this post was submitted on 24 Dec 2023
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That's generational wealth. He probably doesn't have to do anything but plays at being a businessman or something. People doing mortgage calculations don't understand how the wealthy live.
I'm in the development office of a tiny city that's an enclave for the super-rich.
It's a different world. We're talking houses with 4 bedrooms but a dozen bathrooms because of all the space taken up by the art galleries, wine cellars, catering kitchens, libraries, etc.
Our city development code has a section on servant's quarters.
I'm reviewing plans for a guest house that's 4,000 square feet and has a rooftop tennis pavilion.
Another one bought the 4 mansions down the street and leveled them to build a private soccer field for the kids.
These people literally don't understand what the rest of the world is like. I'll get angry phone calls demanding that road work be stopped the next city over because they don't want guests to see the construction workers from the north tower's terrace, and they don't understand why that's an unusual request and why I can't fix it.
I used to date a woman whose parents were multi-millionaires. They had a giant mansion in Hollywood hills, with a heated pool, tennis court, basketball court, and private garden in the backyard. I went there for dinner once when they had some friends over. You know how we'll sit around after dinner with friends and maybe talk about a new car we're interested in? They were talking about which new private jet they want to buy to replace their current private jets. I thought they were joking at first and then realized they were serious. I just kept my mouth shut. I don't have anything to contribute to that sort of conversation. I was only making something like $2,300 per month at the time, drove a $4500 car, and had roommates.
I had a rich kid move into my building in LA. He was genuinely angry that he could only get 3 parking spots because it meant he had to choose which sports cars to bring out from New York. He cracked up the Maserati the first month he was there so there was room for the McClaren. I have no idea why he was in the building. I was driving a Ford Taurus.
I hope they choke.
Fairfield County somewhere? Or maybe Sonoma or Bakersfield?
Sorry.
It's a very small city with an even smaller staff. Any more details would peg precisely who I am.
I bet you are in Roy, New Mexico.
Interesting. I take it, then, that there are no places in your town that sell torches in reasonable quantities.
The cheapest house for sale in this city is over 3 million dollars, and it's considered a tear-down. People buy 5 million dollar houses to scrape the land and build a 20 million dollar house.
It's an enclave for the mega-elite. Having a 9-figure net worth would make someone lower class.
The citizens absolutely would not allow torches to be sold, and the police wouldn't allow them to be lit. We have a police force the size of one for a city 6 times as big, and they're here to keep out the homeless from the major city next door.
I hate what this place represents. But they also pay me well (not that I could afford to live here of course), and I make them follow rules. They get mad at me, but they hate each other too, so Council usually backs me up.
And there is great satisfaction in being able to say "no" to a billionaire.
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.