Looking poor is not a lie. It's none of your business. I like shopping at thrift stores because it's fast. I can get a year's worth of shorts, shirts, pants in 15-30 minutes. Wandering around a mall, store after store, endless choices takes forever and is no fun. I married my now ex-wife when I was 43. she was my age and a teacher. I owned a house in San Jose and worked as a software engineer in startups. I was under no obligation to disclose all my assets to her and she sure had no interest in my career or assets. 2 years in I "retired" without telling her. I said I was working from home on my own project which was true. I never said it was for money and it wasn't. Just some software I wanted to create for fun. 18 years later she wanted a divorce which I was happy to do. She wanted my house and alimony. I explained my house was pre-marriage and I hadn't worked in 15 years so I would be needing alimony from her and half her retirement savings because I had none. That's when it dawned on her that I hadn't been talking about earning anything for the past 15 years. She was that disinterested in what I did. She did a little research online and found how females can in fact have to pay alimony and that scared her enough to not hire a lawyer and we settled for we each keep our assets. If she had hired a lawyer they would have likely realized "how is a dude not working for 15 years while living in San Jose and paying for everything" and then I would have been forced to disclose all my assets. It's not a lie to not tell people your balance sheet. I think it's smart and also healthy.
My mother taught me that long ago - humans with flip flops and holes in their shorts, would peel off hundreds from a wad in their pocket. Those walking along in designer clothing, dressed to the nines had no money for purchases. 🤔intriguing 🧠
@@RebeccaLarson-v7n That's true. I used to work in a job where I dealt with homeless people a lot. & they always seemed to have a lot more cash on them than I did. Partly though it's because that cash is probably their entire worldly wealth, whereas wealthier people have most of their wealth tied up in less liquid forms. Many Middle class people are relatively asset rich/cash poor. You'd be amazed how many seemingly well off people are only 1 mortgage or rental payment away from disaster - because they're living beyond their means.
I will say that I and my wife are a LOT happier once we got serious and paid off all our debts. Not having to worry about someone taking my car/house/etc. is amazing, and I am amazed at how many opportunities it opens up. If I want to start a business or take a lower paying job because I like the work more? No problem! I would say we still have money issues, but they don't revolve around basic living or anything like that. Our money issues are more like, how much can I help with my kids college tuition, or my wife and I having different priorities on what to save for next. I will note that our discussion around money went from stressful arguments to casual discussions once we paid off our debts.
Not just debt. I retired 22 years ago at 45. My money sits in saving and checking accounts earning almost nothing. Horrible? I do not like investing because I suck at it. I gamble. So I stopped investing in 1995 except for my house if you consider that an investment. If I hear the market fell I don't care. Market up? Should I sell? Don't care. It's way less stressful. Sometimes when I'm using my debt card to buy food I sometimes thinks how weird it must be to just use this card decade after decade and never think much about the balance. It just always works. If it gets worn out and stops working I go to the next bank. It's a less stressful life if you make it that way. I have friends who live very flashy and it looks stressful to me. They talk a lot about problems. And sometimes they even get into actual trouble. Doesn't look like fun to me. I didn't retire in order to become a hotel manager or an financial analyst.
I wouldn't say we are happier. But we are certainly less stressed. Life can truly suck regardless of money. Money or lack of it can just make life suck more
I have a small 1050 sq ft home, drive a 13 yr old car, and have a $600K net worth with zero debt, with $141K of that sitting in the bank in CD's. I live off of (yearly spending) $21K a year as a quasi-minimalist lifestyle.
@@mizzle299 - Yeah, I'm the USA. I certainly wouldn't say I'm rich, but as a money saver and low key lifestyle, I would guess strangers think I'm of modest means. With no debt making $70K a yr, I'm saving over $30K in cash each year the past several years after paying off my house. My net worth of $600K is a paid off house worth $200K, a $250K retirement 401K account, my $141K cash savings and my car/small possessions. So I'm doing well with zero worries about money. At age 52, single, I'm projecting to be net worth $1M in about 5 or 6 years.
Protecting your capital is much more important than making money. Basically because if you lose your capital, making money is much harder. ''Missing the train'' vs. ''losing your money''. There are a lot of trains, but if your money is gone, it's over.
Wall Street pitched so-called quality stocks with high profitability and low debt, as a kind of insurance against whatever the economy might throw at you. Quality stocks have underperformed the S&P500 this year, My $200k portfolio is down by approximately 20 %, any recommendations to scale up my returns on investment
Nobody knows anything You need to create your own process, manage risk and stick to the plan, through thick or thin While also continuously learning from mistakes and improving.
Exactly why i enjoy market decisions being guided by a pro , seeing that their entire skillset is built around going long and short at the same time both employing risk management and market experience , been using a portfolio-coach for over 2years+ and I've netted over $3million in that time frame.
“Carol Vivian Constable” is the licensed fiduciary I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment..
Rich is being able to buy back time(not working your whole life)health and family.Discipline in your early years truly pays off later in life.I type this while easily affording a 10 day vacation watching my son play on the sidewalk in Mexico.This is rich
At the very least, I now grasp the concept of leverage. Creating wealth and financial freedom isn't as tough as many people believe. Building wealth and remaining financially stable indefinitely is a lot easier with the appropriate information. Participating in financial programs and products is the only true approach to make a high income and remain affluent indefinitely.
Starting early is simply the best way of getting ahead to build wealth , investing remains a priority . I learnt from my last year's experience , I am able to build a suitable life because I invested early ahead this time .
Due to my demanding job, I lack the time to thoroughly assess my investments and analyze individual stocks. Consequently, for the past seven years, I have enlisted the services of a fiduciary who actively manages my portfolio to adapt to the current market conditions. This strategy has allowed me to navigate the financial landscape successfully, making informed decisions on when to buy and sell. Perhaps you should consider a similar approach.
Finding financial advisors like Melissa Terri Swayne who can assist you shape your portfolio would be a very creative option. There will be difficult times ahead, and prudent personal money management will be essential to navigating them.
Thank you for saving me hours of back and forth investigation into the markets. I simply copied and pasted her full name into my browser, and her website came up first in search results. She looks flawless.
Rule 8 indicates you don't need a high IQ to be a good investor, just 2 qualities, self discipline and a lot of patience. Investing is mostly about behavioral psychology. How can I generate more income to retire with at least $3m for long term care?
We share common goal, making sure you are ready for your later years is very important. That's why passive investing works, low costs, better diversification and it enables people to overcome their behavioural bias especially if they engage professional help.
It's unfortunate most people don't have such information. I don't really blame people who panic. Lack of information can be a big hurdle. I've been making more than $30k passively by just investing through an advisor, and I don't have to do much work. Doesn't matter if the economy is misbehaving; great wealth managers will always make returns.
Vivian Jean Wilhelm is the licensed advisor I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment.
Thank you so much for your helpful tip! I was able to verify the person and book a call session with her. She seems very proficient and I'm really grateful for your guidance
My aunt passed and I inherited some of her portfolio and cash savings, I’m 28 with about 400k cash in savings and as usual everybody’s preaching invest, so what stocks are a good long term buy, only major purchase I intend to make is buying a home in 5years from my returns
Same, I just use RUclips for research purposes, I run all my major investment through an investment adviser, the market is just too unstable to handle things on your own.
'Sharon Ann Meny' is the licensed advisor I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment.
Creating wealth entails establishing positive routines, such as consistently setting aside funds at regular intervals for sound investments. Financial management is a vital subject that many avoid, often leading to future regrets.
Indeed, currently I'm managing my finances wisely and being frugal. In the last 19 months, my investments grew by 43%, adding over $50K in profits. However, I've had losses in the past month, making me anxious. I'm unsure whether to sell everything or wait.
I totally agree; I am 66 years old, recently retired, with approximately $1.2 million in external retirement funds. I am debt free and have very little money in retirement funds compared to the total value of my portfolio over the past three years. To be honest, I didn't do all this alone, but with the help of a financial advisor. Having one is currently the best way to trade in the stock market, especially for people nearing retirement.
@@ThomasChai05Is there any chance you could recommend who you work with? I've wanted to make this switch for a very long time now, but I've been very hesitant about. I'll appreciate any recommendation.
Really? Well, good for you. May you remain wealthy for the rest of your life and pass it down to your next generation. If you're 16 year old car still works well, then power to you. When that car finally kicks the bucket, at least you can purchase another well working vehicle in one go. It's actually very wise to have a low value car because cars go down in value the minute you drive it off the lot and it keeps going down from there, plus it's consider a liability rather than an assett. Cars are generally a high ticket purchase, and since people need cars, you may as well allow the high ticket liability purchase to be one that doesn't happen too often, and one that you don't have to keep putting money into it. Let me ask you this though, how many cell phones do you have that are working and actively use?
Actually rich people do think about pennies... I'm a millionaire and I count every penny I spend. I am very careful with money. So listening to you I can agree with some things but there are some things I do not do...
That's the only part I disagreed with as well. Many that are wealthy got that way by being very aware of expenses..... every extra dollar saved (and invested) earlier in life helps create that wealth and allows you to self insure long term care... You don't stress over every dollar but you don't blow it over silliness either
I recently inherited almost $500k. I REALLY need to make this money work for me, and not just disappear over time. I've been scrambling for somewhere to put the money, where I can make an effort to use the gains to pay bills so I can quit my job or should force early retirement. All roads have pointed to the financial market of some sort which is a good idea buh where else should I put money besides the financial market? We have a 13% RPI rate so cash is tough.
Yep great question and that’s always the one - where would you rather be if you have an option. Personally I’m always invested aside from a small emergency fund. Financial-market for me seem the only way forward with my long time horizon (accrued almost $1.4m in gains since 2020 ) but if you don’t have that fortune of time it’s a tough market out there almost nowhere feels safe! . Just know the risk you're comfortable with . Mistake is expensive
I fully agree; I'm 60 years old and recently retired with approximately 1.2 million in outside retirement funds, no debt, and very few dollars in retirement funds in comparison to my portfolio balance over the last three years. To be honest, the financial advisor's role can only be ignored, not dismissed. Therefore do your research to get a reputable one.
Lauren Marie Ehlers is the licensed fiduciary I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment..
Thanks for sharing, I just looked her up on the web and I would say she really has an impressive background in investing. I will write her an e-mail shortly.
I was advised to diversify my portfolio among several assets such as stocks and bonds since this can protect my inherited portfolio of about $2.5m. I’m used to just buying and holding assets which doesn’t seem applicable to the current rollercoaster market plus inflation is catching up with my portfolio. I’m really worried about survival after retirement.
Thank you for this tip. It was easy to find your coach. Did my due diligence on her before scheduling a phone call with her. She seems proficient considering her resume.
As someone passionate about investments, I often contemplate the strategies and paths that enable top-tier investors to amass wealth in the millions. While I possess a substantial initial capital, I am uncertain about the specific tactics or avenues that would facilitate achieving gains exceeding $400k, similar to those achieved by several others this season.
the strategies are quite rigorous for the regular-Joe. As a matter of fact, they are mostly successfully carried out by pros who have had a great deal of skillset/knowledge to pull such trades off.
Investment results might vary from investor to investor, even with the best strategy and suitable assets. Acknowledging experience's crucial role in investment success is essential. I realized this importance for myself and consulted a market analyst, which helped me build my account to around a million. Having carefully withdrew my profits before to the market downturn, I'm now taking advantage of buying possibilities once more.
I searched for her complete name on the internet and located her page. I then sent an email and scheduled a meeting to converse with her; now, I'm awaiting her response.
One lesson I've learnt from billionaires is to always put your money to work, and diversifying your investments. I'm planning to invest about $200k of my savings in stocks this year, and I hope I make profits.
You are right. The best approach I feel is to diversify investments- by spreading investments across different asset classes like bonds, real estate, and international stocks, they can reduce the impact of a market meltdown.
That makes sense. I’ve been using a financial market expert for two years now and I own a six-figure diversified portfolio from investing in stocks. I want to diversify more this year, though.
I really want to get in with a financial advisor this year, especially as all markets are hitting highs. I don't want to be too optimistic and end up losing everything.
Thanks for sharing, I just looked her up on the web and I would say she really has an impressive background in investing. I will write her an e-mail shortly.
I’m a multimillionaire, barely, and I’d say this is generally true. I have a new Lexus and love Hoka’s. Splurge on golfing. Texas Roadhouse is fine dining
i find people that talk about money are generally better off as they comfortable talking about it while broke people never talk about it cuz its embarrassing. its the poor people that look at the prices but never talk about it and act like its not a big deal. this is why they got all these name brands in the first place. its a facade
That's why rich people will wear the poor person's clothing, while the poor will wear the rich person's clothing. A rich person CHOOSES not to buy it because they don't need it even though they could afford it, while a poor person CHOOSES to buy it because they want it and don't care if they can't afford it. Such is why Credit Card Companies and name brand companies are rich. I find it funny, even though it is a bit of a scam. If I had less morals and standards, I would do the same thing and be richer than I am now, which isn't even rich by any means.
I am a person that’s secretly very comfortable but got there from being frugal and people would still think lm lucky or something but they also lack discipline. All this just to say, I drive a Mazda lol.
I knew someone in college who didn't own a car or a phone (this was before cell phones). I got a tip off when she thought nothing of calling a cab to get around town. She would casually mention that she was flying to New York for a long weekend or to London for a weeks break. She didn't dress flashy and I later found out she had quite the trust fund. She was not snobby.
There generally is a huge difference between trust fund babies and self-made people. Too me flying cross country or to other countries on a lark can be a sign of problems to come. Not saying this woman won't cope, but many trust fund babies and up in serious trouble with drugs. They just seem to get bored. Living 40-80 years in wealth I think can get boring. I once ate at top French restaurants everyday. Some days for lunch and dinner. Lasted 1 week. So bored and sick of butter. I only know trust fund babies a little. Most wealthy people are self-made. We all just love the game. It's exciting. Do the math. Suppose you could stay at top resorts any place in the world. How many of those areas are there? 20? 50 tops. Say you stay for 2 weeks at each place. Every 2 years you'd have to recycle thru each one. 40-80 years means staying at each one 20-40 times. And each resort is basically the same. Boring AF imo.
We had a friend who was the daughter of a very rich doctor. She was kind, sweet, and oblivious to how well off she was. We would be lined up to get into restaurants, and she would be chatting loudly (it's just her) that she'd had a boring summer, only visited half a dozen exotic locales this year...lol. She truly wasn't bragging, really complaining that it was boring... Also not snobby, and in fact super cute. I hope your life turned out happy Lisa.
My net worth is approaching 1.4 million, but I look like a regular guy wearing 10 yr old jeans and a hoodie. My goal is to hit 2 million by the end of the year.
People that have money definitely look at prices. Theyre financially smart so to say they dont look at prices on things and just buy them, even at a restaurant is a lie. Cause if they did that its most likely going to carry across all situations in their lige
I think what he means is that the wealthy will get what they want off the menu. At a moderately nice restaurant, the difference between the cheapest and most expensive item will typically be less than $50. If you take the effort to go to a restaurant with family and friends, you will spend the money. When I was young and broke, I was very price conscious. Now that I am debt free with money saved for retirement, I get whatever I want off the menu.
@@ericl452 Exactly this. If you didn't want to spend the money you just wouldn't go to the restaurant. What you're not going to do is go to a restaurant and care about the prices. You already should know what it costs.
The problem was the bottle of wine in the video when he was talking about not looking at prices.. A "secretly rich" person isn't going to worry about the price difference between the pasta dishes ($18 to $30 many places, the seafood dishes ($25 to $40) or the steak ($30 to $60).... They'll just order what they want. Wine... sorry, but it's a bougie product. There are plenty of great wines to be had for less than $10 to $20 a bottle (grocery store). If I want wine at a restaurant, I'll order a glass ($10 to $16 usually), but I'm not ordering "whatever" because someone decided their bottle of wine is worth $100 to $200... similar grapes, similar time in same type of barrel as the $10 to $20 bottles, just a "fancy" label for 20x the price.
In the US, an income of $600k/year puts you in the top 1% of earners. That doesn't explain how much money you have in the bank, however. For example, someone might have $10 million in the bank but doesn't work; are they in the top 1% of the population? Or does it take $100 million? Prince Harry and Meghan supposedly have between $30 million and $100 million, but since they want a lifestyle that requires much more money, they are unhappy. "Rich" is definitely relative and the goalpost is moving all the time.
Its misleading. Rich people will dress depending the occasion. They can wear comfy when they going out, Suits in business meeting. Rich, Poor and Middle Class. They all just human. WTF??? They aint another alien species. If your single and generating $10k-$15k and keep growing from passive income + working in MCDONALD part-time yet still continue to invest. You are literally in wealthy class. Making yourself busy with interesting life event is a bonus!
True dat. I retired 22 years ago at 45 and certainly didn't feel rich. I certainly don't appear rich. How I live I assume most people would consider homeless level. But I've been super happy. Love getting up everyday and tired every night. Freedom is addictive. Next year I plan to move to SE Asia. There a doctor working in a private hospital earns about $500/mo USD. Locals will consider me rich just by virtue of being a foreigner. And by their standard I will be in the top 0.5% of earners. A plane ride from poor looking to rich. It's a weird world.
Rich is living debt free within your means while happy, content, and healthy. Can’t ask for more than that except having Jesus as your Lord and Savior.
We drive a 5 year old Lexus and a 20 year old pick-up truck. We've had people ask to purchase both vehicles. We have absolutely zero debt and can really purchase anything we want, but often choose not to. We have everything we need.
My mom wouldn't check the price tags until she got home. My wife always dressed very well, me I am jeans and boots all day everyday (boots when it's 100 degrees). While we were dating, when we go shopping and walk into the stores the people would come up and address her right away (she looks like money) mean while I am the one with all the money just looking like the average working guy not saying anything.
yes usually its like that..Wife and daughters are the ones doing the spending nor the men in the family. Sons if raised well will follow the father because the father will set an example.
I grew up penny pinching and took a lot of that mindset into adulthood. Over the past decade I've paid off all of my student debt, funded my retirement accounts as much as possible, and put a decent amount away in savings so I'll never have to worry about paying for emergencies. In the past few years I've finally started to feel less anxious about money and have given myself a larger discretionary budget to enjoy my life with. I enjoy being generous with my money in social situations (dinner, drinks, entertainment, tipping, etc.) because it's not a financial burden for me to do so. I don't think of myself as "rich" and I still budget extremely diligently, but my feelings and attitudes towards money have definitely shifted from scarcity to seeing it as a tool.
I am 71 & recently retired. I'm in a small house which I own, no mortgage. And fairly new car, paid off. But I do like shopping on Amazon. But I don't get any "big ticket" items. I should have enough money to last until I die, barring a real bad economic disaster.
Sometimes, it's the little things in life. My wife and I are pretty financially well off at this point, and our favorite evening snack is a good ol' bowl of cereal. That, or a homemade chicken sandwich.
It's a double edge sword though. To be self-made requires some rational thinking. So when you get there you may see beef jerky as a poor choice to eat, even if you still don't care how expensive it is. I see people smoking, doing drugs, being obese and think how horrible that must be to not want to live as long as possible.
@@waterbug1135 I see what you're saying. I've been taking my health very seriously for the last 7 years. Health and finances need the same care. Long term goals and putting off immediate gratification (80k truck and fast food) vs smarter choices (25k prius and cooking healthy food at home). Common sense and will power.
Yeah when he said that the discreetly wealthy don't look at cost in a restaurant, I'm like uhhhhh I'm not sure about that. It's those habits and cost consciousness that got them wealthy in the first place.
@@ghostbird92 yes but... If you're frugal you don't eat at restaurants because eating at home is cheaper. That implies that if you are at a restaurant you either a) had no time to cook, b) went there for pleasure. First option, I agree I'm going to order something cheaper. Second option... it makes no sense to go to a restaurant, spend the money and not get what you would really want.
I've had people stop me when I'm on a walk and give me food or water. I say "Thanks" and enjoy. They feel good "helping" someone and I enjoy a tasty snack.
I'm rich, I just don't feel wealthy. Each year things get better, but I still only feel rich and not wealthy. Been feeling this way for the past 20 years since the goalpost is always constantly moving.
XO on my first ship was from a wealthy family. We were stationed in Hawaii and he drove an ugly island car. It was cheap, dependable, and he was happy with it. I only knew that he grew up wealthy because an enlisted guy on the crew grew up with him and told me.
I'm so happy I made productive decisions about my finances that changed my life forever,hoping to retire next year.. Investment should always be on any creative man's heart for success in life
YES! that's exactly his name (Mr Fergus Waylen) I watched his interview on CNN News and so many people recommended highly about him and his trading skills, he's an expert and I'm just starting with him....From Brisbane Australia
Investing has proven to be an incredibly beneficial decision. My cryptocurrency profits continue to play a substantial role in growing my overall wealth, reducing my reliance on my salary
Good stuff, but I think the part at 2:08 probably doesn't apply to a lot of people who were formerly poor and became hidden wealthy... they always still check the price on things. And will sometimes still make decisions based on price, even if they can totally afford it. Old habits die hard, and you never forget when you went a full 7 days without eating because you didn't have money.
Lifestyle inflation is real as is keeping up with the Jones. For me, I usually wear clothes that is easy and casual clothes makes you look good… and combine that with a wealthy physique can build confidence. Lastly, the wealthy view things and situations different as “how can I obtain that” compared to those that say “ I can never afford that”
Feeling "rich" is a highly subjective thing and changes over time. The richer someone becomes, the more he will say that he may be well off or "financially comfortable", but deny being "rich". The perception moves from lower middle class, to middle class, to upper middle class, to the very upper middle class.
I'm wealthier for my age (30), sometimes I regret buying a brand new mini cooper, but I rationalize it cause I can park anywhere, it gets 35 MPG, and I got it $8500 off sticker price... Everyday people seem to think it's some super expensive luxury car by the way it looks, but even at sticker price, it's cheaper than their SUV's and trucks that never get used for what they're meant for.
You don’t need to feel guilty about buying a new car. Reliable transportation is important. However, I suggest that if the car is mechanically sound you should keep it for as long as possible. We can relate to this video and we do not discuss our wealth. Why? That is simply bragging. Such crap, life is too short to be petty. Anyway, back to the cars. We own a 14 year old Subaru that we bought new and plan to keep it pretty much forever. Love the car and is mechanically amazing. Second car is a newer Toyota SUV. That car is now 5 years old and we are hoping to keep it as long or longer than the Subaru. My advice to you is this. Pay cash for your vehicles. They really aren’t investments and go down in value no matter what. No need for stupidly high car finance rates if you can afford to buy it outright.
As long as you maintain it well and use it for many years there's no reason to feel guilt. Mini-coopers and Smart cars can park anywhere, but one looks like a shoebox and the price isn't that different. Free parking can add up quickly in a big city. I used to drive a 2015 Nissan Leaf. I think it has a 12 ft turning radius or something like that. I could parallel park it into a spot only a few inches bigger than the car.
I know several upper 10% people. First priorities are health and family. They tip well at restaurants, but always use coupons and shop at the dollar store. They travel a lot, but fly coach and stay at average hotels. They drive excellent cars, but they are used Toyotas and Fords. They dress neat, but clothes are used until wore out and even at times bought at second hand stores. Their house is at best average, but they are debt free. Some worked with their hands and others with their head, but all are intelligent.
Thanks for the video! Also, thanks for including a guy with a hearing aid! My grandmother always looks impeccable. No sweatshirts. I am taking a card from her deck. I don't want to look like a slob. But I buy clothes that will look good for years. Classics.
I once had a roommate (yes, we split the cost of a house on the ocean) who did ski patrol in the winters and windsurfed in the summers. I assumed he was just like so many other young cash strapped athletes. Wrong. Every morning he stood at a desk taking meetings and answering emails. I asked him what he was doing. He said, “oh, I am on the boards of a few family companies.” I did not ask any follow-up questions as I did not want to pry. He obviously kept his status under wraps, so I Googled his family name. Turns out his family was the largest landowner in the U.S., and the businesses were citrus, cattle and shipping, built up over four generations.
My assets is slowly up to 100 000k. It is not easy to save that much on a regular salary, but soon I will be there. Haven't spent my money on many flashy things. Except recently I hired a BMW. I am going to hire it for the summer, my regular car is much more lowkey. Feels nice to enjoy something as a result of your own hard work!
I have brand new luxury car (paid cash). This is my only indulgence. I shop at Target. Net worth is around 7 million , house us paid off and we nave no debt. I’ll be retiring next spring and will indulge in my hobby full time. No one in my family knows how much money I have.
Do you just go to store and put items in your shopping cart without looking at prices and whatever the price is you just pay that?... @@stalinov91 Why is it wrong being responsible with money? For example, going to Costco where you can buy in bulk for a better price? Buying generic brands sometimes because the ingredients are exactly the same?
I watch the price of everything too, always have and always will, despite now having a net worth of £2m at 62. Still working for another 3 years then part time till state pension kicks in at 67. Self employed and like the purpose and meaning work brings to my life.
A lot of this is just not true. I am 49, have no debt and a net worth approaching $5M... I may not count pennies, but I still look at the prices of everything. Anyone that has attained their own wealth still has the rising cost of living cross their mind on a regular basis.
I have a net worth well into 8 figures, no debt, 2023 gross income of over $700,000.00 (USD), my house is valued at $2,000,000.00 (Zillow). My education is BA, MD, MS, MPA. I drive a 2011 Prius and buy my clothes at Costco or AAFES stores (no sales taxes). Life is good!! The only “hint” I have a few bucks is we fly first class on our annual vacation and I belong to an exclusive country club (the club with two golf courses) in San Francisco (I keep my membership secret so my freeloading “friends” won’t ask me to invite them to play on the PGA Championship Courses 🤣🤣🤣!!).
My mom could drive anything she wants and she chooses a dodge mini van and she has thought of a navigator or even a rolls Royce but she just can’t do it because she hates showing off and the only thing she can show off is her house which is almost stupid it’s a 8000 square foot house and it’s a smart house plus I can’t tell my friends and my sister friend is the only person that knows where we live and what house it is and how big. I can’t stand being wealthy it sucks you have to pretty much live in secret
My mom hates most of her friends to because they all were the latest design clothes and my mom just doesn’t were that stuff but my mom has a whole side of her closet just for design clothes and she only were it to dinners and other fancy type of things my mom and dad go to. My moms friends don’t even know anything it’s wierd and I am happy being wealthy but it’s just wierd to live in secret
my father had told me of his observation to get a toyota because he never saw them broken down on the side of the road. I heard the same truth about mercedes from a mercedes dealer as well, and I agreed, I never saw a mercedes broken down on the side of the road.(dang I just looked it up. toyota is about half the price of mercedes)
Wealthy is a relative term. Too many around me talk about it and I'd be damned if they had a clue of mine. Only time I talk about investing when I'm asked, but who listens to a spend thrift nobody. I'd like to keep it that way.
Cars can be obtained through lots of trickery. A nice watch, if it's real... kinda of HAS to be done in cash. I normally look at their watch and multiply by 20x to 40x.
Some of these vary. I know some VERY wealthy people with hundreds of millions of dollars. I know at least one is a billionaire. Among them, there are people who DO check menu prices closely because even though they can afford anything on the menu or for that matter can buy the restaurant, they are still tight as hell, probably from earlier in life when they needed to be tight as hell. I know one family who, as the result of actions of a patriarch two generations back, are all wealthy. Not billionaires, but none of them have to work as they can live off of dividends and interest. Within that same family, some live modestly and some live flashy. In my experience (and I am over 70) the one fairly consistent thing is that old money tends to be conservative in their lifestyle, and the nouveau riche want more, more, more, bigger, faster, etc. and they want it to be ostentatious. Old money people, IF they spend, may buy a $10,000. signed first edition book which will likely go up in value. New money will buy a designer handbag or two with the same 10K, and the handbags will be worthless in 10 years.
I take it you've never been broke. People with no money don't talk about it, as they have an absolute fear of it. But people with money don't mind talking about it, as they are far more comfortable with it. And everyone i know with money, most of them drive a BMW, Audi, or Mercedes.......❤❤
If i were Rich i would still work just a little less so just 35h a week or so🤔 And in Germany you have a few people that don't work and are still not rich. (Harz IV)
My parents a minimum of 500k a year by starting and selling restaurants. My mom always preached to go after quality of items. For example, she is a big fan of toyota and lexus since it protected her from car crashes without any damages on herself. Also she hates spending a dime on luxury items but can easily spend thousands on eduction or physical health for me and my sisters. People with wealth don't go hide it but also don't really show it.
The wealty tend to avoid the depreciating assets such as clothes and cars. My decision to buy a car was based on what I could write a check for without straining the budget. Trips to expensive restrauts are limited for both health reasons and cost. The more I save, the more that can be added to the assets that grow. For example stocks with dividends or good steady growth. They don't carry a balance on credit cards as that is one of the most expensive costs. They may carry a credit card set up to be auto paid off every month, and collect the rewards. Paid zero in interest and fees, and got a cashback credit over $300 this year. Buys clothing on sale.Costco had shoes on sale for $12 a year ago. Bought 3 pairs. Wore out the first pair and now wearing the 2nd pair. Polo short sleeve shorts were on sale in a 2 pack for about $15. Bought 4 packs. Bi-Mart had work shirts on close out for $5. Button down solid color long sleeve shirts. Bought 5 of the ones in my size. Was able to buy another $20,000 worth of stock paying 9% dividends. Now getting over $1000 per month in dividends just for owning the stocks. Do you want $70 ripped jeans, or $1000 a month in dividends. Yes the rich budget for what they want and avoid depreciating assets of high cost.
I know a person who used to talk about her mutual funds & annuities. She wanted ppl to think she had so much. Now she realizes no one cares her banking accounts or wants to listen to her she finds other things to talk about!
Some people are low key about being rich, but I've known others who loved throwing it in your face....and even belittling you with it, and what they've owned!
I have met a few millionaires in my life, and 1 billionaire. They all drove the most expensive car available because even replacing it every year was far less than their generated income. None were worried about showing off their wealth because they did not live in my world. Sure, it would be great to be a millionaire, but there are levels, and most still have to think before they spend.
Not all millionaires are equal, if a person's house is worth $500,000 and their 401k is worth $500,000 their net worth is a cool $1 million. I consider them as a poor millionaire. They will not be able to buy a car whenever they want. I know millionaires that are net worth from 2 to 5 million and spend very little money. I do have one friend who is a billionaire and he buys the best of anything. I worry about him because he really did not make his billions, they come from his wife's family who are from Saudi Arabia (oil money). I know oil will not leave us anytime soon, but a nice quick divorce can do wonders to him....
Some of them do, but some of them don't. Given that most people aren't millionaires, odds are greater that someone with those things is not a millionaire. Associating those things will millionaires is silly.
It’s called “stealth wealth”. They usually don’t flaunt their wealth because they don’t want the attention and the frivolous lawsuits, gold diggers and broke family members that want their money. By appearing normal or broke, most people won’t think that they have any money.
Most normal wealthy people don’t, studies have proven this to be true Don’t be fooled by social media or the 0.5% of earners… exceptions don’t prove the rule
Rich people don't think about money any more. So their behavior betrays indifference to wealth and its markers. It just doesn't occur to them any more to say, do, dress, behave in the "right way", since they take their wealth for granted and it has imprinted.
Person #1: Buys the latest corvette to impress people. Can barely make payments. Person #2: Drives the most basic toyota. But taking his family to europe this week, first class ×3. Ok, good night.
News flash...Rich people don't finance depreciating assets that don't make them money! But your right, we drive what WE like, not what impress others. It would defeat the point otherwise.
I don't think this video really answered the question about the tipoffs that someone is wealthy. A big one is the ability to afford private school for their kids, (or willingness to finance college for children with no discussion of the children getting jobs or applying for financial aid.) Can the person afford a lot of "off-beat" medical treatments like chiropractors, massage therapists, or "new age" stuff like aligning chakras and "finding your inner child" etc. Is the person an avid collector? Doesn't need to be fine art, just developing an interest in collecting antiques, sports memorabilia, etc? A wealthy person can afford to amass a *BIG* collection of things. And you can get to the meat of the question quickly, if you know the neighborhood where this person lives. Wealthy people don't generally live in humdrum places "to avoid attention". They live in the best part of the city, use their wealth to shelter themselves into living in a place that is largely free of crime. In order to afford to live there, you know that the underwriter at a financial institution got a good look at their income before committing to a loan for the residence.
After I slept on the question, I think this can also be simplified if you know a little about someone's work. Anyone who is a "VP" or "Senior VP" at a large corporation (especially if having worked there 20+ or more years), is likely to be well-off. Of course, some people just blow through their income, and are perpetually in debt. Deciding if someone is wealthy involves deciphering from among many hints. For example, hobbies. Someone who breeds horses and has seats at the football 50 yard line in the alumni section at his old university, is able to dabble in these things due to money from somewhere...
The key of financial wealth is using the 8th world wonder, compound interest, and use it for a long time to create a snow ball effect. Once you use this consequently you will retire as a rich person!
I consider anyone who owns and doesn't rent to be rich, and anyone who has a paid off house as ultra wealthy(I'm gen Z, I'll never be able to fully own a home)
Nobody knows enuf to be a pessimist. If I did it , u can too. Learn basic plumbing, elec, etc... and buy a fixer in the coming recession. " Success" is a mindset and also a million steps. Start walking 🚶
When i still went to school you were damn rich when you wore engelbert strauß working clothe to school. Everyone was jeulous, we didn't know other big brands but we were often outside after school to work on fields, machines, buildings or other things depending on the family and interesseds😂 We had one student that got really expensive brands and tried to show them off, no one knew what to do with him😬
Many of these traits I feel the opposite is true. I normally find people with fat less wealth more likely to be careless with their spending. And those with kids of money are very deliberate about all decisions.
Dressing well is not the same as showing bling. Your description had the wealthy guy dressing in sneakers, sweatpants, and a hoodie. That is a tech bro. That is not realistic for a middle aged wealthy person.. Yes, you will not see logos. You will see clothes that fit, and have good quality that lasts for years. Wealthy wear the right things that they may have had for decades. You also interchanged rich and wealthy. Rich looks like what uninformed people think means wealthy. Last thing: While wealthy people don’t worry about the same things as people less well-off, they still worry about other things.
I guess my wealthy cousin (almost a billionaire) is just different. He is on Facebook all the time showing off his cars, his expensive meals, and his expensive trips. He spent a whole month traveling around the world last year and documenting it online.
Best quote I ever heard. "I look poor and you act rich. We are both liars."
I always try to look poor. My wife hates it, but why would you want to "look rich?" Just asking for trouble.
Looking poor is not a lie. It's none of your business. I like shopping at thrift stores because it's fast. I can get a year's worth of shorts, shirts, pants in 15-30 minutes. Wandering around a mall, store after store, endless choices takes forever and is no fun.
I married my now ex-wife when I was 43. she was my age and a teacher. I owned a house in San Jose and worked as a software engineer in startups. I was under no obligation to disclose all my assets to her and she sure had no interest in my career or assets. 2 years in I "retired" without telling her. I said I was working from home on my own project which was true. I never said it was for money and it wasn't. Just some software I wanted to create for fun. 18 years later she wanted a divorce which I was happy to do. She wanted my house and alimony. I explained my house was pre-marriage and I hadn't worked in 15 years so I would be needing alimony from her and half her retirement savings because I had none. That's when it dawned on her that I hadn't been talking about earning anything for the past 15 years. She was that disinterested in what I did. She did a little research online and found how females can in fact have to pay alimony and that scared her enough to not hire a lawyer and we settled for we each keep our assets. If she had hired a lawyer they would have likely realized "how is a dude not working for 15 years while living in San Jose and paying for everything" and then I would have been forced to disclose all my assets.
It's not a lie to not tell people your balance sheet. I think it's smart and also healthy.
What a perfect description of human beings.
My mother taught me that long ago - humans with flip flops and holes in their shorts, would peel off hundreds from a wad in their pocket.
Those walking along in designer clothing, dressed to the nines had no money for purchases.
🤔intriguing 🧠
@@RebeccaLarson-v7n That's true. I used to work in a job where I dealt with homeless people a lot. & they always seemed to have a lot more cash on them than I did. Partly though it's because that cash is probably their entire worldly wealth, whereas wealthier people have most of their wealth tied up in less liquid forms. Many Middle class people are relatively asset rich/cash poor. You'd be amazed how many seemingly well off people are only 1 mortgage or rental payment away from disaster - because they're living beyond their means.
I truly bleieve the people who have no debt and money issues are just happier. They have no one to impress but themselves.
We truly are.Most people don’t want to sacrifice wants for needs.We are buying time back in life.
I will say that I and my wife are a LOT happier once we got serious and paid off all our debts.
Not having to worry about someone taking my car/house/etc. is amazing, and I am amazed at how many opportunities it opens up. If I want to start a business or take a lower paying job because I like the work more? No problem!
I would say we still have money issues, but they don't revolve around basic living or anything like that. Our money issues are more like, how much can I help with my kids college tuition, or my wife and I having different priorities on what to save for next. I will note that our discussion around money went from stressful arguments to casual discussions once we paid off our debts.
Not just debt. I retired 22 years ago at 45. My money sits in saving and checking accounts earning almost nothing. Horrible? I do not like investing because I suck at it. I gamble. So I stopped investing in 1995 except for my house if you consider that an investment. If I hear the market fell I don't care. Market up? Should I sell? Don't care. It's way less stressful. Sometimes when I'm using my debt card to buy food I sometimes thinks how weird it must be to just use this card decade after decade and never think much about the balance. It just always works. If it gets worn out and stops working I go to the next bank.
It's a less stressful life if you make it that way. I have friends who live very flashy and it looks stressful to me. They talk a lot about problems. And sometimes they even get into actual trouble. Doesn't look like fun to me. I didn't retire in order to become a hotel manager or an financial analyst.
I wouldn't say we are happier. But we are certainly less stressed. Life can truly suck regardless of money. Money or lack of it can just make life suck more
Should be pinned Because thats the honest truth debt keeps a person up at night being free your not a slave to no one.
I have a small 1050 sq ft home, drive a 13 yr old car, and have a $600K net worth with zero debt, with $141K of that sitting in the bank in CD's. I live off of (yearly spending) $21K a year as a quasi-minimalist lifestyle.
I envy you! Right now I live in an expensive area, so my expenses are high. But I have a 2008 car, no debt, and have a part time job.
Not exactly ‘rich’ by 2024 means, but getting there.
@@PJ-sv4iwassuming the commenter is in the USA, his 600k is doing better than 90% of the population
@@mizzle299 - Yeah, I'm the USA. I certainly wouldn't say I'm rich, but as a money saver and low key lifestyle, I would guess strangers think I'm of modest means. With no debt making $70K a yr, I'm saving over $30K in cash each year the past several years after paying off my house. My net worth of $600K is a paid off house worth $200K, a $250K retirement 401K account, my $141K cash savings and my car/small possessions. So I'm doing well with zero worries about money. At age 52, single, I'm projecting to be net worth $1M in about 5 or 6 years.
Can I have 100,000? God Bless 😊❤️🫂
Protecting your capital is much more important than making money. Basically because if you lose your capital, making money is much harder. ''Missing the train'' vs. ''losing your money''. There are a lot of trains, but if your money is gone, it's over.
Wall Street pitched so-called quality stocks with high profitability and low debt, as a kind of insurance against whatever the economy might throw at you. Quality stocks have underperformed the S&P500 this year, My $200k portfolio is down by approximately 20 %, any recommendations to scale up my returns on investment
Nobody knows anything You need to create your own process, manage risk and stick to the plan, through thick or thin While also continuously learning from mistakes and improving.
Exactly why i enjoy market decisions being guided by a pro , seeing that their entire skillset is built around going long and short at the same time both employing risk management and market experience , been using a portfolio-coach for over 2years+ and I've netted over $3million in that time frame.
Do you mind sharing info on the adviser who assisted you? I'm 39 now and would love to grow my stock portfolio and plan my retirement
“Carol Vivian Constable” is the licensed fiduciary I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment..
Rich is being able to buy back time(not working your whole life)health and family.Discipline in your early years truly pays off later in life.I type this while easily affording a 10 day vacation watching my son play on the sidewalk in Mexico.This is rich
At the very least, I now grasp the concept of leverage. Creating wealth and financial freedom isn't as tough as many people believe. Building wealth and remaining financially stable indefinitely is a lot easier with the appropriate information. Participating in financial programs and products is the only true approach to make a high income and remain affluent indefinitely.
Starting early is simply the best way of getting ahead to build wealth , investing remains a priority . I learnt from my last year's experience , I am able to build a suitable life because I invested early ahead this time .
Due to my demanding job, I lack the time to thoroughly assess my investments and analyze individual stocks. Consequently, for the past seven years, I have enlisted the services of a fiduciary who actively manages my portfolio to adapt to the current market conditions. This strategy has allowed me to navigate the financial landscape successfully, making informed decisions on when to buy and sell. Perhaps you should consider a similar approach.
That does make a lot of sense, unlike us, you seem to have the Market figured out. Who is this consultant?
Finding financial advisors like Melissa Terri Swayne who can assist you shape your portfolio would be a very creative option. There will be difficult times ahead, and prudent personal money management will be essential to navigating them.
Thank you for saving me hours of back and forth investigation into the markets. I simply copied and pasted her full name into my browser, and her website came up first in search results. She looks flawless.
Rule 8 indicates you don't need a high IQ to be a good investor, just 2 qualities, self discipline and a lot of patience. Investing is mostly about behavioral psychology. How can I generate more income to retire with at least $3m for long term care?
We share common goal, making sure you are ready for your later years is very important. That's why passive investing works, low costs, better diversification and it enables people to overcome their behavioural bias especially if they engage professional help.
It's unfortunate most people don't have such information. I don't really blame people who panic. Lack of information can be a big hurdle. I've been making more than $30k passively by just investing through an advisor, and I don't have to do much work. Doesn't matter if the economy is misbehaving; great wealth managers will always make returns.
I've been looking to get one, but have been kind of relaxed about it. Could you recommend your advis0r? I'll be happy to use some help
Vivian Jean Wilhelm is the licensed advisor I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment.
Thank you so much for your helpful tip! I was able to verify the person and book a call session with her. She seems very proficient and I'm really grateful for your guidance
My aunt passed and I inherited some of her portfolio and cash savings, I’m 28 with about 400k cash in savings and as usual everybody’s preaching invest, so what stocks are a good long term buy, only major purchase I intend to make is buying a home in 5years from my returns
Lucky you, I’d buy a lot of tech stocks and Dividend portfolios with that.
Don’t come to RUclips looking for RUclips advise, instead contact a fiduciary for proper guidance.
Same, I just use RUclips for research purposes, I run all my major investment through an investment adviser, the market is just too unstable to handle things on your own.
'Sharon Ann Meny' is the licensed advisor I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment.
Look into ETFs & avoid crypto or any other promises of turning it into a million overnight
Creating wealth entails establishing positive routines, such as consistently setting aside funds at regular intervals for sound investments. Financial management is a vital subject that many avoid, often leading to future regrets.
Indeed, currently I'm managing my finances wisely and being frugal. In the last 19 months, my investments grew by 43%, adding over $50K in profits. However, I've had losses in the past month, making me anxious. I'm unsure whether to sell everything or wait.
I totally agree; I am 66 years old, recently retired, with approximately $1.2 million in external retirement funds. I am debt free and have very little money in retirement funds compared to the total value of my portfolio over the past three years. To be honest, I didn't do all this alone, but with the help of a financial advisor. Having one is currently the best way to trade in the stock market, especially for people nearing retirement.
@@ThomasChai05Is there any chance you could recommend who you work with? I've wanted to make this switch for a very long time now, but I've been very hesitant about. I'll appreciate any recommendation.
@@ThomasChai05Mind if I ask you to recommend this particular coach you using their service?
'Gertrude Margaret Quinto' maintains an online presence. Just make a simple search for her name online.
My net worth is 3.2M and I drive a 16 year old car.
The old Lambos just drive better
Wow
Really?
Well, good for you.
May you remain wealthy for the rest of your life and pass it down to your next generation.
If you're 16 year old car still works well, then power to you.
When that car finally kicks the bucket, at least you can purchase another well working vehicle in one go.
It's actually very wise to have a low value car because cars go down in value the minute you drive it off the lot and it keeps going down from there, plus it's consider a liability rather than an assett.
Cars are generally a high ticket purchase, and since people need cars, you may as well allow the high ticket liability purchase to be one that doesn't happen too often, and one that you don't have to keep putting money into it.
Let me ask you this though,
how many cell phones do you have that are working and actively use?
20 years later:
My net worth is 12.8M and my son drives me in my 36 year old car.
Ultimate Flex....
but do you drive it with a Smile? thats the question
Actually rich people do think about pennies... I'm a millionaire and I count every penny I spend. I am very careful with money. So listening to you I can agree with some things but there are some things I do not do...
That's the only part I disagreed with as well. Many that are wealthy got that way by being very aware of expenses..... every extra
dollar saved (and invested) earlier
in life helps create that wealth and allows you to self insure long term care... You don't stress over every dollar but you don't blow it over silliness either
I recently inherited almost $500k. I REALLY need to make this money work for me, and not just disappear over time. I've been scrambling for somewhere to put the money, where I can make an effort to use the gains to pay bills so I can quit my job or should force early retirement. All roads have pointed to the financial market of some sort which is a good idea buh where else should I put money besides the financial market? We have a 13% RPI rate so cash is tough.
Yep great question and that’s always the one - where would you rather be if you have an option. Personally I’m always invested aside from a small emergency fund. Financial-market for me seem the only way forward with my long time horizon (accrued almost $1.4m in gains since 2020 ) but if you don’t have that fortune of time it’s a tough market out there almost nowhere feels safe! . Just know the risk you're comfortable with . Mistake is expensive
I fully agree; I'm 60 years old and recently retired with approximately 1.2 million in outside retirement funds, no debt, and very few dollars in retirement funds in comparison to my portfolio balance over the last three years. To be honest, the financial advisor's role can only be ignored, not dismissed. Therefore do your research to get a reputable one.
A million dollars in profit is a fantastic achievement; how can I contact this advisør of yours?
Lauren Marie Ehlers is the licensed fiduciary I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment..
Thanks for sharing, I just looked her up on the web and I would say she really has an impressive background in investing. I will write her an e-mail shortly.
I was advised to diversify my portfolio among several assets such as stocks and bonds since this can protect my inherited portfolio of about $2.5m. I’m used to just buying and holding assets which doesn’t seem applicable to the current rollercoaster market plus inflation is catching up with my portfolio. I’m really worried about survival after retirement.
My partner’s been considering going the same route, could you share more info please on the advisor that guides you?
Thank you for this tip. It was easy to find your coach. Did my due diligence on her before scheduling a phone call with her. She seems proficient considering her resume.
As someone passionate about investments, I often contemplate the strategies and paths that enable top-tier investors to amass wealth in the millions. While I possess a substantial initial capital, I am uncertain about the specific tactics or avenues that would facilitate achieving gains exceeding $400k, similar to those achieved by several others this season.
the strategies are quite rigorous for the regular-Joe. As a matter of fact, they are mostly successfully carried out by pros who have had a great deal of skillset/knowledge to pull such trades off.
Investment results might vary from investor to investor, even with the best strategy and suitable assets. Acknowledging experience's crucial role in investment success is essential. I realized this importance for myself and consulted a market analyst, which helped me build my account to around a million. Having carefully withdrew my profits before to the market downturn, I'm now taking advantage of buying possibilities once more.
That does make a lot of sense, unlike us, you seem to have the Market figured out. Who is this coach?
Actually its a Lady. Yes my go to person is a ‘LAURELYN GROSS POHLMEIER '. So easy and compassionate Lady. You should take a look at her work.
I searched for her complete name on the internet and located her page. I then sent an email and scheduled a meeting to converse with her; now, I'm awaiting her response.
One lesson I've learnt from billionaires is to always put your money to work, and diversifying your investments. I'm planning to invest about $200k of my savings in stocks this year, and I hope I make profits.
You are right. The best approach I feel is to diversify investments- by spreading investments across different asset classes like bonds, real estate, and international stocks, they can reduce the impact of a market meltdown.
That makes sense. I’ve been using a financial market expert for two years now and I own a six-figure diversified portfolio from investing in stocks. I want to diversify more this year, though.
I really want to get in with a financial advisor this year, especially as all markets are hitting highs. I don't want to be too optimistic and end up losing everything.
Just research the name Sharon Ann Meny . You’d find necessary details to work with a correspondence to set up an appointment.
Thanks for sharing, I just looked her up on the web and I would say she really has an impressive background in investing. I will write her an e-mail shortly.
I’m a multimillionaire, barely, and I’d say this is generally true. I have a new Lexus and love Hoka’s. Splurge on golfing. Texas Roadhouse is fine dining
i find people that talk about money are generally better off as they comfortable talking about it while broke people never talk about it cuz its embarrassing. its the poor people that look at the prices but never talk about it and act like its not a big deal. this is why they got all these name brands in the first place. its a facade
That's why rich people will wear the poor person's clothing, while the poor will wear the rich person's clothing. A rich person CHOOSES not to buy it because they don't need it even though they could afford it, while a poor person CHOOSES to buy it because they want it and don't care if they can't afford it. Such is why Credit Card Companies and name brand companies are rich. I find it funny, even though it is a bit of a scam. If I had less morals and standards, I would do the same thing and be richer than I am now, which isn't even rich by any means.
I was taught to never discuss your wealth. It makes others uncomfortable and it's something blowhards do.
I'm comfortable. I bought a 10 year old low mileage Lexus last year.
It's nice and gets me to my destination without me worrying about reliability.
You paid 12.000
If I was rich I would probably buy a Mazda. I'm not rich, so I would probably buy a Mazda.
I like Toyotas. But same.
I am a person that’s secretly very comfortable but got there from being frugal and people would still think lm lucky or something but they also lack discipline. All this just to say, I drive a Mazda lol.
@@youdeservethis I would switch my Honda out for a Toyota they're more comfortable
@@austintomkewitz3981 yeah. I love my Toyota. My mechanic said I could easily get 300,000 miles as long as I keep doing maintenance and oil changes.
I've driven a Mazda for about 30 years now. I'm on my 3rd.
I knew someone in college who didn't own a car or a phone (this was before cell phones). I got a tip off when she thought nothing of calling a cab to get around town. She would casually mention that she was flying to New York for a long weekend or to London for a weeks break. She didn't dress flashy and I later found out she had quite the trust fund. She was not snobby.
There generally is a huge difference between trust fund babies and self-made people. Too me flying cross country or to other countries on a lark can be a sign of problems to come. Not saying this woman won't cope, but many trust fund babies and up in serious trouble with drugs. They just seem to get bored. Living 40-80 years in wealth I think can get boring. I once ate at top French restaurants everyday. Some days for lunch and dinner. Lasted 1 week. So bored and sick of butter.
I only know trust fund babies a little. Most wealthy people are self-made. We all just love the game. It's exciting. Do the math. Suppose you could stay at top resorts any place in the world. How many of those areas are there? 20? 50 tops. Say you stay for 2 weeks at each place. Every 2 years you'd have to recycle thru each one. 40-80 years means staying at each one 20-40 times. And each resort is basically the same. Boring AF imo.
We had a friend who was the daughter of a very rich doctor. She was kind, sweet, and oblivious to how well off she was. We would be lined up to get into restaurants, and she would be chatting loudly (it's just her) that she'd had a boring summer, only visited half a dozen exotic locales this year...lol. She truly wasn't bragging, really complaining that it was boring... Also not snobby, and in fact super cute. I hope your life turned out happy Lisa.
My net worth is approaching 1.4 million, but I look like a regular guy wearing 10 yr old jeans and a hoodie. My goal is to hit 2 million by the end of the year.
Bitcoin.
Or OF. Either way, I don't care, good on you for accumulating instead of spending. Just make sure you diversify.
People that have money definitely look at prices. Theyre financially smart so to say they dont look at prices on things and just buy them, even at a restaurant is a lie. Cause if they did that its most likely going to carry across all situations in their lige
I think what he means is that the wealthy will get what they want off the menu. At a moderately nice restaurant, the difference between the cheapest and most expensive item will typically be less than $50. If you take the effort to go to a restaurant with family and friends, you will spend the money. When I was young and broke, I was very price conscious. Now that I am debt free with money saved for retirement, I get whatever I want off the menu.
of course
@@ericl452 Exactly this. If you didn't want to spend the money you just wouldn't go to the restaurant. What you're not going to do is go to a restaurant and care about the prices. You already should know what it costs.
The problem was the bottle of wine in the video when he was talking about not looking at prices.. A "secretly rich" person isn't going to worry about the price difference between the pasta dishes ($18 to $30 many places, the seafood dishes ($25 to $40) or the steak ($30 to $60).... They'll just order what they want. Wine... sorry, but it's a bougie product. There are plenty of great wines to be had for less than $10 to $20 a bottle (grocery store). If I want wine at a restaurant, I'll order a glass ($10 to $16 usually), but I'm not ordering "whatever" because someone decided their bottle of wine is worth $100 to $200... similar grapes, similar time in same type of barrel as the $10 to $20 bottles, just a "fancy" label for 20x the price.
Three words I love......1) Honesty......2). Courage....3)....Compassion
What does rich mean? A lot of rich people don't act rich because they don't consider themselves rich.
In the US, an income of $600k/year puts you in the top 1% of earners. That doesn't explain how much money you have in the bank, however. For example, someone might have $10 million in the bank but doesn't work; are they in the top 1% of the population? Or does it take $100 million? Prince Harry and Meghan supposedly have between $30 million and $100 million, but since they want a lifestyle that requires much more money, they are unhappy. "Rich" is definitely relative and the goalpost is moving all the time.
Its misleading.
Rich people will dress depending the occasion.
They can wear comfy when they going out, Suits in business meeting.
Rich, Poor and Middle Class. They all just human. WTF??? They aint another alien species.
If your single and generating $10k-$15k and keep growing from passive income + working in MCDONALD part-time yet still continue to invest. You are literally in wealthy class.
Making yourself busy with interesting life event is a bonus!
True dat. I retired 22 years ago at 45 and certainly didn't feel rich. I certainly don't appear rich. How I live I assume most people would consider homeless level. But I've been super happy. Love getting up everyday and tired every night. Freedom is addictive.
Next year I plan to move to SE Asia. There a doctor working in a private hospital earns about $500/mo USD. Locals will consider me rich just by virtue of being a foreigner. And by their standard I will be in the top 0.5% of earners.
A plane ride from poor looking to rich. It's a weird world.
Rich is living debt free within your means while happy, content, and healthy. Can’t ask for more than that except having Jesus as your Lord and Savior.
We drive a 5 year old Lexus and a 20 year old pick-up truck. We've had people ask to purchase both vehicles. We have absolutely zero debt and can really purchase anything we want, but often choose not to. We have everything we need.
This video just repeats the same point over and over. This could have been a 2 minute video.
My mom wouldn't check the price tags until she got home. My wife always dressed very well, me I am jeans and boots all day everyday (boots when it's 100 degrees). While we were dating, when we go shopping and walk into the stores the people would come up and address her right away (she looks like money) mean while I am the one with all the money just looking like the average working guy not saying anything.
They’re salespeople. She looks like she spends money. You don’t. They choose correctly
yes usually its like that..Wife and daughters are the ones doing the spending nor the men in the family. Sons if raised well will follow the father because the father will set an example.
I grew up penny pinching and took a lot of that mindset into adulthood. Over the past decade I've paid off all of my student debt, funded my retirement accounts as much as possible, and put a decent amount away in savings so I'll never have to worry about paying for emergencies. In the past few years I've finally started to feel less anxious about money and have given myself a larger discretionary budget to enjoy my life with. I enjoy being generous with my money in social situations (dinner, drinks, entertainment, tipping, etc.) because it's not a financial burden for me to do so. I don't think of myself as "rich" and I still budget extremely diligently, but my feelings and attitudes towards money have definitely shifted from scarcity to seeing it as a tool.
That’s awesome, and I look forward to living like that in the future.
I am 71 & recently retired. I'm in a small house which I own, no mortgage. And fairly new car, paid off. But I do like shopping on Amazon. But I don't get any "big ticket" items. I should have enough money to last until I die, barring a real bad economic disaster.
It’s also a matter of not wasting the money you do have, just look at how quickly a lottery winner can blow through a fortune in no time.
I've reached a point where I can pay cash for any car I choose but have been driving the same 1948 Ford pickup for over twenty years.
I'd like to see the old Ford.
I like old vehicles. But then I think about air bags and other safety equipment and chose safety.
@@waterbug1135 There's nothing safer than a defensive driver.
I just want to be rich enough to not care how expensive beef jerky is.
Sometimes, it's the little things in life. My wife and I are pretty financially well off at this point, and our favorite evening snack is a good ol' bowl of cereal. That, or a homemade chicken sandwich.
or toilet paper for me.
It's a double edge sword though. To be self-made requires some rational thinking. So when you get there you may see beef jerky as a poor choice to eat, even if you still don't care how expensive it is. I see people smoking, doing drugs, being obese and think how horrible that must be to not want to live as long as possible.
@@waterbug1135 I see what you're saying. I've been taking my health very seriously for the last 7 years. Health and finances need the same care. Long term goals and putting off immediate gratification (80k truck and fast food) vs smarter choices (25k prius and cooking healthy food at home). Common sense and will power.
Some wealthy people still stress over the cost and spend the minimum. Ever meet a rich, cheap engineer?
The word is 'frugal'.
Yeah when he said that the discreetly wealthy don't look at cost in a restaurant, I'm like uhhhhh I'm not sure about that. It's those habits and cost consciousness that got them wealthy in the first place.
@@ghostbird92 yes but... If you're frugal you don't eat at restaurants because eating at home is cheaper. That implies that if you are at a restaurant you either a) had no time to cook, b) went there for pleasure. First option, I agree I'm going to order something cheaper. Second option... it makes no sense to go to a restaurant, spend the money and not get what you would really want.
I've had people stop me when I'm on a walk and give me food or water. I say "Thanks" and enjoy. They feel good "helping" someone and I enjoy a tasty snack.
I'm rich, I just don't feel wealthy. Each year things get better, but I still only feel rich and not wealthy. Been feeling this way for the past 20 years since the goalpost is always constantly moving.
Do you have 0 debt? Are you comparing yourself to your environment?
Can I have 100,000? God Bless 😊❤️🫂
@@IrisP989 Yes zero debt since age 29. I don't really compare since we know it will never end.
XO on my first ship was from a wealthy family. We were stationed in Hawaii and he drove an ugly island car. It was cheap, dependable, and he was happy with it. I only knew that he grew up wealthy because an enlisted guy on the crew grew up with him and told me.
I'm so happy I made productive decisions about my finances that changed my life forever,hoping to retire next year.. Investment should always be on any creative man's heart for success in life
That's awesome!! I know nothing about investment and I'm keen on getting started. What are the strategies?
YES! that's exactly his name (Mr Fergus Waylen) I watched his interview on CNN News and so many people recommended highly about him and his trading skills, he's an expert and I'm just starting with him....From Brisbane Australia
This Man has really change the life of many people from different countries and am a testimony of his trading platform .
Well, you are saying the fact. I invested $4,000 with fergus Waylen. and earned $12,000 .
Investing has proven to be an incredibly beneficial decision. My cryptocurrency profits continue to play a substantial role in growing my overall wealth, reducing my reliance on my salary
2:12 haha whats up with that finger mate, had me laughing.
Good stuff, but I think the part at 2:08 probably doesn't apply to a lot of people who were formerly poor and became hidden wealthy... they always still check the price on things. And will sometimes still make decisions based on price, even if they can totally afford it. Old habits die hard, and you never forget when you went a full 7 days without eating because you didn't have money.
Good advice. I laughed out loud when one of the drawings strangely resembled me.
Lifestyle inflation is real as is keeping up with the Jones. For me, I usually wear clothes that is easy and casual clothes makes you look good… and combine that with a wealthy physique can build confidence. Lastly, the wealthy view things and situations different as “how can I obtain that” compared to those that say “ I can never afford that”
I’ve listened to this around 100 times , never get tired of hearing it , definitely my favorite video …
Glad you like it!
Feeling "rich" is a highly subjective thing and changes over time. The richer someone becomes, the more he will say that he may be well off or "financially comfortable", but deny being "rich". The perception moves from lower middle class, to middle class, to upper middle class, to the very upper middle class.
Financially well off people are usually, if not always, the ones who never discuss money at all and couldn't care less what others think.
I'm wealthier for my age (30), sometimes I regret buying a brand new mini cooper, but I rationalize it cause I can park anywhere, it gets 35 MPG, and I got it $8500 off sticker price... Everyday people seem to think it's some super expensive luxury car by the way it looks, but even at sticker price, it's cheaper than their SUV's and trucks that never get used for what they're meant for.
You don’t need to feel guilty about buying a new car. Reliable transportation is important. However, I suggest that if the car is mechanically sound you should keep it for as long as possible. We can relate to this video and we do not discuss our wealth. Why? That is simply bragging. Such crap, life is too short to be petty. Anyway, back to the cars. We own a 14 year old Subaru that we bought new and plan to keep it pretty much forever. Love the car and is mechanically amazing. Second car is a newer Toyota SUV. That car is now 5 years old and we are hoping to keep it as long or longer than the Subaru. My advice to you is this. Pay cash for your vehicles. They really aren’t investments and go down in value no matter what. No need for stupidly high car finance rates if you can afford to buy it outright.
As long as you maintain it well and use it for many years there's no reason to feel guilt. Mini-coopers and Smart cars can park anywhere, but one looks like a shoebox and the price isn't that different. Free parking can add up quickly in a big city. I used to drive a 2015 Nissan Leaf. I think it has a 12 ft turning radius or something like that. I could parallel park it into a spot only a few inches bigger than the car.
I know several upper 10% people. First priorities are health and family. They tip well at restaurants, but always use coupons and shop at the dollar store. They travel a lot, but fly coach and stay at average hotels. They drive excellent cars, but they are used Toyotas and Fords. They dress neat, but clothes are used until wore out and even at times bought at second hand stores. Their house is at best average, but they are debt free. Some worked with their hands and others with their head, but all are intelligent.
Thanks for the video! Also, thanks for including a guy with a hearing aid! My grandmother always looks impeccable. No sweatshirts. I am taking a card from her deck. I don't want to look like a slob. But I buy clothes that will look good for years. Classics.
Retired at 36. Several houses and land. Family time is #1 priority period. 1989 Hilux and a 2005 VW Golf are my whips. Wife has a 2000 Corolla.
I once had a roommate (yes, we split the cost of a house on the ocean) who did ski patrol in the winters and windsurfed in the summers. I assumed he was just like so many other young cash strapped athletes. Wrong. Every morning he stood at a desk taking meetings and answering emails. I asked him what he was doing. He said, “oh, I am on the boards of a few family companies.” I did not ask any follow-up questions as I did not want to pry. He obviously kept his status under wraps, so I Googled his family name. Turns out his family was the largest landowner in the U.S., and the businesses were citrus, cattle and shipping, built up over four generations.
My assets is slowly up to 100 000k. It is not easy to save that much on a regular salary, but soon I will be there. Haven't spent my money on many flashy things. Except recently I hired a BMW. I am going to hire it for the summer, my regular car is much more lowkey. Feels nice to enjoy something as a result of your own hard work!
I have brand new luxury car (paid cash). This is my only indulgence. I shop at Target. Net worth is around 7 million , house us paid off and we nave no debt. I’ll be retiring next spring and will indulge in my hobby full time. No one in my family knows how much money I have.
Well said! The brokies keep burrowing money to buy things they don't need to impress people they don't know.
It's the equivalent of simply stating that *there are more rich people who aren't on TV than those who are.*
I watch the prices of everything, I guess I'm not rich 😮
I watch the prices too...There is absolutely nothing wrong with it. It doesn't negate the fact that my net worth is 7 figures (with some debt).
That's no way to live life.
Do you just go to store and put items in your shopping cart without looking at prices and whatever the price is you just pay that?... @@stalinov91 Why is it wrong being responsible with money? For example, going to Costco where you can buy in bulk for a better price? Buying generic brands sometimes because the ingredients are exactly the same?
I watch the price of everything too, always have and always will, despite now having a net worth of £2m at 62. Still working for another 3 years then part time till state pension kicks in at 67. Self employed and like the purpose and meaning work brings to my life.
@@stalinov91 it’s the only way to lead life.
A lot of this is just not true. I am 49, have no debt and a net worth approaching $5M... I may not count pennies, but I still look at the prices of everything. Anyone that has attained their own wealth still has the rising cost of living cross their mind on a regular basis.
I have a net worth well into 8 figures, no debt, 2023 gross income of over $700,000.00 (USD), my house is valued at $2,000,000.00 (Zillow). My education is BA, MD, MS, MPA. I drive a 2011 Prius and buy my clothes at Costco or AAFES stores (no sales taxes). Life is good!! The only “hint” I have a few bucks is we fly first class on our annual vacation and I belong to an exclusive country club (the club with two golf courses) in San Francisco (I keep my membership secret so my freeloading “friends” won’t ask me to invite them to play on the PGA Championship Courses 🤣🤣🤣!!).
In farm country, it's called “ talking poor.” Thank you for your excellent content!🎯🙏👍
In Ireland we say "The poor mouth " 😅
My mom could drive anything she wants and she chooses a dodge mini van and she has thought of a navigator or even a rolls Royce but she just can’t do it because she hates showing off and the only thing she can show off is her house which is almost stupid it’s a 8000 square foot house and it’s a smart house plus I can’t tell my friends and my sister friend is the only person that knows where we live and what house it is and how big. I can’t stand being wealthy it sucks you have to pretty much live in secret
My mom hates most of her friends to because they all were the latest design clothes and my mom just doesn’t were that stuff but my mom has a whole side of her closet just for design clothes and she only were it to dinners and other fancy type of things my mom and dad go to. My moms friends don’t even know anything it’s wierd and I am happy being wealthy but it’s just wierd to live in secret
my father had told me of his observation to get a toyota because he never saw them broken down on the side of the road. I heard the same truth about mercedes from a mercedes dealer as well, and I agreed, I never saw a mercedes broken down on the side of the road.(dang I just looked it up. toyota is about half the price of mercedes)
Wealthy is a relative term. Too many around me talk about it and I'd be damned if they had a clue of mine. Only time I talk about investing when I'm asked, but who listens to a spend thrift nobody. I'd like to keep it that way.
Cars can be obtained through lots of trickery.
A nice watch, if it's real... kinda of HAS to be done in cash.
I normally look at their watch and multiply by 20x to 40x.
Some of these vary. I know some VERY wealthy people with hundreds of millions of dollars. I know at least one is a billionaire. Among them, there are people who DO check menu prices closely because even though they can afford anything on the menu or for that matter can buy the restaurant, they are still tight as hell, probably from earlier in life when they needed to be tight as hell. I know one family who, as the result of actions of a patriarch two generations back, are all wealthy. Not billionaires, but none of them have to work as they can live off of dividends and interest. Within that same family, some live modestly and some live flashy. In my experience (and I am over 70) the one fairly consistent thing is that old money tends to be conservative in their lifestyle, and the nouveau riche want more, more, more, bigger, faster, etc. and they want it to be ostentatious. Old money people, IF they spend, may buy a $10,000. signed first edition book which will likely go up in value. New money will buy a designer handbag or two with the same 10K, and the handbags will be worthless in 10 years.
I take it you've never been broke. People with no money don't talk about it, as they have an absolute fear of it. But people with money don't mind talking about it, as they are far more comfortable with it. And everyone i know with money, most of them drive a BMW, Audi, or Mercedes.......❤❤
Not caring about what things cost is a good way to become poor.
I can tell who is rich by the ones who dont work.
If i were Rich i would still work just a little less so just 35h a week or so🤔
And in Germany you have a few people that don't work and are still not rich. (Harz IV)
My parents a minimum of 500k a year by starting and selling restaurants. My mom always preached to go after quality of items. For example, she is a big fan of toyota and lexus since it protected her from car crashes without any damages on herself. Also she hates spending a dime on luxury items but can easily spend thousands on eduction or physical health for me and my sisters. People with wealth don't go hide it but also don't really show it.
People see my 2008 Dodge Ram pickup and have no clue.
Broadcasting your wealth could also put a target on your back. If you’re wealthy you have a lot to lose. Loose lips sink ships as they say
The wealty tend to avoid the depreciating assets such as clothes and cars. My decision to buy a car was based on what I could write a check for without straining the budget. Trips to expensive restrauts are limited for both health reasons and cost. The more I save, the more that can be added to the assets that grow. For example stocks with dividends or good steady growth. They don't carry a balance on credit cards as that is one of the most expensive costs. They may carry a credit card set up to be auto paid off every month, and collect the rewards. Paid zero in interest and fees, and got a cashback credit over $300 this year.
Buys clothing on sale.Costco had shoes on sale for $12 a year ago. Bought 3 pairs. Wore out the first pair and now wearing the 2nd pair. Polo short sleeve shorts were on sale in a 2 pack for about $15. Bought 4 packs. Bi-Mart had work shirts on close out for $5. Button down solid color long sleeve shirts. Bought 5 of the ones in my size.
Was able to buy another $20,000 worth of stock paying 9% dividends. Now getting over $1000 per month in dividends just for owning the stocks.
Do you want $70 ripped jeans, or $1000 a month in dividends. Yes the rich budget for what they want and avoid depreciating assets of high cost.
I know a person who used to talk about her mutual funds & annuities. She wanted ppl to think she had so much. Now she realizes no one cares her banking accounts or wants to listen to her she finds other things to talk about!
Some people are low key about being rich, but I've known others who loved throwing it in your face....and even belittling you with it, and what they've owned!
The rich act poor and the poor act rich. 💵
Is there research to support these claims? Would love to be able to read some of this myself.
I have met a few millionaires in my life, and 1 billionaire. They all drove the most expensive car available because even replacing it every year was far less than their generated income. None were worried about showing off their wealth because they did not live in my world.
Sure, it would be great to be a millionaire, but there are levels, and most still have to think before they spend.
Not all millionaires are equal, if a person's house is worth $500,000 and their 401k is worth $500,000 their net worth is a cool $1 million. I consider them as a poor millionaire. They will not be able to buy a car whenever they want. I know millionaires that are net worth from 2 to 5 million and spend very little money. I do have one friend who is a billionaire and he buys the best of anything. I worry about him because he really did not make his billions, they come from his wife's family who are from Saudi Arabia (oil money). I know oil will not leave us anytime soon, but a nice quick divorce can do wonders to him....
Next video: crazy signs a secret agent is actually a secret agent.
Wealth whispers.
Nobody carjacks the guy in the 25 year old Crown Vic.
You know my sons😮
It’s crazy that people don’t think millionaires ever wear/own designer brands with logos or drive luxury cars 🙄
Some of them do, but some of them don't.
Given that most people aren't millionaires, odds are greater that someone with those things is not a millionaire. Associating those things will millionaires is silly.
It's not that they don't, it's that broke people do more often 😂
It’s called “stealth wealth”. They usually don’t flaunt their wealth because they don’t want the attention and the frivolous lawsuits, gold diggers and broke family members that want their money. By appearing normal or broke, most people won’t think that they have any money.
Most normal wealthy people don’t, studies have proven this to be true
Don’t be fooled by social media or the 0.5% of earners… exceptions don’t prove the rule
Read the title of the video again.
The cost of anything is, the next best thing you could have done instead with those resources.
Im retired and just brought my first bike again 1972 Yamaha lt2 100
Sam Walton, founder of Walmart dressed in off the shelf clothes, and drove an old pickup truck.
Rich people don't think about money any more. So their behavior betrays indifference to wealth and its markers. It just doesn't occur to them any more to say, do, dress, behave in the "right way", since they take their wealth for granted and it has imprinted.
I've been financially successful for several years now but I don't look like it. I adhere to all of these rules. It's all about DECEPTION.
Person #1: Buys the latest corvette to impress people. Can barely make payments.
Person #2: Drives the most basic toyota. But taking his family to europe this week, first class ×3.
Ok, good night.
27 years old Daihatsu 850cc drives like new.
Good Info, like always. 👍 👌
I buy my clothes at Walmart! The only external sign that I may have more than the average Joe is the two tone gold Rolex Sub that I wear everyday!
I thInk you talking about wealthy men.... Because their wife spend all the money on designer bags and clothes/shoes...
News flash...Rich people don't finance depreciating assets that don't make them money! But your right, we drive what WE like, not what impress others. It would defeat the point otherwise.
Some very valid points even though I am not secretly wealthy
Some people just like designer clothing, shoes, bags. That doesn’t mean they dont have money or are not wealthy. Far from it.
I don't think this video really answered the question about the tipoffs that someone is wealthy. A big one is the ability to afford private school for their kids, (or willingness to finance college for children with no discussion of the children getting jobs or applying for financial aid.) Can the person afford a lot of "off-beat" medical treatments like chiropractors, massage therapists, or "new age" stuff like aligning chakras and "finding your inner child" etc. Is the person an avid collector? Doesn't need to be fine art, just developing an interest in collecting antiques, sports memorabilia, etc? A wealthy person can afford to amass a *BIG* collection of things.
And you can get to the meat of the question quickly, if you know the neighborhood where this person lives. Wealthy people don't generally live in humdrum places "to avoid attention". They live in the best part of the city, use their wealth to shelter themselves into living in a place that is largely free of crime. In order to afford to live there, you know that the underwriter at a financial institution got a good look at their income before committing to a loan for the residence.
After I slept on the question, I think this can also be simplified if you know a little about someone's work. Anyone who is a "VP" or "Senior VP" at a large corporation (especially if having worked there 20+ or more years), is likely to be well-off. Of course, some people just blow through their income, and are perpetually in debt. Deciding if someone is wealthy involves deciphering from among many hints. For example, hobbies. Someone who breeds horses and has seats at the football 50 yard line in the alumni section at his old university, is able to dabble in these things due to money from somewhere...
The key of financial wealth is using the 8th world wonder, compound interest, and use it for a long time to create a snow ball effect. Once you use this consequently you will retire as a rich person!
I consider anyone who owns and doesn't rent to be rich, and anyone who has a paid off house as ultra wealthy(I'm gen Z, I'll never be able to fully own a home)
Nobody knows enuf to be a pessimist. If I did it , u can too. Learn basic plumbing, elec, etc... and buy a fixer in the coming recession. " Success" is a mindset and also a million steps. Start walking 🚶
When i still went to school you were damn rich when you wore engelbert strauß working clothe to school. Everyone was jeulous, we didn't know other big brands but we were often outside after school to work on fields, machines, buildings or other things depending on the family and interesseds😂
We had one student that got really expensive brands and tried to show them off, no one knew what to do with him😬
Many of these traits I feel the opposite is true.
I normally find people with fat less wealth more likely to be careless with their spending. And those with kids of money are very deliberate about all decisions.
Dressing well is not the same as showing bling. Your description had the wealthy guy dressing in sneakers, sweatpants, and a hoodie. That is a tech bro. That is not realistic for a middle aged wealthy person.. Yes, you will not see logos. You will see clothes that fit, and have good quality that lasts for years. Wealthy wear the right things that they may have had for decades. You also interchanged rich and wealthy. Rich looks like what uninformed people think means wealthy. Last thing: While wealthy people don’t worry about the same things as people less well-off, they still worry about other things.
I guess my wealthy cousin (almost a billionaire) is just different. He is on Facebook all the time showing off his cars, his expensive meals, and his expensive trips. He spent a whole month traveling around the world last year and documenting it online.
He must be young enough to need validation. The novelty will wear off eventually. Hopefully he learns to be generous, and doesn’t retire broke.
Wealthy men stay low key to avoid gold diggers
And wealthy women don’t want to be a nurse with a purse
Turns out I’m not secretly rich, how disappointing.