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Old 03-05-2014, 10:59 PM
 
Location: Duluth, Minnesota, USA
7,653 posts, read 16,114,198 times
Reputation: 6766

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What do you think? Is this list accurate in your experience with the upper-class or "rich"?

Note that I have had little direct contact with the wealthy, so my list may be inaccurate.

1. During your high school years, you attended a private college-preparatory academy where it was only natural for graduates to be accepted into Ivy League schools. You may have even attended a boarding school.

2. During that period of your life, there was plenty of competition: not only in sports, but also in who could complete the most AP courses, who could get the most prestigious internship, etc.

3. Charity balls and gala events are second nature to you. If you're a woman, you attend luncheons. You have formal outfits for your children, and you didn't buy them for a funeral or wedding.

4. If you're a "she", you think nothing of spending $20,000 doting your poodle.

5. You are a member of one of the local "society" organizations.

6. You are an "owner" in NetJets or XOJets.

7. You have a personal financial consultant to manage your portfolio, which perhaps includes hedge funds.

8. You see nothing extravagant in a yearly family vacation to Europe. You may have cosmopolitan tastes in food and music.

9. You prefer to shop at places like Nordstrom's, Sak's 5th Avenue, and Lord & Taylor.

10. You have purchased an artwork valued at $5,000 or more, and probably patronize "the arts". You "get" abstract art.

11. You have had a subscription to classical music concerts, and view people who do not recognize Beethoven's 5th Symphony or Pachelbel's Canyon as ignorant.

12. You see nothing unusual about speaking a second or third language fluently (this one applies only to Americans).

13. Even though you are reluctant to state it, you have an intuitive sense of class and elegance.

14. You think of vehicles, houses, and other property as "investments"; however, you are not afraid to splurge a little on an exotic vehicle (e.g. anything from Lamborghini or Ferrari, Audi R8, Mercedes Benz CLK-class, etc.)

15. You have attended cocktail parties or other events where you have conversed familiarly with nationally-known politicians, celebrities, and/or academics.

16. If you're a male, you normally work in a suit and tie.

17. You sit on the board of at least one corporation, charity, or performing arts organization.

18. You pay close attention to what you eat: you buy much of your food at one of the local upscale groceries or specialty shops. You also pay attention to what your children eat, and view feeding them sugary cereal (a la Lucky Charms or Fruity Pebbles) every morning as borderline child abuse.

19. You have a full-time domestic employee, even if your wife stays home.

20. You are liberal in your social views, and may be conservative or somewhat left-leaning fiscally. Unlike the upper middle class below you, tax hikes do not affect your standard of living much; you primarily view fiscal policy from an ideological or investment lens.

BONUS:

21. You don't have the time to make lists like this.

Last edited by tvdxer; 03-05-2014 at 11:08 PM..
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Old 03-05-2014, 11:09 PM
 
1,426 posts, read 4,999,150 times
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Probably correct because I have not a single thing from the list, unless paying attention to what I eat, but then again, I eat what I can afford, just try to keep it healthier.
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Old 03-05-2014, 11:16 PM
 
24,497 posts, read 37,109,997 times
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Quote:
Originally Posted by tvdxer View Post
2. During that period of your life, there was plenty of competition: not only in sports, but also in who could complete the most AP courses, who could get the most prestigious internship, etc.

3. Charity balls and gala events are second nature to you. If you're a woman, you attend luncheons. You have formal outfits for your children, and you didn't buy them for a funeral or wedding.

5. You are a member of one of the local "society" organizations.

7. You have a personal financial consultant to manage your portfolio, which perhaps includes hedge funds.

8. You see nothing extravagant in a yearly family vacation to Europe. You may have cosmopolitan tastes in food and music.

9. You prefer to shop at places like Nordstrom's, Sak's 5th Avenue, and Lord & Taylor.

10. You have purchased an artwork valued at $5,000 or more, and probably patronize "the arts". You "get" abstract art.

11. You have had a subscription to classical music concerts, and view people who do not recognize Beethoven's 5th Symphony or Pachelbel's Canyon as ignorant.

12. You see nothing unusual about speaking a second or third language fluently (this one applies only to Americans).

13. Even though you are reluctant to state it, you have an intuitive sense of class and elegance.

14. You think of vehicles, houses, and other property as "investments"; e

15. You have attended cocktail parties or other events where you have conversed familiarly with nationally-known politicians, celebrities, and/or academics.

16. If you're a male, you normally work in a suit and tie.

17. You sit on the board of at least one corporation, charity, or performing arts organization.

18. You pay close attention to what you eat: you buy much of your food at one of the local upscale groceries or specialty shops. You also pay attention to what your children eat, and view feeding them sugary cereal (a la Lucky Charms or Fruity Pebbles) every morning as borderline child abuse.

20. You are liberal in your social views, and may be conservative or somewhat left-leaning fiscally. Unlike the upper middle class below you, tax hikes do not affect your standard of living much; you primarily view fiscal policy from an ideological or investment lens.

BONUS:

21. You don't have the time to make lists like this.
These aren't traits that necessarily make you upper class and can be quite common among the middle class. However, they would most certainly be more common among the upper class. But so would things like eating out and going to disney world.
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Old 03-06-2014, 12:05 AM
 
Location: Tucson/Nogales
19,573 posts, read 23,243,136 times
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There's lots of upper class people who are very tight-fisted with their money, I know a number of them who have oodles of time on their hands to shop endlessly for the best bargains.

I was involved with one, taking a briefcase bull of coupons to a grocery store in his 15YO car. And it didn't stop there! Once home, out came the calculator, item by item out of the bags, and re-calculated! And God forbid if there was an error!!!

Sheesh! The money was inherited, he had nothing else to do with his time!
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Old 03-06-2014, 08:37 AM
 
28,900 posts, read 48,685,833 times
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Quote:
Originally Posted by tvdxer View Post
What do you think? Is this list accurate in your experience with the upper-class or "rich"?

Note that I have had little direct contact with the wealthy, so my list may be inaccurate.

1. During your high school years, you attended a private college-preparatory academy where it was only natural for graduates to be accepted into Ivy League schools. You may have even attended a boarding school.

This is mostly true.

2. During that period of your life, there was plenty of competition: not only in sports, but also in who could complete the most AP courses, who could get the most prestigious internship, etc.

Meh.

3. Charity balls and gala events are second nature to you. If you're a woman, you attend luncheons. You have formal outfits for your children, and you didn't buy them for a funeral or wedding.

Some do and some don't. There's no hard and fast rule.

4. If you're a "she", you think nothing of spending $20,000 doting your poodle.

Um. No. If anything, most people in this group are more prudent with their money, not less.

5. You are a member of one of the local "society" organizations.

Again, maybe. But they also tend to take such things a good deal less seriously.

6. You are an "owner" in NetJets or XOJets.

No.

7. You have a personal financial consultant to manage your portfolio, which perhaps includes hedge funds.

Yes. But that could be anybody with significant assets and a brain.

8. You see nothing extravagant in a yearly family vacation to Europe. You may have cosmopolitan tastes in food and music.

This is really dependent on the person. I know 1%ers who prefer spending time at their lake house.

9. You prefer to shop at places like Nordstrom's, Sak's 5th Avenue, and Lord & Taylor.

Again, the prudent factor crops up again.

10. You have purchased an artwork valued at $5,000 or more, and probably patronize "the arts". You "get" abstract art.

No hard and fast rules here. Although most have a higher cultural appreciation.

11. You have had a subscription to classical music concerts, and view people who do not recognize Beethoven's 5th Symphony or Pachelbel's Canyon as ignorant.

I don't know about the disdain bit, but there's more of an inclination. Oh, and it's Canon, not Canyon.

12. You see nothing unusual about speaking a second or third language fluently (this one applies only to Americans).

A product of private schools and travel. Sure.

13. Even though you are reluctant to state it, you have an intuitive sense of class and elegance.

Mostly. But having been in a lot of houses (My wife and I joke that we're 'honorary old money') you'd be surprised at how many look a little frayed around the edges.

14. You think of vehicles, houses, and other property as "investments"; however, you are not afraid to splurge a little on an exotic vehicle (e.g. anything from Lamborghini or Ferrari, Audi R8, Mercedes Benz CLK-class, etc.)

This is totally opposite from my experience. You'll have cars like Mercedes, but the models you mention are really the province of nouveau riche trying to impress others.

15. You have attended cocktail parties or other events where you have conversed familiarly with nationally-known politicians, celebrities, and/or academics.

Sometimes yes and sometimes no.

16. If you're a male, you normally work in a suit and tie.

Sometimes yes and sometimes no. Depends on what they do for a living.

17. You sit on the board of at least one corporation, charity, or performing arts organization.

This is pretty much true.

18. You pay close attention to what you eat: you buy much of your food at one of the local upscale groceries or specialty shops. You also pay attention to what your children eat, and view feeding them sugary cereal (a la Lucky Charms or Fruity Pebbles) every morning as borderline child abuse.

This is pretty much true.

19. You have a full-time domestic employee, even if your wife stays home.

Not usually. Oh, sure, they have help. But it's typically part-time.

20. You are liberal in your social views, and may be conservative or somewhat left-leaning fiscally. Unlike the upper middle class below you, tax hikes do not affect your standard of living much; you primarily view fiscal policy from an ideological or investment lens.

Which is it? Conservative or left-leaning fiscally? That being said, a person who can afford to hire a platoon of tax attorneys and accountants to stand guard over their assets isn't as attuned to tax rates as the entrepreneur.

BONUS:

21. You don't have the time to make lists like this.
The upshot? I know a LOT of people who would most definitely be considered upper class and most of these simply do not apply. In fact, old money people are less likely to own so-called "exotic vehicles" than the nouveau riche.

Now there are a couple of things that do indeed hold true: Private education, more careful nutrition habits, and travel. But so-called 'society' organizations are more out of a sense of noblesse oblige (e.g., giving back).
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Old 03-06-2014, 08:47 AM
 
Location: Striving for Avalon
1,431 posts, read 2,197,397 times
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Quote:
Originally Posted by NJBest View Post
These aren't traits that necessarily make you upper class and can be quite common among the middle class. However, they would most certainly be more common among the upper class. But so would things like eating out and going to disney world.
2, 8, 11, 12, 16, 18, and 20 are not uncommon amongst the middle and upper-middle classes.

All the shops listed in #9 are accessible to the professional classes. When I think "upper class", I think Bergdorf Goodman, not L&T.

OP: ther than that, you're spot on with the jetshare, objet d'art, the sense of class, and board memberships.
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Old 03-06-2014, 08:54 AM
 
2,981 posts, read 3,752,136 times
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As they say in Britain regarding people who lack class and elegance: "He is the kind of person who has to buy his own furniture." Frayed is good, and is not in any way inconsistent with class and elegance. Fraying comes from use -- things that are passed-down from generation to generation.

Even in corporate America back in the day when people understood class and elegance, the uniform was a frayed Brooks Brothers suit. A new one could be met by something jovial like "Hey, where'd ya get that suit? Your grandmother get a new sewing machine?"

Last edited by Hamish Forbes; 03-06-2014 at 09:44 AM..
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Old 03-06-2014, 10:12 AM
 
6,040 posts, read 4,868,317 times
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Buncha silly stereotypes and cliches. Really.
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Old 03-06-2014, 12:27 PM
 
Location: North Idaho
25,207 posts, read 33,124,029 times
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Quote:
Originally Posted by tvdxer View Post
........

Note that I have had little direct contact with the wealthy, so my list may be inaccurate......

.
Yeah, no kidding that you have had little direct contact with the wealthy and are just making up fabrications about people you don't know and know nothing about.

When my son was a child, we lived in the second wealthiest zip code in the USA. All of the children went to public school, both elementary and high school. The only child who went to a private school was from a new money family who couldn't afford the area, lived outside the boundaries of the village, and were hanging on by the skin of their teeth. Their child, unfortunately, was dumber than a red brick and was unable to keep up with the children in the public school.

I'm not even going to address the rest of it.
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Old 03-06-2014, 01:19 PM
 
3,492 posts, read 5,282,714 times
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Funny, zero of these things apply to me. I'm on my way to being "First generation wealthy". Those who actually make it themselves are often vastly more financially prudent than the general public. It is the only way they can acquire such wealth, unless they win the lottery or were given the good advice to go to medical school / write code. Alas, I was not given that advice at a time when my ears were open, and so I am now going into Finance to leverage my skills.

A very intelligent quote once defined the difference between being rich and being wealthy. He said something along the lines of, "I don't want to be Rich, Shaq is rich. I want to be wealthy. The man that signs shaq's paycheck, now he is wealthy." Rich has more to do with an abundance of income, wealth has to do with an enduring accumulation of resources that will compound on itself freeing you from having to work.
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