Globally, the average income for an adult is $23,380 (when adjusted for purchasing power parity, or PPP). Sounds pretty good, right?
However, this figure conceals wide disparities between and within countries. The richest 10% of the world's population currently take home 52% of the income, while the poorest half earn just 8% — an individual from the top 10% will earn $122,100, but an individual from the bottom half will earn just $3,920.
From the food we eat and the clothes we wear to the education and healthcare we get and the home we live in, money plays a huge part in shaping our lives.
But to check out some of the more interesting and weird ways this can manifest, let's take a look at two Reddit threads started by platform users Sunnybestie and Jerswar that have folks listing what things the wealthy do differently than the rest of us.
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Well the owner of my small company is incredibly wealthy but also rad as f**k and he drives a tank on property all the time just for the f**k of it. He also owns a very old, gorgeous estate from an extremely influential family (think Vanderbilts) and we throw parties there. But on top of it - he lets his employeees rent it out for events. So my husband and I are throwing an anniversary party (never had a reception) in 2024. We have the entire estate and all 10 bedrooms for a whole weekend and it isn’t costing us a single dime. If I didn’t work for the company, the cost of the venue would be upwards of $25k for the day. I never expected someone so incredibly wealthy to be so down to earth and generous. It’s exactly who I would strive to be at that level of wealth.
If I had enough money, I would definitely drive a tank at least once.
I nannied for millionaires. It was new money and they had both grown up fairly blue collar. They were very down to earth, giving, and kind. Their children, however, had no rules, structure, or expectations inside of the house. Their previous nanny gave them whatever they wanted. That changed when I stepped in. I firmly believe kids need to know how to clean a bathroom, wash dishes, sweep a floor, and clean their rooms. Took about a year to get to that point but I can rest easy knowing they’re both currently in college and know how to clean the toilet 😂
Thank you for providing discipline in such a way that allows children to become responsible adults. This seems to be lacking in our society, to the detriment of all involved.
We managed to get in touch with one of the Redditors who started this discussion, Sunnybestie, and they were kind enough to have a little chat with us about it.
As of now, their post has 13.1K upvotes and 6.7K comments, so it's obvious that it struck a chord with many.
"Actually, I was just karma farming," Sunnybestie told Bored Panda about the origins of the post. "I made my account on December 3, and I didn't expect that my fourth post on that same day would go viral."
"I mean, I expected only thousands of views, but I was surprised that it reached millions within a few hours ... and I was very happy that I now have enough karma for a year. Mission accomplished!" the Redditor, who is also a content creator on other platforms, explained. "I asked that question because I know people are interested in wealth and money."
One of my friends is going to be a billionaire soon. His father is dying and he's the sole heir to the family fortune. He already had access to it, but he chooses to live a middle class life instead. It's important to him to teach his kids the value of hard work.
So he's basically the exception.
Would you please ask him if I could borrow some money? I thank you
Years ago a friend of mine’s dad was trying to sell his start-up company and picked-up an investor at the airport. He was proud of his classic Rolls Royce and noticed the investor looking around, playing with the air vents. So he said “Is this your first time in a Rolls Royce?” The guy said no, but it was his first time in the front seat.
After reviewing the comments under their post, Sunnybestie mentioned that many Redditors discussed how wealthy people spend their money.
"Some are frugal, while others don't mind splurging, like dropping $2K for a laid-back lunch with friends," they noted. "Other Redditors expressed disdain for the wealthy due to the mistreatment they experienced; they were underpaid and denied even a minor raise, while their wealthy bosses were quick to splurge on extravagant items."
A few Redditors also talked about how they admire wealthy people for their positive attitude, while others expressed the deep unease they feel about the stark inequalities in lifestyle and wealth. So basically, the stories were mixed.
One old money rich person treated me to a fancy meal and she was super polite and nice and tipped well, what struck me was the decisiveness and confidence that everyone there would cater to her, and they did. She wanted x dish that they didn't make that day and they made it. The one that sticks with me was at the end she said "I want a cappuccino with (something) I want them to put a design on it" like I've gotten cute cappuccinos in my life, it doesn't even cost extra, it never occurred to me to just ask for everything I want all the time.
This was the same person that on a business trip hugged me after the flight "I did it, (womanthorned)!" Me: "oh was this your first time in economy" and she goes "no, flying commercial" just so we all understand how rich.
I think this person sounds fairly sweet. Raised viewing the world through a very specific lens but 1) working 2) proud of doing something she’s never done 3) she doesn’t sound demanding, more assertive. It’d be interesting to see her hear no and how she responds. Not all wealthy people are bad entitled jerks, this one may have been raised with respect and kindness.
I was installing a floor in this Texas castle and there was this guy who kept coming over to check out my work. I thought he was the laborer of some other trade, but he was friendly so we just kinda started talking about life and s**t. I got to a point where I needed a hand to finish the install and when the guy got there to help, the same guy came around checking out our finishes and the guy helping me snapped up and started getting really attentive. When the guy walked away I asked him why he was tripping out and he told me that was the client. He was a billionaire and owned all of the property that your eyes could see.
So one thing they do is go about their lives like a normal person.
I grew up upper middle class (60s-70s) in a town (summer homes) with old money, think Whitney, Vanderbilt, Carnegie and Rockefeller etc. My observations of the insanely rich has been all about how they were raised. Kind respectful manners and so on. Fast forward to current time and now we have a lot of new money here also. Albeit times have changed but new money doesn't seem to possess many of those types of qualities. I know not everyone is a heathen this is just a generalization. There are good & not so good in any/all groups of people.
To provide us with a better understanding of how wealthy people see the world, Grant Cardone — who owns and operates seven privately held companies and an over-$4-billion portfolio of multifamily projects — put together a list of eight money secrets they know that most of us don't:
They don't diversify their investments right away. "It's generally good practice to diversify your portfolio by investing in a mix of different stocks, funds, and other investments," Cardone wrote on CNBC. "But as the wealthiest people build their net worth, they often go all-in on their own projects, and then diversify as they start earning more."
"Elon Musk, for example, bet the $22 million he made selling his first company, an online business directory called Zip2, entirely on his next business, an online banking service."
Liv Garfield, CEO of Severn Trent Water, bought me and my colleagues a packet of Custard Creams to make up for the fact she was ending our bonus scheme. While she earned £1.5 million a year basic, and £2 million worth of shares.
Ordinary people would have been too embarrassed to do that, I think.
He managed time very differently than anyone I was used to. E.g., our meeting with him began precisely on schedule, lasted 30 minutes, and there was no chit chat. Before this meeting we had a pre-meeting with his admin to discuss expectations. The admin explained that we had to be on time, no introductions/titles just name, no small talk, no marketing, be prepared to answer technical and financial questions quickly and succintly. For this latter, if there were numbers we had to know precisely which page of the material had the information.
When the meeting took place we were brought in exactly -- to the second -- at the start time. Sat down and within 30 seconds he was asking us all manner of questions. I had to field technical questions that appear to be asked not so much for whether my answer was right, but that I didn't hesitate. I also gained a healthy respect for my manager as he was SHARP and answered quickly and accurately.
They know that debt is for businesses, not people. "As I built my net worth, I did not accumulate debt on non-essential purchases like designer clothes or luxurious homes," Cardone, author of 'The 10X Rule,' recalled. "Even if I could afford the bills, I didn't want to waste money paying interest. Instead, I wanted to put everything I was earning into generating more money. For me, that putting my income into my business."
"I also paid cash for my homes, and I have never accumulated interest on a credit card," he added.
I worked with their children in a professional manner and feel bad for them. They lack empathy and basic social skills, and were just beasts to anyone they feel is outside their economic class. You would be surprised how much money gets spent on coverups, from sexual harassment to drug issues, because the parents are chasing dollars and ignoring their intended trophy kids.
Ok you know how they sometimes have a box with a fire alarm or an extinguisher in it that says “in case of emergency break glass?”
They had one of those in their bathroom. It said “in case of brokeness break glass” and had 10,000 cash in it.
Homeownership isn't always their first investment. Cardone owns 12,000 apartment units, and he said that buying a primary residence is rarely what you see the wealthy go for first.
Instead, cash-flow real estate is the place to protect and grow money. "On the flip side, cash-flow real estate — commercial real estate where you are making a monthly profit off of rent after your mortgage payments, property taxes and maintenance — is a great way to grow your money," he explained.
"You can make passive income off ownership of these properties, and it is often easier to sell them than a primary residence."
Fly across the US and back for lunch because they liked a restaurant.
-Pilot (use to fly private jets)
I was born to working class parents who made it to the upper middle class and put me in old New England prep schools, so I grew up around a lot of super rich people despite not being one myself. There were exceptions, but generally, the old money families were pretty humble and unassuming. One of my closest friends, for example, grew up in a legit mansion (15k+ square feet in the primary residence), had several other houses in various states/countries, a yacht, just endless money, and yet he still grew up wearing hand-me-downs from his older brothers and family friends. These families had the mindset that “we have endless pits of money, so we’ll buy whatever we want” alongside “it’s silly to spend money for the sake of spending money because we don’t need to prove ourselves to anyone." As a result, you'd end up with these weird inconsistencies (like this kid is at my house talking about how his mom just bought a second set of horse stables so she has a place for her horses at their favorite vacation house, while my mom who grew up in the projects is wondering why his jacket has a tear with duct tape covering it). They spent money for pleasure, utility, and convenience, not for status or superficial reasons. In comparison, the first or second generation money families tended to be concerned with keeping up appearances and buying fashionable things. Again, there were exceptions, but this was definitely the trend.
They always buy in bulk. According to Cardone, the wealthy are willing to spend more on each purchase to get a better price per unit and save time spent on repeating useless activities.
They invest in their network. "I have never had someone invest in me that didn't know me," the businessman said. "And most of the real estate I own today was purchased from sellers who picked me over other qualified buyers because we had existing relationships, and they had confidence in my ability to close."
I worked for a billionaire. One time he went to lunch and didn't bring his wallet. When they brought the check, he just signed it and started walking out of the restaurant The server chased after him and said he needed to leave a form of payment and that his signature wouldn't be enough. He responded, with indignation, "Do you know who I am? My signature is more than enough.". That's something no normal person would even think of trying because it's just absurd.
My aunt and uncle are self made multimillionaires. If you met them, you’d think they were well off, but nothing spectacular. In general, they’re both very frugal. However, the two areas where they completely detach from ordinary life are:
1 - Vet bills for their animals. The example that most stands out in my mind is their last dog. He needed dialysis and no vet where we live could provide it. So they did their research and discovered that the best treatment in the country was available in London. A flat in Kew (I think, somewhere fairly central anyway) was rented for the six months the dog would need treatment for and my uncle would stay in it for one week a month while the dog had his treatment, then travel back home for the other three weeks.
2 - Legal help. Neighbours being pains in the backside? Send in the solicitor. Trying to organise a purchase or sale and it’s taking too long? Pay the solicitor to fast track. Local council leaving traffic lights up for over a week after work has been completed? Cry havoc and let slip the solicitors of war.
"Cry havoc and let slip the solicitors of war." That's the greatest phrase, that I'll never have opportunity to use, ever!
They are never content. Cardone said that the wealthy are never satisfied with their previous victories and believe they can always achieve more. "This helps them think big about future business ideas, inventions, investments and other wealth multipliers."
They don’t waste time trying to do everything themselves. Rather, they delegate. "The wealthy know that time is the only truly scarce resource," Cardone said. "You can't buy more of it."
I work with lots of millionaires and a few billionaires. Most work nonstop. There's no boundary between workday, holiday, weekend, etc., but there is also no boundary between friend, family, coworker lots of times.
It is easy to forget the cost of things when money is meaningless. When a $500k Ferrari is the financial equivalent to a gallon of milk for most families, then spending $20k on a party that includes private chefs, a bar staff, etc. is nothing.
What happened recently was that someone mentioned there were a bunch of kids in MS who were getting trained at trade schools for jobs, but the certification exam was $350 so only 2 kids out of the 35 in our pilot program got certified. It was hard for anyone in that room to understand how these families couldn't come up with $350 having a whole year to prepare. Most people in that room bill at $250-$500/hr. if they work at all.
Two days ago, someone took me out to lunch and the bill was $250, but since it's Christmas season and the waitress was really great, he tipped $250.
A different time, we went out for drinks at the bartender was one of those "tell me what you like and I'll make you something." The lady goes to pay and just writes 'math' in the tip line and put $500 on the total for what was less than three drinks a person for four of us.
On the other hand, there are lots of times when someone says something completely off the wall elitist. I grew up incredibly poor and some of these people are fifth and tenth generation wealth. They grew up with maids and butlers and private planes and their great grandparents have buildings all over the US named after them.
One time one of them was talking about how she went to Walmart to people watch and never felt unsafe even though it was "the black part of town." She tried to "make some black friends because if she could befriend them then she could educate them on better financial decisions." It was such a condescending and racist approach we had to council her to never do that again. Another guy says things like "the blacks will ___ " and he thinks he's very woke.
Aside from all that, there is a general loss of touch with what everyday people face.
I was hoping to read that someone stepped in and paid for all of the trade school fees.
One client had a whole separate house on their property just for their dogs. They'd referred to a "dog house" and I was expecting like maybe a little building in the yard where they kept their toys or something, but this was a full furnished home with king sized beds and a huge play room on the main floor. They had a full training and feeding staff to care for the dogs and everything. They lived in their own house and would come over to visit. Seemed like a weird dynamic to have with your pet..
One client didn't have a litterbox for the cats, their cats I guess didn't like using the boxes in the basement and they didn't want to put boxes upstairs so they put down pond liner and kitty litter across an entire room in the basement and had their housekeeper run a rake through it daily.
However, when it comes to everyday life, they might not have all the answers. "Everyone is different, but generally speaking, many rich people are out of touch with the struggles of ordinary people," Sunnybestie said. "[Maybe] someone who went from rags to riches [could] understand the poor [better] than the poor can understand the rich."
"I grew up in a country where the majority of people romanticize struggle and poverty, but I also met people from my university and work who are extremely affluent," they added. "I also worked for one who was featured in Forbes magazine. There's a huge difference in mindset between the poor and the rich."
"The poor will be able to understand the rich when they surround themselves with wealthy people, learn from them, and get rid of their limiting beliefs. I may sound elitist, but it is what it is."
"Many extremely rich people (capitalists), however, are also one of the reasons why the poor remain poor," the Redditor said.
There's a lot of truth to their words. For example, in 1950, the share of total wealth owned by America's top .01% was 2.3%. In 2018, that figure stood at 9.6%. It's not that easy to see eye to eye with those you are at odds with.
I do consulting for public companies and work directly with CEOs and board members, so they’re all multimillionaires, but only a couple in the 3 comma club.
1. There is no demarcation between personal and professional time. “We should set up a call” meaning vaguely next week, and they will respond with “I am free at 10 am on Sunday while I’m at my kids ski lesson”.
2. They ask a million questions. About every detail. This is the number one personality trait I’ve noticed - the critical thinking is to the point where if you misspeak one word that is easily well understood, they will question you to be certain. I do think this is one (of many) factors that has made them successful.
Hire a private chef for a casual Tuesday lunch with her girlfriends...
$2k, just like that.
I knew someone who didn't like to do laundry so she just bought new clothes for each of her 4 kids every week. They were always high quality or designer clothes. At the time, all her kids were 10-16 yrs old.
What would happen if they liked an item a lot and couldn't find it again? Why not just teach the kids to do their own laundry? Why not hire a housekeeper who can do it? There are so many options, other than spending thousands every month just to avoid laundry. Plus they rarely donated it. Just bagged it up and threw it out. I never could wrap my head around it.
As someone who always washes new clothes before wearing them, I'm doubly horrified
My wife and I used to babysit for this wealthy couple when they went on ski trips etc.. Except for the children's schoolbooks, there wasn't a book, magazine or newspaper in the house. The man was a publisher.
I've worked in two companies that went from nothing to ~$2B sales in ~20 years. The founders were all engineers and still worked alongside us. My favorite one used to ask permission to sit at my lunch table. He's easily the greatest human being I've ever known. You'd never know the kind of money he had if you saw him. He still drove the car he restored himself in college. He'd drive across town to save $0.05/gallon on gas. Just from his public stock trades we knew he had hundreds of millions though (this was in the 90s). I still talk to him. I emailed him last week.
Honestly, all of the founders have been something like him although he was the greatest one. The others did spend their money though, sometimes extravagantly. One for example had married a history major and had the hobby of relocating historic buildings to his property. His house had museum quality antiques, such as George Washington's dinner table, and he actually used them.
I guess by the strictest definition I'm a multimillionaire as the first digit of my Fidelity account does go to 2 sometimes. As a nearly 50yo engineer that's not that unusual though. Millionaires aren't what they used to be.
I work in Fintech. Literally had a billionaire come to our office with his team last week.
I meet a LOT of fancy people, and a lot of people pretending to be fancy like they believe they can "fake it until they make it" but their idea of what fancy people do is flawed.
1. Actually fancy people lead with curiosity about others, out of social self-preservation.
They have usually met some very high status people and somewhat regularly... so if they don't know you... and you aren't a service provider... They try to "figure you out" pretty early, they don't want to make an a*s out of themselves in front of the;
Surgeon General of ___, or the CFO of A FORTUNE 10 company, or the Guy that invented the pacemaker keeping their Mom alive, or the most elite White Hat Hacker in the country, or the biggest Pop star in Korea, or the Shaw of Bahrain, or the biggest oil tycoon in Texas, etc.
Because THOSE are the people they see in the private airport, or at the elite medical clinic, or at that restaurant bar, or the friend's dinner party, or in the green room waiting to give a keynote or interview etc.
In my experience, 100% of the time when you meet someone who leads off with bragging about themselves, or inferring they are the fanciest person present - they are a blowhard nothing burger. It's always some middle manager who thinks they are king d**k because they finally bought a motorcycle.
Some of the fanciest people I've met will actually delay sharing their name or other context because they assume you have heard of them, and want to see if you are actually nice or just an a*s kisser.
You can disarm them by just asking some peer type questions, like "how is your week going?".
Or failing that, share a verbal menu of stuff you know deeply, so they can learn about stuff from you. They can be very curious and there is not infinite time to learn, so your best gift may be a shortcut to learn just enough about XYZ.
2. They will default to offering to buy/pay for things they want in the same sentence they make the ask;
"Can I buy a side of ___ to go with this?" or "I'd rather just hire a car to take us, I'd pay to not walk", or "I want to treat you to ___" or "Can I come see you, I'm eating keto, where can I have groceries delivered?" etc.
To save time, they just make it clear they will pay for convenience and comfort. Because just the discussion about who will pay is a waste of time if your time is worth $500+ an hour.
The mental math goes; Nothing on this menu is more than $50, even with drinks, etc... This meal would be under $1,000 worst case scenario... I'll just eat the cost. If it's worth seeing these people, it's worth hosting.
They are shocked and annoyed when you can't pay in full at time of service. Like a medical procedure and the staff can't tell you the cost until you get a bill later. They would rather pay now, and not have to think about it... even if it's $10,000.
3. They will consider durable items as disposable if/when it makes life easier. Clothes, furniture, sports equipment, a fully stocked bar, etc.
Like; "I'll just buy skis when I get there, and donate them when I leave" or "I hate this couch, order a new one for the month I'm here." or "We need beach furniture, just go to target and get two patio tables and 12 chairs, plus whatever looks good in the swim aisle" or "Can I have this gym equipment delivered to the hotel and just leave it here for me?" or "Go buy three dresses for me, the staff has my measurements, I'll leave them for my niece", etc.
They may just have full sized bottles of hair, and skincare items delivered, just to use a couple days and leave them in the hotel. It can be "worth it" to have $500 worth of their favorite products nearby, and travel sized bottles or filling their own at home is too much of a hassle.
Kids are given top of the line bikes, a microscope, a PC, or art supplies, etc just to use them a handful of times.
If the only version is giant, they will still get that to have their favorite. So they may buy a pallet of something just to use 4, if the pallet is the only option. Like, "oh... the wine store only had cases, so I got a case."
Even something simple, while in their home town, like... people want to go to yoga in the, so I'll just hit a shop and buy some gear... rather than drive home and pick theirs up.
It's part of their lifestyle to constantly have cast-offs to gift to people in orbit. For them, it's as natural as throwing out a gum wrapper. The items are easily replaced, and essentially/relatively worthless (to them) after use...
Items can literally have a negative value to them; "I'd rather die than try to ship a bike home" or "Why would I want to carry 2 gallons of haircare with me on my personhood?"
4. They walk into any room like they are supposed to be there, the amenities are for them, and they look around for handlers or staff to help them.
A rich person walks into a hotel lobby, and knows the coffee is for them, they sit in any chair. They look for the valet and concierge. They expect someone will come get them when it's there turn to check in.
If they are very notable, the hotel will be expecting them, and greet them by name when they come in. They may have items or staff waiting for them, and immediately ask which items they can help with...
"Which bags can we take and which do you want to keep with you. Do you want turn down service right now? Dinner in your room or in the restaurant? Do you need any spa appointments? Do you have all the event tickets you need? Are you parking a car with us? Are you expecting any deliveries? Do you need fresh ___?" etc
But it's routine and boring to them.
It's not a glamorous red carpet experience where they float around like a rock star... The rich person has same polite expectation of asking for a pen in a bank; "obviously they have one and I can use it."
Because they are used to servants (even if they are part time, or they are called something different), they may act like the people are not present.
It's not to be rude like "you aren't a human" rather, it's to allow the worker to do their logistical work without adding the social burden of "entertain me" or "be my therapist".
They may believe it's offensive to pretend staff are your friends, because it's a level of faking the staff should not have to do... like it's "needy" of the rich person, and they want to be more respectful and self respecting than that.
I'm late to the party, but my stepbrother is worth about $50 million. Things I notice that are different for his family: * Kids order Uber eats for the smallest things. Like even a milkshake * Private chef for almost every meal. Guy comes with bags of groceries and starts cooking something randomly, and leaves after it's done * Nearly full-time staff that help keep the house clean, do dishes, clean towels, make shapes with them, sets up tables for meals, etc. * Will randomly fly places they feel like going because they can, and use a private jet to do so. Basically, "I feel like going to Florida tomorrow," and they do it. * Have a private - I don't know the exact word - "shelter" at a private beach. Basically, you just walk up to this living room that's by the beach and when you're done you close it off. All foods/drinks are included in their monthly fees * For larger gatherings, they hire a catering company to set up tables/chairs/etc. and will often hire "hosts" to keep the party interesting. I.e. they'll do games like trivia night and such * Their "friends" circle consists of CEOs and other multi-billionaires. A lot of them no concept of daily things we have to deal with like shopping for flights to visit people, the pain of finding cheapest hotels, and even the ordinary clothes shopping or food shopping * You wouldn't normally tell they're rich by seeing them. It's not like they wear $500 designer clothes. * Have no concept of shopping for groceries. All food is purchased by their private chef * On that note, they will spoil themselves with stuff like In-N-Out on occasion (usually through Uber Eats or whatever) * They do drive places and drive rather "normal" (as in not Ferraris) cars like BMWs, though for events like going to a sports even they'll have a private driver so they don't have to deal with parking * When my stepbrother was working, it was like a 24/7 job. Even on vacation he'd be taking calls, whipping out his laptop and doing some work, etc. at random. Christmas day? Yeah, he'd take calls and handle them. Though, he denies working as much as I thought he did, but anecdotally I saw otherwise I'll try to add more as I think about it. I did ask him once about his money and how he felt about knowing so many people out there are struggling. He said, "to be honest, I don't know what to do with my money, but I also know what not to do with my money. So many people try to take advantage of a situation, but does it really help?" Basically, he didn't trust people.
If he earned his money without stealing it then he can do what he wants with it. By employing chefs or ordering Uber eats or going to vacation spots, he’s spaying to keep people employed. I would not dare ask someone about their finances or if they have guilt with them. Sounds like you’re jealous.
Dated a rich girl that never wore the same pair of socks twice.
Way back in 1985 I was at a Christmas party in Crete Coeur, MO. I was just 21 and thought it was insane and still do all of these years later. this person had a house completely carpeted in white. Including the KITCHEN. She had 24 hr emergency carpet cleaner contractor.
A guy I dated once, his mother had a townhouse entirely in white. White carpet, white walls, white leather couch, white everything. I was afraid to touch anything!
They do *not* like being told "no."
Super rich people are almost always used to getting their way, and they can have mini-tantrums when they don't.
Although there is a difference between people who were self-made and came from modest beginnings and the children of those people, who are the crazy, sociopathic people that always expect to get their way.
They don’t work for an hourly wage. They do something once that they can make money from a bunch of times. Write a book, create a class, make a podcast or newsletter, make a video game. And then they save and invest their money so it will compound. Compounding interest is the secret to being wealthy.
6000 square feet home with one person living in it. That’s weird
I’m a financial planner for hnw individuals, mostly business owners.
Here’s what I’ve seen:
They practice delayed gratification until they don’t have to.
They have a budget that they follow for the most part.
They set goals & think critically about their plan to accomplish them.
They take data-driven risks & execute.
They use a task list every day.
They automate when feasible & delegate when it makes sense.
They sleep well & eat healthy.
They practice productive mental health habits including setting boundaries with family & friends, saying “no” when appropriate & more.
They put their fixed costs under 20% of their monthly paycheck & invest at least 20% of every paycheck into their goals.
I'm so outta touch with rich people, I had to look up hnw! High net worth
They had part of the house permanently decorated for Christmas and it included a fully decorated Christmas tree that was suspended upside down from the ceiling. Which was actually pretty awesome.
We had the Christmas tree and everything up until May, mainly cause my mom was dieing and loved the colors, She passed May 22, 2023......Sadly We don't have enough money to power the lights now, so no Christmas tree and no presents, this also means no Christmas dinner {or actually many dinners for the last few months} cause we have no money for food, everything we have is on rent, and the internet {the net is for work}
My experiences: 1) CEO of large company. Didn't come from huge wealth so fairly self made. As others said, a literal workaholic. 24/7, 365 days a year. Zero boundaries between work and personal (and expected the same of his direct reports unfortunately). Endless energy. Perfectionist. Edited to add: his wife was a b!tch and his adult kids hated him.
2) Billionaire who inherited wealth. Was on his ranch in the West and this cow poke guy went with us on a horseback ride. He also cooked breakfast. I literally thought he was a hired hand, ends up he was the owner of the ranch. Was kind, friendly, could rope a steer like the "true" hired hands and make some mean breakfast tacos. Of course he flew to the ranch on his PJ while we got there dragging a*s in economy class with 12 hours of delays.
I've had a similar experience. Self made millionaires tend to be very money driven - to the detriment of more important stuff. Those with inherited wealth can sometimes be lovely, down-to-earth, generous people. (There are always exceptions to both kinds, tho!)
A waterfall and a river. When you come into the front door you are standing on a glass floor over a 4 foot wide stream running fast across rocks under you. To the right is a room with a rock face waterfall feeding the stream, and to the left there is a room with an open area pool with an “island” in the middle with a desk on it, and a glass bridge to the desk.
My son's friend when in elementary school dad was one of the 2 founders of Capital One .
Mom had a secretary for play dates. Dad would fly to London to watch Tottenham. Had a permanent seat .
Their London house was next to J.K. Rowling's.
You couldn't tell by the way they dressed or their cars .
But their vacations were the big difference.
The strange thing is that their son loved a mango juice sold maybe 10-15min from their house . I always made sure we had some for mine . I send it to him via Amazon occasionally.
I don't understand the last paragraph... what is strange about the boy loving mango juice?
I worked for a billionaire for a year. At first, it was great, because he made us feel he was in the trenches with us. I came to find out that he made fun of us (there was only 8 employees) for the salary he was paying us and tended to throw people under the bus. It was one of the very few jobs that I gave less than 2 weeks notice and never looked back. I am so glad to be out of there.
Will share im fortunate to have earned a low 7 figure net worth as someone who was once homeless in my early 20s. many of those around me are low 6 figure employees to having mid 8 to low 9 figure net worth; many are in that $1-15M range
I’ll share what’s happening to me as this money is becoming more normalized as I see a path to high 7 to low 8 figure net worth for myself
My mindset has really shifted from “I can’t afford this” to “how can I afford this.”
Im way more patient. I think much more long term with money. When poor, I thought maybe in 1-3 month intervals. Now, I think regularly in terms of 8-12 months and my main goals are in terms of 3-4 years. My impulse buying rarely happens because I control my environment to reduce that from happening
It’s insane to think that $1k isn’t a lot of money to me anymore. I would easily drop $2-5k on a buddies business idea, and I know in a few short years that will be $10-50k per friend now problem. I have a mentor who drops $150-300k per friends biz idea. And this is a huge factor on how we get wealthier. Not every idea works out, but it only takes a few to do not even amazing, but fairly okay to start compounding
In my day to day, I know have a bi weekly house cleaner, an executive assistant, and an admin. I could see myself hiring a personal chef a few days in a month in like 2 years. $100 dinner is annoying but it’s not a big deal
Here’s what may surprise people. There are def rich people with teeth and sharp elbows , but honestly, they’re nice people - at least to your face; you can walk up to them and they will be nice. To become rich from nothing you were either lucky, or you worked hard consistently while maintaining and growing relationships. You aren’t going to go very far by being an a*****e. Yes some are stuffy and transactional (*ahem, Harvard + wallstreet types)
Finally, rich people despite media and university rhetoric do a lot of good. We’re not all Mr money bags counting and hoarding our loot all day long. I will say I have helped a large number of lower middle class to middle class people become middle to upper middle and I love to see that transformation. I will say, people down the financial totem pole make it hard for rich people to help them. No rich person wants to just give a hand out or support someone with a plan that doesn’t make sense who isn’t willing to listen. I understand why some rich simply stop helping others
They built their kid his own house behind their mansion. It had an arcade and a trampoline room.
i didnt realise that the act of driving is some peasant s**t til i met them
I would enjoy this aspect of a rich lifestyle. I’m a terrible driver and would love to not have to drive ever again. But I live in the US and public transportation doesn’t cut it. I looked at how to go from my house to my work (40 min drive with no traffic) using buses and it was over 4 hours. I do want to note, I don’t admire the looking down on those who drive bit, that’s not kind, but having the luxury of being driven would be amazing. And honestly, it would make the roads a safer place.
Take the risks. Worked with many millionaires in my time in security and what surprised me is how not smart they are. Most of them are just people who took a risk by starting a business or making the right investment and it paid off.
Ooh, I can chip in here.
My sister worked for an Asian property developer in London who bought a hotel in the south of France. He shipped his entire office to the hotel for the summer in order to get the renovation process up and running. He also needed a crew of people to work in the hotel for his employees friends and family, so I ended up working in food service and my wife was a maid. All in all there were about 100 people staying in the hotel. Owner's family and friends, office staff, a crew of Liverpudlian carpenters and builders and their families, along with a private chef and his partner who was a pastry chef. A local french chef and to top it off, the entire cooking staff from a top London restaurant (7 guys) who would normally go back home to Hong Kong for a month, but instead the owner flew their families over to France.
We worked 6 days a week and when off work, we cold use the pool and other amenities (projection tv). The owner had a 14 metre boat with captain which we used on our day off. There was also a chef de service who "had all the keys" particularly the booze storage room- One day, he had to go and testify in a trial for 2 days so he left me in charge with the keys. The booze storage contained about €2 million worth of booze including Cristal etc. I was allowed to supply booze to the guests and staff.
I used to hang out with the French chef who once asked me if I like foie gras, to which I said yes. We returned from the fridge with a brick of foie gras which we munched on.
Oh, and the Chinese cooks complained that the French gas burners were not powerful enough so they had to get some proper wok burners in.
One night I watched the original broadcast on Sky News announcing Princess Diana had been in a car accident.
That was a great summer.
"...Princess Diana had been in a car accident. That was a great summer" Yikes! That is an awful way to end a post.
I have no problem with rich ppl being rich. That's just life. But what I find offensive is that especially the newly rich ppl are so incredibly wasteful. I read somewhere that they are responsible for an insanely large amount of pollution and other environmental damage. You can do better, guys.
This definitely applies to Hollyweird types and NBA/NFL celebs, many of whom are incredibly wasteful. They act like environmentalists, then jet off on their private planes.
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I have no problem with rich ppl being rich. That's just life. But what I find offensive is that especially the newly rich ppl are so incredibly wasteful. I read somewhere that they are responsible for an insanely large amount of pollution and other environmental damage. You can do better, guys.
This definitely applies to Hollyweird types and NBA/NFL celebs, many of whom are incredibly wasteful. They act like environmentalists, then jet off on their private planes.
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