What do rich people spend money on?
I'm a married engineer just starting out at ~50k/yr; my wife is in med school.
We're on the road to being wealthy, but we're already living very comfortably on this 4k/month.
Don't care for
>big houses
>super cars
>stupidly expensive "Organic non-GMO" bullshit food
Sure I don't have the latest computer hardware, that shotgun I wanted, and our summer vacation was a little less than a week; but those are pretty small purchases in the scheme of earning >400k/yr together.
Middle class goes into debt for things rich people pay in cash for. Big houses, fancy cars, expensive clothes, etc.
I worked for a guy that makes $1.5M a year when I was younger and he's become a mentor to me. He still drives a 10 year old truck, lives in a house he bought in the 90s, and wears Target brand clothes.
He told me to save what I spend. If you are going to pay $300 for that shotgun or whatever, then save $300 as well. If you can't afford to save it, then you shouldn't be buying it.
Did you make this thread just to brag? You have so much money and no idea to spend it? I make 20k a year. I wish I had your problem. I'm not gonna flame you for your success because you've earned everything you have but seriously what is the point of this thread?
>>985809
>$50k/yr
>Success
Maybe for a mcdonalds worker but not for anyone actually educated.
>>985805
And to answer the question they mostly invest to achieve financial independence.
Poorfaggots typically think "Ok I got $10k now, quick let me just google some ideas on how to spend this all quickly".
That being said they also buy things that have a significant value in their lives. For example if you work on a computer for most of your day, it would be a good idea to buy a very nice $1000 computer chair because it directly enhances most of your working day.
>>985810
>>985809
Not what I was intending to say.
What I mean is we could earn 50K/yr and not have a want in the world.
My perception of wealth is
>invest
>buy big house
>buy cars
>Shop at whole foods
>Go on stupidly expensive vacations
>???
What else is there?
>>985819
My two goals are literally two relatively new cadillac sedans and a house I actually own. Everything else would be gravy. As it is I have two relatively old cadillacs and I get raped renting. Be grateful op you're living the dream of millions.
>>985819
>What I mean is we could earn 50K/yr and not have a want in the world.
You can't invest very much with $50k/yr, let alone buy cars, a house or more than one (mediocre) vacation a year.
I don't think you realize how little $50k/yr is after taxes. It's barely enough to cover a somewhat acceptable standard of living.
>>985825
My goal is:
1bed 1 bath house.
Dat's it. Anything else would be on a scale of 10% my net worth.
>>985829
>Can't invest
True, I can't invest much, but we're already putting 20% of our income in savings/investment.
>let alone buy cars
I just bought a 3 yr old car, why buy new when it loses half its value in that amount of time
>one (mediocre) vacation a year
I'll concede to that. Maybe more vacations will be nice.
>how little $50k/yr is after taxes
Sorry, that is my income after taxes.
>>985819
is that you on the picture, you sound stupid or just have no idea what wealth is.
>>985837
>True, I can't invest much, but we're already putting 20% of our income in savings/investment.
20% of $50k is very little. $10k/yr really isn't all that much in terms of savings and investments. in 20 years that's only a pitiful 200k principal.
Used cars are obviously worth it I just meant you wouldn't be able to get anything spectacular which i thought was your implication.
>>985805
>What do rich people spend money on?
Charities
>>985810
>what's entry level outside the bay area
it's not great but it's not terrible
>>985873
Low entry level salary yes, but it's not "success" by any means.
>>985880
what is a high entry level salary then
>>985895
$60-80k for engineers
>>985897
and is that would you would classify as "success"?
>>985805
>What do rich people spend money on?
Investments to get more money
The ultra-rich are a lot less gaudy then the nouveau-riche
>>985915
No I just answered what a "high entry level salary' would be.
$50k is definitely not.
>>985819
>What else is there?
Eventually not needing to work.
>>985819
>>invest
>>buy big house
>>buy cars
>>Shop at whole foods
>>Go on stupidly expensive vacations
wealth is liquid assets or capital you dumdum
none of what you listed is wealth, just costly things
>>985807
>save what you spend
Good advice. Simple and practical. Thanks anon!
Reminder that the wealthy are a detriment to the economy because they refuse to reinvest their capital and instead let it stagnate on the financial markets where it provides little benefit to improving the greater economy.
>>985964
>Reminder that the wealthy are a detriment to the economy because they refuse to reinvest their capital and instead let it stagnate on the financial markets where it provides little benefit to improving the greater economy
>>985819
>Shop at whole foods
I get food stamps and shop at whole foods
>>985964
What's your point?
>>985805
Forgot about:
>kids
>relatively big house for the kids
>safe car
>healthy food for the family
>inheritance
Nothing wrong with:
>latest computer hardware
>shotgun you wanted
I doubt those are the only things you will buy want when you have more money.
And 400k isn't even enough to buy you:
>freedom from being a wagekuk
>super cars
>>985978
To have an "economy," by definition you need capital flow. By stashing away your billions of dollars instead if reinvesting them, you are literally killing the economy.
Wealth at a basic level is just unlimited free time. Some might prefer to buy cars, houses, some might prefer to travel all over the world. Usually, the wealthy people avoid drawing too much attention, especially the older ones.
keeping this shit thread alive, is this /b/ iz?
>>985981
Still not seeing your point. So it's my job to wake up every morning and make sure the aconomy is alive? Why should I give a shit, as long as I've got mine? Does the economy care if im alive?
>>985986
>wake up every morning and make sure the aconomy is alive
this is an apt description of what I do
>>985986
I don't care if you decide to be an economic burden or not: I'm merely making an observation.
Of course, if you wanted to grow your capital in a responsible way, you could use it to start a business or create a venture capital fund, but that's entirely up to you.
>>985993
What is the point of your posts? What are you even trying to get across here tbqh
>>985805
The wealthy spend their money in two ways:
1) Investments, anything that can later be sold at the price purchased or a higher price.
2) Exclusive shit. Cars, trips, Antiques, shit that most normal people can never have. The experience is unique to them and makes a statement they they are "more than"
>>985998
Well destroying the economy is generally considered a bad thing, but whatever floats your boat, mane.
>>986003
Yeah yeah rich people are evil
>>986009
>ignore my previous posts
Okay, whatever makes you feel better.
>>986023
Im 95% sure it's a female poster. Only women do that shit where they just plop their hot, smelly, shitty bag of opinions down right in the middle of the dinner table, during dinner, and expect everyone to start clapping. A lot of times women on the internet forget they dont have the vagina card that forces men to pretend that what they say is relevant or interesting in order to possibly get pussy that they have in real life.
>>986043
Dumb women enablers are responsible for this.
Instead of holding them to an equal standard and asking what the fuck do they mean by what they said they clap and admire them for "contributing to the conversation".
>>985819
Not really. Some rich people do that, but there are much more common things:
> Expensive private K-12 school
> Elite college tuition
> Regular destination vacations
> Nice, but not excessive housing (ex. 4 bedroom in NYC -- not a mansion, but really expensive)
Fuck donating, learn how to start your own business to help people. Pay your workers a little more for being excellent
You can have kids and send them to private schools and shit like that.
Or just live like the middle class and retire earlier.
>>985982
Underrated post. This anon knows whats up
>>986043
>implying
You're fucking retarded.
>He just proved me wrong
>hurt durr gtfo womyn
>>986113
Go ahead, prove me wrong.
>>986122
I'm not compelled to answer shit you just made up with no evidence whatsoever.
In fact, from your posting style I can tell that you're 14 year old shitposting from your rich parents' basement. Prove me wrong.
>>985805
>wealthy
>~50k/yr
lol
>>985982
The toast is underrated with this one. If I found some method to get rich I would buy a decent-sized house in the woods and settle down.
>>986138
>Not compelled to answer shit you made up with no evidence
>Thinks "posting style" is evidence to make up shit
>>985805
>What do rich people spend money on?
Investments.
>>985805
Ever hear of bad debt vs good debt?
Bad debt will make you poor and good debt will make you rich.
>big houses (non-income) - Bad Debt
>super cars - Bad Debt
>expensive food - excessive, but not my judgement call
You'll never be "wealthy" working for money, only if you make your money work for you.
Richest guy I know personally - net worth ~$40 million:
- Designer house $3 million
- Expensive sports cars
- Vacation home
Basically he is the stereotypical rich guy who wears expensive clothes, drives expensive cars and only goes for the finest shit.
Then you have OP who makes $50k a year and thinks that saving ten pennies by buying a non-organic bag of rice is the way to wealth.
I can definitely follow the logic of frugality, but it just doesn't hold up in reality.
>>985805
>What do rich people spend money on?
Nothing. Which is what we learned when trickle down theory failed to do anything useful.
Someone who makes 5 million dollars annually isn't spending 100x as much money as someone making 50,000 even though he has 100x the income. Even if he wears the best clothes, drives the best car, lives in the biggest house and eats the best food he still isn't spending 100x as much.
Most of rich peoples' money remains invested so they stay rich and so their descendants stay rich as well. They aren't buying anything which stimulates the economy proportionally with their wealth.
>>986218
I don't know about OP, but the logic is usually going for some career with potential for wealth. This is also why a lot of people care about saturation, since if there is too many in a field then there is less chance they will get their big break.
Now, while doing this, it's often a good idea to make habits that save money. While one habit might save 5$ every week, having a lot of these will make the money slowly add up, often adding much more disposable income, while often not really having an effect on a persons well-being, since once it's a habit and the mind gets used to it, it becomes a part of experiential noise, and not a part of our real 'experience' of life.
This disposable income can be used for larger long-term gain, like investing, or starting up a business. Or it can just be used for more enjoyable luxury.
Most of the money goes into investments, whether thats buying a business, starting a new business, running family trusts or buying property.
Very little seems to go towards consumption. Primary residences are paid in cash, cars are usually 5 to 10 years old and paid off and any new purchase is paid cash. Utility bills come in once a year at the end of the year, paid in cash etc.
Anything else is just paying for some kind of "experience"; travelling to exotic locations, staying at X hotel, renting out wine farms for parties, dinners at X 5 star restaurant, custom clothing, sailing, going to game lodges, paying for mistresses.
