Are you low key about your wealth?

[Anonymous]

What I do is I have a very expensive passion (horses) where a normal rich person is only one rung above dirt poor and that keeps me humble. Like I spent >$1000 on a horse show last weekend but I also got up everyday at 5am to shovel poop and do my own braiding to save money so what is even happening at that point, up is down and money is imaginary.

[Anonymous]

Anonymous wrote:

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Anonymous wrote:What is wealthy?

I guess for purposes of my question, I just mean, if you consider yourself wealthy, whatever that level of income/net worth is - are you open with others about it, do you keep it under wraps, do you do showy things (wear expensive clothing, live in a mansion, openly discuss the cost of things you do like travel, home projects, etc.)?

As for us, HHI a bit over $1M, NW about $4M, and I consider us wealthy but mostly low key. Never upgraded our house; still live in the same neighborhood as we did in our 20s when our HHI was 20% of what it is now. Send the kids to public. But...we have done some showy things too, like join an exclusive country club, take nice trips (and I do sometimes post photos), treat the kids' friends to expensive outings (like sporting events/concerts). So maybe we are flaunty, I don't know. The thought came up because a cousin complained to me about another one of our cousins who just planned a $40k trip to Italy. Cousin #1 thought cousin #2 was obnoxious for discussing the trip details. Cousin #1 is just as wealthy as cousin #2 so I'm thinking #2 didn't think anything of discussing price since he knew #1 could easily afford such a trip if he wanted.

I love the idea of being modest and quiet about wealth. But in practice, living large is also pretty fun. Just wondered how other people feel about it, or what they're willing to admit to. Would anyone actually confess that it's fun to appear wealthy, to be envied, to have more than most? I'd say it is part fun, but also part shameful. I'm now looking at cousin #2 like, crap, I don't want #1 or anyone else to think I'm obnoxious/braggy/flaunty.

To me this isn't wealthy.

What is wealthy to you?

It’s not wealthy. If your HHI is $1M, and your NW is $4M, didn’t upgrade house, kids in public, you are doing something wrong or need a better financial advisor. Your NW should be much higher or you are lying or a troll. You are losing money and don’t even knkw it. Go find it!

My thoughts too. Our HHI is $330 K and our net worth is over 6 million.

Depends when their NW went to $1M. Perhaps they have enough saved for $90K/year undergrad plus professional school for each kid (THat's $700K+ per kid you'd need). Perhaps they are helping 2 sets of elderly parents.

[Anonymous]

We try to stay low key (house, car, clothes).

It is our travel, which we prioritize over things, that give us away. 3-4 big trips a year.

We also have a beach house in DE but only our kids closest friends know since they have been down.

[Anonymous]

A Delaware beach house - snort.

[Anonymous]

Anonymous wrote:A Delaware beach house - snort.

Snob much? NP and I assume people who own vacation homes are plenty wealthy

[Anonymous]

Anonymous wrote:What I do is I have a very expensive passion (horses) where a normal rich person is only one rung above dirt poor and that keeps me humble. Like I spent >$1000 on a horse show last weekend but I also got up everyday at 5am to shovel poop and do my own braiding to save money so what is even happening at that point, up is down and money is imaginary.

What? No. These kinds of attitudes are gross.

[Anonymous]

Anonymous wrote:A Delaware beach house - snort.

Joe Biden has a Delaware be house. But you’re too good for it?

[Anonymous]

I don’t know if it’s me but in my head anyone that has to work a W2 job is not wealthy.

[Anonymous]

Anonymous wrote:I don’t know if it’s me but in my head anyone that has to work a W2 job is not wealthy.

It’s you.

[Anonymous]

Anonymous wrote:I don’t know if it’s me but in my head anyone that has to work a W2 job is not wealthy.

Same. Wealth is assets / savings to me that make money for you. If you work, it’s just the icing on the cake.

I’m surprised when I see people call themselves wealthy on here making $500K via W2 jobs with little savings. If your “wealth” is a W2 paycheck and you can’t afford to maintain your lifestyle if you quit, you aren’t wealthy.

[Anonymous]

Anonymous wrote:

Anonymous wrote:I don’t know if it’s me but in my head anyone that has to work a W2 job is not wealthy.

Same. Wealth is assets / savings to me that make money for you. If you work, it’s just the icing on the cake.

I’m surprised when I see people call themselves wealthy on here making $500K via W2 jobs with little savings. If your “wealth” is a W2 paycheck and you can’t afford to maintain your lifestyle if you quit, you aren’t wealthy.

There are people earning $500K+ via W2 jobs that don't "need to work". We did it for 4+ years after becoming UHNW (and having been HNW over $10M for 14+ years before that). Even now my spouse has "retired" and is still considering what else they might want to do. They don't need to "do anything".

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I don’t know if it’s me but in my head anyone that has to work a W2 job is not wealthy.

Same. Wealth is assets / savings to me that make money for you. If you work, it’s just the icing on the cake.

I’m surprised when I see people call themselves wealthy on here making $500K via W2 jobs with little savings. If your “wealth” is a W2 paycheck and you can’t afford to maintain your lifestyle if you quit, you aren’t wealthy.

There are people earning $500K+ via W2 jobs that don't "need to work". We did it for 4+ years after becoming UHNW (and having been HNW over $10M for 14+ years before that). Even now my spouse has "retired" and is still considering what else they might want to do. They don't need to "do anything".

That’s exactly what I said “if you work, it’s just icing on the cake”… learn to read

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I don’t know if it’s me but in my head anyone that has to work a W2 job is not wealthy.

Same. Wealth is assets / savings to me that make money for you. If you work, it’s just the icing on the cake.

I’m surprised when I see people call themselves wealthy on here making $500K via W2 jobs with little savings. If your “wealth” is a W2 paycheck and you can’t afford to maintain your lifestyle if you quit, you aren’t wealthy.

There are people earning $500K+ via W2 jobs that don't "need to work". We did it for 4+ years after becoming UHNW (and having been HNW over $10M for 14+ years before that). Even now my spouse has "retired" and is still considering what else they might want to do. They don't need to "do anything".

That’s exactly what I said “if you work, it’s just icing on the cake”… learn to read

Try being a nice person. It costs you nothing and your friends and family might enjoy being around you more

[Anonymous]

Anonymous wrote:I didn't know my parents were wealthy until they cover my entire 4 years of tuition, room and board at Pomona College as an international student from Ivory Coast in West Africa. I knew we had money because we lived in a big mansion with a swimming pool, marbles, basketball court, movie theater etc ...

But my parents were very humble. My dad drove a very old car called Peugeot and it was off to me because people who had less than us were coming to visit us in Mercedes S600. So I always thought they were the rich ones lol.

I credit my parents humbleness for keeping me grounded. I have done really well for myself..and maybe because I already grew up healthy and had everything I ever wanted, material things just don't mean anything to me. My wife comes from a poor family and she is also very humble. Now we are not outrageously rich, but we do better than most Americans with a net worth of $5 million and we are both 33.

Coming to America

[Anonymous]

We're middle class by dcum standards but many Americans would consider us wealthy (networth closing in on 4 mil in our 40s). We got to this place.by avoiding debt including student loans and living very middle class lives and not upgrading too much. We never take elaborate vacations (we're boring), send kids to public, drive reliable Hondas, don't wear designer clothing. We spend more on kids' extracurriculars (travel, tutoring, enrichment) than others. We cleaned our own house and mowed our own lawn fir many years but now outsource this.

However, my in-laws in a rural area probably think we are flashy-- they never get on an airplane, our house costs double theirs, they don't outsource anything, etc