No, not family money. I own a business. A considerable chunk of my net worth is tied up in the business but I expect it to grow 20% year over year.

I'm single, and have no children. I'm fine with spending at my current level. I don't imagine it will change even as my net worth increases. I might take nicer vacations.

Anonymous wrote:My income is 550k and my net worth is in the 18-22MM range. I drive a Mercedes, buy diamonds, take people out for dinner, enjoy luxurious vacations, and live in a great house. Dinners out, a nice car, and occasional jewelry isn't going to drastically change lifestyle if you have income to support it.

Not sure if I'm the "truly rich" or not. I save money but spend on items and experiences I enjoy. I don't think I can take the cash with me when I die. That's a WHEN not an IF. I always keep that in mind.

How in the world did you get to $20mm with 'only' a $550K income ... did you take a pay cut recently? That's ~$350K after tax and with the lifestyle you've described, you're spending a big chunk of that. Family money? In which case do you not feel a modest sense of obligation to pass some along or are you content to spend it all since you can't 'take it with' you?

When I said "truly rich" I was referring to the OPs definition of it. I doubt that I fit the definition.

I know I'm "rich" but I don't compare myself to people because it just doesn't matter and of course there are people who have many times my net worth.

Keep in mind that people splurge on different things. So we for example, buy used cars and very little jewelry, but we eat out at fancy restaurants about once a week because that's what we're into.

Anonymous wrote:Lots of global money sloshing around Tysons.

+1. Many people in my neighborhood are from the middle east with family money or oil money.

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:My income is 550k and my net worth is in the 18-22MM range. I drive a Mercedes, buy diamonds, take people out for dinner, enjoy luxurious vacations, and live in a great house. Dinners out, a nice car, and occasional jewelry isn't going to drastically change lifestyle if you have income to support it.

Not sure if I'm the "truly rich" or not. I save money but spend on items and experiences I enjoy. I don't think I can take the cash with me when I die. That's a WHEN not an IF. I always keep that in mind.

If you're not sure whether you are truly rich, I can for sure tell you that you are truly stupid.

Not the PP, but you are truly jealous. I don't make anywhere near as much money, but I don't understand why you're calling PP stupid?

I think the sentence, "Not sure if I'm the 'truly rich' or not" may have led to pp's response. If a person with $20 million is not "truly rich" by anybody's standards, I just . . . I don't even know how to finish that sentence.

i drive one of those cars and i am able to get them at a very low cost sue to connections i have.

i never thought anyone would look at me liek i have any money. maybe i should brush my hair somedya before they think i am one of those rich crazy people who looks liek a mess.

Lots of global money sloshing around Tysons.

Anonymous wrote:

Anonymous wrote:My income is 550k and my net worth is in the 18-22MM range. I drive a Mercedes, buy diamonds, take people out for dinner, enjoy luxurious vacations, and live in a great house. Dinners out, a nice car, and occasional jewelry isn't going to drastically change lifestyle if you have income to support it.

Not sure if I'm the "truly rich" or not. I save money but spend on items and experiences I enjoy. I don't think I can take the cash with me when I die. That's a WHEN not an IF. I always keep that in mind.

If you're not sure whether you are truly rich, I can for sure tell you that you are truly stupid.

Not the PP, but you are truly jealous. I don't make anywhere near as much money, but I don't understand why you're calling PP stupid?

Anonymous wrote:My income is 550k and my net worth is in the 18-22MM range. I drive a Mercedes, buy diamonds, take people out for dinner, enjoy luxurious vacations, and live in a great house. Dinners out, a nice car, and occasional jewelry isn't going to drastically change lifestyle if you have income to support it.

Not sure if I'm the "truly rich" or not. I save money but spend on items and experiences I enjoy. I don't think I can take the cash with me when I die. That's a WHEN not an IF. I always keep that in mind.

If you're not sure whether you are truly rich, I can for sure tell you that you are truly stupid.

Anonymous wrote:1. People with more money or different priorities
2. No

This.

My income is 550k and my net worth is in the 18-22MM range. I drive a Mercedes, buy diamonds, take people out for dinner, enjoy luxurious vacations, and live in a great house. Dinners out, a nice car, and occasional jewelry isn't going to drastically change lifestyle if you have income to support it.

Not sure if I'm the "truly rich" or not. I save money but spend on items and experiences I enjoy. I don't think I can take the cash with me when I die. That's a WHEN not an IF. I always keep that in mind.

Anonymous wrote:1. People with more money or different priorities
2. No

Ditto.

1. People with more money or different priorities
2. No

question one.

Who are all these people driving late model BMWs, Audis and Mercedes? Who is buying all the jewelry from the high-end stores in Tysons, Chevy Chase and downtown? Who is buying the expensive clothes? Who is packing the expensive restaurants and bars? Obviously we are all buying the expensive houses.

Are the folks buying these luxury items the truly rich? The top 1/2 of the 1%? Or are they people like us (generic upper upper middle class presumably) with different priorities?

question two.

Do you look down more on someone buying a luxury car, someone taking an expensive vacation or someone eating out at an expensive restaurant?