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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.
I've only worked in rich people's homes, so no need to ask, I can clearly see with my own eyes what it's like to be rich. I'm feel more compelled to ask them, "How did they get rich?", but I don't...that's their personal business.
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.
Last edited by wawaweewa; 07-22-2012 at 10:16 AM..
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.
Ask Lindsay Lohan if money has prevented her life from no longer having "ups and downs."
I imagine being rich is blessing for some and a curse for others.
GenPatton -- just this week our water heater went kaput and we had to get a new one. I called my plumber, who couldn't do it but recommended another guy, so I called him and he came out and put in a new water heater.
The worst part about this? I didn't feel I could sew while they were traipsing in and out of the house.
The cost was 900 bucks.
It did not phase me at all -- stuck it on the credit card and next month I will pay it off -- in full. Like I pay it off every month.
I don't have to "take it from my emergency fund" and then worry about my emergency fund, as I don't have an emergency fund.
I'm going to say something that flies in the face of all the conventional wisdom and will surely upset people, because it has in the past when I've argued about it -- but I've never quite put it this way ... Emergency funds are for poor people and people that lack the discipline to save money by living below their means, putting it away and learning a small amount about investing.
I will never have to worry about money again. I can sleep easy.
emergency funds are for everyone including those invested heavily. selling equities in a down market and locking in real losses because you dont have enough liquidity is the fastest way to lose it.
just because one has substaintial assets does not mean they planned well for their short term cash needs. i see it in folks planning all the time. they mis-judge expenses and now have to scramble to raise cash.
had some teeth trouble a few years back and in the blink of an eye i needed 25k for implant surgery.
I don't have to ask, the answer is obvious. It's awesome, its something many people are willing to kill and die for because it's so awesome. The only truly free people in the world are rich people, if you don't know what it's like to have money, you don't know what freedom is.
well i have to disagree as when i had no money i just had different issues. now that i have a few bucks im held captive to the markets, my investments and interest rates in order to keep that money going through retirement.
there is never a time you are truely free and not held captive by something, just different issues. you really really have to have enough dough behind you to not be dependant on it growing to support you over time. even then you may find yourself captive to to the ravages of inflation and you dont really have enough.
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