Secretly rich

[Anonymous]

Anonymous wrote:I think in any good, family-oriented neighborhood there are a lot of people who are quietly loaded and people who are quietly really stretched. People move in and start a family, and they stay. Along the way a lot can happen.

We live in a house now that’s about 1/3 of what we could comfortably afford. We’re set for college and retirement and private school. Except for noticing our vacations, maybe, how would anyone know?

I’m super nosy with a lot of time on my hands so I looked up the mortgages for our neighbors in the nicer houses when we moved in and a bunch used private banks to buy their homes (so min $5M investable assets for the big ones likes JP Morgan). This is for Arlington between $1.5-$2.5M (not the fancy part of Arlington either). Agree with PP that there’s a lot of people who are quietly loaded here.

[Anonymous]

Anonymous wrote:

Anonymous wrote:I don’t know about the filing requirements but I would just hire them out. I’m sure you can find an accountant or someone who can do it.

I wish I could. But I have to file them myself because they require a PIV card. It's a lot of time and I'm already so busy at work.

Oh this is a wiley troll.

A TS/SCI would have a CAC.

[Anonymous]

Anonymous wrote:Since you are so secretly rich you need to secretly hire someone to do these forms for you maybe?

Yes, this. I can’t believe someone said to do this on the job. I don’t think taxpayers should cover this.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I don't understand what this reporting is, since neither my husband nor I are government employees. We appear to live a lower-middle class life, and are in the 1%. All this wealth is lucky stock market investing over decades, so we're used to living off our small salaries. The difference is that we can sell stock to send our kids to any university and we're not worried about retirement or paying for health issues. But apart from that, we have a small old house in a great public school district, ancient cars, not fancy vacations.

OP here. That sounds lovely. Well done.

PP you replied to. I'm sure you're not the only one, OP, but I agree you need to keep it stealth because you are in the minority at work and you don't want to deal with jealous people.

I feel like I'm living a double life. And that eventually people will figure it out and there will be some kind of reckoning. All this reporting makes me feel exposed.

Yeah, I’m pp reading the thread. Clearly a troll. Nobody is this stupid. Obviously people know because you’re reporting it.

[Anonymous]

Anonymous wrote:

Anonymous wrote:I think in any good, family-oriented neighborhood there are a lot of people who are quietly loaded and people who are quietly really stretched. People move in and start a family, and they stay. Along the way a lot can happen.

We live in a house now that’s about 1/3 of what we could comfortably afford. We’re set for college and retirement and private school. Except for noticing our vacations, maybe, how would anyone know?

I’m super nosy with a lot of time on my hands so I looked up the mortgages for our neighbors in the nicer houses when we moved in and a bunch used private banks to buy their homes (so min $5M investable assets for the big ones likes JP Morgan). This is for Arlington between $1.5-$2.5M (not the fancy part of Arlington either). Agree with PP that there’s a lot of people who are quietly loaded here.

How do you know they’re private banking and not a regular account at JP Morgan?

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I think in any good, family-oriented neighborhood there are a lot of people who are quietly loaded and people who are quietly really stretched. People move in and start a family, and they stay. Along the way a lot can happen.

We live in a house now that’s about 1/3 of what we could comfortably afford. We’re set for college and retirement and private school. Except for noticing our vacations, maybe, how would anyone know?

I’m super nosy with a lot of time on my hands so I looked up the mortgages for our neighbors in the nicer houses when we moved in and a bunch used private banks to buy their homes (so min $5M investable assets for the big ones likes JP Morgan). This is for Arlington between $1.5-$2.5M (not the fancy part of Arlington either). Agree with PP that there’s a lot of people who are quietly loaded here.

How do you know they’re private banking and not a regular account at JP Morgan?

It literally says “JP Morgan Private Bank NA” on the record…

[Anonymous]

Anonymous wrote:

Anonymous wrote:I think in any good, family-oriented neighborhood there are a lot of people who are quietly loaded and people who are quietly really stretched. People move in and start a family, and they stay. Along the way a lot can happen.

We live in a house now that’s about 1/3 of what we could comfortably afford. We’re set for college and retirement and private school. Except for noticing our vacations, maybe, how would anyone know?

I’m super nosy with a lot of time on my hands so I looked up the mortgages for our neighbors in the nicer houses when we moved in and a bunch used private banks to buy their homes (so min $5M investable assets for the big ones likes JP Morgan). This is for Arlington between $1.5-$2.5M (not the fancy part of Arlington either). Agree with PP that there’s a lot of people who are quietly loaded here.

You can get into these private banks in a lot of ways. Citi private bank allowed associates at my former firm to have accounts as part of some deal they had with the firm to handle its finances.

[Anonymous]

Just quit your job, problem solved.

[Anonymous]

Anonymous wrote:The max salary in the government is the president. 400k. So unless your spouse is the one making millions, this doesn’t make any sense.

The OGE-450 financial disclose is yearly. So that doesn’t make sense either.

Bad troll I guess…

Not really.

CEO and top executives of Tennessee Valley Authority
Head football coaches of the U.S. Naval Academy, Air Force Academy, and Military Academy.

[Anonymous]

Op, if you take in $2-3M, just rate of return in one year is enough to cover your salary, why are you wasting your life away? Quit, so someone else that needs the income get the job, this would be the right thing to do!

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Everyone has to report transactions over $10k.

Patently false.

"Cash" transactions, yes. Selling stock would count. Although, someone else might be doing the reporting for you.

[Anonymous]

Anonymous wrote:

Anonymous wrote:I think in any good, family-oriented neighborhood there are a lot of people who are quietly loaded and people who are quietly really stretched. People move in and start a family, and they stay. Along the way a lot can happen.

We live in a house now that’s about 1/3 of what we could comfortably afford. We’re set for college and retirement and private school. Except for noticing our vacations, maybe, how would anyone know?

I’m super nosy with a lot of time on my hands so I looked up the mortgages for our neighbors in the nicer houses when we moved in and a bunch used private banks to buy their homes (so min $5M investable assets for the big ones likes JP Morgan). This is for Arlington between $1.5-$2.5M (not the fancy part of Arlington either). Agree with PP that there’s a lot of people who are quietly loaded here.

I’m a private banking client but I don’t think this is true because if you take a loan from a family trust for a house, it’s not recorded as a mortgage. It’s just a note between you and the bank. So they wouldn’t be on the mortgage records. The house would just be owned outright.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I'm secretly rich. I wasn't always this way, in fact, I was raised in poverty. I'm a government employee. My HHI is in the multi millions.

I know there are others like me. How do you resolve this? I feel like I am constantly reporting financial transactions. I have to schedule 2 hours per week of work just to stay on top of the reporting.

I'm very patriotic. I served my country in the military and now as a government employee. All the reporting makes me feel like I am under suspicion. I'm thinking of quitting.

So your spouse makes a multi million dollar salary/year or did you mean that your net worth (not HHI) is in the multi millions? (There are plenty of government workers in the latter case) Either way, neither situation on its own should trigger anything more than a one time or yearly report.

I’m not sure what kind of crazy financial transactions you are making that would trigger hours of reporting requirements per week (dabbling in day trading?) but it sounds like you just need to stop making things overly complicated.

I mean every year we file taxes with an income of 2-3M. Its a lot of transactions. 50 per week, ish. And since I have a TS/SCI, I have to report any transactions ovrr 10k. And we average 40-50k per month. Look, respectfully, I'm looking for advice for people in a similar situation.

LOL ! Best laugh of the day !

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I'm secretly rich. I wasn't always this way, in fact, I was raised in poverty. I'm a government employee. My HHI is in the multi millions.

I know there are others like me. How do you resolve this? I feel like I am constantly reporting financial transactions. I have to schedule 2 hours per week of work just to stay on top of the reporting.

I'm very patriotic. I served my country in the military and now as a government employee. All the reporting makes me feel like I am under suspicion. I'm thinking of quitting.

So your spouse makes a multi million dollar salary/year or did you mean that your net worth (not HHI) is in the multi millions? (There are plenty of government workers in the latter case) Either way, neither situation on its own should trigger anything more than a one time or yearly report.

I’m not sure what kind of crazy financial transactions you are making that would trigger hours of reporting requirements per week (dabbling in day trading?) but it sounds like you just need to stop making things overly complicated.

I mean every year we file taxes with an income of 2-3M. Its a lot of transactions. 50 per week, ish. And since I have a TS/SCI, I have to report any transactions ovrr 10k. And we average 40-50k per month. Look, respectfully, I'm looking for advice for people in a similar situation.

Everyone has to report transactions over $10k.

Really? Apparently I've been breaking the rules for over 20 years haha. How would they even find out?

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I think in any good, family-oriented neighborhood there are a lot of people who are quietly loaded and people who are quietly really stretched. People move in and start a family, and they stay. Along the way a lot can happen.

We live in a house now that’s about 1/3 of what we could comfortably afford. We’re set for college and retirement and private school. Except for noticing our vacations, maybe, how would anyone know?

I’m super nosy with a lot of time on my hands so I looked up the mortgages for our neighbors in the nicer houses when we moved in and a bunch used private banks to buy their homes (so min $5M investable assets for the big ones likes JP Morgan). This is for Arlington between $1.5-$2.5M (not the fancy part of Arlington either). Agree with PP that there’s a lot of people who are quietly loaded here.

I’m a private banking client but I don’t think this is true because if you take a loan from a family trust for a house, it’s not recorded as a mortgage. It’s just a note between you and the bank. So they wouldn’t be on the mortgage records. The house would just be owned outright.

Not everyone with private banking accounts are using a family trust to buy a house… Many are self-made though this sounds foreign to you