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The Middle Class Mind / The Wealthy Mind - Page 5

post #61 of 188
Quote:
Originally Posted by Piobaire View Post
It makes me so happy to see people post like this. My work here has paid off.

post #62 of 188
Quote:
Originally Posted by cross22 View Post
500k may be a bit high, but there are plenty of people who earn high salaries and aren't wealthy. They live in slightly better homes, in better parts of town, drive later model cars, and send their kids to better/private schools. However, they would lose their home and everything else if they lost their jobs and couldn't find another one for an extended period of time. A wealthy person would be able to maintain a reasonable lifestyle without the need to earn wages.

My family is upper middle class, if such a thing exists. We own two houses (one in a major city in Belgium, one by the coast) and rent a bunch of rooms to students, my mother teaches at a college and my father was a manager at a publishing company before they downsized. He recently found a new job, but even if my father couldn't find a new job it wouldn't be a disaster. Less vacations overseas but nothing on the scale of "fuck, we have to sell everything."

I can understand taking risks when you are trying to get rich, but if you're on a steady wage for an extended period of time, be prepared for when the good times end. 7 rich and 7 lean years and all that.
post #63 of 188
Quote:
Originally Posted by WhateverYouLike View Post
It was perfectly clear to everyone else. You just became argumentative over semantics for no discernible reason.

It's not semantics, when many people have become multi-millionaires because of their salary. His original quote was completely wrong in this regard. I am sorry that you are so offended by an opposing view.
post #64 of 188
Quote:
Originally Posted by NorCal View Post
Bro, I don't even like DC but he just took you out behind the woodshed and beat you like a red headed step child.

I think I would have felt that and I don't at all, so quite clearly you are being way overdramatic and you are trying to make something out of fuck all.
post #65 of 188
Quote:
Originally Posted by Piobaire View Post
It makes me so happy to see people post like this. My work here has paid off.

Btw, OP, did you just read Rich Dad/Poor Dad? The first post sounds like a summary of him.

I find it interesting that the author basically admitted that there was no real life 'rich dad'...
post #66 of 188
Quote:
Originally Posted by imageWIS View Post
I find it interesting that the author basically admitted that there was no real life 'rich dad'...

I find it hilarious actually. Snake oil salesmen are snake oil salesmen.

I once read part of that book and nearly puked before I had to stop reading. He is horrible.
post #67 of 188
Quote:
Originally Posted by mellow View Post
Aw, I opened this thread looking forward to a comparison of the mindset of middle class vs wealthy people, not a "what's the best way to get rich" thread. I'm going to a halfway decent school for undergrad, so I'm in touch with kids from all levels of society.

The middle class students I know put so much pressure on themselves. So many conversations that go: "Well, I really like [x], but I'm trying to get into medical school. Maybe I can do [x] as a hobby."

The few old money students I know have an odd regard for their future. Taking up the family business seems like an inevitability, so they have this attitude that is carefree and focused at the same time. The poor friends I have take whatever classes they are interested in without being embarrassed about it.

This sounds about right. However, although I would agree that all of those match their family's background, there is no correlation in terms of wealth, ie, that while the "lower class attitude" kids come from working-class-ish families (which, for sake of argument, will include any sort of physical labour or even anything one level near there; so engineering counts), there isn't much (read: any) of a wealth disparity between them and the middle class kids who come from middle class (those whose jobs are basically "capital/corporate cogs") or upper class (those who own things).

Another old thing I remember about this is that the lower class defines itself in terms of labour (I make X, I clean X, etc), the middle class in terms of wealth, and the upper class knows that its the upper class.
post #68 of 188
Spoiler alert: evidently, Freewheeler turned out to be yet another "Hey Man" sock. Explains the irrationally aggro posting style and the insubstantial argumentation.
post #69 of 188
Quote:
Originally Posted by Geoff Gander View Post
+1

I heard somewhere that you should work out a rough target wealth number, and add about 20% (hedging and whatnot), and never carry a credit card balance. But "wealth " is subjective, as many have pointed out.

I would consider myself "wealthy" if my house was entirely paid for; I could take a month-long vacation whenever I wanted without having to worry about bills; if I could buy whatever I wanted without any worries; and if I did not have to work for someone else to survive (i.e., live off of royalties, occasional freelance work, etc. - working for myself or loaning my talents to someone else, but retaining full control).

But then again I'm not interested in sports cars, mansions, or cottages; I don't want a plasma screen TV or a patek philippe watch; and my shoe habit in my (current) wildest dreams might be one pair of bespoke per year. YMMV

i'm certainly not wealthy by anyone's standards, let alone SF "fallback job". But I've got all of those things -- a paid-off house that I like, a job that I would probably pay to do, a wife who is able to take early retirement and friends all over the world. If I needed to, I could certainly support myself doing freelance. The point isn't to brag, but to say that attaching an arbitrary number to what is "wealthy" is very difficult. so much of it depends on what is important to you. to paraphrase the old blues song goes: "I didn't say I had more money than a millionaire, but i've eaten in better restaurants."
post #70 of 188
i have a great example. my buddy is neurosurgeon and just bought his first ever car, a 2008 acura. probably makes 1 mil a year. other buddy is an nypd seargent who makes 80k and bought a cayenne for 65


Quote:
Originally Posted by Lighthouse View Post
Middle class family man sees money as something to save, to place in safe investments. He reduces risk, is cautious, does not spend on luxury items.

Rich man sees money as a means to an end, not the end. A tool. You win some, you lose some. It takes money to make money. Risk is opportunity.

Throw into the mix, The Millionaire Next Door (middle class value system) vs. the hustler MLM Ponzi get rich quick guy, some of whom actually get rich.

Probability-wise, is the road to wealth built on adding value to the equation and thrift, on adding value to the equation and spending a lot of money in the process, or in creating a pet rock?

I tend to be more the conservative middle class type, but I wonder whether this is holding me back or whether its a virtue.

With the knowledge that there are a good deal of wealthy folk here (making, say, $500,000 per year plus), and probably a good deal of formerly wealthy folk, I would appreciate your thoughts on this question.
post #71 of 188
ive agonised over this question a lot and ultimately i had to admit to myself that i am far too risk adverse to every be super rich. i was risk averse before i got married, am even more so now. i earn a good wage at my company and am content with the opportunities to double my salary over the next 10 years if i keep performing as i have been. this may also sound petty but i also enjoy the 'pat on the back' that comes from promotions and good performance review - a lot of business owners talk about the satisfaction of owning their own business but how about the misery when things are going bad despite massive efforts because of something out of their control. i am working towards a passive income exceeding my salary through investing but we'll see how that goes int he long term - at the moment im fairly pessimistic.
post #72 of 188
i also forgot to mention that i really love working for a large company in an industry which makes massive doller decisions on a daily basis

im not sure if i owned a widget manufacturing plant wether id get the same thrill... obviously nothing trumps the thrill of earning huge dollers but still
post #73 of 188
Edit: redacted because of meaness.
post #74 of 188
Quote:
Originally Posted by thekunk07 View Post
i have a great example. my buddy is neurosurgeon and just bought his first ever car, a 2008 acura. probably makes 1 mil a year. other buddy is an nypd seargent who makes 80k and bought a cayenne for 65

my wife and i drive older infinitis. my CLEANING LADY drives a new mercedes.
post #75 of 188
Are you Arnold and is your cleaning lady the same as your baby momma?
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