When is it okay for rich people to spend money?

[Anonymous]

Anonymous wrote:I thought a Subaru meant you could be rich but maybe being gay is more important to you?

lol jk and I’m straight and drive one. But honestly I kind of aspire to be gay and drive one.

I always thought Subarus were for back to nature people who wear Birkenstocks.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I would push back against the idea that everyone is jealous. I’m very happy for OP. Go out and get a beautiful Tom Ford bag. I don’t care. Just don’t get 15 new bags every year. That’s what’s killing our planet.

+1. In the words of Don Draper, “I don’t think about you at all.” And because I couldn’t care less about luxury items, I wouldn’t know to be impressed anyway.

Not the point. It's the people who do care for whatever reason and criticize who are the problem. Not the ones who don't care, don't notice.

We can not care/not notice until the person starts bragging like a Kardashian. We can still think its vulgar.

[Anonymous]

Anonymous wrote:

Anonymous wrote:I thought a Subaru meant you could be rich but maybe being gay is more important to you?

lol jk and I’m straight and drive one. But honestly I kind of aspire to be gay and drive one.

I always thought Subarus were for back to nature people who wear Birkenstocks.

Yes and gay people.

People with money, vegans, etc.

[Anonymous]

A few years ago I stopped worrying about what other people thought of me or my families money and just spend how I want now. If I want to share it on social media I do. It's not that serious and I don't need to jump through hoops to get anyone's approval. No matter what you do, short of giving all your money away to the poor, it will never be enough.

Anonymous wrote:Spend it on getting:

-a read on the room
-manners
-empathy
-lessons in ethical behavior
-hire a tutor on the economic theories of poverty that include reasons outside of the individual
-hire a new accountant who will stop the carried interest deduction you earn an start paying standard income tax on your income; start paying your taxes and stop paying for everything with your trust.

I could go on, but you’re not paying me.

[Anonymous]

I’ll get right down to it. I think that being ultra rich just IS distasteful. I’d rather live in a country that didn’t pay some people so much and others so little. Many countries in Europe are better for this. A lawyer’s salary doesn’t need to be 20 times a teacher’s salary. They don’t help society more than 20 teachers. A CEO doesn’t need to make 300 times what an average employee at their company makes. It’s just wrong. And when I see your “self-made” house and cars and vacations, I’m reminded of how wrong it is.

[Anonymous]

1. Buy expensive real estate
2. Spend on your children’s education. Good private schools + funding graduate studies.
3. World travel

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I thought a Subaru meant you could be rich but maybe being gay is more important to you?

lol jk and I’m straight and drive one. But honestly I kind of aspire to be gay and drive one.

I always thought Subarus were for back to nature people who wear Birkenstocks.

Yes and gay people.

People with money, vegans, etc.

Lol this stereotype is true in my experience. Like 50%+ of my gay friends own a Subaru.

[Anonymous]

Anonymous wrote:Gotta love the perspectives that somehow DC is a “showy” city, especially compared to NYC.

DC is probably the least showy (and the fewest as % of population Uber wealthy) major U.S. city. Maybe we surpass Philly and Boston. But Chicago, Houston, Dallas, Miami, LA, NYC, San Francisco? DC doesnt compare in UHNW or in conspicuous consumption. Anyone who says DC is somehow the conspicuous consumption capital of US doesn’t get out much and certainly doesn’t exclusively hangout with top 1% NYC residents, as one PP suggested

If your DC friends are flashy, get new friends.

There are a lot of UHNW individuals in the DC metro area, but they tend to keep a low profile. I worked on a lot of their tax returns and they tend to have relatively moderate houses relative to their wealth. Most of my clients with $20-$100 million in assets live in homes that cost $1M-$3M. Many have annual incomes that exceed what their house is worth. Wealthy people in DC often work for companies (or own businesses) that derive a substantial portion of revenue from government contracting. It is generally considered in poor taste to flaunt wealth in these industries.

[Anonymous]

I have rich friends and family and I truly do not care what they do with their money.

The main way their money can be disruptive to our relationship is attitude. Sometimes, as people go up in wealth, they adopt attitudes that make it impossible to maintain mutually respectful relationships with people who have less money. For instance, if you are wealthy and adopt the attitude that people who send their kids to public schools are irresponsible parents, it will become difficult for us to discuss our kids or education. Or if you determine that travel is the most important life experience and that people who travel asuch or as extensively as you do are less interesting or worthwhile, that will make it hard for us to be friends.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Spend it on getting:

-a read on the room
-manners
-empathy
-lessons in ethical behavior
-hire a tutor on the economic theories of poverty that include reasons outside of the individual
-hire a new accountant who will stop the carried interest deduction you earn an start paying standard income tax on your income; start paying your taxes and stop paying for everything with your trust.

I could go on, but you’re not paying me.

DP
I think you should do #1 on your own list.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Spend it on getting:

-a read on the room
-manners
-empathy
-lessons in ethical behavior
-hire a tutor on the economic theories of poverty that include reasons outside of the individual
-hire a new accountant who will stop the carried interest deduction you earn an start paying standard income tax on your income; start paying your taxes and stop paying for everything with your trust.

I could go on, but you’re not paying me.

DP
I think you should do #1 on your own list.

No one is going to voluntarily pay extra taxes that are not legally required. This is an insane suggestion that basically no one follows.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I thought a Subaru meant you could be rich but maybe being gay is more important to you?

lol jk and I’m straight and drive one. But honestly I kind of aspire to be gay and drive one.

I always thought Subarus were for back to nature people who wear Birkenstocks.

Yes and gay people.

People with money, vegans, etc.

Lol this stereotype is true in my experience. Like 50%+ of my gay friends own a Subaru.

I’m places like VT and CO, these cars are like Hondas here. You see them all over.

[Anonymous]

Anonymous wrote:I’ll get right down to it. I think that being ultra rich just IS distasteful. I’d rather live in a country that didn’t pay some people so much and others so little. Many countries in Europe are better for this. A lawyer’s salary doesn’t need to be 20 times a teacher’s salary. They don’t help society more than 20 teachers. A CEO doesn’t need to make 300 times what an average employee at their company makes. It’s just wrong. And when I see your “self-made” house and cars and vacations, I’m reminded of how wrong it is.

^^This!!!

[Anonymous]

Based what we see in our friend group of 30s tech type people --

Acceptable --
+ Nice home in a prime walkable neighborhood that could pass as "normal" but is actually crazy expensive. For example: A 3000 sqft. home in Palo Alto that costs $7M. Recently renovated and tastefully decorated. Same for second/vacation home.
+ Private Schools despite being in a good school district
+ 3+ kids including surrogacy if needed
+ Farmers market produce and meat/seafood subscriptions from local specialty vendors. Whole Foods is seen as basic/low quality.
+ Frequent and spontaneous travel that you share only if asked
+ Expensive skills-based hobbies like flying, skiing
+ Take turns planning nice weekend retreat trips for milestones that you treat everyone attending to
+ Lots of household help (multiple nannies, private chef)
+ Significant angel investing and political contributions
+ Stealth-wealth clothes and grooming (e.g. laser skincare and botox)
+ Fly private to take the dog to your second home

Not Into --
+ Flashy cars or ostentatious mcmansion/spec homes
+ Flashy designer labels
+ Overt cosmetic procedures
+ Country clubs

[Anonymous]

Basically expensive things you are doing to genuinely enjoy your life are find. Things you do purely to impress others (which may or may not include throwing an expensive over the top party) are more frowned upon.