Reply to Where does this notion come from that wealthy people don't drive nice cars?

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]I guess I don't exist then. I am sure I am not the only person to drive a 20 year old entry-point Japanese sedan while my stock portfolio has ballooned to 20M. I think it depends on what sort of wealth you're talking about: if it comes from salary, and people are surrounded by others with the same salary, that's going to lead to visible signs of wealth. But if they made their money in a more discreet way and do not socialize with others who have that level of wealth (or who like them chose not to display it)... then it leads to driving a dinged up Corolla.
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Can you even access that money without major tax implications?[/quote]

This is a question a poor person would ask.[/quote]

Why? If you have 20M in a brokerage account and want to buy a car with cash, then you'd have to liquidate some portion, which would trigger a tax event. Sure, you could take out a loan, or do some fancy accounting where you live off of loans instead of ever liquidating anything. But usually the person who has been fortunate to buy stock 30 years ago that is now worth 20M vs old money set up in trusts, they aren't generally doing that.[/quote]

Why would you not have anything in savings or HYSA?[/quote]

I have very little money in savings and a HYSA, certainly not enough to buy a 150K SUV. I am nearly 100% invested in stocks, municipal bonds and some treasuries.  [/quote]

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