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i think it goes like this.
-they have nice teeth. poor's can't afford dentist.
- they drive a Mercedes-Benz.
- they have nice clothes such as Gucci and Ralph Lauren etc.
Anything else im missing?
Just because someone has the items you list does not mean they are "rich", it could mean they are have everything financed and drowing in monthly payments.
Agreed. I was referring to all their types of income statements.
Quote:
Originally Posted by Submariner
Before I retired, when I was filing taxes for folks. I saw a lot of W-2s. If you focus on salary income, then you are likely not looking at earnings of very much. How many people are paid salaries over $500k?
If your entire income is from a salary then your a wage-slave, and likely not very wealthy. Granted there are a very wage-slaves who have high salaries, but those are very rare.
America has thousands of people who 'bring in' Multi-millions every year, more often it is from businesses they own, and most of that is being re-invested and sheltered so they do not pay taxes on it.
When I was collecting apartment buildings, I never took an income from any of them. On my tax filing, my Schedule Es always showed they were flush. I reinvested every penny back into them to build their Net Worth. Instead of being paid a taxable income.
Say you own a cleaning service: a building, 8 vans loaded with equipment and 10 employees. If your building Net Worth then you likely only draw as much as you need for your family, and you keep the rest of the profits in the business so your not paying taxes on it. You might Gross $10Million a year, but your W-2 might only show $80k or $100k. Your W-2 will likely not show your true income.
That is why businesses often run multiple sets of books.
Most rich people get rich(er) from capital gains - money making more money. Rich people get to the point they are at by saving and it's in their inherent nature. Read "The Millionaire Next Door". Frugal people are the ones who save up their money, then do something with it to become rich.
Like others have said, most people are wage workers. They work at a company long enough to save up to buy their house, then save some more and get a loan to start a business. That's why you have more old people that are rich than younger people. You have to be extremely gifted or talented to become rich at a very young age. The majority of us save our butts off to try and get there.
My wife and I did ok until we started getting into real estate, then into food franchises, then into lending, then into . . . you get the point. We're not rich by any means, but we are doing much better than when we were wage earners.
Many years ago, I worked for a major US corporation. The small-potatoes people I met were the ones who had the Gucci-like stuff and the Corvettes. One such bozo mortgaged his house to buy a Mercedes. On the other hand successful executives wore top-quality but threadbare Brooks Brothers suits, and drove old, full-sized Cadillacs with lots of miles on them and weather-worn Connecticut Turnpike passes wired to the front.
After that chapter of my life, I met a lot of really rich people -- mostly, they drove Chevrolets and wore Timex watches. They had inherited their furniture and often their homes. They also had enough cash just in the checking account to sent a kid through an Ivy League school and then medical school or law school without batting an eye. Manners and traditions set these old-money people apart from the successful corporate warriors. Did they try to look poor? Certainly not. But neither did they try to look rich in order to impress the Gucci people, because the Gucci crowd never even showed on their radar, so to speak. The old-money rich seemed to think forward and backward for generations, whereas the Gucci crowd couldn't seem to think beyond the next trip to the shopping mall.
No. The truly rich generally don't give rats ass for the flash. They are rich because they are wise with their money. I doubt you will understand it for a while, if ever. If you think flashy "stuff" makes a person rich, then you probably are not mature enough to know the difference.
Richest person I know, and he was filthy rich, owned thousands of acres of land both in the US and around the World. If he saw a good investment he took advantage of it, and 99% of the time added to his wealth. Driving through a small tourist town once he saw a motel for sale, looked around town and liked what he saw; so stopped in the reality office and plunked down cash for the property. He stayed there for years with his family and that is how I got to know him. He drove around a 20 year old Blazer, dressed in Levi's and t-shirts, and puttered around in his 4 bay garage. Walking by him on the street you would have guessed he worked downtown at an insurance agency or office supply store... you would NEVER have guessed what he was worth monetarily. First time I met him I stopped by the motel to do some work and went looking for the new owner, the only person I saw was a mason leveling fresh cement for a sidewalk extension... Yep, you guessed it, the new owner. He loved doing cement work and found it relaxing. He passed on a couple years ago, and left his wife with an ungodly amount of money, even she wasn't fully aware of just how much money they really had.
Every person I know that is worth millions, or tens of millions all drive vehicles that are 5+ years old and domestic, most are 10+ years old. None dress fancy, most are off the shelf cloths you can find at any Wal-Mart/K-Mart type store. 1/2 of them I know get their clothes from the Goodwill store... reason? They have all told me the same thing -- "Why pay retail price for something I can get that looks like new and costs $2 or under?"
When I was first out of college I worked in wealth management in NYC. Our department's richest client (net worth in the 100s of millions) wore Levis and a cowboy hat to our meetings on 5th Avenue. He did have expensive cowboy boots though
Best Dave Ramsey call I ever heard went something like this:
Caller (with thick country accent) : "Dave, my wife wants to buy herself a lake house!"
Dave: "Well, how much is this lake house?"
Caller: "$700,000! Its ridiculous."
Dave: "Well that's an awfully expensive lake house. How much money do you have available?"
Caller:"Available? Hmmm...I guess I got about 8 in the bank."
Dave: "$8000?"
Caller: "Eight million."
Dave: "Buy your wife a lake house."
Wealth is not determined by the way you speak or what you own, its determined by what you have in the bank.
i think it goes like this.
-they have nice teeth. poor's can't afford dentist.
- they drive a Mercedes-Benz.
- they have nice clothes such as Gucci and Ralph Lauren etc.
Anything else im missing?
What an embarrassing and comical descriptive of what you believe to be common indicators of wealth.
You are however correct concerning dental health and overall oral hygiene.
Most of the wealthy are very concealed concerning displays of money and status.
"Old " money is the least flashy and the most powerful in it's ability to have taken care of multiple generations of the wealth holders family.
Case in point; I grew up in an upper middle class existence which in my family represented the poor side.
The wealthy side of my family lived in a very nice neighborhood that was upper crust but extremely conservative.
Most in this neighborhood reflect a mindset of extreme conservative fiscal responsibility.
Most drove domestic automobiles including my aunt and uncle that drove a Buick.
My aunt and uncle would wear very conservative clothing mostly purchased from Talbots, Brooks Brothers and LL Bean.
About the only flashy thing my uncle had was an expensive split bamboo fly rod and a Rolex Submariner wristwatch.
At the time of my aunt and uncles death they held a net worth in excess of 18 million dollars.
For the most part the inverse is true concerning expensive and flashy material possessions concerning the truly wealthy.
Most of thee items from expensive automobiles to high dollar designer clothing is considered a waist of money and not a generator of such.
You would be better off applying your list to a thread concerning those that live beyond their means in an attempt to own items that represent money waisted, not money earned.
Ring (s) only a poor slob never buys hie wife a more expensive rings or she buys them herself after the money has been made.
The wife's hands are always a give a way to a wealthy person slumming.
Whatever the other posts say...
Quote:
Originally Posted by snowdenscold
Hmmm, false. See: well... most other posts in this thread.
I bought my wife a ring well under what I could afford, and if I had paid any more for it, she probably would have been upset!
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