Hiding Your Wealth (NOT a poll) :)

[Danmar]

Quote:

Originally Posted by Shanky With some folks it is not about bragging about their wealth, kids, frugality or what have you, it is about looking down on others who are not as smart, thin, wealthy, educated or virtuous as they feel they are. The "smug" gene comes in more than one flavor. Sent from my iPad using Early Retirement Forum

Yes, agree. This is a common trait for many people. The primary characteristic I look for in my friends is being "down to earth". This implies a solid footing in reality and if wealthy, a sense of how "lucky" they are. There s nothing that ticks me off more than a wealthy guy who thinks he deserves it.

[Amethyst]

We are well enough off, that we were able to sell our 10-year-old, well-maintained, humble little car to someone who really needed it, for less than we could have gotten for it, and feel good about it.

It was eye-opening, how many people wanted that car. I lined up prospective customers in the order I received their emails, and the first customer, who was driving a taped-together beater that hardly looked like it would run, got our car. Another lady was frantically emailing me, "Do you still have the car??"

Maybe some of the people wanted our car so they could pretend not to have any money, but I suspect most simply could not afford better.

[DrRoy]

I'm pretty much in iceberg mode (only 10% shows). My house is average and I drive a Chevy (although I paid cash). If you put your wealth on display by what you buy then you won't hang on to it long.

[Danmar]

Quote:

Originally Posted by DrRoy If you put your wealth on display by what you buy then you won't hang on to it long.

What do you class as "putting your wealth on display" and how do you figure doing that will result in losing it?

I don't try to "hide any wealth" I may have, nor would it even be possible in most cases. Certainly don't think I "flaunt" it either. Have been increasing any such wealth throughout. Do you think I should be doing something differently?

[Amethyst]

I assumed he meant a) you might accidentally spend it all and/or b) others will target you for spurious lawsuits and scams to get your wealth away from you and/or c) you will only consider the purchase price, not the maintenance and replacement tails, which could be more than you can afford.

Quote:

Originally Posted by Danmar What do you class as "putting your wealth on display" and how do you figure doing that will result in losing it?

[Danmar]

Quote:

Originally Posted by Amethyst I assumed he meant a) you might accidentally spend it all and/or b) others will target you for spurious lawsuits and scams to get your wealth away from you and/or c) you will only consider the purchase price, not the maintenance and replacement tails, which could be more than you can afford.

Ok. A). not possible as we track/budget every dollar we spend. B) possible but I don't think having nice houses and cars would significantly increase my risk. In any event, presumably a wealthy person would be able to hire the best lawyers to protect against this. And finally c) not possible as I fully understand maintenance/replacement issues and our cash flow from divs and pensions cover all expenses and then some.

If somebody has these concerns, I suppose they should hide their wealth which probably means hoarding it to be passed on to any heirs?

[MichaelB]

Quote:

Originally Posted by DrRoy I'm pretty much in iceberg mode (only 10% shows). My house is average and I drive a Chevy (although I paid cash). If you put your wealth on display by what you buy then you won't hang on to it long.

Quote:

Originally Posted by Danmar What do you class as "putting your wealth on display" and how do you figure doing that will result in losing it? I don't try to "hide any wealth" I may have, nor would it even be possible in most cases. Certainly don't think I "flaunt" it either. Have been increasing any such wealth throughout. Do you think I should be doing something differently?

To me DrRoy's comment looked like another voice discouraging conspicuous display and consumption, which is the topic of the thread.

[Danmar]

Quote:

Originally Posted by MichaelB To me DrRoy's comment looked like another voice discouraging conspicuous display and consumption, which is the topic of the thread.

No the topic is "hiding your wealth". Although "conspicuous consumption" is often in the eye of the beholder, I suspect we have unanimous agreement that that is not desireable or flattering.

[MichaelB]

What's in a name? that which we call a rose. By any other name would smell as sweet

[Danmar]

Quote:

Originally Posted by MichaelB What's in a name? that which we call a rose. By any other name would smell as sweet

Except that I don't think we would have 149 posts on a topic that we all agree on? Hiding wealth goes quite a bit further than criticizing conspicuous consumption.

[NW-Bound]

Quote:

Originally Posted by Amethyst To me it's just a picture of somebody who keeps their legs in proper shape. "Flaunting" legs would be if she wore a skirt up to her hoo-hah and 5-inch heels on her feet.

It was a joke. I often post poor jokes that are not read as such.

My apology to Athena53 if she took it the way I did not mean it to be.

[brett]

It is not a problem for me. I dislike shopping-especially for clothes or cars. I do the former mostly on line, the latter once every fifteen-twenty years. Not a clothes horse, don't really care about cars or being car proud. Besides, vehicles depreciate. I don't like that.

We travel frequently for longer periods of time.. No one we know sees us do this. They just know we are gone and assume that we are spending our capital and will end up as wards of the state. Fortunately our financial advisor does not believe that this outcome will become our reality.

Everyone needs to live their life in their own way.

[NW-Bound]

Anyway, back on conspicuous consumption, I think most of us are secure enough that we are not bothered if someone pulls up in a fancy car costing 1/2 million, or feel envy anytime we drive by a mansion. Why should I be bothered by that?

What is the point of working and saving to accumulate wealth if we do not get to enjoy some of it? And we enjoy our money in different ways. I do not care for fancy cars, but someone may think of my enthusiastic talk of travel as bragging. We cannot go through life trying to please every stranger.

That said, I do think that one needs to be discreet in certain circumstances. There are many reasons why people like to live in a neighborhood more commensurate with their economic status. Don't we all do that? We would feel more at ease, that we would not stand out so much. One reason I do not like to visit 3rd world countries is that the poverty I observe would make me feel bad.

[ExFlyBoy5]

Speaking of wealth and toys, a few years, I found myself on Larry Ellison's Gulfstream V. Being a flyer-dude, I was impressed with his ride...but it looked like every other GV I have seen over the years. What WAS impressive was the R/C airplane he had in it. Apparently, he's a HUGE R/C plane guy (well, I think he likes all things flying, since he also owns a Mig-29!) It was one of the coolest toys I have EVER seen!

Also, someone mentioned consumerism in our country and I can't quite understand the "sticker" craze. It started with Apple stickers on cars, then it was Mossy Oak (at least here in the south) and now I am seeing Yeti cooler stickers everywhere. I don't get it? You like Apple products and Yeti coolers, so you advertise for them for FREE? I guess I will just put it in the column of "Don't get it".

[2017ish]

Quote:

Originally Posted by FlyBoy5 ... Also, someone mentioned consumerism in our country and I can't quite understand the "sticker" craze. It started with Apple stickers on cars, then it was Mossy Oak (at least here in the south) and now I am seeing Yeti cooler stickers everywhere. I don't get it? You like Apple products and Yeti coolers, so you advertise for them for FREE? I guess I will just put it in the column of "Don't get it".

I really don't get it--didn't know yeti was a cooler; figured it was extreme outdoor gear. (Despite living in the south, I don't think I've seen "Mossy Oak.")

[athena53]

Quote:

Originally Posted by NW-Bound Anyway, back on conspicuous consumption, I think most of us are secure enough that we are not bothered if someone pulls up in a fancy car costing 1/2 million, or feel envy anytime we drive by a mansion. Why should I be bothered by that? .

Totally agreed; I'm practical enough to look at a mansion high up on a hill with an immaculately-maintained lawn and realize I wouldn't want to be tethered to a place where upkeep is so expensive. I can admire a piece of jewelry in a Bulgari ad and realize I have no occasion to wear something that showy.

You mentioned travel; we did have an annoying experience on a small (70-passenger) cruise ship in Alaska. This was our second time with them and for the most part they were people like us- curious, outdoorsy, not looking for royal treatment, bacchanalian feasts or treatment as if we were deposed European royalty. In private conversations I met one guy who was headed for the international court in The Hague the next month and a woman whose engineering degree came from MIT but they didn't wear their accomplishments on their sleeves.

BUT... The first night we had dinner with another well-traveled couple. The husband would always quietly turn the subject back to THEIR travels. You've been to Dubrovnik? So have they, and they've been to Antarctica, too. Usually I enjoy this type of conversation; you exchange interesting stories, each learns about some place they might want to visit in the future- but it was so one-sided there was no exchange. We avoided them the rest of the trip.

[W2R]

Quote:

Originally Posted by 2017ish I really don't get it--didn't know yeti was a cooler; figured it was extreme outdoor gear. (Despite living in the south, I don't think I've seen "Mossy Oak.")

Me either! Never even heard of Mossy Oak I wonder if perhaps it is something specific to FlyBoy5's local community that hasn't reached New Orleans. I'll ask Frank if he has seen those stickers but I sure haven't ever noticed any here.

I did know that yeti was a cooler, but I think I heard about that on another forum. I've never actually seen a yeti cooler AFAIK.

[NW-Bound]

Quote:

Originally Posted by athena53 ...The first night we had dinner with another well-traveled couple. The husband would always quietly turn the subject back to THEIR travels. You've been to Dubrovnik? So have they, and they've been to Antarctica, too. Usually I enjoy this type of conversation; you exchange interesting stories, each learns about some place they might want to visit in the future- but it was so one-sided there was no exchange. We avoided them the rest of the trip.

He might be just lacking in the art of conversation: to have an interest in the other's stories in order to have a two-way exchange. The subject of travel was just because of the cruise ship environment, and not because he was bragging about it.

[6miths]

I wouldn't say that we do anything to hide our wealth. It's just how I became financially secure. Habits become traits and all that. As well, we have our children to think of and our goal has always been to keep them grounded and be able to take joy from the smallest things in life.

[kcowan]

We have three different environments to adapt to. Vancouver, PV MX and Europe. Every one has its own standards. Wearing shorts is only common in Vancouver. Elsewhere it targets you as an American tourist. Modest cars are OK everywhere, mostly Toyota class. No jewels.