How'd you get rich grandpa? (deduction, real estate, pension, buy)

[borninsac]

https://www.bloomberg.com/news/artic...reatest-wealth

[MLSFan]

easy, they dont do dumb **** that gets them dead at a young age

[Larry Caldwell]

Interesting. I thought the amount I have spent on art over the years was unusual, but an average 2.1% of assets is about where I sit. I just buy what I like. Someday I will probably have to send it all off to an auction, except for one museum quality stone sculpture that I will donate and take the deduction.

[kwong7]

My grandpa used the GI Bill to get a Masters in Electrical Engineer from USC back in 1954. We worked for the city of Los Angeles at the Department of Water and Power and never drew an extraordinarily high salary. When he retired in the early 90s, I'm not even sure he scratched the 6-figure salary. He passed away in 2012 with a $3.4M estate thanks to decades of growth in the stock market; he literally bought 2,000 shares of Apple back when it was $18 a share (pre-split). I remember him telling me how easy things were for his generation. Investments in stocks, real estate, and bonds all had major growth from 1960 to present. Meanwhile tax favorable policies were added over the decades to encourage wealth retention.

He also enjoyed a pension that was adjusted for inflation; they don't offer those anymore and for good reason.

[engineman]

I am over 80, but like a destitute snake I haven't got a pit to hiss in.