Reply to Where do the people in the $6/7/8m+ mansions in send their kids?

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]There is a sizable number of families that have significant wealth that don't live in the $8M mansions in Normanstone-Woodley. They live in their "normal" $2M homes in AU Park, Chevy Chase, Kent, Berkeley, Spring Valley that they bought when their kids were younger and have stayed in their homes. One parent is a big law parter bringing in $2M+ a year for over a decade, the other is a SAHM or works for a non-profit/NGO/school/university. They have 2-3 kids attending private school, donate regularly to the school(s), have a second home that they don't need to rent out, and generally live unremarkable lives. The families that splash out aren't necessarily the wealthiest in DC--that's just not the DC vibe. Educational pedigree and low key striver are the hallmarks of this set.[/quote]

Blah blah blah. Every city has this low key wealthy demographics. We're not talking wealthy. We're talking about genuinely rich. Maybe they only have a 4-5M house in DC but they'll have a 10 M house on Nantucket. Plus a 25M house in Miami. And Aspen. And London. There's an entire different milieu of wealth that most of you have no real exposure to and have no real idea how they live.

Look, having 10M in the bank and a 2M house in CC plus a 1M summer house on Cape Cod (maybe now worth closer to 2M but you paid 1M for it ten years ago) is entirely different from having a net worth in the hundreds of millions into billions. Even just 100M is wholly different from low key gentry Chevy Chase. [/quote]

The very wealthiest DC family I know inherited about a billion. They live in a lovely, but not $10 million, home in Spring Valley. But that's just one of their homes around the world. Their children have gone to three private schools in the area, which I will not name because I wouldn't dream of outing them. However, none of them went to STA, NCS, or Sidwell. The truly generational rich are much less striving than the law firm partner class. [/quote]

I love DCUM for posts like these.  You have $100 million and live in a $10 million home yet you don't feel rich.  And the "strivers" only make $2-4 million a year?  Please give me a break.  You are all doing fine and you should be proud of it.

Maybe I had a stupid idea about a consumer product and ended up with sales over $980 million.  Big deal.  I am not smart but figured out how to build a "better mousetrap".  We have money but came from humble beginnings.

My kids have chosen where to go to college, mostly on their own.  After small privates, they wanted to go to  big State U's.  Good for them.  They are having a good time and making friends.

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