I hear that poor people often think about what its like...

[Dueller]

...to be wealthy. But do wealthy people often think about what it's like to be poor? In terms of material things I'm neither poor nor wealthy by most western standards...just comfortable. Which is OK.

But of the wealthy people who frequent here or if you know someone who is wealthy, do they often think about what it is to be poor? Beyond, say, the fear of losing wealth?

This came up in a comedy bit I saw somewhere about poor people often fantasizing about what it is to be rich.

In my experience the wealthy really do not think in those terms....maybe some empathy occasionally but little else.

What say you? Tabs?

[lendaddy]

Originally Posted by Dueller

.In terms of material things I'm neither poor nor wealthy by most western standards...just comfortable. Which is OK.

I always find this interesting, I don't know much about you really but I think I know enough to say that you're wealthy in relation to global, national, regional, and likely local standards. Unless I'm mistaken, you're a fairly successful attorney and you own one if not more restaurants. I would be shocked if your household income were not well into six figures which makes you a very wealthy person.

So to answer your question....no. The rich don't fantasize about being poor, because you don't realize you're rich in the first place

[rick-l]

Originally Posted by Dueller

...to be wealthy. But do wealthy people often think about what it's like to be poor?

I imagine they dream about what its like to be wealthier.

[Christien]

Originally Posted by lendaddy

I would be shocked if your household income were not well into six figures which makes you a very wealthy person.

I would say that might make one wealthy compared to 3rd world nations, but not by western standards. A husband-wife pair elementary school teachers would make almost that in their first year out of teacher's college around here, and well more than that by their 5th year.

[lendaddy]

Look at where an income of even 100k puts you in relation to the nation, I know it's top 5% but it may be even more severe.

[1990C4S]

Lots of wealthy people live like they are poor. Because they were poor once.

[Seahawk]

Get out more...much of the rest of the world thinks you are wealthy.

So, do you maybe have some empathy occasionally but little else for the rest? Because, you are, wealthy.

I've seen some stuff in my travels that literally brought me to my knees...

[lendaddy]

Ok, looks like $150k puts a household in the top 5% and$250k puts a household in the top 1.5%.

I doubt most in the range feel that way, it's human nature.

[herr_oberst]

My ex once told me that Oprah fears going broke. I'm pretty sure a lot of bootstraps-to-riches people feel the same.

[tabs]

people who have real money don't think of themselves as being wealthy.

I knew an old timer who owned a bunch of warehouses in LA, had a horse farm in KY, a ranch in Simi, had his own twin engine plane and lived in Al Jolsons house in the valley.Nobody knew exactly how much dinero he had was it 20M or 120M... He drove around in a 10 year old PU and dressed in Thrift store chic...to look at him he looked like an old geezer who didn't have a dime to his name.

Or the gal who was my annuity brokers daughters mother in law...she just happened to own the Indianapolis Pacers basketball team....I was told that she kept on complaining that 200M just wasn't enough of money..

One of the heirs to Mcdonald Douglas company told me that the wealthy drive around in VW buses while the rich drive RR's. Meaning that his family drove VW's

Mary LaFetra founder of the Rain Bird Corp...had a RR once but she didn't like it and bought a MB instead. She lived well but nothing that was ostentatious... I did see her drop 30K on some jewerly in a store in HK once though. She just put it on a Credit Card...

But what struck me the most was when one developer told me he makes 1M a year without getting out of bed and that whenever he goes into a city on a project he puts all the best attorneys in town on a retainer... He was worth about 30M...

The gal I know here in LV...who went into a Porsche agency with 100K cash in her purse to buy a Porsche and the dealer wouldn't even give her a test drive because she was dressed in some blue jeans, sneakers and a tee shirt....and looked like she couldn't afford it.

The one I have always wondered about was the old guy sitting in the back of a dark blue Crown Vic that stopped by one day while I was doing my front yard landscaping and asked about the homes as he was looking to buy a house for his daughter. All I knew was that old boy had some real dinero...but again it was all low key.

[RWebb]

it is called "slumming"

Marie Antoinette built an entire mini-estate of po' people/peons/farmers...

[pavulon]

Originally Posted by lendaddy

Ok, looks like $150k puts a household in the top 5% and$250k puts a household in the top 1.5%.

I doubt most in the range feel that way, it's human nature.

I know a guy in that 1.5% pretty well. He drives a 13yo Ford pickup and changes his own oil. He has come to learn that more money=more problems, thinks he was happiest in college when he had no money and nobody counting on him everyday. He's thinking about giving most of it away and starting over because it was more exciting on the way up than being where he is. I think he's blurring the line between seeking happiness and finding insanity.

[herr_oberst]

Originally Posted by pavulon

He has come to learn that more money=more problems, thinks he was happiest in college when he had no money and nobody counting on him everyday. He's thinking about giving most of it away and starting over because it was more exciting on the way up than being where he is. I think he's blurring the line between seeking happiness and finding insanity.

Or seeking happiness and finding sanity?

Too much stuff/too many people that need attention, he ain't happy anymore.

I'm pretty sure I was happiest when I had ONE THING (bike/car/girlfriend) to spend my dough and time with. Yeah, I wanted more, but now it feels like nothing gets the attention it deserves. (and I am by no means in the 1.5% - just gettin by)

But this thread isn't about me

[tabs]

But here is the most apocalyptic story about money..The Millhouse Brothers as in Richard Nixons first cousins...would stoop down and pick up pennies in front of their Ferraris...They were worth about 200M.

[tabs]

Originally Posted by 1990C4S

Lots of wealthy people live like they are poor. Because they were poor once.

NO they got rich by living poor...or way behind the curve...

[tabs]

Originally Posted by herr_oberst

My ex once told me that Oprah fears going broke. I'm pretty sure a lot of bootstraps-to-riches people feel the same.

YEP...thats the one....and it just ain't bootstrap to riches people either...either you take care of the money or it goes away.

[Dueller]

This reminds of beach thinking a few weeks ago. One of my wife's patron's gave us use of one of his condo's in Destin, FL (Redneck Riviera). It was a penthouse, 15th floor, 5000 sf, private elevator opened into foyer, yadadadada. On the market for $2.5M (yeah, right). As I was sitting on the balcony I looked in both directions and saw row after row after row of similar upscale condo's....miles and miles of them.

The owners stopped by as they were staying in their $4M 7000 sft condo in a neighboring complex. How'd he make his money? As best we can tell he is a slum lord and has taken advantage of massive HUD subsidies for his "projects" type apts. Who knows? He mayhave inheritted ited it. Doesn't matter.

And knowing I was in one little Fla panhandle development, I couldn't help but think "Who the hell makes enuff money to buy these?" In friggin' Destin Fl? And there are opulent developments all over the country. Far pricier than the Fl panhandle.

Yeah I know people have over extended and subprime mortgages....but jeez...what are these people doing to afford such (relative) opulence?

Enjoyed it anyway...but....

[tabs]

Originally Posted by pavulon

I know a guy in that 1.5% pretty well. He drives a 13yo Ford pickup and changes his own oil. He has come to learn that more money=more problems, thinks he was happiest in college when he had no money and nobody counting on him everyday. He's thinking about giving most of it away and starting over because it was more exciting on the way up than being where he is. I think he's blurring the line between seeking happiness and finding insanity.

This just goes to show ya there ain't no free lunch in the world whetehr you have no money or all the money in the world. Having money can make you a bit happier in that you at least know you can buy your next meal. As being the root of all evil...well let me just say it comes close...

[osidak]

Originally Posted by Christien

A husband-wife pair elementary school teachers would make almost that in their first year out of teacher's college around here, and well more than that by their 5th year.

In NC that couple would be making about $60,000 a year combined before taxes and would have spent about $112,000 combined at state schools to earn the required degrees

hardly a way to get wealthy.

My wife who taught in public schools for 7 years ending salary was less than 40K

[tabs]

Originally Posted by rwebb

it is called "slumming"

marie antoinette built an entire mini-estate of po' people/peons/farmers...

and u sir don't know what you are talking about.