Join Early Retirement Today
Reply
 
Thread Tools Search this Thread Display Modes
Old 05-18-2017, 12:43 PM   #61
Moderator
Walt34's Avatar
 
Join Date: Dec 2007
Location: Eastern WV Panhandle
Posts: 22,768
Quote:
Originally Posted by spncity View Post

Can't vouch for the stats, but I get the idea.
Save
Save
I've posted this link before, but if you're ever feeling poor about your situation. key in your numbers here (they don't ask for any personal information).

Global Rich List

On a global scale we are very, very well off.
__________________
I heard the call to do nothing. So I answered it.
Walt34 is offline   Reply With Quote
Join the #1 Early Retirement and Financial Independence Forum Today - It's Totally Free!

Are you planning to be financially independent as early as possible so you can live life on your own terms? Discuss successful investing strategies, asset allocation models, tax strategies and other related topics in our online forum community. Our members range from young folks just starting their journey to financial independence, military retirees and even multimillionaires. No matter where you fit in you'll find that Early-Retirement.org is a great community to join. Best of all it's totally FREE!

You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with our members, see fewer ads, upload photographs, create a retirement blog, send private messages and so much, much more!

Old 05-18-2017, 02:30 PM   #62
Recycles dryer sheets
 
Join Date: Nov 2011
Posts: 154
Funny scene from The Cosby Show: "Your mother and I are rich. You have nothing."
523HRR is offline   Reply With Quote
Old 05-22-2017, 03:19 PM   #63
Full time employment: Posting here.
 
Join Date: May 2017
Posts: 733
We struggle with this rich/poor discussion, as well. Our daughter attends the most expensive school in Chicago. We have placed a premium on education and we have the good fortune of having parents that do, as well (they help with the tuition). And, we only have one, which makes it easier. But, as previous posters have said, the other kids in her class are very wealthy. I mean, there are kids of people that own sports teams and large, well known private companies, etc. We feel like the Beverly Hillbillies of the school. Our child is only in 4th grade now, so competition among the kids for stuff (clothes, cars, etc) hasn't really gotten bad yet. But, my daughter goes to their mansions and they come over to our condo and the difference is apparent. It's tough to teach a child that the wealth she sees all around her isn't the norm and that we, and our parents, got to where we are by living the frugal lifestyle that we do.
brokrken is offline   Reply With Quote
Old 05-22-2017, 06:01 PM   #64
Thinks s/he gets paid by the post
 
Join Date: Feb 2013
Location: Toronto
Posts: 3,003
Private school is problematic in my mind. DW was born in UK and it seemed that it was the standard there. Her older sister's children went to private boarding schools as she remained in the UK. I always felt that public schools were great and in Canada, private schools were very much the exception. DW wanted private schools for children so we reached a deal that they would go K-8 in private schools and then 9-12 in public school. We had an excellent public school nearby. Deal worked for 3 of the 4 children as one felt that she couldn't handle the transition. The youngest decided to go to public school after grade 6 as he could see how it was working out well for his elder sibs. My feeling was that they just did not get a realistic world view going to private school and that there was a real danger of them losing sight of how privileged they truly were. There is no doubt that we were 1 percenters but we were always LBYM and the chance that they will all be as affluent as we were seems unlikely for many reasons. One bonus of private schools is that university tuition now seems like we are getting a break!
6miths is offline   Reply With Quote
Old 05-22-2017, 06:34 PM   #65
Thinks s/he gets paid by the post
ugeauxgirl's Avatar
 
Join Date: Jan 2016
Location: Rural Alabama
Posts: 1,230
How interesting! I went to private schools all my life (had trouble coming up with outfits in college as I'd never had to do it before- always having worn uniforms) but DH went to public schools and was kind of adamant that our kids attend public schools too. I caved with the caveat that the MOMENT I didn't feel like public schools were working for them, they would be pulled out and sent to private school. They are 13 and 10 and it hasn't happened yet. The interesting part is that they are beginning to know how lucky they are- they are the only ones they know who have passports and have vacationed out of the country, etc.

I am rather oblivious to middle school fashion trends, but we are sure to buy an item or two of "status clothing" though they do not stand out from the crowd. I haven't yet come up with a reason to put them in private school- they are doing great and are well adjusted and we are happy with their progress.

I think this is an advantage. I did not have a realistic world view when I was a kid. Every kid I knew was well-to-do and was headed to college. I'd never met anyone unlike myself, anyone out of our social class. My kids have, and I hope they are better for it.
__________________
Projected retirement--2020 at age 48 (done!)
ugeauxgirl is offline   Reply With Quote
Old 05-22-2017, 07:26 PM   #66
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
 
Join Date: May 2005
Posts: 15,689
Quote:
Originally Posted by ugeauxgirl View Post
How interesting! I went to private schools all my life (had trouble coming up with outfits in college as I'd never had to do it before- always having worn uniforms) but DH went to public schools and was kind of adamant that our kids attend public schools too. I caved with the caveat that the MOMENT I didn't feel like public schools were working for them, they would be pulled out and sent to private school. They are 13 and 10 and it hasn't happened yet. The interesting part is that they are beginning to know how lucky they are- they are the only ones they know who have passports and have vacationed out of the country, etc.

I am rather oblivious to middle school fashion trends, but we are sure to buy an item or two of "status clothing" though they do not stand out from the crowd. I haven't yet come up with a reason to put them in private school- they are doing great and are well adjusted and we are happy with their progress.

I think this is an advantage. I did not have a realistic world view when I was a kid. Every kid I knew was well-to-do and was headed to college. I'd never met anyone unlike myself, anyone out of our social class. My kids have, and I hope they are better for it.

Public schools can range from excellent to not worth the building it is in... as long as you live someplace where the schools are good to great then public is the way to go...


I can tell you that houses where I live are 10% to 25% higher than a few miles away due to the school district we live... but even then a school district by itself is not always the answer since our good school district has some schools in a bad part of town and those schools are horrible... teachers even refuse to work there if they can get a job somewhere else...


Me, I would not pay for private school.... I was just checking one out that I heard about and it cost $26K per year for high school!!! That is more than we pay for our DS to go to a top university...
Texas Proud is offline   Reply With Quote
Dad are we rich = well to do
Old 05-22-2017, 08:03 PM   #67
Recycles dryer sheets
 
Join Date: Jan 2011
Posts: 55
Dad are we rich = well to do

My grandfather owned a department store. I remember asking if he was rich. He said that we are "well to do - I make a very good income, and can afford some nice things and nice cars. But that is the proper thing to say - well to do, one should never call oneself rich."
chrisaukcam is offline   Reply With Quote
Old 05-22-2017, 08:37 PM   #68
Thinks s/he gets paid by the post
Mdlerth's Avatar
 
Join Date: Oct 2016
Location: The Shire
Posts: 1,504
Quote:
Originally Posted by ugeauxgirl View Post
How interesting! I went to private schools all my life (had trouble coming up with outfits in college as I'd never had to do it before- always having worn uniforms)...

... I did not have a realistic world view when I was a kid. Every kid I knew was well-to-do and was headed to college. I'd never met anyone unlike myself, anyone out of our social class.
I'm with you there on the uniforms, but I had very much the opposite experience in the social class arena.

I grew up in an affluent suburban area with very good public schools, where I would unquestionably have thrived, but my parents sent us to private schools anyway. However, these were not pampered country clubs for the children of millionaires. They were Catholic schools run on a shoestring. We had a microscope or two; each of the surrounding public schools had a dozen in every class. Half the students in my high school came from very rough neighborhoods in DC. The bishop was paying their way, and college was out of the question for many of them.

I suppose it was an enlightening experience, but at the time I was too young and naive and self-centered to appreciate it. All I was thinking about was wanting a girl named Dierdre to go to the prom with me. She declined, breaking my heart and leaving me the hollow, crushed shell I am today!

Oh well. C'est la guerre. Hey, I remembered some French! Maybe my some of that education sunk in after all!
__________________
Paying it forward is the best investment.
Mdlerth is offline   Reply With Quote
Old 05-22-2017, 09:09 PM   #69
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
 
Join Date: Nov 2007
Posts: 7,746
Quote:
Originally Posted by Mdlerth View Post
I'm with you there on the uniforms, but I had very much the opposite experience in the social class arena.

I grew up in an affluent suburban area with very good public schools, where I would unquestionably have thrived, but my parents sent us to private schools anyway. However, these were not pampered country clubs for the children of millionaires. They were Catholic schools run on a shoestring. We had a microscope or two; each of the surrounding public schools had a dozen in every class. Half the students in my high school came from very rough neighborhoods in DC. The bishop was paying their way, and college was out of the question for many of them.

I suppose it was an enlightening experience, but at the time I was too young and naive and self-centered to appreciate it. All I was thinking about was wanting a girl named Dierdre to go to the prom with me. She declined, breaking my heart and leaving me the hollow, crushed shell I am today!

Oh well. C'est la guerre. Hey, I remembered some French! Maybe my some of that education sunk in after all!
Similar experience here. There are perhaps a few above average private schools here but many are mediocre to average. And many are the places where the somewhat troubled kids (probably because their family is troubled) get sent because their parents think it's the public school that makes them bad. As we used to joke, they do coke at the private school where they have money while we're smoking weed at the public school because we're broke.

And then there are the religious conservatives that send their kids to private schools for religious reasons. From what I've seen the local religious schools are pretty dumpy options compared to the public schools. One in particular, while not that expensive, offers some pretty crappy academic options (1 AP class in HS from what I remember, vs 20+ at many public high schools). No way I'd send my kids to that school over any of the public schools in our county, even if they paid me.
__________________
Retired in 2013 at age 33. Keeping busy reading, blogging, relaxing, gaming, and enjoying the outdoors with my wife and 3 kids (8, 13, and 15).
FUEGO is offline   Reply With Quote
Old 05-22-2017, 10:58 PM   #70
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
 
Join Date: May 2005
Posts: 15,689
Quote:
Originally Posted by FUEGO View Post
Similar experience here. There are perhaps a few above average private schools here but many are mediocre to average. And many are the places where the somewhat troubled kids (probably because their family is troubled) get sent because their parents think it's the public school that makes them bad. As we used to joke, they do coke at the private school where they have money while we're smoking weed at the public school because we're broke.

And then there are the religious conservatives that send their kids to private schools for religious reasons. From what I've seen the local religious schools are pretty dumpy options compared to the public schools. One in particular, while not that expensive, offers some pretty crappy academic options (1 AP class in HS from what I remember, vs 20+ at many public high schools). No way I'd send my kids to that school over any of the public schools in our county, even if they paid me.

Religious conservatives also seem to home school around here.... I have met a few people at the gym who home school their kids... religion came up in conversation (by them) in all I met...
Texas Proud is offline   Reply With Quote
Old 05-23-2017, 07:17 AM   #71
Full time employment: Posting here.
 
Join Date: May 2017
Posts: 733
The main issue for us is that in Chicago the public schools are not so good and the teachers are striking, or threatening to, often. I also went to public school and turned out fine. Actually private wasn't even an option in the rural Alabama town where I grew up. But, my wife always went private and when we started to look at the differences in what were offered and visited both there was a clear difference. But, I agree with you all that my child will miss a little bit of the world view that not everyone is well off.
brokrken is offline   Reply With Quote
Old 05-23-2017, 09:18 AM   #72
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Koolau's Avatar
 
Join Date: Jul 2008
Location: Leeward Oahu
Posts: 6,635
We struggled with the "rich or poor" question with our kids. We tried to teach them how to shop for "nice" things at bargain prices. We tried to explain that having "choices" was what made you rich (this dress or that skirt today, these shoes or those, etc. etc.)

Our youngest got it and she does very well on her own with one decent salary. Eldest does fairly well with family of 4 but they do get help from his parents (and us occasionally). Son has been boom to bust. One year I offered to help him fund his Roth IRA, but he made too much money! Now, he struggles in a new j*b that doesn't pay very well.

We never did really tell the kids what we earned. We were concerned that (especially son) would think only in terms of how many video games that would buy!

The whole Rich - Poor concept is so relative that it's almost not worth talking about - but it's interesting and fun, I suppose. YMMV
__________________
Ko'olau's Law -

Anything which can be used can be misused. Anything which can be misused will be.
Koolau is offline   Reply With Quote
Old 05-23-2017, 09:39 AM   #73
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Amethyst's Avatar
 
Join Date: Dec 2008
Posts: 10,413
We were a working-class family in a middle to upper-middle-class neighborhood, and I never had stuff the other kids did, so my question was "Mom, are we poor?"

As an immigrant and an orphan during the Great Depression, she had plenty to say about what being "poor" was actually all about.

Somehow I came out of it all with the notion of "class" (as in behavior, not social status) being the most important thing. Class is how you behave in the world, especially how you behave toward others.
__________________
If you understood everything I say, you'd be me ~ Miles Davis
'There is only one success – to be able to spend your life in your own way.’ Christopher Morley.
It involved a mannequin hand, and an electric shaver taped to a golf club! - "The Other Guys"
Amethyst is offline   Reply With Quote
Old 05-23-2017, 09:46 AM   #74
Recycles dryer sheets
Nightcap's Avatar
 
Join Date: May 2012
Location: Brewster
Posts: 354
Growing up the eldest of ten in a house headed by a public school teacher and a full-time homemaker, I knew there were things unavailable to me, like expensive holiday gifts and college funds. I fumbled through my twenties for a variety of reasons. When the Penultimate Wife wanted a divorce, I had to do the paperwork myself since we couldn't afford a lawyer. (Thank goodness we were in a no-fault state.) It wasn't until I hit 30 that things started coming together. It's largely thanks to the Unindicted Co-Conspirator that we hit FI - she was absolutely committed to maxing out our retirement plans. She had a grandfather who took her aside and told her she was poor, but she had something very valuable that older people don't have: time. He explained the miracle of compound interest to her, and the lesson stuck. And now here we are - not rich, but comfortable enough that our money is working for us and not vice-versa.

There's someone here who says that he's not a rich man, he's a poor man with money. That's the way I feel.
Nightcap is offline   Reply With Quote
Old 05-23-2017, 10:08 AM   #75
Full time employment: Posting here.
 
Join Date: Mar 2014
Location: Dallas
Posts: 798
My 12 year old asked me the same question last year. My short answer was "Yes, we are rich but we are not super rich". Longer answer was along the same line as others (fortunate, hardworking, happiness, etc.) but with one distinct point: We are rich because we save a lot or rather we don't spend a lot. We also went in to discussion about how you shouldn't focus on other people spending lot of money because that may alter your saving pattern and in turn, you will never be rich, etc.

We are very transparent with my daughter about how much we make and how much we have. But with very clear message that she can get there if she get good graduate level education and saves candidly. My daughter know we are rich but she also knows that we are very frugal and always expect value for our money.
pjigar is offline   Reply With Quote
Old 05-23-2017, 10:28 AM   #76
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Sunset's Avatar
 
Join Date: Jul 2014
Location: Spending the Kids Inheritance and living in Chicago
Posts: 12,027
Quote:
Originally Posted by Nightcap View Post
......

There's someone here who says that he's not a rich man, he's a poor man with money. That's the way I feel.
+1
The two of us are taking a $10K Europe holiday. I struggled with doing this as it's such a "waste of money" the little poor man voice in my head says.
Sunset is offline   Reply With Quote
Old 05-23-2017, 11:15 AM   #77
Moderator Emeritus
Bestwifeever's Avatar
 
Join Date: Sep 2007
Posts: 17,760
Quote:
Originally Posted by brokrken View Post
The main issue for us is that in Chicago the public schools are not so good and the teachers are striking, or threatening to, often. I also went to public school and turned out fine. Actually private wasn't even an option in the rural Alabama town where I grew up. But, my wife always went private and when we started to look at the differences in what were offered and visited both there was a clear difference. But, I agree with you all that my child will miss a little bit of the world view that not everyone is well off.
I think my grandchildren might go to that other expensive Chicago school (just a bit less per year? and these grandparents are not contributing to it ); there are decent private options but when they were looking at the public options for their kids, they felt they had no choice but to go private as they are planted in the city. They make enough to afford the tuition but are not wealthy. The kids are in activities at neighborhood centers that have quite a diverse population, and there are a lot of scholarship kids at their school, so they at least are getting a bit of the world view.

A lot of their friends have moved back to our suburb to raise their kids and are getting no world view whatsoever here.
__________________
“Would you like an adventure now, or would you like to have your tea first?” J.M. Barrie, Peter Pan
Bestwifeever is offline   Reply With Quote
Old 05-23-2017, 11:23 AM   #78
Full time employment: Posting here.
 
Join Date: May 2017
Posts: 733
Good point, bestwifeever, her activities certainly introduce here to a broader group of backgrounds and there are a decent number of scholarship kids (wish ours was one, haha!) But, I agree, suburbs are out of the question for us. Before we moved here, we had never experienced what a walking lifestyle was. Now that we've had it for 5 years, we can't imagine going back to suburban driving. Our first year in Chicago we put 600 miles on our car! Our whole family agrees that the ability to walk to parks, restaurants, museums, the lake, the zoo, all of that far outweighs any negative to city living. Oh, and the fact that I can walk a half a block to the local watering hole (or 3) any time DW wants to watch Real Housewives of ..... certainly helps!
brokrken is offline   Reply With Quote
Old 05-23-2017, 12:24 PM   #79
Thinks s/he gets paid by the post
 
Join Date: Mar 2017
Location: New York City
Posts: 2,838
my answer would be "no" , if we were rich i would not be working, and if we were rich id send you to Switzerland to boarding school..
__________________
Withdrawal Rate currently zero, Pension 137 % of our spending, Wasted 5 years of my prime working extra for a safe withdrawal rate. I can live like a King for a year, or a Prince for the rest of my life. I will stay on topic, I will stay on topic, I will stay on topic
Blue Collar Guy is offline   Reply With Quote
Old 05-23-2017, 04:39 PM   #80
Thinks s/he gets paid by the post
 
Join Date: Jul 2013
Posts: 1,009
Quote:
Originally Posted by Blue Collar Guy View Post
my answer would be "no" , if we were rich i would not be working, and if we were rich id send you to Switzerland to boarding school..
You don't have to be rich to not work
dvalley is offline   Reply With Quote
Reply


Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
'Rich Dad, Poor Dad' author files for bankruptcy REWahoo Other topics 14 10-13-2012 10:06 PM
Rich Dad, Poor Dad, NOW "Stock Dad"........ FinanceDude FIRE and Money 10 08-29-2008 08:10 PM
BECOME RICH AND STAY RICH idevision Young Dreamers 12 07-27-2005 03:41 PM
Rich Dad Poor Dad series laurence Other topics 1 02-23-2005 07:21 PM

» Quick Links

 
All times are GMT -6. The time now is 04:52 AM.
 
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2021, vBulletin Solutions, Inc.