this post was submitted on 24 Dec 2023
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Also, people look at the years they earned a good amount and think they are in the top 10%, but it's more like 30% of people are in the top 10% at some point in their life.
Meanwhile, the truly rich are paradoxically not in the top 10%, because their wealth grows without incurring capital gains income tax.
It's a totally different world with different rules.
Working class thinks they are rich when they can afford the mortgage for a nice house.
Actual rich have a nice house without a mortgage payment and just have a few multiples of the working class guys salary accrue in a trust. They only take out small amounts for vacations, groceries, a car, etc.
The truly rich live even differently. They have trusts, of course, but their personal expenses are paid for by their personal non-profit charities that provide an allowance to them that's managed by a family office and full time controller/money-babysitter who is also the family's fixer and consigliare. Additional big purchases live private jet airfare and shopping sprees are paid for by an amex the controller just pays off.
I sometimes tell people to watch Selling LA and ask themselves what it is that all those buyers and sellers do. Most of them don't do anything except sell multimillion dollar properties back and forth to each other. Pretend jobs for rich kids.
I wouldn't mind being a rich kid with a pretend job.
I'd put the sin in sinecure
Both of you are wrong. They borrow, they borrow and borrow against their assets, borrowing to pay off the previous loan and then some, just an ever-revolving door of credit and basically free money, which they do not pay taxes on, guaranteed by their non-liquid capital assets.
Banks have entire offices just to cater to these folks. Like, a personal banker on call 24/7 in case they need some money.
It’s like, breaking the speed of light, financially. The rules of the universe stop mattering to you, and if you can do that, you can pretty much get away with anything.