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Ask them who carries their homeowners insurance. If they say State Farm or Allstate, it's a good bet they are no more than middle income. There are a couple of insurance companies that specialize in personal and excess lines for high net worth individuals. If Chubb or Fireman's Fund is mentioned, you can usually surmise that the person you are talking to is at least in the top 20%.
Those companies are picky about who and what they will insure, write mostly very high-end policies, and charge as much as double what other carriers would, making them unappealing to those who are price sensitive.
Most rich kids don't go the couture or bespoke route for everyday wear.
Agreed. Most don't go that route unless they have a genuine interest in fashion/the industry (reading GQ isn't enough). I do take an interest in men's stuff, and around campus, I generally saw items from the main designer lines: Polo Ralph Lauren, Burberry London, and Emporio Armania/Collezioni. I didn't see much of RL's black/Purple label, Burberry Prorsum, or Giorgio Armani. Even "rich" kids will recognize the price difference between a $1,200 London trench and a $4,500 Prorsum piece. Further, many would not want the bleeding edge couture pieces (I look at many of them as beautiful, but outlandish from the perspective of "I need garments which don't give me the image of a bizarre eccentric immediately. At least let them wait for me to open my mouth before they realise that.").
Ask them who carries their homeowners insurance. If they say State Farm or Allstate, it's a good bet they are no more than middle income. There are a couple of insurance companies that specialize in personal and excess lines for high net worth individuals. If Chubb or Fireman's Fund is mentioned, you can usually surmise that the person you are talking to is at least in the top 20%.
Those companies are picky about who and what they will insure, write mostly very high-end policies, and charge as much as double what other carriers would, making them unappealing to those who are price sensitive.
Top 20%? That's middle income. My definition of rich is in the top 1% and even that has a large discrepancy. Making 1 mil a year isn't my definition of rich. Making multiple millions a year, every year, is rich.
My sister used to work for Chubb. She's since left and works for ACE now. The average home she sees is 15 million plus and many of those are 2nd and 3rd homes. And let me tell you...those homeowners ARE price sensitive despite being "rich." LOL
Top 20%? That's middle income. My definition of rich is in the top 1% and even that has a large discrepancy. Making 1 mil a year isn't my definition of rich. Making multiple millions a year, every year, is rich.
My sister used to work for Chubb. She's since left and works for ACE now. The average home she sees is 15 million plus and many of those are 2nd and 3rd homes. And let me tell you...those homeowners ARE price sensitive despite being "rich." LOL
To me, anyone who does not depend on a job for living is rich. If a CEO making $2,000,000 a year loses his job, he will be in the same condition as someone working at McDonald's. People who have steady income whether they work or not are the real rich.
To me, anyone who does not depend on a job for living is rich. If a CEO making $2,000,000 a year loses his job, he will be in the same condition as someone working at McDonald's. People who have steady income whether they work or not are the real rich.
Uh, no...that's not the same as a McDonald's employee. (It's also not my definition of rich either.) Odds are if that CEO lost his/her job, they were wise enough to have savings & investments to not have to work for a year or more.
what brands have basic styles like gap and j crew, but have really good quality still? i like to be able to wash clothes several times and still look close to new.
Since I've had kids, I have sort of came back to Gap. I never stopped buying, but I bought less because the product was kind of pedestrian and the quality was not as it used to be. However, the stuff they sell now is some of the best they've ever sold (that I can remember . . . I'm only 28). The last time the Gap was good was when Drexler was CEO. Ironically, he's now at J. Crew.
^That comment is a clear revelation of your perspective.
A LOT of people wear Ralph Lauren, especially the polo player polo shirts. The rich do too, but RL is very popular among the middle class. To not know this, you would have to either be quite the hermit, maybe live way out in the country, or live in a hardcore working-class area. Pehaps some or all of the aforementioned is true AND you think of the middle class as "rich" - without a clue of what the truly rich/upper class even is. I grew up in a hardcore working-class city most of my childhood, one of the highest Democrat-voting cities in the United States - a place that is incredibly and uniquely devoid of middle-class culture, and I also went to HS in a small town where everybody from all walks of life went to school together. From those experiences, I do recall that the working-class kids thought of the middle class kids as rich. That was common. But dude, everybody wears RL except for maybe certain hardcore blue-collar types. Even people in the ghetto wear RL.
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