The world of the rich and wealthy__ why throw away money?

Osiris

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I agree that people can be classy and sophisticated without spending a fortune. However, I don't think people have a right to cast judgement on those who do like designer clothing, shoes, handbags, or those who funnel more money into the economy because they are able to afford it. Does it mean they are shallow? No. Does it mean they spoiled? No. Does it mean they are gullible or not good stewards of their money? No.

People spend as they like. People likewise live as they feel they can. Sometimes too extravagantly, yes, but nonetheless as they want. Who are we to set a standard as to what is appropriate or not.

My wife and I like designer clothing. I wear DG; so does she. I own a Fendi watch; she has a Fendi bag as well as Coach, Prada and many others. We live in a house that by many of your standards, as it appears here, is wasteful spending. We travel a lot internationally. I dare say that we feel high and mighty or set ourselves apart from others. We are not those types of people. We are blessed mid-class family who enjoy nice things. We do know our limitations and spend accordingly. And, for the record, we do shop at the Dollar General or way discounted stores, too. It is absurd, I think to be so stereotypical in assessing people by what they spend. That is only surface exposure!

It is not fair for clump people into groups.... It continously shows intolerance.

Just my opinion.

I agree and I would be a liar if I said my wife doesn't have the odd deseigner frock or bag and I didn't have the best bottle of wine here and there. I think what most people get bent by is the "Yuppie Syndrome", this is where you spend 200% of 100% of your income. My wife and I love our designer stuff, but we would classify as "Shabby Chic". We don't spend stupidly. We look for sales and once in a while we'll splurge and by full price, but I am fortunate enough to now work for a huge company that has numerous partnerships so I get a lot of high dollar things at a massive discount.

LOL. That's what my dad always told us. Or it was more like - "The rich stay rich because they are professional cheapskates." in my case.

Yes, the lives of the rich were always a mystery for me growing up. It was always them who lived up there on the hill over there. But the thing was our family didn't spend foolishly and I'd say my dad was a cheapskate but we certainly weren't rich.

Rich people have learned to spend money wisely. They understand what quality is and how in the long run it actually saves you money. They will invest in a good quality tailored suit that will hold up perfectly for 5 years and look fantastic instead of buying 5 off the rack suits of mediocre quality that are ill fitting that look like you shop at Sears.

The same holds true for many household items - they will buy things that appreciate in value and are worth more than they paid for including china, crystal, artwork, rare books, antiques...etc. They understand and use the system to their advantage including tax breaks, loop holes in tax codes, side stepping estate taxes, capital gains tax breaks, how to minimize property assessments, inside knowledge or tips on stocks, and looking at cash flow and investments vs. living off a paycheck.

Also when you are making $10K to $20K a month as many doctors and lawyers do, spending $350 for a pair of jeans is chump change. They have a different standard of living but they also have a different level of expenses of maintaining that lifestyle. You tend to live by your means as they say. Many times the people you rely on for your livelihood whether directly or indirectly have a level of wealth that you need to sustain within that social group to keep access to connections, introductions to other wealthy or powerful people, and informal business referrals. This includes country clubs, city clubs, dinner clubs, golf tournaments, philanthropic organizations, alumni groups, political fundraisers, private school athletic boosters...etc. There are literally thousands of these organizations whose primary function is for rich people to network.

Contrary to what most people think most of the extrememly rich people I know are quite amiable and charming rather than being snobby or haughty. They are for the most part very nice people, social and interesting. They are materially comfortable and enjoy fine things but are not ostentatious or outwardly vocal about their wealth. They are not as philanthropic as they would like to think of themselves as being.

People say government was invented to keep the masses from killing the rich.

I love your posts Earl and also think your dad said it a bit better than my mom. Mind if I use your dad's quote?
 

YourAvgGuy

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Hmmmmmm? I dont begrudge anyone for their wealth but I do wish that they'd look at their carbon footprint and realise that their actions affect others in this world.

Forgive me for being naive or ignorant, but what is it that you are alluding here? That the wealthy who are international travelers affect the socialization of the countries they might visit (I am getting this from the highlighted comment in my quote from you)?

Many countries are geared towards tourism. It is what keeps the economy afloat. They welcome it; they need it; they want it; they advertise for it. When we talk about things as such, we need to look more closely at the entire picture, not just the tunnel vision of what we see on the surface. What might be misconstrued here truly does not represent all of the aspects of the example.

We are not leaving carbon footprints that purposefully could be damaging. We are simply enjoying ourselves, emerging ourselves into another culture and learning to appreciate more what we have as well as to share that wealth through different venues.

Again, just my opinion as I see it.
 

SpoiledPrincess

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Enjoying your wealth is one thing, I always enjoyed splashing out a little, but for some people you could put two identical items in front of them, they'd go for the one that was more expensive irrespective of them being visually identical and of the same quality. Some people replace things that are missing in their life with labels.
 

snoozan

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YAG, a carbon footprint is explained here:

Carbon footprint - Wikipedia, the free encyclopedia

It's a hotly debated term and topic right now in the political realm, complete with Al Gore proposing ways to sell "carbon offsets" to the rich the same way the Catholic church sold indulgences to the rich in the Middle Ages.

I think in general it's good for people to conserve as much as they can, but to add to what you're saying, spending money helps everyone at some level even if that benefit isn't spread evenly.
 

YourAvgGuy

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YAG, a carbon footprint is explained here:

Carbon footprint - Wikipedia, the free encyclopedia

It's a hotly debated term and topic right now in the political realm, complete with Al Gore proposing ways to sell "carbon offsets" to the rich the same way the Catholic church sold indulgences to the rich in the Middle Ages.

I think in general it's good for people to conserve as much as they can, but to add to what you're saying, spending money helps everyone at some level even if that benefit isn't spread evenly.

Thank you, Snoozan for educating me. As you can tell, I am not well-versed or educated regarding this topic.

Aitch, my apologies for ranting without knowing what it was you were referring too. I do feel like an ass and idiot.

However, I still think that travel industry has its benefits, siginificant benefits to the global economy.
 

Mem

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The ones who inherited it do not understand the value of hard work and making a buck, they are just happy to spend daddy's money. The ones who earned it themselves know the value of money.
 

SpoiledPrincess

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It doesn't always follow mem, sometimes the one's who are going to come into daddy's money are taught about how to handle money as kids, they grow up being accustomed to it so are less likely to go wild. Some generalities work, I don't think this one does.
 

mindfawk

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Growing up my family had nothing; my dad owned a small business, my mother was a homemaker, and they had seven children, five girls, two boys. They had to work so hard to make ends meet but they ensured that none of us kids went without. We certainly didn't get designer clothing, I can remember wearing pro-wing shoes and rustler jeans to school just because the shoes were five bucks a pair and the jeans were ten bucks a pair.

These days it's a different story. I busted my butt to put myself through college, I now have a job where I pull in a six figure a year income and yes, I buy myself nice things. I have a room mate who is gone most of the time, in a house that I had built on land owned by my grandpa and yes, it's a very lavish house out in the country where my nearest neighbor is three miles away. It has more bedrooms than I'll ever need and it definitely doesn't make me a bad person because I want to have more as an adult than I had as a child. I'm not rich, but I do consider myself well off.

Then you could always consider the man and his wife who own the company that I work for. He is worth billions as his company is one of the nations fortune 500 companies and you could never ask to meet a more humble man who will tell you very quickly that he owes his success to the Lord.

I'm not one who really cares about name brand clothing; I've paid more for a bottle of cologne because I liked its smell than I had paid for my first used car when I was in college. I look at life as you only get once chance at it, and you can't take anything with you when you pass so why not be able to leave those nice things to the people you love.

People can look at me as being snobby if they wish, for those who have taken the time to get to know me they know that it's not the case but I think a stereotype like this really hurts the good people who are out there, sure there are rich people out there who are complete morons, just as there are poor and middleclass people who are morons as well. I just don't feel that anyone should be judged just because of what they choose to purchase.
 

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Well, I own a few bags that have designer labels, one being a Louis Vuitton, however on the flip side I have no issues wearing a pair of 30 dollar jeans if they fit and look good.
Personally I don't have any issues on how people spend their money, even if it's frivolous...and to generalize that wealthy people are snobs or do not value money, that is just a bunch of bullshit. I believe someone on LPSG once said that if someone is dishing out shit it doesn't mean i have to eat it.
 

Rikter8

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I will never agree with that statement.:rolleyes:

I do believe that most utlra-rich people are very unhappy. You won't change my mind. I've seen happier homeless people.

Don't intend on changing your mind, but I tend to agree with MEM.
Generally - obviously not always the case - people that had to work hard for their money, tend to hord it, and use it where necessary.

Others that have inherited it, don't really know what kind of work/knowledge it took to get the money, therefore spend it unwisely.
We had a kid in high school that got a large inheritance from his grandmother. instead of investing it for college, he spent it on a brand new car, wheels, stereo, bling bling bling. He never made it to college, as he didnt have the money to go. He hit a deer with his bling bling car, and then he was once again, broke. I think he's still in that same shitty town...but its an example.

If I were to come into money, I don't think I would go hog-wild.
I'd still want to have acreage around me as I always have, and a medium sized house (1600 or so sq feet, one story ranch). Why build a mansion and then have to pay to heat/cool it.
I wouldn't run out and buy a Ferrari. I'd buy a 78 Trans Am, and make the ferrari sorry that he cost $200K more.
I'd invest it wisely, into land and a little bit into the US market (but not much).

My neighbors are Millionaires. They buy a new Pair of Caddilac escallades every year, own their own business, and tend to be snooty.
Thats why I love to bring them down to earth with my parted down cars in the front yard...heheheh. Reminds them that they are People just like everybody else, not some god-like figures that can do as they please.

I have to admit though, I bought my jeans from S5Ave, and paid $50.00 a pair. (They were on sale and i had extra cash that I wanted to feel...uppity)...I have to admit, the DKNY jeans were the Only pair of jeans that I have owned that fit me like a glove, were comfortable, and lasted longer than my Levi's.

C
 

bigbull29

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Growing up my family had nothing; my dad owned a small business, my mother was a homemaker, and they had seven children, five girls, two boys. They had to work so hard to make ends meet but they ensured that none of us kids went without. We certainly didn't get designer clothing, I can remember wearing pro-wing shoes and rustler jeans to school just because the shoes were five bucks a pair and the jeans were ten bucks a pair.

These days it's a different story. I busted my butt to put myself through college, I now have a job where I pull in a six figure a year income and yes, I buy myself nice things. I have a room mate who is gone most of the time, in a house that I had built on land owned by my grandpa and yes, it's a very lavish house out in the country where my nearest neighbor is three miles away. It has more bedrooms than I'll ever need and it definitely doesn't make me a bad person because I want to have more as an adult than I had as a child. I'm not rich, but I do consider myself well off.

Then you could always consider the man and his wife who own the company that I work for. He is worth billions as his company is one of the nations fortune 500 companies and you could never ask to meet a more humble man who will tell you very quickly that he owes his success to the Lord.

I'm not one who really cares about name brand clothing; I've paid more for a bottle of cologne because I liked its smell than I had paid for my first used car when I was in college. I look at life as you only get once chance at it, and you can't take anything with you when you pass so why not be able to leave those nice things to the people you love.

People can look at me as being snobby if they wish, for those who have taken the time to get to know me they know that it's not the case but I think a stereotype like this really hurts the good people who are out there, sure there are rich people out there who are complete morons, just as there are poor and middleclass people who are morons as well. I just don't feel that anyone should be judged just because of what they choose to purchase.

Talking about money is sooo TABOO. It get feathers ruffled more than anything else.:biggrin1:

It's easy to praise God when you're rich, isn't it?

I don't care if a rich person pays someone to spit quarters out of his/her mouth everyday for entertainment, but they have a social responsibility to the poor. Period.

People and self-entitlement :rolleyes: Millions and millions of people work hard all around their world. They don't go around saying "I worked so damn hard in my life, so I deserve to be rich at some point."

What do these rich Christians love: Jesus or their money? Can't have your cake and it eat, too. Take all their wealth away from them and ask then if they still love Jesus.

Modern Christians will do anything to defend their materialistic ways. Christianity and money don't mix, just like oil an water.:wink:
 

Mem

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Money changes people. Look at Howard Stern. He is making around $100 million a year (or more with his stock bonus). He is now in the Hamptons with the elite. He talks about how hard he works. Yeah sitting around laughing and telling dick jokes is hard work. He doesn't know what hard work is. Loading a truck is hard work. He also mentioned once that his daughters didn't even give him a Father's day card. This year he is cheeping out on getting gifts for his staff and wants to do a Secret Santa gift thing.
 

earllogjam

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We both shop at Target and Wal-Mart for a lot of things. We've both chosen to provide certain things for our families-- good schooling, health insurance, and nice homes being the most expensive chunk of our incomes.

We don't feel any richer now than we did when we were making 30K a year in college. Making money means that we have to dress the part, travel more, host parties, go to business lunches and affairs, buy equipment for work, etc. Having a nice home in a nice neighborhood means spending more on energy bills, more on maintenance to maintain your property value... It feels like you can never really get ahead. This is something that is common among most people I know in almost every income level.

Yeah, I see a lot of fancy cars at the Target I go to. I suppose the rich need toilet paper, cleanser and laundry detergent just like all the rest. It's not like there is a Bergdorf for that kind of stuff anywhere. Maybe they like shopping there because there is a Starbucks in the store.

'Living withing your means' is only part of the equation to describe American material culture the opposite and equally powerful is 'Keeping up with the Jones's". This phenomenon is played out across suburbia in the landscaping of FRONT yards of homes, shiny new SUV's that get parked outside in your driveway and how your children are accessorized. It's a big contributor to credit card debt and why some folks that make a lot still feel strapped.

better than my mom. Mind if I use your dad's quote?

Sure, but you need to get that biting resentful sarcasm in the inflection of your voice. :rolleyes:
 

davec94

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i know people who buy 300 dollar jeans and handbags on occasion. i mean they have jobs, are young, no kids so they treat themselves every once in a while. Two 300 dollar pairs of jeans or shoes or whatever the fuck a month isnt going to kill them, nor would i consider any of them rich, perhaps upper middle class with few financial obligations i guess. Perhaps one could argue that these people should be shopping at wal mart and giving the rest away to charity, but lets be serious here, this isn't the soviet union.
 

Aitch

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Thank you, Snoozan for educating me. As you can tell, I am not well-versed or educated regarding this topic.

Aitch, my apologies for ranting without knowing what it was you were referring too. I do feel like an ass and idiot.

However, I still think that travel industry has its benefits, siginificant benefits to the global economy.

No need to apologise but I do find it interesting that generally most Americans are less aware of global impact issues than those of us this side of the wet stuff. We're bombarded with warnings left, right & centre over here...