Hiding Your Wealth (NOT a poll) :)

[athena53]

There is actually another good reason to keep a low profile: becoming a target of crime.

I agree. I wear a Rolex watch but am usually dressed in jeans or shorts and one of my growing collection of freebie T-shirts from athletic events. I'm sure people figure the watch is a knock-off. Fine with me.

 

[Fedup]

There is actually another good reason to keep a low profile: becoming a target of crime.

Back when I worked in Silicon Valley there were a number of kidnappings of tech executives. It was keep fairly quiet, but I do know that security got bumped up substantial at a number of companies.

I also know someone who was visiting an African country and staying with family for a couple of weeks. People noticed the "rich white folks" and broke in at night and robbed them. Not fun.

I don't remember that. When was it? I didn't hear Steve jobs have any security guards, I've only recently heard Zuckerberg have them.

 

[bclover]

To each their own, I would prefer the "ugly conspicuous cigarette boat" if I had to choose. Luckily I don't as I have never been much interested in owning a boat, although I like friends who do!

Me too,
Personally I thought this article was beyond stupid.

What I don't like is the "assumptions" that are made when people spend money. case in point. cars. Yes, I love my tacky,brand new luxury mobile. I drive 50 miles each way in major city traffic and since I have to do it I enjoy my comforts. yet I am constantly informed how financially irresponsible I am because I don't drive (and god willing will never drive) a 10 year old beater or truck.

So I don't think I necessarily flaunt my wealth but neither am I denying myself because some one else may hit me up for a loan.

So no I am not changing what I drive in public, i am not lying about some thing being fake. first of all who goes around asking perfect strangers if their articles are real or fake? If someone asks me where I got my shoes, I'm telling them. if they can't deal with it . tough!

He has problems with people hitting him up for assistance?? that's why God invented the word no. In my family we have the usual leaches, lol they know NOT to call me. they know unless hell is freezing over i'm not giving them any cash. never
nhave any issues.
Personally I don't think this guy has a wealth problem i think he's got a "people" problem. "dumb" yourself down? really? all the wealthy folks I know are successful in their fields and they are NOT about to appear stupid because someone can't handle it. I guess this guys also tells his daughters to act stupid so the boys will like them.

I love how at the end how he says "good" relationships are about being genuine after he spent an entire article on how to be FAKE

 

[FUEGO]

I don't remember that. When was it? I didn't hear Steve jobs have any security guards, I've only recently heard Zuckerberg have them.

Just because you didn't hear about Steve Jobs' bodyguards doesn't mean they weren't there. Just exercising stealth.


Oh, and I'll take the kayak or canoe over that cigarillo boat or 40' sloop. Much stealthier. Dip your paddle in just right and you won't make a noise. Easier to sneak up on waterfowl and reptiles.

 

[jazz4cash]

I realize sometimes I do too good a job hiding my wealth. More than one time I've been offered help to get on assistance if I needed..it isn't that hard you know.. you politely decline.. I'll manage.. but you always get that bleeding heart person that just won't accept no because they think your embarrassed and I end up feeling guilty.

I may have to re-think what I look like when I go out... ie like when some guy at Aldis gives you his cart and wont' accept your quarter to help you out... hmm maybe I've gone too far. hoping he's just being nice or doesn't want to bother with a quarter in his pocket.

Pay it forward is pretty common practice at Aldi's. I gave an acquaintance a strong endorsement for Aldi's when they opened their first store around here. She's a single mom working part time at my favorite watering hole and I know she's just getting by. Next time I saw her she griped about the quarter cart "scam" and declared the store was beneath her anyway and I actually felt like crap.....but just for a minute.


Sent from my iPhone using Early Retirement Forum

 

[mpeirce]

I don't remember that. When was it? I didn't hear Steve jobs have any security guards, I've only recently heard Zuckerberg have them.

The most dramatic one was Adobe's Chuck Geschke back in 1992.

F.B.I. Rescues a Kidnapped Businessman - NYTimes.com
A dramatic kidnapping revisited

 

[Fedup]

Just because you didn't hear about Steve Jobs' bodyguards doesn't mean they weren't there. Just exercising stealth.


Oh, and I'll take the kayak or canoe over that cigarillo boat or 40' sloop. Much stealthier. Dip your paddle in just right and you won't make a noise. Easier to sneak up on waterfowl and reptiles.

It would have made the news. I'm sure. Just like Zuckerberg.

I found this from Quora, apparently it's not common.
https://www.quora.com/How-common-are-kidnappings-for-ransom-in-Silicon-Valley

 

[travelover]

The most dramatic one was Adobe's Chuck Geschke back in 1992.

F.B.I. Rescues a Kidnapped Businessman - NYTimes.com
A dramatic kidnapping revisited

"After a gentlemanly discussion he agreed to do the right thing and to take us to where Mr. Geschke was being held by Mr. Sayeh," Mr. Held said.

Interesting description of waterboarding and fingernail removal.

 

[NW-Bound]

The most dramatic one was Adobe's Chuck Geschke back in 1992.

F.B.I. Rescues a Kidnapped Businessman - NYTimes.com

A dramatic kidnapping revisited

Part II: Two days of terror, uncertainty.

Part III: Chuck's dramatic rescue

Part IV: Aftermath of a kidnapping

 

[Bestwifeever]

Me too,
Personally I thought this article was beyond stupid.


....
"dumb" yourself down? really? all the wealthy folks I know are successful in their fields and they are NOT about to appear stupid because someone can't handle it. I guess this guys also tells his daughters to act stupid so the boys will like them.
....

Yes, +100. I bet smart girls everywhere still hear this advice--it demeans them and also the people they are dumbing themselves down for. And smart boys, too. Worst thing about the article.

 

[Lucantes]

Me too,
Personally I thought this article was beyond stupid.
What I don't like is the "assumptions" that are made when people spend money. case in point. cars. Yes, I love my tacky,brand new luxury mobile. I drive 50 miles each way in major city traffic and since I have to do it I enjoy my comforts. yet I am constantly informed how financially irresponsible I am because I don't drive (and god willing will never drive) a 10 year old beater or truck.
So I don't think I necessarily flaunt my wealth but neither am I denying myself because some one else may hit me up for a loan.
So no I am not changing what I drive in public, i am not lying about some thing being fake. first of all who goes around asking perfect strangers if their articles are real or fake? If someone asks me where I got my shoes, I'm telling them. if they can't deal with it . tough!
He has problems with people hitting him up for assistance?? that's why God invented the word no. In my family we have the usual leaches, lol they know NOT to call me. they know unless hell is freezing over i'm not giving them any cash. never
nhave any issues.
Personally I don't think this guy has a wealth problem i think he's got a "people" problem. "dumb" yourself down? really? all the wealthy folks I know are successful in their fields and they are NOT about to appear stupid because someone can't handle it. I guess this guys also tells his daughters to act stupid so the boys will like them.
I love how at the end how he says "good" relationships are about being genuine after he spent an entire article on how to be FAKE

+1

 

[rayinpenn]

One of the first things I asked about the lake behind our house when we were considering buying the house was whether power craft were allowed. No. (It' sonly a 3-acre lake.) That was the right answer.

I LOVE my kayak! I like to sneak up on birds so I can watch them.

I love it.. Seems to me we all should the enjoy the right of tranquilly ...


Sent from my iPad using Early Retirement Forumh

 

[rayinpenn]

What I don't like is the "assumptions" that are made when people spend money. case in point. cars. Yes, I love my tacky,brand new luxury mobile. I drive 50 miles each way in major city traffic and since I have to do it I enjoy my comforts. yet I am constantly informed how financially irresponsible I am because I don't drive (and god willing will never drive) a 10 year old beater or truck.

So I don't think I necessarily flaunt my wealth but neither am I denying myself because some one else may hit me up for a loan.

a Lexus or what ever isnt a cigarette boat -
1. durable, and functional
2. smooth and quiet(for the most part)
3. classy and refined
4. Conspicuoius naah those dammed cars all look alike to me.
5. prob cost less than 80 grand new ... a cigarette is easily ten times that.

3 times a week I pass a 'soup kitchen' - the poor souls are lined up for their morning breakfast. Sometimes there are women with children on line. For me it seems a bit insensitive to think about a flashy car when there are so many with so little and it is a sad reminder that circumstances can quickly change... Naah no flashily car but if you have one enjoy it.




Sent from my iPad using Early Retirement Forum

 

[bclover]

a Lexus or what ever isnt a cigarette boat -
1. durable, and functional
2. smooth and quiet(for the most part)
3. classy and refined
4. Conspicuoius naah those dammed cars all look alike to me.
5. prob cost less than 80 grand new ... a cigarette is easily ten times that.

3 times a week I pass a 'soup kitchen' - the poor souls are lined up for their morning breakfast. Sometimes there are women with children on line. For me it seems a bit insensitive to think about a flashy car when there are so many with so little and it is a sad reminder that circumstances can quickly change... Naah no flashily car but if you have one enjoy it.




Sent from my iPad using Early Retirement Forum

And I totally get that, I live in Philadelphia, some times the "in your face" disparity between poverty and even middle class is heart breaking. So I take a more "what can I do to make my little corner of the world better" approach and act on it.
If I'm driving down Vine street to get on I95, am I now insensitive to the homeless guys because I'm in a Mercedes? is it any less insensitive if I take my kids Nissan?? and how far do I go with this? I'm participating in a 5 mile fun run for the food bank, since I suffer from plantar fasciitis, good running show are a must. no options. am I insensitive now because I've got 150 dollar sneakers and many kids during the summer go hungry in the city?

I really understand your empathy and actually warms my heart since nowadays the poor are often treated as if invisible, I just wonder to what degree do I know change

Wasn't the point of working hard. lbym and saving, to actually have MORE freedom not less?? We have tons of folks who zoom up and down the delaware around Penns landing in the speed boats, I don't buy because we have homeless not 200 ftt away on Columbus blvd they should now "hide" them. they look like a lot of fun to me

 

[Amethyst]

She may be just getting by, but she has her standards! LOL

Pay it forward is pretty common practice at Aldi's. I gave an acquaintance a strong endorsement for Aldi's when they opened their first store around here. She's a single mom working part time at my favorite watering hole and I know she's just getting by. Next time I saw her she griped about the quarter cart "scam" and declared the store was beneath her anyway and I actually felt like crap.....but just for a minute.


Sent from my iPhone using Early Retirement Forum

 

[Danmar]

Like I said before, I don't think I flaunt anything. But I do acknowledge it's hard to hide things like luxury autos and homes. I try to sympathize with the poor and give generously to charities. The biggest "gift" would certainly by the income taxes I pay. We live in a capitalist society that allows and in fact seems to encourage wealth disparity. At some point things might get a little "unpleasant" in the US if this wealth disparity continues to grow. But probably not in my lifetime, and not likely in Canada.

So in the meantime, I carry on "sensitively" enjoying the benefits of wealth.

 

[rayinpenn]

If I'm driving down Vine street to get on I95, am I now insensitive to the homeless guys because I'm in a Mercedes?

I really don't know but I am saying I am uncomfortable with it and I would never buy $150 sneakers as I see them as wasteful and the emperor's new clothes.

Wasn't the point of working hard. lbym and saving, to actually have MORE freedom not less??

The point for me of LBYM wasn't to accumulate expensive toys.. It was to live free from stress to pay for the car repair and to say yes to a semester abroad to a hard working daughter..

It isn't the random homeless person ... It is the guy who is at the light panhandling every day, the soup kitchen day after day...

No Mercedes, no $150 sneakers, no Rolex it just isn't who I am.


Sent from my iPad using Early Retirement Forumh

 

[HFWR]

My daily shoes are usually $50-$60 NB from Kohl's, but when I was a "runner", spending $150 or so on quality running shoes wasn't unusual or particularly spendy...

Of course, I don't jog these days; I ride a 70s-vintage 10-speed that I bought at a garage sale for $45. I could afford something newer/nicer/higher tech, and might someday, but I ride because I enjoy riding, and for exercise. No one, including and especially me, will ever confuse me for an elite cyclist.

 

[dixonge]

As the person who started this mess of a thread (18 pages? Seriously LOL) I have a confession to make.

First, I certainly hope to become so wealthy that I *need* to hide it. However, I'd be satisfied with being financially independent.

Second, as we will be spending a lot of our retirement years in foreign, often '3rd world' countries we'll probably seem wealthy in comparison to many locals. So hiding our wealth may be needed at lower levels than would be necessary in the US or Europe.

Third, and this is the confession part, I have a feeling that I might opt for a few areas where I actually splurge, especially as my separate investment fund(s) begin to grow to decent levels. I'll still look for value and buy with a minimalist and eco-friendly view, but comfort and style could play a greater role. At least I can see that happening. So there, I feel better now.

 

[kcowan]

In Vancouver, panhandlers average $55,000 tax-free. In Mexico, the street people are deposited by van each day to their designated spots. They have a quota and get a % each day. In Canada, they sometimes use a dog to increase yield. In Mexico, it is a small child.

Successful beach vendors have their kids in private schools and drive nice cars. Of course they park many blocks always and change clothes. Apprenticeships start at age 5 selling Chiclets.

So we are careful in our donations to charity. Take appearances with a grain of salt.

 

[FUEGO]

In Vancouver, panhandlers average $55,000 tax-free. In Mexico, the street people are deposited by van each day to their designated spots. They have a quota and get a % each day. In Canada, they sometimes use a dog to increase yield. In Mexico, it is a small child.

Successful beach vendors have their kids in private schools and drive nice cars. Of course they park many blocks always and change clothes. Apprenticeships start at age 5 selling Chiclets.

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!).

 

[FUEGO]

Second, as we will be spending a lot of our retirement years in foreign, often '3rd world' countries we'll probably seem wealthy in comparison to many locals. So hiding our wealth may be needed at lower levels than would be necessary in the US or Europe.

We've traveled a lot in Mexico and even though it's easy enough to spot us (or at least me and maybe my kids; DW not so much) as tourists, we don't display any outward signs of wealth mainly because we don't own watches and never wear jewelry or designer anything because it's not convenient (simplicity = convenience = true luxury).

I'm operating on the theory that there's always a wealthier tourist standing nearby that would be the target of a scam or kidnapping and they would look at our family and think us more of the backpacker set.

 

[Koogie]

I was surprised on my recent trip to Belgium by the amount of gypsy (Romany) beggars there were in the tourist trap areas (and they always had/carried small kids. Even the 65 year old women ?! )

Wealth and your relation to it seems to come down to how you were raised to me. I always tell (an apocryphal) story about me and my business partner to people when the subject comes up. (He had money as a child and is looking at a 7 or 8 figure inheritance one day)

We were driving to a sales call one day. We both looked out the window of the car while we were driving along the highway.

He saw a guy out his window that was driving a Porsche. He said: Life isn't fair, that should be me.

I saw a guy out of my window that was digging a ditch. I said: Life is great. I'm glad that isn't me.

Glass half full/empty sort of thing.

 

[brett]

We know some extremely wealthy folks who no one would suspect of being wealthy by their lifestyle, travel habits, or outward signs of wealth. Just the way they are and who they are. They are as comfortable in a six star resort as they are staying in a small B&B. You might get an inkling by their clothing and shoes. Not because of the brand name tags etc. By the quality and the cut. Very few of their high end items are visibly badged.

We also know some folks who are running very close to the wire as it were but make a point of having some of the outward signs of wealth and financial well being. It is an illusion.

 

[bclover]

why is one acceptable and the other not/

I really don't know but I am saying I am uncomfortable with it and I would never buy $150 sneakers as I see them as wasteful and the emperor's new clothes.




The point for me of LBYM wasn't to accumulate expensive toys.. It was to live free from stress to pay for the car repair and to say yes to a semester abroad to a hard working daughter..

It isn't the random homeless person ... It is the guy who is at the light panhandling every day, the soup kitchen day after day...

No Mercedes, no $150 sneakers, no Rolex it just isn't who I am.


Sent from my iPad using Early Retirement Forumh

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