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re: Does the middle class not invest?
Posted on 7/19/20 at 8:21 am to jlovel7
Posted on 7/19/20 at 8:21 am to jlovel7
Middle Class does, in fact save. In a 401K, or pension, or Simple IRA.
The difference is that the middle class tends to buy things before they have cash to pay for it. Ask those things tend to not generate income.
Wealthy people tend to spend money on things that generate new income streams. When the wealthy buy something like a boat, they pay cash, for example.
The difference is that the middle class tends to buy things before they have cash to pay for it. Ask those things tend to not generate income.
Wealthy people tend to spend money on things that generate new income streams. When the wealthy buy something like a boat, they pay cash, for example.
2
Posted on 7/19/20 at 8:33 am to Screaming Viking
quote:
When the wealthy buy something like a boat, they pay cash, for example.
How do you know that? I have one person in my family that is very wealthy. He purchased a boat that cost around $275K recently and financed it.
He's sitting on at least $5 million, but the low interest rate didn't make sense for him to pay cash for it.
I get what your point is, but the paying cash for stuff (hi Dave Ramsey) gets tiring to hear.
Posted on 7/19/20 at 9:42 am to Screaming Viking
quote:
When the wealthy buy something like a boat, they pay cash, for example.
Why would a wealthy person do that, when they can, oh I don’t know, invest it and make more money.
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