If you grew up lower class and became rich

[Anonymous]

What surprised you most about being rich? Or what surprised you most about the lives of rich people?

[Anonymous]

Largely the bubble that people can live in. Perhaps it is because I grew up lower income, but in a high education household, I was surrounded by family friends of a fairly broad income spectrum. I've noticed now that my colleagues tend not to know what the average income is for their community (much lower than they think) or what typical salaries look like.

[Anonymous]

Anonymous wrote:Largely the bubble that people can live in. Perhaps it is because I grew up lower income, but in a high education household, I was surrounded by family friends of a fairly broad income spectrum. I've noticed now that my colleagues tend not to know what the average income is for their community (much lower than they think) or what typical salaries look like.

Same here. I am surprised about how people gravitate to other wealthy folks not because they truly like them but because they have the means to share in expensive hobbies....

[Anonymous]

Not giving a thought to how much anything costs. Not getting multiple quotes For things or looking at receipts. Not asking what something costs ahead of time.

[Anonymous]

I grew up in bottom 1% (food stamps, free hot lunches, absent father) and moved up to probably top 5% (est. 350k/yr.).
When I was coming up, I actually believed that poor people were poor because they didn't work hard, and that rich people busted their ass*s off to get rich. Hah, was I a fool.
1) The higher one moves up, the easier their job gets because of deference, prestige, etc.
2) 90+% of wealth in America is inherited, no one worked for it (except the dead people who actually built it).

[Anonymous]

I’m most surprised by not caring about wasteful spending. Years of counting every penny is a hard habit to break.

[Anonymous]

How uncomfortable I am with it.

[Anonymous]

Anonymous wrote:I grew up in bottom 1% (food stamps, free hot lunches, absent father) and moved up to probably top 5% (est. 350k/yr.).
When I was coming up, I actually believed that poor people were poor because they didn't work hard, and that rich people busted their ass*s off to get rich. Hah, was I a fool.
1) The higher one moves up, the easier their job gets because of deference, prestige, etc.
2) 90+% of wealth in America is inherited, no one worked for it (except the dead people who actually built it).

+1 this for me too. "It takes money to make money" -- didn't fully appreciate how true this is until I had money. Once you have some nest egg the amounts that regularly compound through no additional effort of your own is insane compared to how long and hard it was to save the same amount at the start of my career. Used to think about lifestyles based purely on salaries but compounding wealth is the invisible force.

[Anonymous]

Anonymous wrote:I grew up in bottom 1% (food stamps, free hot lunches, absent father) and moved up to probably top 5% (est. 350k/yr.).
When I was coming up, I actually believed that poor people were poor because they didn't work hard, and that rich people busted their ass*s off to get rich. Hah, was I a fool.
1) The higher one moves up, the easier their job gets because of deference, prestige, etc.
2) 90+% of wealth in America is inherited, no one worked for it (except the dead people who actually built it).

This just isn't true.

https://www.ramseysolutions.com/retirement/how-many-millionaires-actually-inherited-their-wealth

Just how deep does the myth that millionaires’ wealth simply fell into their laps go? We found out that 74% of millennials believe millionaires inherited their money and more than half (52%) of baby boomers think the same thing.1

But our study of millionaires blows that theory out of the water. Here are the facts:

Only 21% of millionaires received any inheritance at all.
Just 16% inherited more than $100,000.
And get this: Only 3% received an inheritance at or above $1 million!2
Think about that: Most folks believe millionaires simply inherited their wealth, but the vast majority of millionaires didn’t get any inheritance at all—and those who did certainly didn’t get enough to make them millionaires!

[Anonymous]

Anonymous wrote:I grew up in bottom 1% (food stamps, free hot lunches, absent father) and moved up to probably top 5% (est. 350k/yr.).
When I was coming up, I actually believed that poor people were poor because they didn't work hard, and that rich people busted their ass*s off to get rich. Hah, was I a fool.
1) The higher one moves up, the easier their job gets because of deference, prestige, etc.
2) 90+% of wealth in America is inherited, no one worked for it (except the dead people who actually built it).

#1 isn’t true either. We’ll, harder is subjective. But the top 10% work on average 46 hours per week as compared to those full time employed bottom 90% who work on average 42 hours per week. Amongst those millionaires who identify as self made they work on average 59 hours per week.

I’m not suggesting that it is a simple as just working more hours. But it is true that those at the top worked many more hours as a whole than those in the middle and bottom.

[Anonymous]

Anonymous wrote:Not giving a thought to how much anything costs. Not getting multiple quotes For things or looking at receipts. Not asking what something costs ahead of time.

+1

If something needs fixed, I just call my normal repair place (whatever it may be for the home) and just have them come out, they give a quote and I get it done that day or ASAP.

[Anonymous]

Anonymous wrote:I grew up in bottom 1% (food stamps, free hot lunches, absent father) and moved up to probably top 5% (est. 350k/yr.).
When I was coming up, I actually believed that poor people were poor because they didn't work hard, and that rich people busted their ass*s off to get rich. Hah, was I a fool.
1) The higher one moves up, the easier their job gets because of deference, prestige, etc.
2) 90+% of wealth in America is inherited, no one worked for it (except the dead people who actually built it).

Total baloney that 90% of wealth is inherited.

[Anonymous]

It surprises me that so many strivers think you need a HYPS education to get here.

That has not been my experience at all and I know a ton of self made people (multimillionaires). We come from everywhere.

[Anonymous]

Anonymous wrote:It surprises me that so many strivers think you need a HYPS education to get here.

That has not been my experience at all and I know a ton of self made people (multimillionaires). We come from everywhere.

I mean an Ivy degree is far more reliable way to boost to UMC than most other methods.

[Anonymous]

Anonymous wrote:

Anonymous wrote:I grew up in bottom 1% (food stamps, free hot lunches, absent father) and moved up to probably top 5% (est. 350k/yr.).
When I was coming up, I actually believed that poor people were poor because they didn't work hard, and that rich people busted their ass*s off to get rich. Hah, was I a fool.
1) The higher one moves up, the easier their job gets because of deference, prestige, etc.
2) 90+% of wealth in America is inherited, no one worked for it (except the dead people who actually built it).

This just isn't true.

https://www.ramseysolutions.com/retirement/how-many-millionaires-actually-inherited-their-wealth

Just how deep does the myth that millionaires’ wealth simply fell into their laps go? We found out that 74% of millennials believe millionaires inherited their money and more than half (52%) of baby boomers think the same thing.1

But our study of millionaires blows that theory out of the water. Here are the facts:

Only 21% of millionaires received any inheritance at all.
Just 16% inherited more than $100,000.
And get this: Only 3% received an inheritance at or above $1 million!2
Think about that: Most folks believe millionaires simply inherited their wealth, but the vast majority of millionaires didn’t get any inheritance at all—and those who did certainly didn’t get enough to make them millionaires!

+1

We are millionaires. We have 10+ friends who are as well (all worked for same 2 companies that were each sold). None of them grew up wealthy, all but one grew up MC or below. They all became millionaires thru hard work, taking the right risks (choosing to work for smaller company with lower pay and stick it out for 5+ years to get the reward)

So while most want to believe people get there by inheritance, it simply is not true. Also, our kids all work hard to excel in life. Sure many will get good inheritances, but many will still be top 5% on their own volition. They go to college and grad/professional schools. yes they have the perks of no loans even if attending law/medical school. But they are not sitting around waiting for their inheritance, they pursuing careers and life as if they won't get it.