According to the 2022 World Inequality Report, which analyzes data and the work of more than 100 researchers and experts in the field, the richest 10% of people possess nearly 76% of the global wealth. Meanwhile, the bottom 50% own just 2%.
Interested in how this figure manifests in everyday life, Redditor KingBumii made a post on r/AskReddit, asking platform users to share all the things rich folks buy that the poor don't even know are available for purchase. Here are the answers that received the most buzz in the thread.
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/u/a1988eli gave the best answer I have ever seen on this subject and I don't think anything can top it:
>I can answer this one. For some reason, I attract these people into my life. I don't do anything super extraordinary. I am not famous. But I count many peoplewith ultra high net wealth among my close friends and I have spent more time than even I can believe with 8 different billionaires. This is not just meet-and-greet time. This is small group and even one-to-one time. I dated the daughter of one billionaire several decades ago. So I have gotten a peek into this life.
>Let's get one thing out of the way. There are gradations of rich. I see four major breaking points:
>Worth $10mm-$30mm liquid (exclusive of value of primary residence). At this level, your needs are met. You can live very comfortably at a 4-star/5-star level. You can book a $2000 suite for a special occassion. You can fly first class internationally (sometimes). You have a very nice house, you can afford any healthcare you need, no emergency financial situation can destroy your life. But you are not "rich" in the way that money doesn't matter. You still have to be prudent and careful with most decisions unless you are on the upper end of this scale, where you truly are becoming insulated from personal financial stress. (Business stress exists at all levels). The banking world still doesn't classify you as 'ultra high net worth'
>Net worth of $30mm-$100mm
>At this point, you start playing with the big boys. You can fly private (though you normally charter a flight or own a jet fractionally through Net Jets or the like), You stay at 5 star hotels, you have multiple residences, you vacation in prime time (you rent a ski-in, ski-out villa in Aspen for Christmas week or go to Monaco for the grand Prix, or Canne for the Film Festival--for what its worth, rent on these places can run $5k-20k+ per NIGHT.), you run or have a ontrolling interest in a big company, you socialize with Conressmen, Senators and community leaders, and you are an extremely well respected member in any community outside the world's great cities. (In Beverly Hills, you are a minor player at $80 million. Unless you really throw your weight around and pay out the nose, you might not get a table at the city's hottest restaurant). You can buy any car you want. You have personal assistants and are starting to have 'people' that others have to talk to to get to you. You can travel ANYWHERE in any style. You can buy pretty much anything that normal people think of as 'rich people stuff'
>$100mm-$1billion
>I know its a wide range, but life doesn't change much when you go from being worth $200mm-$900mm. At this point, you have a private jet, multiple residences with staff, elite cars at each residence, ownership or significant control over a business/entity that most of the public has heard of, if its your thing, you can socialize with movie stars/politicians/rock stars/corporate elite/aristocracy. You might not get invite to every party, but you can go pretty much everywhere you want. You definitely have 'people' and staff. The world is full of 'yes men'. Your ability to buy things becomes an art. One of your vacation home may be a 5 bedroom villa on acreage in Cabo, but that's not impressive. You own a private island? Starting to be cool, but it depends on the island. You just had dinner with Senator X and Governor Y at your home? Cool. But your billionaire friend just had dinner with the President. You have a new Ferrari? Your friend thinks their handling sucks and has a classic, only-five-exist-in-the-world-type of car. Did I mention women? Because at this level, they are all over the place. Every event, most parties. The polo club. Ultra-hot, world class, smart women. Power and money are an aphrodisiac and you have it in spades. Anything thing you want from women at this point you will find a willing and beautiful partner. You might not emotionally connect, but damn, she's hot. One thing that gets rare at this level? friends and family that love you for who you are. They exist, but it is pretty damn hard to know which ones they are.
>$1billion
>I am going to exclude the $10b+ crowd, because they live a head-of-state life. But at $1b, life changes. You can buy anything. ANYTHING. In broad terms, this is what you can buy:
>Access. You now can just ask your staff to contact anyone and you will get a call back. I have seen this first hand and it is mind-blowing the level of access and respect $1 billion+ gets you. In this case, I wanted to speak with a very well-known billionaire businessman (call him billionaire #1 for a project that interested billionaire #2. I mentioned that it would be good to talk to billionaire #1 and B2 told me that he didn't know him. But he called his assistant in. "Get me the xxxgolf club directory. Call B1 at home and tell him I want to talk to him." Within 60 minutes, we had a call back. I was in B1's home talking to him the next day. B2's opinion commanded that kind of respect from a peer. Mind blowing. The same is true with access to almost any Senator/Governor of a billionaires party (because in most cases, he is a significant donor). You meet on an occassional basis with heads-of-state and have real conversations with them. Which leads to
>Influence. Yes, you can buy influence. As a billionaire, you have manyways to shape public policy and the public debate, and you use them. This is not in any evil way. the ones I know are passionate about ideas and are trying to do what they feel is best (just like you would). But they just had an hour with the Governor privately, or with the Secretary of Health, or the buy ads or lobbyists. The amount of influence you have can be heady.
>Time. Yes, you can buy time. You literally never wait for anything. Travel? you fly private. Show up at the airport, sit down in the plane and the door closes and you take off in 2 minutes, and fly directly to where you are going. The plane waits for you. If you decide you want to leave at anytime, you drive (or take a helicopter to the airport and you leave. The pilots and stewardess are your employees. They do what you tell them to do. Dinner? Your driver drops you off at the front door and waits a few blocks away for however long you need. The best table is waiting for you. The celebrity chef has prepared a meal for you (because you give him so much catering business he wants you VERY happy) and he ensures service is impeccable. Golf? Your club is so exclusive there is always a tee time and no wait. Going to the Superbowl or Grammy's? You are whisked behind velvet ropes and escorted past any/all lines to the best seats in the house.
>Experiences. Dream of it and you can have it. Want to play tennis with Pete Sampras (not him in particular, but that type of star)? Call his people. For a donation of $100k+ to his charity, you could probably play a match with him. Like Blink182? There is a price where they would simply come play at your private party. Love art? Your people could arrange for the curator of the Louvre to show you around and even show you masterpieces that have not been exhibited in years. Love Nascar? How about racing the top driver on a closed track? Love science? Have a dinner with Bill Nye and Neil dGT. Love politics? have Hillary Clinton come speak at a dinner for you and your friends, just pay her speaking fee. Your mind is the only limit to what is available. Because donations/fees get you anyone.
>The same is true with stuff. You like pianos? How about owning one Mozart used to compose music on? This is the type of stuff you can do.
>IMPACT. Your money can literally change the world and change lives. It is almost too much of a burden to think about. Clean water for a whole village forever? chump change. A dying child need a transplant? Hell...you could just build and fund a hospital and do it for a region.
>RESPECT. The respect you get at this level is just over-the-top. You are THE MAN in almost every circle. Governors look up to you. Fortune 500 CEOs look up to you. Presidents and Kings look at you as a peer.
>PERSPECTIVE. The wealthiest person I have spent time with makes about $400mm/year. i couldn't get my mind around that until I did this: OK--let's compare it with someone who makes $40,000/year. It is 10,000x more. Now let's look at prices the way he might. A new Lambo--$235,000 becaome $23.50. First class ticket internationally? $10,000 becomes $1. A full time executive level helper? $8,000/month becomes $0.80/month. A $10mm piece of art you love? $1000. Expensive, so you have to plan a bit. A suite at the best hotel in NYC $10,000/night is $1/night. A $50million home in the Hamptons? $5,000. There is literally nothing you can't buy except.
>Love. Sorry to sound so trite, but it is nearly impossible to have a normal emotional relationship at this level. It is hard to sacrifice for another person when you are never asked to sacrifice ANYTHING. Money can solve all problems for someone, so you offer it, because there is so much else to do. Your time is SOOOO valuable that you ration it. And that makes you lose connections with people.
>Anyway, that is a really long answer, but I have a very unique perspective because I have seen behind the curtain of the great and mighty OZ. just wanted to share.
Edit: Link to original comment: http://www.reddit.com/r/AskReddit/comments/2s9u0s/what_do_insanely_wealthy_people_buy_that_ordinary/cnnmca8 Thanks /u/mcaffrey!
Obscure brands of regular items.
I have a few well off friends and trust fund babies and all of them **NEED** obscure brands of regular items. They want potato chips it can't be Lays it has to be a imported thin cut potato from France that was harvested by the bay on a cool afternoon by a happy french man.
Are we sure the French man was happy? Maybe he was faking it. Maybe he was annoyed that weird rich people kept buying up all his chips. He might have been seriously hungry, not happy.
Rich Russian business men rent taxis that are luxurious on the inside, but look like ambulances on the outside to avoid traffic.
[source](http://www.autoblog.com/2013/03/31/wealthy-russians-hiring-ambulances-to-cut-through-moscow-traffic/)
From my [highest rated comment:](https://www.reddit.com/r/AskReddit/comments/1gsocw/wealthy_redditors_what_are_some_services_or/canisns)
> There's insurance on fine art. And I don't mean, "Sorry you lost it in the hurricane, here's your paycheck" insurance. I mean, "The area is flooded and riots are breaking out. We're going to send a SWAT-like team to helicopter in and fly your assets out of the area and into a safer place" kind of insurance.
I mean… I’m glad they’re protecting the art, but it’s kinda wasted if it’s in a private collection.
was at a friends house (very rich friend) and his daughter came back from school all sad. So i asked why and apparently one her classmates spread rumors about her how she's rich and snotty and always flies everywhere in private jets.
She started to cry and said "I don't always fly in private jets! sometimes i have to ride first class..."
at the time she was 7 yrs old.
so poor people know nothing of all the struggles that the riches go through.
I live in Sydney, Australia and recently there was a big controversy about how students of two of our most expensive private schools were being secretly guaranteed spots at University of Sydney (one of the major 3 universities in Sydney) before they had even done their year 12 finals. Everyone else in the state stresses out over year 12 to get good grades and get a good ATAR (equivalent of GPA) and these kids didn't have to lift a finger just because their parents were rich. So there's that.
In North America, there are universities/colleges' awarding honorary Doctorate degrees, to wealthy donors.
Health.
Think about it:
* Good produce that enables maintenance of a balanced diet.
* Health insurance, doctor's bills, etc. to quickly cure any illness.
* Gym memberships, Personal Trainers and dietists to promote a healthy lifestyle
* Time to relax and wind down from stress
Also, look at what chips away most at poor people's health:
* Bad quality half-baked or ready-to-eat meals and fast food
* Monotonous, sitting-down jobs with little to no chance of moving around
* Car-bound activities and work tasks that compound the point above
* Working two or three jobs to pay the bills
* No time for vacations, taking a day off, or even call in sick in some cases
More than anything, rich people afford to be healthy.
In my country, people say " When people are young, they sacrifice health to gain wealth. When they become old, they sacrifice health to gain wealth.", and I like to add " And some people are perpetually stuck doing the first. ".
From what I've seen in Switzerland, most very rich people don't actually appear to be rich.
They live in big houses, but it's all very private and they don't show off their wealth like other less rich people that try to show off everything they own and don't own. The houses are usually in remote places and with walls or bushes to stop you from seeing what's inside, the typical nouveau rich will just show off their "mansion" at every opportunity.
A very rich guy is not the one that is driving a Ferrari and slowing down to revving his engine near women. A very rich guy, is the one that you don't actually see, you merely "feel" the wealth when the occasional Bentley or Rolls Royce passes by without making heads turn.
Some anecdotal story that happened with me:
I was at an ATM machine in Switzerland, behind an old lady that looked to be quite poor. When it was my turn to use the machine, I noticed that she didn't remove her card and I could still check how much money she had in her bank account and even withdraw money.
She had around 8 million Swiss Francs! And yes, I called her and told her that she forgot to remove her card.
I live in NYC and work as a courier. I regularly deliver things like $50 cookies (4 of them) across town for a $15 dollar delivery charge. $65 for 4 cookies. Then I must go through the service entrance under the building as I am not allowed in the "regular" halls. Upon arriving I hand the cookies to the servant who answers the door that is in an elevator that opens onto the kitchen usually. I have delivered a $35 bagel. The new thing is cold pressed juices. Daily I will drop an $80 order for 4 juices plus delivery cost. So pushing a $100 for some juice. The apartments over looking central park... it's crazy. I saw a 12 year old kid in a private school uniform wearing a brand new apple watch and eating with friends at a cafe that had to be $30 a head for a coffee and a snack. Then left and walked into a brownstone ($5-10 Million) in Manhattan? That kid will go to a schools that I will never see, make friends and connections that are impossible otherwise. The 1% live a different life. Different rules, different opportunities. I think it's great for them my only concern is the resources that are required to maintain that life are staggering. The carbon foot print, the man hours of people serving them... mind boggling.
If I were that rich… I would probably blow it all on books and plushies. And kittens. And maybe some lobbying for clean energy.
The Strand, a bookstore in New York, sells books by the foot.
Mostly they're encyclopedias, 14th editions: things that aren't of much value. But they have really pretty spines. For making your library look pretty.
Just bought a new house with a big, empty library? Just measure the width of the shelves, choose Cloth of Leather, and a few days later you'll put Jay Gatsby to shame.
I always thought the whole point of books is to read them to pieces. *gets out the glue again*
I never understood why Forest Gump always said, *"Life is like a box of chocolates. You never know what you're gonna get."* Every box of chocolates I've ever seen comes with a handy little diagram that tells you exactly what you're gonna get. I joked about this with a friend once and they informed me that this was just a poor people thing. High end chocolates don't generally come with a diagram.
I'm not rich but Etiquette school. I don't remember how the conversation started, but a friend of mine from college starting talking to me about etiquette school. I must have given her a questionable look because she immediately paused, look embarrassed and said something along the lines of "not everyone goes to etiquette school, do they?"
kidnapping insurance
Because of how close I live near the U.S.-Mexico border, kidnapping insurance was the first thing my lawyer told me to buy when I received my inheritance. I had a scare a few months ago that made me realize the insurance was worth every penny.
My sister used to work at a very expensive hotel in London. She told me that new clients would check in and then once they left the room the staff would go in and inventory everything they brought with them and where they put it and how with the help of staff they set the room up. They do this so the next time the client schedules a room, the staff can run out and buy everything on the list so the client doesn't have to have any luggage and everything is set up how they like it. They have thousands of clients and she showed me pictures of room layouts and lists of clothing, watches, and other things that are ALWAYS set up the same for the same client. Crazy stuff.
One orange mousie toy in this corner. A shredded purple chair against the wall. Something Bouche might allow me to sit on. A purple spring in the kitchen area. The chirping bird in front of the shower for me to trip over. Fresh kibble, of course. A water fountain to wash mousie toys (and maybe drink from). Socks hanging all over, waiting to be killed. I think maybe the staff is better off with rich people than a spoiled cat!
This is embarrassing, but until last year (I am now 24) it did not occur to me that people could file their own taxes and not use an accountant. Or rather, John, the 'family accountant.'
Edit: forgot to tell you about John.
So, tell us about John. I take it he's an accountant? Does he like cats? Bouche wants to know if he likes mousie toys. She'd ask, herself, but she's in the middle of zoomies.
Growing up in the 80's and 90's as a kid, all I remember is that if someone ever owned a refrigerator that had an electric ice maker and served water, I would assume they were rich. The same was said about families with kids that owned power wheels or had a cell phone in their car.
S**t! How times have changed!
When I was a young child in the '70s, I thought it meant you were rich if you could afford Nutella. Back in the '70s it was imported (it still is but in bulk now, so it's cheaper) and was very expensive. My cousin used to get it on her lunch and when I asked my mother why I couldn't have it, she just told me it was too expensive.
I heard a story once about a young Russian man who inherited $20 billion and decided to eventually get married.
For his bachelor party, he invited all his boys to Russia, escorted them in a black car right from the runway and they were driven 4 hours deep into the Russian forest. They stopped at a random hotel for the night, and then in the morning, they were dropped off in the middle of the forest.
All of a sudden, a bunch of Russian men riding horses and dressed in traditional Russian battle armor surround the guys. They tell the guys that, in honor of their boys marriage, they are going to get suited up, ride horses, and r**e and pillage a nearby village.
I kid you not, their billionaire friend purchased a random, small Russian village deep in the forest, rented 54 of the best prostitutes in Russia (18 guys x 3 girls each) to act as the "villagers", rigged the entire place to be suitable for r**ing and pillaging, and finally, placed 18 huge cubes of frozen ice inside each of the houses in the village. These giant ice cubes contained precious jewels, Rolex watches, money, and other valuables.
The 18 guys were all given a time limit, and the girls were incentivized with money to distract the guys as much as possible in their quest to break down the solid ice blocks.
I will let your imagination run wild.
Valet parking keys for your car.
They don't let the car go above a certain mph limit.
I've worked with high and ultra-high net worth individuals in the past and they are the *loneliest* people you've ever met. One guy I knew perfectly encapsulated it:
He had inherited significant amounts of wealth and real estate. He was a nice guy, had been well educated and wasn't altogether ugly; but, he was so lonely. His wife clearly loved him for his money. People around him were either sycophants or other wealthy people, so he'd surround himself with wealth managers, lawyers, investors, etc, and would try to take the relationship from one of a professional association to a personal relationship. He'd invite groups out and buy alcohol and beer and outrageously expensive food to make people like him. But it didn't help, he was still just a lonely dude.
People either see you as a cash machine, or they don't see you. Middle Class folks aren't inviting a millionaire over. Women who approach and woo you are often doing it because you have money, and those women who aren't after your money, you're suspicious of anyways.
I felt bad for him. It was like being trapped in a prison. Sure, he could buy a Ferrari and a Lamborghini for fun, but he couldn't share it with anyone and had no one to watch a game with. His wife was off at events and parties and she was only interested in what his material wealth could get her. It was sad.
Investments.
Rich people buy investments and things that will make them more money. Poor people buy things that cost them money.
Chocolate. I just saw a video where the people who harvest cacao have no idea what is made from them. Poor them. But some cool dude brought them chocolate, which is nice.
Maybe not "rich" people, but a surprising amount of my friends who are very poor (as in have been homeless before) had not heard of nor tasted raspberries before.
In the east coast of the US I was part of a food co op, and you could pick all the raspberries you could eat. Here in NZ, $8 (give or take) for the smallest punnet available when in season. You can buy them frozen, but it's about $15 for a 500g bag. Not too bad, but not especially essential.
Planning. Being rich means you have opportunity. Which means you can do whatever you want. Which means it feels stupid to have mediocre vacations, cars, clothes, coffee, dinners, school for your kids, etc. So you pay for planning. Real estate brokers who put you in good neighborhoods. Travel agencies that make sure you go to Venice on exactly the right time of year to have the best time. Concierge services that ensure you a great dinner every time etc.
I also have a list of s****y planners that just take my money and don't provide what I ask. And yes those that honestly reply that they could not provide, do not end up on the list.
One thing that surprised me, interacting with rich New Yorkers who would summer near where my grandfather lived: there is a level of wealth where it is expected that everyone has multiple homes, and as such there is very little possessiveness tied to home ownership. Want to stay in some obscure part of the world for a year? Someone will likely loan you the use of their fabulous but well-hidden home in that region because why wouldn't they? In fact, there are people who specialize in creating those homes, decorating them and making sure they are secure... knowing full well that, outside of a quick visit to inspect the property, it's very likely that the owner may never visit it again.
Of course, you're expected to do the same. Collecting homes in fantastic locations is no longer just about going there yourself, but about having the right "currency" to loan to others.
So, while homes aren't surprising, and even the idea the rich own exotic homes in exotic places is commonly understood, the whole idea of the fluid nature of home ownership at that tier of society is rarely understood.
Edit: say->stay typo.
this. my husband's uncle trades homes (or used to) between his place in Beverly Hills and some Count in Italy with an artisanal Balsamic Vinegar family business that went back hundreds of years, along with the title and the freakin CASTLE.
I'm not rich, but I live in a very very rich town. My neighbor has a helicopter sitting in his back yard, that kind of rich. People here buy some truly ridiculous things.
* Don't you hate, for example, when you get on your private jet to go across the country, but as soon as you get there you need to go rent a car? Well, people around here don't have that problem. They pay a service to ship their Ferraris and Lamborghinis to their destinations ahead of time so they can drive them when they get there. Yeah.
* I've been to family parties and events where famous people are simply summoned and show up. I count this as something they buy, because I think they are very often paid. Literally two weeks ago Laura Bush made an appearance at my friends family barbecue. A month or so before that, Tom Selleck came by for a dinner party.
* Sometimes they buy theme parks or things like that for a day. They just rent it out a while in advance and then throw a huge party. It's just as awesome as it sounds, all of the workers are there, but there's no lines. There is alcohol being served by waiters too, because it's a private event.
* They can by lessons from professional athletes or dinners from famous chefs. Sure you're not going to get Tom Brady to teach you how to play football, but Teddy Bridgewater? Sure, anytime. My neighbors kid, who absolutely hates golf, got personal lessons from Vijay Singh. For those of you that don't know, hes a pretty big deal. Rich people do this just to say they did though. They'll get a professional dedicated instructor who coaches the likes of Tiger Woods if they want to actually get good, but they just want to say they got a lesson and a picture with Vijay Singh.
* A lot of my friends have two or three exact copies of their phones in case one breaks. That in itself ins't all that expensive, but it just goes to show their mentality towards money. Who needs a silly thing like insurance when you could just buy three more? Crack a phone? No problem, got a fresh one in my pocket. Crash your McLaren? No problem, got a fresh on in the garage.
* Some times you have to buy 'people'. Not exactly what it sounds like, but say you're having trouble with your homes computer system (most people here have huge house wide computer terminals, I have no idea how they work), well then you need to go out an buy a personal IT guy for your house. From now on, you are his only client and his job is to reset your router once a week. Rich people don't have time for such things.*
* If you need literally anything as a rich person, you can basically buy it even if it doesn't exist. A parking lot for example. My neighbor once had a big party, but didn't have enough room for everyone to leave their exotic cars so my dad let him use our front yard to park some of them. Literally a day later he had our entire lawn resodded with grass imported from North Dakota. There are no problems if you have enough money, only creative solutions.
* A lot of rich people live surprisingly modest too. They're in the minority, but they exist. As a kid I used to work for a guy who owned an exotic car dealership. Even though he had about a dozen Ferraris and Lamborghinis, he perfected to drive an Acura sedan as his everyday car. Not even a particularly nice one. Even though there are better options within their budget, a lot of rich people sill prefer the 'average' things we use.
EDIT: I'd prefer not to say where I live, but I will say that one person guessed it. A lot got bordering towns.
But you are talking about the 'conspicuously wealthy'. Old money doesn't 'do' that. Their sofa will be one inherited from granny (or even great great) They'll have rickety old landrover to get round their estate or for shooting parties. You have no idea that they are wealthy (unless prefixed Lord or Lady) until you see their enormous 'pile' (mansion) built by William the Conqueror, gardens landscapoed by Capability Brown.
My dad's rich but he doesn't spend much and we've lived a middle class life even though we could be living a much lavish life. No complaints at all though.
But because of my dad's wealth I am friends with wealthy people and I have friends who live pretty wild. If I go to a club with one of my friends the bouncer will know my friend and just let us in, even when half of us are underage and we have no girls with us.
I also dated a girl whose dad was the CEO of a very large federal funded nonprofit. I'm not allowed to mention names of politicians but I'll tell you that House of Cards has a lot of truth to it.
There's also the friends I had who were f*****g idiots but still got into top notch universities. and then there were the other not so friendly kids at my private high school whose fathers would give so much money to our high school that these kids could get away with pretty much anything. Racism, cheating and skipping class.
And me witnessing all this was weird because the way my dad raised my family with a "save first" mentality, I never really asked for things that much. But yeah. Rich white people crazy!
Last sentance was totally unnecessary. That kind of casual racism (yes~ still racism even if is about caucasians) is trash thinking.
A lot of people have multiple cars but rich people have cars specifically for the weekend. During the week you drive your average S-Class/Lexus/7-Series that you don't mind subjecting to cruel traffic, but from Thursday to Sunday you drive your weekend car. These fall on three spectrums- antiques, sports cars, or luxury cars. I don't know much about the antiques, but I love going for drives in the area on Fridays just to LOOK at the Rolls Royce Phantoms and Lambos. Lambos/Ferraris are usually driven by younger rich people (Arabs and athletes) and are seen at night usually racing. The luxury cars are the old people. Maseratis are not weekend cars, they're work cars. And every Saturday morning there's a car show in our town.
Also banks. If you're rich, you usually are a preferred customer at multiple big name banks. They know you by name and know your family and you can give upper level management personal calls for help.
You used to be able to rent a disabled person at Disneyland to get past the lines.
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NOT for rich people, but young people NEED to understand this to move to the middle class: You do NOT need 20% down to buy a home. There is such a thing as "mortgage insurance," which means (roughly) that if the bank repossesses your house, you're only out what you've already spent. I could be mortgage-free by my age if I knew this; instead I poured six-digit dollar amounts away in rent. I read Bored Pandas all the time lamenting that rent costs more than mortgage. You need about 2.5%. That's still a lot of money at once if you're living paycheck to paycheck, but you might even be able to borrow THAT, using credit, deferred costs, even withdrawing from a 401-K
interesting, I wonder if they have that in my country.
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I was expecting more actual products that normal people had never heard of/needed
NOT for rich people, but young people NEED to understand this to move to the middle class: You do NOT need 20% down to buy a home. There is such a thing as "mortgage insurance," which means (roughly) that if the bank repossesses your house, you're only out what you've already spent. I could be mortgage-free by my age if I knew this; instead I poured six-digit dollar amounts away in rent. I read Bored Pandas all the time lamenting that rent costs more than mortgage. You need about 2.5%. That's still a lot of money at once if you're living paycheck to paycheck, but you might even be able to borrow THAT, using credit, deferred costs, even withdrawing from a 401-K
interesting, I wonder if they have that in my country.
Load More Replies... I was expecting more actual products that normal people had never heard of/needed
