Home › Forums › Financial Markets/Economics › What is wealth?
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NotCranky.
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October 26, 2009 at 4:14 PM #474577October 26, 2009 at 4:17 PM #473744
mydogsarelazy
ParticipantIn our neighborhood in Murrieta, I have noticed lately that several of the homes that have gone into foreclosure were the homes of people that had the fanciest possible cars, RVs, lots of upgrades to their property etc. They spent big, and went down fast.
I believe that to be wealthy in America you need a net worth of $20 million, and your assets need to be diverse.
JS
October 26, 2009 at 4:17 PM #473922ParticipantIn our neighborhood in Murrieta, I have noticed lately that several of the homes that have gone into foreclosure were the homes of people that had the fanciest possible cars, RVs, lots of upgrades to their property etc. They spent big, and went down fast.
I believe that to be wealthy in America you need a net worth of $20 million, and your assets need to be diverse.
JS
October 26, 2009 at 4:17 PM #474286ParticipantIn our neighborhood in Murrieta, I have noticed lately that several of the homes that have gone into foreclosure were the homes of people that had the fanciest possible cars, RVs, lots of upgrades to their property etc. They spent big, and went down fast.
I believe that to be wealthy in America you need a net worth of $20 million, and your assets need to be diverse.
JS
October 26, 2009 at 4:17 PM #474363ParticipantIn our neighborhood in Murrieta, I have noticed lately that several of the homes that have gone into foreclosure were the homes of people that had the fanciest possible cars, RVs, lots of upgrades to their property etc. They spent big, and went down fast.
I believe that to be wealthy in America you need a net worth of $20 million, and your assets need to be diverse.
JS
October 26, 2009 at 4:17 PM #474587ParticipantIn our neighborhood in Murrieta, I have noticed lately that several of the homes that have gone into foreclosure were the homes of people that had the fanciest possible cars, RVs, lots of upgrades to their property etc. They spent big, and went down fast.
I believe that to be wealthy in America you need a net worth of $20 million, and your assets need to be diverse.
JS
October 26, 2009 at 4:18 PM #473749Allan from Fallbrook
Participant[quote=scaredycat]wealth is a store of value. What you were witnessing was consumption, not wealth.[/quote]
Scaredy: Excellent synopsis.
I live in an area defined by consumption, but it poses as wealth. However, those driving Escalades, BMWs and Mercedes are rapidly shrinking in number, as are the kids sporting the newest cell phone and electronic technology and the $25K “Sweet 16” parties.
It looks like “Frugal” is the new “Rich”. And I think its a good thing. We’ve been overextended and overdosing on credit for nearly two generations now and mocking the values that did make America “wealthy”: Prudence, virtue, frugality, hard work and self-sufficiency.
Okay, enough preaching. “Real Housewives of Orange County” is on!
October 26, 2009 at 4:18 PM #473927Participant[quote=scaredycat]wealth is a store of value. What you were witnessing was consumption, not wealth.[/quote]
Scaredy: Excellent synopsis.
I live in an area defined by consumption, but it poses as wealth. However, those driving Escalades, BMWs and Mercedes are rapidly shrinking in number, as are the kids sporting the newest cell phone and electronic technology and the $25K “Sweet 16” parties.
It looks like “Frugal” is the new “Rich”. And I think its a good thing. We’ve been overextended and overdosing on credit for nearly two generations now and mocking the values that did make America “wealthy”: Prudence, virtue, frugality, hard work and self-sufficiency.
Okay, enough preaching. “Real Housewives of Orange County” is on!
October 26, 2009 at 4:18 PM #474291Participant[quote=scaredycat]wealth is a store of value. What you were witnessing was consumption, not wealth.[/quote]
Scaredy: Excellent synopsis.
I live in an area defined by consumption, but it poses as wealth. However, those driving Escalades, BMWs and Mercedes are rapidly shrinking in number, as are the kids sporting the newest cell phone and electronic technology and the $25K “Sweet 16” parties.
It looks like “Frugal” is the new “Rich”. And I think its a good thing. We’ve been overextended and overdosing on credit for nearly two generations now and mocking the values that did make America “wealthy”: Prudence, virtue, frugality, hard work and self-sufficiency.
Okay, enough preaching. “Real Housewives of Orange County” is on!
October 26, 2009 at 4:18 PM #474368Participant[quote=scaredycat]wealth is a store of value. What you were witnessing was consumption, not wealth.[/quote]
Scaredy: Excellent synopsis.
I live in an area defined by consumption, but it poses as wealth. However, those driving Escalades, BMWs and Mercedes are rapidly shrinking in number, as are the kids sporting the newest cell phone and electronic technology and the $25K “Sweet 16” parties.
It looks like “Frugal” is the new “Rich”. And I think its a good thing. We’ve been overextended and overdosing on credit for nearly two generations now and mocking the values that did make America “wealthy”: Prudence, virtue, frugality, hard work and self-sufficiency.
Okay, enough preaching. “Real Housewives of Orange County” is on!
October 26, 2009 at 4:18 PM #474592Participant[quote=scaredycat]wealth is a store of value. What you were witnessing was consumption, not wealth.[/quote]
Scaredy: Excellent synopsis.
I live in an area defined by consumption, but it poses as wealth. However, those driving Escalades, BMWs and Mercedes are rapidly shrinking in number, as are the kids sporting the newest cell phone and electronic technology and the $25K “Sweet 16” parties.
It looks like “Frugal” is the new “Rich”. And I think its a good thing. We’ve been overextended and overdosing on credit for nearly two generations now and mocking the values that did make America “wealthy”: Prudence, virtue, frugality, hard work and self-sufficiency.
Okay, enough preaching. “Real Housewives of Orange County” is on!
October 26, 2009 at 4:33 PM #473754yooklid
ParticipantJust gave away my M3 to my brother. So much happier being car-less.
October 26, 2009 at 4:33 PM #473932ParticipantJust gave away my M3 to my brother. So much happier being car-less.
October 26, 2009 at 4:33 PM #474296ParticipantJust gave away my M3 to my brother. So much happier being car-less.
October 26, 2009 at 4:33 PM #474373ParticipantJust gave away my M3 to my brother. So much happier being car-less.
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