Reply to Do many households here have $15 M net worth or more?

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[quote=Anonymous][quote=Anonymous][quote=Anonymous]OP here - would be interested in more lifestyle details at this level. I love that everyone probably has $15 M but livesin a 2- bedroom condowith their 4 kids, but there must be something that you spend money on? Asian travel, Hermes, family help, golf, going to see Taylor Swift in Portugal? Or really you’re just taking 3 days at Rehoboth off-season, share a car and watch Netflix? [/quote]

I think DCUM tells itself that everyone "flies under the radar" but I think that's confirmation bias and some level of projecting.

We're in the $10-20M range and day to day, our lives look like those of my girlfriend who is a dermatologist married to an in house lawyer: SFH in the city, private schools, 2 luxury cars, 3-4 vacations per year. Clothes are still Frame, Ulla Johnson, Farm Rio, and Agua Bendita. We both own a small collection of designer bags and jewelry.

The HNW really shows up in single-family homes. Hers might be $1.5M and mine is closer to $4M and has been professionally decorated. We help family a lot, either financially or in kind with nice vacations. Her kids school cost $25K per year, ours cost $45K and we donate heavily.

But even being HNW, I'm not wearing, for example, Chanel couture, purchasing jewelry at Graff, or flying private. As another poster said, that's for people >$100M I would think.

[/quote]

You are all confusing assets with income. It's uncommon, but possible, for certain people to have a lower income (think true middle class) plus investments, like the Apple millionaires cited above. It's more common to have a high income and a range of assets (from nothing if you're a spendthrift to a lot!). When you look at it that way, it makes sense for the "lower-income" families to continue living a middle class lifestyle, with occasional splurges when they sell stocks or whatnot; and for higher-earning families, like the PP above me, to live a more luxurious daily lifestyle.

This conversation comes up again and again on DCUM, and every time, many people forget about that first group.[/quote]

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