Are you wealthy?

[HunterSdVa29]

Donald Trump's wealth wasn't built in a day, but over several generations. He was already born into wealth. The thing about money is that once you have a certain amount, it practically earns itself if you know how to invest.

I know, my pt was even w/ bad investments, shady business deals it's hard to mess up inheriting 100M+, along w/ connections, property, etc...

 

[ncordless]

Grew up in the lower side of rural middle class. Mom was a teacher, dad was middle management. They bought old houses and restored them for extra money. Then mom got sick, dad left, and I was 18 with no safety net. It was many years before I finally got my head above paycheck to paycheck water. I am in my mid thirties now and am pretty damn comfortable at this point.

When I die, my children will be moderately wealthy in that they will have a safety net. But it will be by my own hand.

 

[HunterSdVa29]

my kid has free school at any CA public university as I'm a disabled vet, so that's something I didn't get to benefit from. Both my sisters got free school b/c my dad was retired by that pt from the Marines, I didn't get so lucky haha. Thankfully made it out w/ only 16k in student loans after having a scholarship my first year (lost it second year when Stepdad made LtCol and apparently made too much to disqualify me)

 

[Fawlty]

Grew up middle class and I'll be pretty happy even if I never break out of that. So further opportunity now is just gravy imo. Back in school at a much later age than most and I plan to make all I can out of it, whether that translates to a lot of money or not.

 

[Orgasmo]

I know, my pt was even w/ bad investments, shady business deals it's hard to mess up inheriting 100M+, along w/ connections, property, etc...

He inherited $100 to 200 million from his father in 1982. That's worth $500 million to $1 billion today given how much money was worth back then. Like I said, once you cross that threshold, money makes itself. It's not a lotto winning you can blow in a few years.

 

[jrams]

You have never had to worry about money. Your household income when you were raised was 200 grand or higher, or your parents are millionaires.

Not wealthy by this definition but have never had to worry about money, have no debt, and make a good salary. I'm comfortable but don't really have desires to live a life of luxury. Want to make more money, but that's independent of how much I make.

 

[panamaican]

Some homes you can rent out the basement or rooms, which can provide you with extra income on the side.

True but most people aren't doing that for a steady source of revenue.

But where my opinion differs is that people count the market value of the house instead of the income generated. If you have to sell the house to access the money the house is worth less than that to you because, after taxes, you still need to spend some of the money on a new place to live. If you're borrowing against the house then the house isn't generating income, it's generating debt. Sure, what you invest the borrowed funds into might generate income and there's value in having something to collateralize your loans with but you still have to pay it back before you've made any money.

 

[mac11]

i lost everything in 2013 and have been unemployed since.

 

[scoopj]

When you make 200K a year you are in a high tax bracket which means that person is in a tax bracket of about 33% so slash that by a third. Now we are talking about 132,000 of take home pay.

That's not how federal income taxes work.

 

[ripskater]

i lost everything in 2013 and have been unemployed since.

I can't imagine that. God Bless you mac. I hope you find a way to get everything back that you once had and more.

 

[Trollgrappler]

I do pretty good but I'm not rich.

 

[Jack V Savage]

my kid has free school at any CA public university as I'm a disabled vet, so that's something I didn't get to benefit from.

Damn, man. Didn't know that. As you say, respect. What's your disability, if you don't mind me asking?

 

[irish_thug]

Grew up poor, worked my ass off for everything I have.

 

[HunterSdVa29]

Damn, man. Didn't know that. As you say, respect. What's your disability, if you don't mind me asking?

Back issues, had surgery when i was in. Nothing outrageous or anything, small rating

 

[Milgrim]

You have never had to worry about money. Your household income when you were raised was 200 grand or higher, or your parents are millionaires.

By your definition, no, but from a global perspective, hell yes.

 

[TankAbbott4Eva]

Grew up middle class and that's pretty much what I am. Live in a pretty good suburb I think, own a house (when I say own it's pretty much owned 50/50 with the bank) and earn ok money, not Anderson Silva money though.

 

[NelmarksGhost]

Imagine waking up with no schedule, and no responsibilities, no supervision, no obligations, no authority, no worry about how you will feed or house yourself. You spend your time how you want, and go where you want. You can sleep whenever, eat whenever, etc.

The majority of people who have worked for most of their lives would not know how to psychologically survive without a job to structure their time. It takes time to develop a stable leisured mind. People who come into wealth suddenly can be overwhelmed by the options.

 

[Orgasmo]

Imagine waking up with no schedule, and no responsibilities, no supervision, no obligations, no authority, no worry about how you will feed or house yourself. You spend your time how you want, and go where you want. You can sleep whenever, eat whenever, etc.

The majority of people who have worked for most of their lives would not know how to psychologically survive without a job to structure their time. It takes time to develop a stable leisured mind. People who come into wealth suddenly can be overwhelmed by the options.

70% of lottery winners go broke within 5 year. Not just lose all their winnings, but poorer than before. That kind of money overwhelms you if you don't have your head screwed on right.

 

[AtomicPanther]

Grew up in a trailer park; dad worked in a steel mill, mom did typing or something. Definitely not wealthy. I'm debt free, with over 1mil, but almost all of that's in retirement plans.

 

[scoopj]

But where my opinion differs is that people count the market value of the house instead of the income generated. If you have to sell the house to access the money the house is worth less than that to you because, after taxes, you still need to spend some of the money on a new place to live.

What taxes are you referring to?