This thread is pretty hilarious given the different takes.
Yes, I know and agree. It's just that frugality is sometimes viewed as a end in itself rather than a rational response to circumstances.
Sure. All the different takes on what the question means & jokes about incomes.This thread is pretty hilarious given the different takes.
Measuring success:
Money... a failure
Happiness...99th percentile
....
Had to vote to find out that 70% of the voters have incomes of over $120,000 per year. Very impressed.
Part of the hilarity.Self selected polls have little real meaning.
-ERD50
But you have to have a separate poll and ask folks if they are using a 4% withdrawal rate from a portfolio. I would guess that such a thing is not really happening. One can have income from many other sources besides a portfolio.At 4% withdrawal that is $9M.
Yes I think Buffet is solidly in that category. Warren, what is your screen name? e.g. refused to pay for private jet so bought the company.Yes, I know and agree. It's just that frugality is sometimes viewed as a end in itself rather than a rational response to circumstances.
I agree with you. People with real money like to lay low. I doubt that they will openly brag about that. Nothing to gain. Only headache.I have always been slightly curious to the point of fascination by those who have "made it" financially.
Over the years I have always inquired how people managed to become successful. During my late teens and early twenties I voraciously read books and studied how to earn more in the hopes of someday having a young stranger ask me "what I did to make it?". Now I go out of my way to hide my wealth from others and keep a low profile. Mostly because I've found most people aren't interested in bettering themselves like I was, but rather what they can get out of me.
Plus I've found that contractors charge by the zip code.
Buffett does not own a private jet while other people with lesser net worth own several. I recall that John Travolta likes to be at the control wheel or stick, and owns a fleet. Paul Allen, cofounder of Microsoft, owned a 767, not a bitty Lear or Gulfstream. Every billionaire owns one.Yes I think Buffet is solidly in that category. Warren, what is your screen name? e.g. refused to pay for private jet so bought the company.
Buffett does not own a private jet while other people with lesser net worth own several. I recall that John Travolta likes to be at the control wheel or stick, and owns a fleet. Paul Allen, cofounder of Microsoft, owned a 767, not a bitty Lear or Gulfstream. Every billionaire owns one.
Yet, Buffett just has some fractional jet ownership like NetJet. Warren is a true LBYM. He even said that not flying commercial airlines was the only indulgence he allowed himself. See his photo eating at a diner with Gates in an above photo.
He is an oddball to say the least. Maybe not reusing toilet paper type but LBYM means different. Let's not insult those LBYM people by saying Warren Buffet is LBYM.I was saying Buffett is a LBYM. I did not say I would be like him, if I were so rich.
Didn't he own one before he bought NetJets? I don't have your memory skills but I seem to remember at one time or another reading about his jet named "The Indefensible" because he couldn't defend such an extravagance being a mere two or three time deca billionaire at the time...Buffett does not own a private jet while other people with lesser net worth own several. I recall that John Travolta likes to be at the control wheel or stick, and owns a fleet. Paul Allen, cofounder of Microsoft, owned a 767, not a bitty Lear or Gulfstream. Every billionaire owns one.
Yet, Buffett just has some fractional jet ownership like NetJets. Warren is a true LBYM. He even said that not flying commercial airlines was the only indulgence he allowed himself. See him eating at a diner with Gates in an above photo.
Just because he has simple tastes and is proud of it does not make him a bad person.He is an oddball to say the least. Maybe not reusing toilet paper type but LBYM means different. Let's not insult those LBYM people by saying Warren Buffet is LBYM.
I don't think he is a bad person. He is odd. His first wife might not have left him for an independent life in California had he stopped making money years ago. She was the love of his life. She thought he would slow down but he never did.Just because he has simple tastes and is proud of it does not make him a bad person.
And about him leaving only a few millions to his descendants, he wanted them to make their own living. I have been a lot more generous to my children, but I do not have billions to leave them, so do not have to ponder the same question. Have we all heard about how descendants of past billionaires end up broke and becoming drug addicts?
A while ago, I read that a local homeless person died in a back alley, and the police found out that he/she was a direct descendant of a past industrialist billionaire.
...I learn a bit about things (generally not financial), enjoy some of the ideas presented, try to give useful advice (although my point of view probably not that useful for most). Still resent a bit that this community generally discourages "tall poppies" but that is life.