort of thing.
Rich is relative. There are some that might love to make 100K and I've heard other people say that's pennies.
Christopher Reeves too. Your health is your wealth first then the other wealth will matter. I know many young folks who don't want health insurance and think it is a rip-off. They think they won't use it. I think everyone needs health insurance. I know plenty of wealthy folks.
They only really wealthy people I know are my brother in law's family and they are complete jerks. Drive fancy sports cars they trade in yearly (Aston Martin/Ferrari/Jaguar in the past 2 years), come from generational wealth, own giant mansions on acreage with cooks, maids and butlers just outside Phillidelphia as their main house but have several others as well, vacation around the world, belong to country clubs in Maine and Connecticut kind of wealth.
So yeah, I envy the toys and access but not the people at all in their particular case. If you have normal conversations with them, they seem perfectly fine, not rude to waitstaff or anything, but inside the home and other areas of the inner circle, you are definitely an outsider and looked down upon if you are not a member yourself. Anyways, back to the question, you can't ask them "what it's like to be rich" because they would not answer honestly because you are outside the circle, don't deserve their insights and they don't freely offer advice on how to join it.
Last edited by TheOverdog; 07-25-2012 at 02:10 PM..
I asked a rich guy that i see at my 7-11 every morning. He sometimes drives up in his hummer or corvette or aston martin. I got to talking to him. He owns some type of business. Anyways he gave a short answer and said "You can never make enough money"
Location: Chapel Hill, NC, formerly NoVA and Phila
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My barometer for being considered rich is if you have a driver (preferably named James). If you drive your own Mercedes, you're just a poor shlub like the rest of us.
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