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Posted on 3/18/18 at 4:43 pm to SECdragonmaster
quote:that's certainly subjective, and I doubt most would agree with "very high" if you don't have any investments whatsoever... unless you're both doctors or something
and a very high net worth.
Posted on 3/18/18 at 4:45 pm to rebeloke
quote:
Does income or total wealth cheapen the value of a dollar?
Yes. Welcome to econ 101. Law of diminishing marginal returns.
This post was edited on 3/18/18 at 5:41 pm
Posted on 3/18/18 at 4:45 pm to rph1
quote:
the rich do not get that way from saving. They get that way from investing. You can’t save your way to being rich
If you make a nice salary and sabe you can become wealthy. Your statement is utterly false. Most people become wealthy by working for other people so that defeats another myth as well.
Posted on 3/18/18 at 4:47 pm to Morty
quote:What does this mean?
I noticed that the people tended to be cheap
Frugal? Hardly
Not tip well? At least 1/3rd of Louisianans fall into this category but why is that a big deal unless someone were a waiter/waitress?
With so many tourists in Louisiana, how can you tell it’s the natives being “cheap”?
Communicate well do you not.
This post was edited on 3/18/18 at 4:50 pm
Posted on 3/18/18 at 4:51 pm to rebeloke
quote:
rebeloke
Are you just trying to describe the diminishing marginal utility of income?
This is a highly studied, well understood area within economics. I'm not sure what you are trying to understand in the OP.
Posted on 3/18/18 at 4:51 pm to Flanders
quote:
t's all about living within your means. There are rich folks who make poor financial decisions and don't save. That doesn't make them wealthy. Then there are folks you think have little money but are likely wealthy because they save rather than consume.
And this is the trick to financial security and happiness.
I’ve documented my career troubles enough here yet somehow we’re a happy family putting away savings every month. Even though it can be hard to watch your friend buy a brand new car, take an extravagant vacation, and remodel his kitchen, it’s also nice knowing that I don’t have to make a “I don’t have anything in savings” comment like he did.
Now, if a wealthy person gets their act together, they can put away a ton more money faster than I can. But I’m not hurting because I can’t spend more and more money.
Posted on 3/18/18 at 4:52 pm to rebeloke
It can. My father has squandered 3 fortunes.
It's all about the person and the value they put on it.
Although I will say after you top 100 million you're just keeping score since you can afford almost anything
It's all about the person and the value they put on it.
Although I will say after you top 100 million you're just keeping score since you can afford almost anything
Posted on 3/18/18 at 5:35 pm to rebeloke
Posted on 3/18/18 at 6:15 pm to CaptainBrannigan
quote:
So are rich people, it just does not effect them as much
I know for a fact it does not affect their grammar (j/k). The issue is complaining. Most rich people who are rich/wealthy for no reason other than right place at right time don’t bitch and moan about it.
And again financial status is hyperlocal. 45 minutes away I could be a 1%’er. But I’d slit my wrists in a warm bath if I lived 45 minutes in any direction from current insanely expensive area.
It is what it is.
Posted on 3/18/18 at 6:17 pm to rebeloke
I use dollars as toilet paper
Posted on 3/18/18 at 6:32 pm to rebeloke
Rich people don't take out car loans.
Posted on 3/18/18 at 6:39 pm to Morty
quote:
If you make a nice salary and sabe you can become wealthy.
If you save $15,000 a year for 30 years you will end up with $450,000.00, nice chunk of money, but not wealthy. Same amount invested at 8% annually for 30 years will give you 2 million bucks. While working for a salary the only way to any type of wealth is investing and trying to maximize your return, saving alone will just result in losing money due to inflation.
Posted on 3/18/18 at 6:45 pm to kywildcatfanone
quote:at near zero % apr, yeah they do
Rich people don't take out car loans.
Posted on 3/18/18 at 6:48 pm to rebeloke
I know that when I flew to NOLA in a G650 a few months ago I appreciated the shite out of it. I'm sure the billionaires that ride in those things constantly just think of it as another flight. It's crazy how much better private is compared to commercial.
Posted on 3/19/18 at 8:30 am to rebeloke
Over time my means of living has increased to a point, but stopped. There are things I refuse to buy because of the outrageous prices. This has allowed more savings over time.
My 17 year old truck is fine. Why spend 50K to replace? Nobody that matters to me cares. What do I get for someone thinking "That's a nice truck he has?" Spending 50,000$ for a truck is insane to me.
Houses are another. Too many people willing to take on a note that's half of the monthly income. Why? A guy that works for me lives week to week because he had to have a 400K house. He bought a few years ago, at age 40. That huge arse note until he is 70 years old.
I think a lot of it has to do with people thinking 600$+ phones, 50K cars are a necessity.
A dollar means as much now as it did 10 years ago, to me anyway.
My 17 year old truck is fine. Why spend 50K to replace? Nobody that matters to me cares. What do I get for someone thinking "That's a nice truck he has?" Spending 50,000$ for a truck is insane to me.
Houses are another. Too many people willing to take on a note that's half of the monthly income. Why? A guy that works for me lives week to week because he had to have a 400K house. He bought a few years ago, at age 40. That huge arse note until he is 70 years old.
I think a lot of it has to do with people thinking 600$+ phones, 50K cars are a necessity.
A dollar means as much now as it did 10 years ago, to me anyway.
Posted on 3/19/18 at 8:38 am to GreatLakesTiger24
quote:
Rich people don't take out car loans.
at near zero % apr, yeah they do
And a lot of rich people lease cars as well
Posted on 3/19/18 at 8:40 am to GreatLakesTiger24
quote:
at near zero % apr, yeah they do
I'm not rich by any stretch but I financed a car about 10 years ago that was at .9% APR and I could have paid cash for it.
It didn't make financial sense for me to pay cash for something when the interest was so low
Posted on 3/19/18 at 8:48 am to rebeloke
quote:
Does income or total wealth cheapen the value of a dollar?
Nope. It buys the exact same amount of goods. $1=$1.
Posted on 3/19/18 at 9:16 am to Taxing Authority
I think his point is that 1 dollar isn't as meaningful to someone with a lot of money
He was just very long winded and poorly articulated that simple and obvious point
He was just very long winded and poorly articulated that simple and obvious point
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