Hiding Your Wealth (NOT a poll) :)

[RobbieB]

I just hid some more wealth today by ordering up another half dozen 14 oz Maine lobster tails that cost me $250. I'm gonna cook them up in the backyard on the grill and eat them inside my house where nobody will see us like they would at a restaurant.

The only evidence will be the shells in the garbage can -

 

[CaliKid]

Lots of talk about cigarette boats. I am not a boat guy but did have a case in recent years with a cigarette boat guy. Anyway, boat owner was a contractor (owner of small company). He bought the boat a few years used for about $100k cash. His total net worth was under $500k so the boat was a large part of his net worth. He made a good income and he chose to spend on a boat. It was important to him. To me it's a waste of money no matter how wealthy or not a person is but that was this guys hobby. I guess my only point is we should not guess how wealthy, or not, a person is by the size of their boat. To each his own....

 

[CaliKid]

Besides the cigarette boat thing I wanted to reply separately in general. We try to live stealth like but some stuff just can't be hidden. Plus, I really dislike that I feel the need to not talk about financial stuff, like the fact we are buying a few new rental properties right now, in front of family, friends and co-workers. I am being stealth like in not talking about it, not leaving evidence around the office, etc... but it bothers me there is that need. I think it's interesting but I end up "talking" about it on internet chat boards rather than with close friends or family due to the negative side effects of being "wealthy."

 

[RobbieB]

I'm going to buy another boat as soon as I get the house fixed up. It's going to float in a slip in the Delta. It'll be another old used piece of crap with a good motor that won't leave me stranded and that I won't have to worry about spilling chicken livers (catfish bait) on.

Yup, it's your dough and you should enjoy it anyway you like. Have fun!

 

[travelover]

...........if thousands are spent traveling everyone is cool with that, if thousands are spent on speed boats. we should be doing more to help the poor? ............

That's nuthin'. Try announcing here that you bought an electric car.

 

[NW-Bound]

Not if you use your speed boat to bring food to the poor.

Or you donate an electric car to the poor instead of a gas-guzzler.

 

[braumeister]

My grandfather ran a speakeasy during Prohibition and was VERY familiar with cigarette boats.

 

[haha]

Finally I understand why people love ER.

More time to complain about how awful other people are.

As Sartre wrote, L' enfer, cést les autres.

Ha

 

[Danmar]

Finally I understand why people love ER.

More time to complain about how awful other people are.

As Sartre wrote, L' enfer, cést les autres.

Ha

+1. How I (or others) spend their money is nobody's business. You will have more friends if you don't overly flaunt it though. Hiding it, goes a step too far in my view.

 

[rayinpenn]

I just want to point out the hypocrisy people harbor toward how money is spent. according to what I think your saying is
travel= good use of money
rolex watch= bad use of money and irresponsible to society.

And I want to point out that there's never a need to insult anyone... Plus your mistaken...

You have read what I've written but you clearly don't get a sense of it.
1. My daughters travel = enhanced education and education is not a flashy nor is it conspicuous consumption. Your comparison is a poor one.
2. It's interesting but did you know a Rolex isn't a very accurate watch? 25 Timex or Casio digital watch will keep time just as well as, and possibly better than, a $20,000 solid gold mechanical Omega, Rolex, or other very fine watch.
So why buy one the warranty? I can buy a lifetime of Timex's for half of the cost of a Rolex. It's all about the bling - flashy bling.

Point of order -if your Rolex and Mercedes gives you pleasure enjoy them. It just isn't for me. I never said I wont spend money I just won't spend on bling... I prefer to fly below the radar.



Sent from my iPad using Early Retirement Forumh

 

[Fedup]

Who cares? We bought 2 beds that's top of line at Macy's. The delivery guys said to us they knew these beds were the most expensive. We spend big money for comfort. I fly first class if I want I don't care what others think or not think. It's my money, I can do with it what I want. No apologies necessary.

 

[kcowan]

Curious how you know about the Mexican panhandlers/beach vendors? Is it personal interactions or is there a linkable source? I'm genuinely curious if it's really such an organized racket (and kudos to those resourceful shady people if so!).

They really operate under the radar. We only know about it because of sightings.

e.g. the van dropping the beggar off at her regular spot, the vendor getting out of his BMW and changing clothes. There are also vans that drop off beach vendors who are not so well off. We understand the beach vendor hierarchy by talking to them over many years. Eventually they open up about their daily quotas, etc.

 

[RobbieB]

Hehe, that's good, organized pan-handlers!

Get on board and sign up now!

Will Work for Food Franchise

 

[kcowan]

How I (or others) spend their money is nobody's business. You will have more friends if you don't overly flaunt it though. Hiding it, goes a step too far in my view.

If you are in for a penny you will be in for a pound (as my Mother would say). A BMW costs more to repair than a Ford. A cigarette boat costs a lot for gas and to keep the engine tuned. These are just facts of life.

And you had better dress appropriately when you go out to dinner with your friends, no matter what your budget is.

It is not a matter of impressing or not. It is the desire to fit in.

Remember when whites were required to play tennis (like they still are at Wimbledon)?

 

[RobbieB]

Yes, you have to fit in or you are left out.

I stopped in for supper at a restaurant once and had to use their "loaner" coat. I had the shirt and tie, but alas no coat. It didn't fit well either.

 

[Hermit]

Yes, you have to fit in or you are left out.

I stopped in for supper at a restaurant once and had to use their "loaner" coat. I had the shirt and tie, but alas no coat. It didn't fit well either.

That's way too stuffy for me! Dressing up is a polo shirt and a clean pair of jeans. The late DW liked the fancier places every once in a while and I would wear appropriate attire, but that was many years ago. I will make an exception for DD's wedding this fall, but I don't think I will look wealthy.

 

[RobbieB]

That was in CA too, a place in San Diego even. I dunno, it was weird, only time ever.

 

[Lucantes]

How I (or others) spend their money is nobody's business.

+1

 

[Amethyst]

I read that as "white people" and was really taken aback for a moment.

I

Remember when whites were required to play tennis (like they still are at Wimbledon)?

 

[Golden sunsets]

They really operate under the radar. We only know about it because of sightings. e.g. the van dropping the beggar off at her regular spot, the vendor getting out of his BMW and changing clothes. There are also vans that drop off beach vendors who are not so well off. We understand the beach vendor hierarchy by talking to them over many years. Eventually they open up about their daily quotas, etc.

This is interesting. We spend 8 weeks a year dealing with the beach vendors in Nuevo Vallarta. I always assumed that some corporate enterprise owned the inventory that these poor soles shoulder(literally) up and down the beach all day. I assumed that these folks take home a small portion of there daily earnings and that some fat cat entrepreneur kept the majority as profit. Am I mistaken?

 

[Dash man]

that's cool. I just want to point out the hypocrisy people harbor toward how money is spent.

according to what I think your saying is
travel= good use of money
rolex watch= bad use of money and irresponsible to society.

How is that so?

My sneakers allow me to keep my mobility without a well made pair of shoes/sneakers I do further joint damage. If I had said I was taking a fabulous cruise, in general the response would have been "oohs and aahs" no one would have even mention soup kitchens. take that same cash and say you are buying some thing and you're told about all the suffering in the nation.

if thousands are spent traveling everyone is cool with that, if thousands are spent on speed boats. we should be doing more to help the poor?

iMO the reason I saved and lbmm was to have options and choices. I wanted to spend a month in Paris I wanted to b e able to, If I wanted to take that same money and buy enough legos to replicate all of paris in my livingroom, I wanted to be able to do that also.

maybe that's the real reason to hide one's wealth

IMO traveling, buying a Rolex or a speedboat has created good jobs for somebody somewhere. I do give to charity and believe strongly in helping those who can't help themselves, but good jobs created by buying some of the nice things in life helps the economy more and provides more tax revenue for our governments to waste. Buying nice things is nothing to be ashamed of or to feel guilty for. Bragging about it is a different story.


Enjoying life!

 

[Danmar]

Buying nice things is nothing to be ashamed of or to feel guilty for. Bragging about it is a different story.


Enjoying life!

Agree. And likewise. Also doesn't bother me in the least that many people don't share my tastes in how I spend my money. That's what makes the world go round.

 

[kcowan]

I assumed that these folks take home a small portion of there daily earnings and that some fat cat entrepreneur kept the majority as profit. Am I mistaken?

Apparently they have a daily quota and if they miss that consistently they are fired. If they exceed their quota every day, they are promoted to the next level, which has training of other junior vendors as part of it.

The guys that drive their own car have graduated beyond that company and work on their own. They have to maintain a low profile to avoid being challenged by the corporate guys. The guy that carries jewelry in their hands have not yet to earned the right to carry a case yet.

The beach food vendors have their own corporate structure.

There are also the OPC crowd who get paid $500 to get you and your spouse to show up at a timeshare pitch. They will pay you a portion of that $500 to get you there, usually in "free" coupons to other events. There are big margins there because the price of the property they are selling is inflated by 5x or more when compared to buying the property full-time. They confuse people in their packaging.

 

[Amethyst]

People are sensible, and do what's important for them. One thing I've absorbed from the forum is that many of us wear worn-out clothes and drive elderly vehicles because it saves money, doesn't hurt anybody, and we don't care how it looks.

Haven't yet heard from anyone who brags about eating cheap, crappy food; not going to the dentist, although that can run into big bucks; not taking the sick dog to the vet, although that can also be very expensive, and another dog can be obtained at little cost; and so on.

My point is that people here can rustle up a lot of dough, if the thing they want is important enough to them. So we're really talking about a few things: jewelry, cars, watches, not being important to forum members. I'm mystified how "The Poor" even got mixed up in the discussion. That seems to me like a whole separate issue: whether and how much one gives away, and how much it impacts your lifestyle.

Buying nice things is nothing to be ashamed of or to feel guilty for. Bragging about it is a different story.


Enjoying life!

 

[haha]

IMO traveling, buying a Rolex or a speedboat has created good jobs for somebody somewhere. I do give to charity and believe strongly in helping those who can't help themselves, but good jobs created by buying some of the nice things in life helps the economy more and provides more tax revenue for our governments to waste. Buying nice things is nothing to be ashamed of or to feel guilty for. Bragging about it is a different story.


Enjoying life!

I agree with the above. My charity is largely direct- I tip servers very well.

Many waitresses are single mothers, some bartenders support families. I support all these people, and just skip the middle class busy-bodies who get paid by the charity industry, and more important, I skip the bloated $mm+ charity executive salaries.

I also do not condemn bragging about one's luxury purchases. How is that more obnoxious than all the "I'm morally superior to you others" bragging by those whose expenditure patterns (in their minds) make them superior to crass, less elevated humanity? I have heard and read more people brag about their supposed moral superiority than I have heard bragging about luxury expenditures.

Talk about your new Corvette, you get points for having money. Talk about your frequent European trips you get double points- you prove 1) that you have the money to spend, and 2) demonstrate that you are morally and socially superior to that clod who bought a Corvette while his mind was rotted by his low class taste. It's all bragging, a universal human trait that truly is not a problem. I

Ha