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flyer
ParticipantThose are good points, nsr.
I know we’re all happy to be in the top 5%–however we happened to have gotten here–but I just thought there would be more people in that category. Guess I’m just too optimistic.
Participantflu–Have heard many similar stories from friends in your industry, and other industries.
Along with intellect, I do believe luck and randomness have something to do with achieving your dreams. Yours are even more examples of that premise, and perhaps, one reason why net worth is so skewed. Guess all of us were just “lucky.”
It’s still hard for me to believe only 5% or less of US households have $1MM or more in investable assets–especially with all of the “attitudes” you see in CA–and I’m saying that as a native.
ParticipantSo true, davelj.
As I know I’ve mentioned before, the net worth stats are alarming–and graphically show the great divide between the “haves” and “have nots.”
There will, no doubt, be a revolution of some kind someday if things continue as they are. That’s why I’m trying to use my wealth to make sure my family and extended family have most of what they’ll need for as long as possible–that’s really all any of us can do.
ParticipantWe’re at around 1% on our properties in San Diego, some less. Even at 1%, our taxes are still very low, because, since we bought them many years ago, the purchase prices were very low.
ParticipantThank you utcsox. I’ve seen other reports and graphs, but those make it crystal clear–and even more disturbing.
Yes, BG, I agree with you on all of that, and I certainly meant no disrespect, as I am just over 50 also, and realize any of those things could happen to any of us at any time.
I think a lot of younger people may feel the money train they are riding will never dry up, and that’s a very dangerous way to live–as the net worth numbers clearly prove in all age groups.
I can’t tell you how many people we’ve known who made big bucks when they were young, as my wife and I were very blessed to have done, who are now barely making it because they spent it all.
As I mentioned before, the challenge of wealth is trying to maintain it for the duration of your life.
We know we were very fortunate to have acquired the net worth we have, and thank God for that, and we hope others can do the same.
ParticipantFew can imagine attaining the financial status of Gates or Buffett, but I’m just amazed at how few, again, according to stats, even have $1MM+ in investable assets. Again–scary!!
ParticipantSo, true, flu.
I always felt the best plan was to have more than you think you’ll ever need for the duration of your life, so you don’t have to worry about money after 50–because after that age, who knows what might happen!!
ParticipantI agree–the trick is to maintain a high net worth for the duration of your life–especially as you go into your later years.
Have known quite a few people who have experienced great swings in their net worth, and lost it all when they needed it most. I have no doubt you’ll be one of the top 5%–but many are not according to the stats.
ParticipantThe net worth discussion–as referenced in this thread–is of particular interest to me–especially when you look at the dire statistics on that topic for 95% of US households.
My wife mentioned a piece she saw on a recent program about a family who, to all appearances, seemed to be doing very well in life–nice house, raised 5 kids–etc., etc. Then, something happened, and they are now living in a motor home in their late 40’s!! Scary stuff.
So, regardless of how much anyone makes, or where anyone chooses to live–HOA, no HOA, Mello, no Mello–or what they choose to buy, etc., etc., IMHO the bottom line is net worth.
Of course, there are many other things that can effect your life, but, after we had everything we wanted, if we hadn’t acquired a high net worth by the time we were 50, our lives would not be nearly as enjoyable as they are.
ParticipantAlso a “lefty” and wear the watch on my right wrist. Would probably feel odd to some, but I’m used to it after all these years. Actually do lots of other things right-handed, including golf.
Have several engineer/pilot friends who do the same. In fact, when I was in college getting the degree in Aerospace Engineering, I saw a lot of this. Must have been something in the water.
ParticipantYes, BG, around 20 short years ago, there were many steals in RSF and many other places around San Diego that would blow people away today, but if the place you looked at wasn’t right for you in every way, probably best you didn’t take it on.
ParticipantGreat to hear all the feedback. Very interesting info.
In essence I guess it all boils down to if you, your kids, and your family are living the lives of your dreams–tigers or not–that’s all that really matters. At least that’s what we’ve always aspired to do.
We happen to have some very strong beliefs about eternity, so this short lifetime we spend on earth is really just a moment in time anyway.
ParticipantI wonder if the “tiger parents” in CV realize there is an entire strata of existence far beyond that realm? Just curious–not trying to provoke anyone.
To turn the tables a bit–we have friends in Beverly Hills, the OC, and in Manhattan etc., whose children wouldn’t be caught dead with parents who were anything less than multi-millionaires (famous, helps, too) with access to any school they want, an apartment in the the city and a summer home in The Hamptons, and the list goes on and on and on. . .
Guess everything is relative.
ParticipantNeat watch, Desmond. I’ve had to work on mine (because no watch guy would take the chance) myself to keep it running, but still really enjoy wearing it.
Have to agree with both trains of thought regarding money, since, by nature, we’re very conservative.
We enjoy having great “stuff,” but enjoy the art of the deal even more. Got the house in RSF for a song years ago. Bought some planes and helicopters, and leased them back to some flight schools and sightseeing companies around the country which worked out well on many levels–and so on with other investments.
In some cases it seems you get rich by spending money, in others–the less you spend the better.
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