Secrets of rich people

[Anonymous]

Think of your family -- your children and grandchildren, and the sacrifices your parents and grandparents made to get you where you are. What some would call "privilege" (such a silly term) is most often the result of previous generations of a family thinking about future generations of the family. I spend over $70k per year on private schools for my two children, max out my investments, but drive an old Toyota. I'd prefer to leave more for my children and grandchildren (and to teach them to do the same, as my father taught me) than to impress you with a Jaguar or Rolex.

[Anonymous]

Anonymous wrote:Think of your family -- your children and grandchildren, and the sacrifices your parents and grandparents made to get you where you are. What some would call "privilege" (such a silly term) is most often the result of previous generations of a family thinking about future generations of the family. I spend over $70k per year on private schools for my two children, max out my investments, but drive an old Toyota. I'd prefer to leave more for my children and grandchildren (and to teach them to do the same, as my father taught me) than to impress you with a Jaguar or Rolex.

But maybe it’s not to impress you? Maybe some people just really like fill in the blank and appreciate the quality!?! A lot of these posts come across if you like nice things and quality you’re not doing it right.

[Anonymous]

Anonymous wrote:
That's probably the local culture and is not representative of all rich or wealthy people, or even a majority thereof. You do what you want and what makes you happy, while at the same time don't ridicule others who choose to behave differently with their money. It just as inane for you to find it in poor taste for others to spend their money as others may shun your thrifty lifestyle. There is no right or wrong answer in this, as it falls down to subjective preference. As long as the spending is within their means, there is no negative lesson to be learned from rich people spending their money in ways that pleases them.

You people are so out of touch. L.L. Bean *is* a luxury brand for most of the US. We ordered from them once every few years to splurge on a good winter coat (mostly b/c it basically came with "insurance" with the lifetime guarantee and we were hard on our clothes)
I was going to post this. I grew up UMC-wealthy, and LL Bean and especially JCrew were not our normal wear. It was a splurge as a high schooler to get a couple of JCrew pieces...and my mom probably spent more on our clothes than most of my friends' parents did. We mostly wore clothes like Gap, with maybe a JCrew winter coat. If NE boarding school kids were wearing mostly JCrew, then they were spending way more than I was living in a 7 figure HHI home.

[Anonymous]

Anonymous wrote:Think of your family -- your children and grandchildren, and the sacrifices your parents and grandparents made to get you where you are. What some would call "privilege" (such a silly term) is most often the result of previous generations of a family thinking about future generations of the family. I spend over $70k per year on private schools for my two children, max out my investments, but drive an old Toyota. I'd prefer to leave more for my children and grandchildren (and to teach them to do the same, as my father taught me) than to impress you with a Jaguar or Rolex.

Well let me see. My parents did make a good life for me but there was/is no wealth to pass on because their parents who worked hard and did their best did not inherit any wealth because their parents were sharecroppers who didn't inherit any wealth because their parents were slaves and their parents were slaves and their parents were slaves....

[Anonymous]

Anonymous wrote:

Anonymous wrote:Think of your family -- your children and grandchildren, and the sacrifices your parents and grandparents made to get you where you are. What some would call "privilege" (such a silly term) is most often the result of previous generations of a family thinking about future generations of the family. I spend over $70k per year on private schools for my two children, max out my investments, but drive an old Toyota. I'd prefer to leave more for my children and grandchildren (and to teach them to do the same, as my father taught me) than to impress you with a Jaguar or Rolex.

Well let me see. My parents did make a good life for me but there was/is no wealth to pass on because their parents who worked hard and did their best did not inherit any wealth because their parents were sharecroppers who didn't inherit any wealth because their parents were slaves and their parents were slaves and their parents were slaves....

The whole narrative of this thread is innately classist/racist. Thank you for pointing this out.

In that vein, my great-grandparents were immigrant factory workers, my grandparents made nice middle-class lives (teachers, secretaries), and my parents and their siblings were the first generation to earn advanced degrees. Enough to make a nice income, but no inherited wealth. It does make a difference.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Think of your family -- your children and grandchildren, and the sacrifices your parents and grandparents made to get you where you are. What some would call "privilege" (such a silly term) is most often the result of previous generations of a family thinking about future generations of the family. I spend over $70k per year on private schools for my two children, max out my investments, but drive an old Toyota. I'd prefer to leave more for my children and grandchildren (and to teach them to do the same, as my father taught me) than to impress you with a Jaguar or Rolex.

Well let me see. My parents did make a good life for me but there was/is no wealth to pass on because their parents who worked hard and did their best did not inherit any wealth because their parents were sharecroppers who didn't inherit any wealth because their parents were slaves and their parents were slaves and their parents were slaves....

+1000. My father was first generation college graduate. He worked for absolutely everything he had by joining the army and going to school to become a doctor. Otherwise, he would’ve been a poor Kentucky resident like the rest of the family. Dh and I are both second generation college graduates and are providing a good life for our kid but neither one of us have years of trust funds toting alongside us!

[Anonymous]

Anonymous wrote:

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.

Your experience is just another reason for people with chronic illness to save for the future, and not spend too much in the Here and Now.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Think of your family -- your children and grandchildren, and the sacrifices your parents and grandparents made to get you where you are. What some would call "privilege" (such a silly term) is most often the result of previous generations of a family thinking about future generations of the family. I spend over $70k per year on private schools for my two children, max out my investments, but drive an old Toyota. I'd prefer to leave more for my children and grandchildren (and to teach them to do the same, as my father taught me) than to impress you with a Jaguar or Rolex.

Well let me see. My parents did make a good life for me but there was/is no wealth to pass on because their parents who worked hard and did their best did not inherit any wealth because their parents were sharecroppers who didn't inherit any wealth because their parents were slaves and their parents were slaves and their parents were slaves....

The whole narrative of this thread is innately classist/racist. Thank you for pointing this out.

In that vein, my great-grandparents were immigrant factory workers, my grandparents made nice middle-class lives (teachers, secretaries), and my parents and their siblings were the first generation to earn advanced degrees. Enough to make a nice income, but no inherited wealth. It does make a difference.

Try looking at it another way. A good question is what differentiates people who have equal privilege and maintain or enhance it versus those who do not ( weather because they squandered things or are not directed). It is not a statement that those with financial or educational or social wherewithal somehow deserve it more than others, but rather a question of how, as compared to others in the same boat, one can live in a way that enhances their family’s ability to prosper. Put another way, given a wealthy person situation in life, what steps do they take to maintain or enhance it as opposed to being a shirtsleeves to shirtsleeves family in three generations.

[Anonymous]

I bought bitcoins when it was around $3. I now have about 3,000 bitcoins, does that make me rich?

[Anonymous]

Anonymous wrote:Think of your family -- your children and grandchildren, and the sacrifices your parents and grandparents made to get you where you are. What some would call "privilege" (such a silly term) is most often the result of previous generations of a family thinking about future generations of the family. I spend over $70k per year on private schools for my two children, max out my investments, but drive an old Toyota. I'd prefer to leave more for my children and grandchildren (and to teach them to do the same, as my father taught me) than to impress you with a Jaguar or Rolex.

You are wasting your money on private schools, others prefer to waste it on nice cars. At the end, you are still spending money.
There are no evidences that children who go to private schools finish better that children who don't.
Rich kids who went to private schools would have been rich anyway through inheritance.
Private school is mostly a luxury. It is a way for rich folks to avoid mingling with poor people.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Think of your family -- your children and grandchildren, and the sacrifices your parents and grandparents made to get you where you are. What some would call "privilege" (such a silly term) is most often the result of previous generations of a family thinking about future generations of the family. I spend over $70k per year on private schools for my two children, max out my investments, but drive an old Toyota. I'd prefer to leave more for my children and grandchildren (and to teach them to do the same, as my father taught me) than to impress you with a Jaguar or Rolex.

Well let me see. My parents did make a good life for me but there was/is no wealth to pass on because their parents who worked hard and did their best did not inherit any wealth because their parents were sharecroppers who didn't inherit any wealth because their parents were slaves and their parents were slaves and their parents were slaves....

So your great-great grandparents were slaves?

[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!

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.

Ha ha. Shopping at thrift stores does not mean you’re living like a pauper.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Think of your family -- your children and grandchildren, and the sacrifices your parents and grandparents made to get you where you are. What some would call "privilege" (such a silly term) is most often the result of previous generations of a family thinking about future generations of the family. I spend over $70k per year on private schools for my two children, max out my investments, but drive an old Toyota. I'd prefer to leave more for my children and grandchildren (and to teach them to do the same, as my father taught me) than to impress you with a Jaguar or Rolex.

You are wasting your money on private schools, others prefer to waste it on nice cars. At the end, you are still spending money.
There are no evidences that children who go to private schools finish better that children who don't.
Rich kids who went to private schools would have been rich anyway through inheritance.
Private school is mostly a luxury. It is a way for rich folks to avoid mingling with poor people.

This. Also by driving an old car you’re putting your child’s safety at risk.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Think of your family -- your children and grandchildren, and the sacrifices your parents and grandparents made to get you where you are. What some would call "privilege" (such a silly term) is most often the result of previous generations of a family thinking about future generations of the family. I spend over $70k per year on private schools for my two children, max out my investments, but drive an old Toyota. I'd prefer to leave more for my children and grandchildren (and to teach them to do the same, as my father taught me) than to impress you with a Jaguar or Rolex.

You are wasting your money on private schools, others prefer to waste it on nice cars. At the end, you are still spending money.
There are no evidences that children who go to private schools finish better that children who don't.
Rich kids who went to private schools would have been rich anyway through inheritance.
Private school is mostly a luxury. It is a way for rich folks to avoid mingling with poor people.

PP doesn't even hear herself. P"rivilege, such a silly word. My children earned their 70k a year tuition and inheritance ..they were born into my family. Mwuuhahahha."
.

[Anonymous]

The rich people I met spent freely on themselves yet tried to cut each and every expense that was not directly related to them or their family. Like, trying to underpay their help, abusing return policy, not picking up the tab whenever they could. Granted, i don't know many rich people so that may not be representative of them.