Do You Hide Your Financial Success From Others?

[Markola]

I inherited the management of my dad's financial life when he died several months ago. I was surprised to discover that:
• he netted $40k per month
• he was the income beneficiary of some trusts I had never even heard of

Why the surprise? Well, he:
• always flew cargo-class
• always purchased second-hand cars
• always knew the cheapest place to get gas in his area
• lived in a solidly middle-class house
• never talked about his money

I will never know why he chose to live so modestly. Maybe he didn't want to produce spoiled, entitled brats for kids?

Fascinating. He was a classic (deca?) Millionaire Next Door. If you don’t mind sharing, how did he come to be a beneficiary of “some trusts?” Old wealth in the family?

 

[Joylush]

Fascinating. He was a classic (deca?) Millionaire Next Door. If you don’t mind sharing, how did he come to be a beneficiary of “some trusts?” Old wealth in the family?

Yes, please share more! I aim to be like him. I see he had a high monthly income but what was his ultimate net worth? I had income like that but it’s reduced due to selling income producing real estate. So income is less, but net worth has grown. My kids are clueless and I prefer it that way. I live a very modest lifestyle and have only recently begun splurging.

 

[F.I.R.E User]

I inherited the management of my dad's financial life when he died several months ago. I was surprised to discover that:
• he netted $40k per month
• he was the income beneficiary of some trusts I had never even heard of

Why the surprise? Well, he:
• always flew cargo-class
• always purchased second-hand cars
• always knew the cheapest place to get gas in his area
• lived in a solidly middle-class house
• never talked about his money

I will never know why he chose to live so modestly. Maybe he didn't want to produce spoiled, entitled brats for kids?

Sorry about your loss. Why did he choose to leave with so much wealth?

 

[socca]

Yes, please share more! ...

Money Talks; Wealth Whispers.

 

[gooddog]

I inherited the management of my dad's financial life when he died several months ago. I was surprised to discover that:
• he netted $40k per month
• he was the income beneficiary of some trusts I had never even heard of

Why the surprise? Well, he:
• always flew cargo-class
• always purchased second-hand cars
• always knew the cheapest place to get gas in his area
• lived in a solidly middle-class house
• never talked about his money

I will never know why he chose to live so modestly. Maybe he didn't want to produce spoiled, entitled brats for kids?

Your father was a wise man.

 

[marko]

I inherited the management of my dad's financial life when he died several months ago. I was surprised to discover that:
• he netted $40k per month
• he was the income beneficiary of some trusts I had never even heard of

Why the surprise? Well, he:
• always flew cargo-class
• always purchased second-hand cars
• always knew the cheapest place to get gas in his area
• lived in a solidly middle-class house
• never talked about his money

I will never know why he chose to live so modestly. Maybe he didn't want to produce spoiled, entitled brats for kids?

Had a friend who once took me aside. "What would you call 'alot of money?' " I said "I don't know....50 million?"
He said: "My brother's father in law just died, we just learned that he was worth $475 million!! Nobody had a clue. We knew he was well off, but not to that level! He drove an old car and lived in the same house for 40 years. "

Now this guy was quite famous and had built a very well-known world class company so I was surprised by everyone being shocked. But it goes to show how people view your net worth by what you drive and where you live.

 

[marko]

Was he famous?

I just said he was famous in my post. The company he founded bore his name and he was a well known pillar of his industry. He's been dead 30 years now but his company remains a key player.

 

[Badger]

I inherited the management of my dad's financial life when he died several months ago. I was surprised to discover that:
• he netted $40k per month
• he was the income beneficiary of some trusts I had never even heard of

Why the surprise? Well, he:
• always flew cargo-class
• always purchased second-hand cars
• always knew the cheapest place to get gas in his area
• lived in a solidly middle-class house
• never talked about his money

I will never know why he chose to live so modestly. Maybe he didn't want to produce spoiled, entitled brats for kids?

I can understand your dad's lifestyle. Once you are FI and all your needs and wants are satisfied some people don't have an interest to BTD and just enjoy the comfort of the independence and not having to prove anything to anyone.

Cheers!

 

[Rianne]

I always wonder what the super-rich think about at the end of their life. I guess it matters how they got there, cheating others and walking on the backs of the less fortunate. Or working hard and helping those in need, developing meaningful relationships, and being good to your kids.

Citizen Kane taught us a lesson. The meaning of 'Rosebud'

"Rosebud is the trade name of a cheap little sled on which Kane was playing on the day he was taken away from his home and his mother. In his subconscious, it represented the simplicity, the comfort, above all the lack of responsibility in his home, and also it stood for his mother's love, which Kane never lost."

 

[marko]

I always wonder what the super-rich think about at the end of their life. I guess it matters how they got there, cheating others and walking on the backs of the less fortunate. Or working hard and helping those in need, developing meaningful relationships, and being good to your kids.

I don't think either of those things enter their minds.

They say that even Al Capone justified his actions to himself. "All I ever did was to give the little guy a bit of happiness (booze, women, gaming, etc) and they sent me to jail for that". Rich or poor, we all tend to absolve ourselves.

 

[Out of Steam]

My late parents and their acquaintances lived public, high-consumption life-styles.

They also got targeted by many of our local hucksters.

Someone here recently mentioned the fact that you [almost] can't be scammed out of your Social Security in your old age as a valid reason for postponing the start of collecting it.

It seems like a better reason than any I've heard so far.

 

[Sunset]

....

Citizen Kane taught us a lesson. The meaning of 'Rosebud'

"......In his subconscious, it represented the simplicity, the comfort, above all the lack of responsibility in his home, ....."

I never read Citizen Kane, but I have lamented to DW how much more pleasant life was as a child, when my parents took care of everything.

Now as an adult, I'm sure they stressed over issues like housing, food, etc, like I do now. But the child was protected from all that stress.

For example I never knew we ate BBQ chicken wings all summer one year as we were too poor and the butcher gave away the wings instead of throwing them out. Must have been stressful for the adults.