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I work with a lot of very wealthy people. Very few of them are happy. They are worried about not being as rich as that guy over there, or they are worried to death about keeping their wealth. They worry constantly about protecting it and maintaining it. Some feel responsible for family members or employees. They feel it is their job to keep their company going for their workers even though the financially practical thing woudl be to shut it down sell the assets and retire.
We have been failry wealthy at times. It is nice to not have to check the banlance before buying lunch or gas. It is nice to say I will pick this one up whenever you want. It is nice to give a lot of money to charity. And it is nice to walk into a stor and buy something or go out to eat whenver you want without worrying about it.
However you worry more too. Do I have enough insurance, am I going to have a tax problem, am I a target for scammers looking to make up reasons to sue or just lazy greedy people, what do I need to do to ensure my income stays here,
When we had no assets we did not worry about much. We got a bill from the hospital for $380,000 and just laughed. Who cares? People would threaten to sue me for something and I would invite them to do so. Do I have enough insurance? What does it matter? What are they going to take from us? We have negative net worth. Do you need comprehensive insurance on a $2500 car? No that makes no sense. Now if you have $400,000 in assets and you get a bill for $380,000, you panic, you worry about liability insurance and homeowner insurance and car insurance, and getting sued or being a target.
Welathy is easier, but it is not better. Just different.
Our vacations are a great example. When we had money we had boring vacations, We went to comfortable safe places and had no challenges whatsoever and had a perfectly wonderful boring time in luxury. You do not really remember those vacations. When we had no money we took risks, did exciting or crazy things met and overcame challenges, those vacations we all remember in detail. Oen time in New Yord, we had guided tours of various museums and places. Not really memorable. Another time, we talked a guard into letting us into the museum of natural history and then giving us a tour, we met a wacky musician on the subway and hung out with him for a few hours, once slept in Grand Central with the bums giving us advice. Those trips we will never forget. Which type is better?
i work with a lot of very wealthy people. Very few of them are happy. They are worried about not being as rich as that guy over there, or they are worried to death about keeping their wealth. They worry constantly about protecting it and maintaining it. Some feel responsible for family members or employees. They feel it is their job to keep their company going for their workers even though the financially practical thing woudl be to shut it down sell the assets and retire.
We have been failry wealthy at times. It is nice to not have to check the banlance before buying lunch or gas. It is nice to say i will pick this one up whenever you want. It is nice to give a lot of money to charity. And it is nice to walk into a stor and buy something or go out to eat whenver you want without worrying about it.
However you worry more too. Do i have enough insurance, am i going to have a tax problem, am i a target for scammers looking to make up reasons to sue or just lazy greedy people, what do i need to do to ensure my income stays here,
when we had no assets we did not worry about much. We got a bill from the hospital for $380,000 and just laughed. Who cares? People would threaten to sue me for something and i would invite them to do so. Do i have enough insurance? What does it matter? What are they going to take from us? We have negative net worth. Do you need comprehensive insurance on a $2500 car? No that makes no sense. Now if you have $400,000 in assets and you get a bill for $380,000, you panic, you worry about liability insurance and homeowner insurance and car insurance, and getting sued or being a target.
Welathy is easier, but it is not better. Just different.
Our vacations are a great example. When we had money we had boring vacations, we went to comfortable safe places and had no challenges whatsoever and had a perfectly wonderful boring time in luxury. You do not really remember those vacations. When we had no money we took risks, did exciting or crazy things met and overcame challenges, those vacations we all remember in detail. Oen time in new yord, we had guided tours of various museums and places. Not really memorable. Another time, we talked a guard into letting us into the museum of natural history and then giving us a tour, we met a wacky musician on the subway and hung out with him for a few hours, once slept in grand central with the bums giving us advice. Those trips we will never forget. Which type is better?
While I certainly don't agree with InfoGuy's "like a king" claims, I think it is fair to say there is a segment of the population that can and does live in comfort off a million dollar investment portfolio. Some people are content in a one-bedroom apartment in Mississippi, going fishing and drinking Pabst Blue Ribbon. I don't think that is the norm but I'm sure plenty are out there, heck if one was old enough to be collecting social security and qualify for medicare I suspect it would be easy for quite a few folks.
I think there are fewer millionaires because so much of American's net worth is tied up in their primary home, which has been taking a continued long and strenuous dump since 2006.
I know 2 different millionaire households where they are getting pensions plus Social Security. In both cases, their houses are paid for and the pensions & social security are enough for them to live a basic middle class lifestyle. The investments are either not used or are used for extras like nice trips/vacations.
Of course, this situation will be nonexistent for future generations because pensions are going to be phased out.
You don't have to deal with the bull**** of life.
The small things aren't an issue. You don't even give it a second thought. Hundreds or thousands or tens of thousands or dollars aren't a problem.
Basically, wealthy folks can focus on making money and moving forward in life without the small time distractions.
The reward of wealth is not about having nice cars, big houses, or tons of high end clothing. That's how the non wealthy look at the wealthy. The reward of wealth is stability at its most basic level; shelter, food, and security.
Bingo. The average millionaire lives in a modest house and drives a modest car, unless you're in the Donald Trump bracket. I have attorney friends that live in a million dollar home and drive nice cars but they are mortgaged up to the top of their heads. Give me security any day. We could both quit working now at 55 and live pretty comfortably the rest of our lives. I like working and will do so until I just don't want to anymore. My husband will retire in a few months. It's nice being debt free and not having to worry about anything but getting old and keeping the weight off.
Bingo. The average millionaire lives in a modest house and drives a modest car, unless you're in the Donald Trump bracket.
Yep. I know folks in 3 different households who have $1M plus in investable assets. They all live in 3 bedroom houses (one in a 3BR townhouse). All live in "ordinary nice" type suburban areas, not status-y or trendy neighborhoods. All drive ordinary nice cars. (Actually my one millionaire friend drives a 1984 Honda Civic and also has a '69 Mustang). The other friend has a '95 Jaguar that he bought used for cash. It was still expensive used (around 33K), but he has been driving it for at least 10 years now.
The percentage of millionaires who can "live rich" and actually be rich at the same time is pretty small. But being rich and living middle class is attainable for most. Unfortunately, most don't attain it.
Bingo. The average millionaire lives in a modest house and drives a modest car, unless you're in the Donald Trump bracket. I have attorney friends that live in a million dollar home and drive nice cars but they are mortgaged up to the top of their heads. Give me security any day. We could both quit working now at 55 and live pretty comfortably the rest of our lives. I like working and will do so until I just don't want to anymore. My husband will retire in a few months. It's nice being debt free and not having to worry about anything but getting old and keeping the weight off.
You could be Joe the plumber and be a millionaire and live a modest comfortable life.
If you have dreams of being rich forget them. That just went out with the election. Let me explain. Obama said he wants to tax the millionaires and billionaires but to him that is defined as someone who brings in $250k with a huge chunk already gong to taxes so it is hard to save or invest to build your wealth. If Obama increases taxes on these people it will be a long time before if at all because you will pay a heavy fine, I mean taxes for making that kind of money and you are not even a millionaire or billionaire.
The people who already made it will be ok. but the people who dream of becoming a millionaire the dream is a goner, taxes will keep them down.
If you have dreams of being rich forget them. That just went out with the election. Let me explain. Obama said he wants to tax the millionaires and billionaires but to him that is defined as someone who brings in $250k with a huge chunk already gong to taxes so it is hard to save or invest to build your wealth. If Obama increases taxes on these people it will be a long time before if at all because you will pay a heavy fine, I mean taxes for making that kind of money and you are not even a millionaire or billionaire.
The people who already made it will be ok. but the people who dream of becoming a millionaire the dream is a goner, taxes will keep them down.
It does not matter who gets elected. You can become wealthy regardless of who runs the gov't.
The taxes were higher in pre-Bush era and the Bush Tax Cuts are still in effect..
The Milllionaire/Billionaire tax is chump change for them plus how else will we reduce the debt? You can avoid the taxes now with benefits. How do you know think Romney paid less than 15% tax?
What you don't get is these people are already paying high taxes but and as they want to grow their business resulting in more hires they are looking at higher taxes so they are holding off. Then to add insult it is the very people who are collecting welfare and don't do a damn thing that are all for raising taxes.
Try taking money off a drug dealer and see how that works. I have always said when you vote to increase taxes on others it will get you in one form or another.
Personally I think if you have no skin in the game then you should not vote.
Bottom line, people should make their own way through life. Yet they take money from the government which is paid by hard working Americans.
My question is, if any of these people provided a service or product they would expect paid for it. There are some people who don't do anything positive yet expect others to pay for them.
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