Secrets of rich people

[Anonymous]

Anonymous wrote:

Anonymous wrote:NP here: yes, I so know someone like this. Lived lavishly and then an ms diagnosis changed everything.

If I received an MS diagnosis I’d be even more upset I spent my best years living like a poor person!

Same. There is space between living like a pauper and spending every dime you have. You can live well and save, too. I certainly do.

[Anonymous]

Anonymous wrote:

Anonymous wrote:NP here: yes, I so know someone like this. Lived lavishly and then an ms diagnosis changed everything.

If I received an MS diagnosis I’d be even more upset I spent my best years living like a poor person!

My husband has MS. It is not a death sentence. There is no reason to expect his lifespan will be cut short. But he will need significant health care and assistance with daily living tasks as he gets older.

Therefore, we are very financially conservative.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:If you have two incomes, pretend you only have one and invest the other. Do this forever, and you'll be rich.

This is what we've done. We weren't handed anything. It's not a secret. We don't appear rich, although we are.

That only works if you could live on one of the two incomes. In a high cost of living area like DC, many people cannot. In fact, I would venture a guess that most people cannot.

If you have two professional incomes, you can live on one of them. If DC is too expensive for you, don't live in DC; it's not a requirement. If you have the kind of job that is only available in DC, then you can live on that income alone.

Teachers and social workers are professionals without professional incomes.

People live in DC for lots of reasons.

+1

If you think that everyone living in this area should have high professional incomes, then how do you expect there to be teachers for your children, social workers in your hospitals, firefighters to fight your house fires, etc.?

Who will clean your houses? Who will paint your houses, do construction, the list goes on.

PP’s are completely clueless.

[Anonymous]

Anonymous wrote:

Anonymous wrote:If I'm going off the behavior I see in my ILs:

Always let the other person pay for dinner.

Always buy for quality. Spend more now to make it last longer.

Seriously. I can remember maybe a handful of times of when the ILs have picked up the check. They offer, sure, but when the other party does the customary, "no, let me" they don't play the game of back and forth, they simply let them.

All of my MILs furniture is decades old, but looks fab because she spent $$$ on it. And they are classic pieces that age well and don't look dated. I have friends who pay designers to flip their living rooms every few years to refresh them, spending $5k-$10k on mostly IKEA and Urban Essentials type places.

Is it wrong to hope when I am old, my kid will offer to pick up the check? For all of those years of unconditional love, camps, classes, college and grad school, please buy your Mom an app and dinner!

Exactly!

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:NP here: yes, I so know someone like this. Lived lavishly and then an ms diagnosis changed everything.

If I received an MS diagnosis I’d be even more upset I spent my best years living like a poor person!

My husband has MS. It is not a death sentence. There is no reason to expect his lifespan will be cut short. But he will need significant health care and assistance with daily living tasks as he gets older.

Therefore, we are very financially conservative.

My boyfriend’s mother has it, my grandfather has it, and I worked in a nursing home when I was younger. I’ve seen the exact opposite experiences that have been bed ridden and painful. I’m sorry your husband has it but your experience does not speak for the massses.

[Anonymous]

Be born rich and have great luck (good-looking, intelligent, likeable). Easy!

[Anonymous]

A couple more that I haven't seen mentioned:

Stable family structures: We've accumulated wealth over a couple of generations by having everyone stay married. Luckily, there haven't been any second marriages after a partner dies -- so money/business ownership has been passed down fairly seamlessly.

Unfortunately, perhaps, the single earner and SAH partner has worked really well both for us and others in our family. For instance, DH's dad was CEO of a large company and DH's mom stayed a home. She is extraordinarily smart and managed everything expertly at home including all of their finances. (But, of course, that also means she didn't get to build her own career.)

On a more micro level, we were taught about good money management as kids and will do the same for our kids. Insurance, stocks, how to buy a house, what kind of income (roughly) it takes to sustain our lifestyle. We're pretty transparent with all of those things.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I've been reading The Millionaire Next Door. It's dated, but the principles and information still applies to modern times. You can Google the book if you want a synopsis of the main points.

This x1000. Go read the posts about people spending $20 or more a day on lunches and do the opposite. I still shop at thrift stores, use online coupon codes, and go to lower prices grocery stores and eat out maybe 1 time a month. We are wealthy but you would never, ever guess it.

Why on earth would you live this way of you are wealthy? Just to have more money in your bank account when you are alive and money to give your kids when you die? No thanks!

This is the way many, if not most wealthy people live. That's partly how we get to be wealthy. The habits of a lifetime are hard to break regardless of your bank balance.

This is pure nonsense. Last time I checked, I didn't see Bill Gates or Warren Buffet shopping at thrift stores.
Last time I checked, the people living in very expensive homes in McLean or Potomac were very wealthy.
Stop saying that wealthy people don't spend money on expensive things.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I've been reading The Millionaire Next Door. It's dated, but the principles and information still applies to modern times. You can Google the book if you want a synopsis of the main points.

This x1000. Go read the posts about people spending $20 or more a day on lunches and do the opposite. I still shop at thrift stores, use online coupon codes, and go to lower prices grocery stores and eat out maybe 1 time a month. We are wealthy but you would never, ever guess it.

Why on earth would you live this way of you are wealthy? Just to have more money in your bank account when you are alive and money to give your kids when you die? No thanks!

This is the way many, if not most wealthy people live. That's partly how we get to be wealthy. The habits of a lifetime are hard to break regardless of your bank balance.

This is pure nonsense. Last time I checked, I didn't see Bill Gates or Warren Buffet shopping at thrift stores.
Last time I checked, the people living in very expensive homes in McLean or Potomac were very wealthy.
Stop saying that wealthy people don't spend money on expensive things.

Right. What the PP describes is a particular kind of "rich" lifestyle for some New England people who like to live in old drafty houses and keep the heat down low, and wear sweaters with holes in them because there's some feeling that they are morally superior or some such for depriving themselves. Go to other parts of the country and you see something else altogether. Rich people spend money. Look at all that gold shit Trump has/had. Melania's designer wardrobe. They aren't digging through bins at thrift stores.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I've been reading The Millionaire Next Door. It's dated, but the principles and information still applies to modern times. You can Google the book if you want a synopsis of the main points.

This x1000. Go read the posts about people spending $20 or more a day on lunches and do the opposite. I still shop at thrift stores, use online coupon codes, and go to lower prices grocery stores and eat out maybe 1 time a month. We are wealthy but you would never, ever guess it.

Why on earth would you live this way of you are wealthy? Just to have more money in your bank account when you are alive and money to give your kids when you die? No thanks!

This is the way many, if not most wealthy people live. That's partly how we get to be wealthy. The habits of a lifetime are hard to break regardless of your bank balance.

This is pure nonsense. Last time I checked, I didn't see Bill Gates or Warren Buffet shopping at thrift stores.
Last time I checked, the people living in very expensive homes in McLean or Potomac were very wealthy.
Stop saying that wealthy people don't spend money on expensive things.

Right. What the PP describes is a particular kind of "rich" lifestyle for some New England people who like to live in old drafty houses and keep the heat down low, and wear sweaters with holes in them because there's some feeling that they are morally superior or some such for depriving themselves. Go to other parts of the country and you see something else altogether. Rich people spend money. Look at all that gold shit Trump has/had. Melania's designer wardrobe. They aren't digging through bins at thrift stores.

People with family money who do not the skills or ability to make more live like poor people and shop at thrift stores and drive 20 year old Volvos. Because the $ is going to run out. Those who can make their own $ do not have to live that way.

[Anonymous]

Anonymous wrote:Be born rich and have great luck (good-looking, intelligent, likeable). Easy!

-1 on the last part. Be humble and stay in your lane, like my richest friends do. They can't all be wrong. Cocky and smug gets you nowhere fast.

[Anonymous]

Has nobody mentioned offshore funds, blind trusts, tax evasion?

Are there rich people who pay their nannies, house keepers below average salaries? Buy clothes from stores, wear them, take them back

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I've been reading The Millionaire Next Door. It's dated, but the principles and information still applies to modern times. You can Google the book if you want a synopsis of the main points.

This x1000. Go read the posts about people spending $20 or more a day on lunches and do the opposite. I still shop at thrift stores, use online coupon codes, and go to lower prices grocery stores and eat out maybe 1 time a month. We are wealthy but you would never, ever guess it.

Why on earth would you live this way of you are wealthy? Just to have more money in your bank account when you are alive and money to give your kids when you die? No thanks!

This is the way many, if not most wealthy people live. That's partly how we get to be wealthy. The habits of a lifetime are hard to break regardless of your bank balance.

This is pure nonsense. Last time I checked, I didn't see Bill Gates or Warren Buffet shopping at thrift stores.
Last time I checked, the people living in very expensive homes in McLean or Potomac were very wealthy.
Stop saying that wealthy people don't spend money on expensive things.

Right. What the PP describes is a particular kind of "rich" lifestyle for some New England people who like to live in old drafty houses and keep the heat down low, and wear sweaters with holes in them because there's some feeling that they are morally superior or some such for depriving themselves. Go to other parts of the country and you see something else altogether. Rich people spend money. Look at all that gold shit Trump has/had. Melania's designer wardrobe. They aren't digging through bins at thrift stores.

People with family money who do not the skills or ability to make more live like poor people and shop at thrift stores and drive 20 year old Volvos. Because the $ is going to run out. Those who can make their own $ do not have to live that way.

+1

I have to agree with this. Other PP, curious why you mention NE? Have you seen the enormous, old, beautiful houses there? Those types of houses didn't exist in most other areas of the country at that time; if they did, they certainly are not standing strong to this day, like they are there. And please, leave bankrupt Twitler out of this - that is not class.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I've been reading The Millionaire Next Door. It's dated, but the principles and information still applies to modern times. You can Google the book if you want a synopsis of the main points.

This x1000. Go read the posts about people spending $20 or more a day on lunches and do the opposite. I still shop at thrift stores, use online coupon codes, and go to lower prices grocery stores and eat out maybe 1 time a month. We are wealthy but you would never, ever guess it.

Why on earth would you live this way of you are wealthy? Just to have more money in your bank account when you are alive and money to give your kids when you die? No thanks!

This is the way many, if not most wealthy people live. That's partly how we get to be wealthy. The habits of a lifetime are hard to break regardless of your bank balance.

This is pure nonsense. Last time I checked, I didn't see Bill Gates or Warren Buffet shopping at thrift stores.
Last time I checked, the people living in very expensive homes in McLean or Potomac were very wealthy.
Stop saying that wealthy people don't spend money on expensive things.

Right. What the PP describes is a particular kind of "rich" lifestyle for some New England people who like to live in old drafty houses and keep the heat down low, and wear sweaters with holes in them because there's some feeling that they are morally superior or some such for depriving themselves. Go to other parts of the country and you see something else altogether. Rich people spend money. Look at all that gold shit Trump has/had. Melania's designer wardrobe. They aren't digging through bins at thrift stores.

People with family money who do not the skills or ability to make more live like poor people and shop at thrift stores and drive 20 year old Volvos. Because the $ is going to run out. Those who can make their own $ do not have to live that way.

+1

I have to agree with this. Other PP, curious why you mention NE? Have you seen the enormous, old, beautiful houses there? Those types of houses didn't exist in most other areas of the country at that time; if they did, they certainly are not standing strong to this day, like they are there. And please, leave bankrupt Twitler out of this - that is not class.

Nobody said Trump was classy, this thread is about rich people, classy people come in all income levels. He and his ilk are not shopping at thrift stores and driving 20-year Honda Civics as previous PPs insist all rich people are doing to hold on to their wealth.

[Anonymous]

I think the poster who mentioned Mclean is onto something. Also out in Loudoun County there are a lot of wealthy business owners living in 3-5M homes with equally nice cars out front and horse stables out back. That is not keeping it low-key.