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What do wealthy people buy, that ordinary people know nothing about? (2015)

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Re: What do wealthy people buy, that ordinary people know nothing about? (2015)

#151

Post by danielbarla »

dehrmann wrote: post #149
canucker2016 wrote: post #99

You were a fast collegiate-level runner, became a wealthy financial adviser, who now has three sons who are doing well in high school long distance running. What do you do? You convince one of your old running buddies, who now coaches elite runners, to coach your son. The son sets the national high school indoor record for the 800m. Son decides to go pro after graduating high school. Then Covid19 hits. Access to outd…

Is there any scenario where a pro runner can gross $4M in lifetime running earnings?

Sure, through sponsorships and adverts. But like all such things, it's an extremely limited number of people who have the right combination of talent, training, perseverance, looks/charisma and probably luck to get that amount.

Re: What do wealthy people buy, that ordinary people know nothing about? (2015)

#152

Post by 01HNNWZ0MV43FF »

vjk800 wrote: post #76
SJC_Hacker wrote: post #24

Earlier quoted context omitted.

I'd say it really depends on the mentality of the very rich person The very wealthy are going to fly private. Upper middle class could swing this on a case-to-case basis, but not regularly and especially if not if they frequently travel Other than that, the main difference is the very wealthy having a mentality of getting people to "take care of problems" to a much larger extent. For example, routine tasks like clean…

> Other than that, the main difference is the very wealthy having a mentality of getting people to "take care of problems" to a much larger extent. For example, routine tasks like cleaning. An upper MC person might have a weekly cleaner at best. Pfft... amateurs. I've solved the same problem by just living in filth.

It's one of the soft skills I picked up in college, like drinking three mountain dew game fuels in a day

Re: What do wealthy people buy, that ordinary people know nothing about? (2015)

#154

Post by bemmu »

dehrmann wrote: post #149
canucker2016 wrote: post #99

You were a fast collegiate-level runner, became a wealthy financial adviser, who now has three sons who are doing well in high school long distance running. What do you do? You convince one of your old running buddies, who now coaches elite runners, to coach your son. The son sets the national high school indoor record for the 800m. Son decides to go pro after graduating high school. Then Covid19 hits. Access to outd…

Is there any scenario where a pro runner can gross $4M in lifetime running earnings?

But that's the thing, if you'd no longer need to think in money-constrained terms, then instead you'd just want to make something happen in the world. It doesn't need to have a financial return, because your finances would be solved already.

Suppose you have more than enough money for you and your family to live out their lives without needing to worry about that. Now that's solved, you can move on to what you actually want to happen in your life, such as helping your kids become pro athletes.

Re: What do wealthy people buy, that ordinary people know nothing about? (2015)

#155

Post by userbinator »

thunky wrote: post #115
rco8786 wrote: post #4

> There is literally nothing you can't buy except. Love. I feel like Elon is finding this part out the hard way lately.

And youth/health. Trump may think he's on top of the world but I bet he'd trade it all away to be 25 rather than on his last leg.

Possible counterexample: Larry Ellison, although he's at least an order of magnitude richer than Trump.

Re: What do wealthy people buy, that ordinary people know nothing about? (2015)

#156

Post by viraptor »

nunez wrote: post #111
amarcheschi wrote: post #16

Earlier quoted context omitted.

I knew a son of two entrepreneurs with a ~30m yacht, they own a (ex) monastery they use, either for parties, events, or as a residence They have Miele appliances, but having "same appliances" doesn't make justice to the fact that there are deeper differences. Yes, they're status goods, but I think one's life might greatly improve by being very wealthy - even if your life can still be shitty as a wealthy person

Miele makes really good stuff. I have their stackable W1/T1 washer/dryer. It's unbelievably good at washing or drying pretty much anything. They also supposedly last forever, even today. I'll let y'all know how true that is in 20 years LOL

Oh no... Ok, Miele rant - I got a whole set in the new house. Their firmware SUCKS. Turning on the oven/dishwasher takes 5-10s. The dishwasher takes 3 power button presses with no feedback. The oven has no indication when it starts turning on and it's a touchpanel, so you stand there like an idiot deciding is the next press will work or be perfectly timed to turn it off again. Then once you start the drying after steaming, you can't cancel (~20min). The washer needs a strong long press on "start" because it's somehow read twice in software and you can get into an in-between state where the controls go away but the washing doesn't start. ("Known issue, press harder") Their kitchen extractor fan has "loud" and "jet engine" settings. (At least that one's hardware)

Would not recommend this to anyone who can't easily test them in a showroom and even then not really... They do the actual job well, but their UX makes me angry every day.

The biggest difference more money would make is that I could have someone else deal with those issues.

Re: What do wealthy people buy, that ordinary people know nothing about? (2015)

#158

Post by fy20 »

rco8786 wrote: post #4

> There is literally nothing you can't buy except. Love. I feel like Elon is finding this part out the hard way lately.

I'd disagree, once you get wealthy (and it doesn't even need to be that much), you can:

- schedule beauty appointments to fix how you look

- go on coaching sessions to increase your confidence and how you socialize

- take people out on dates without thinking "oh that's a bit expensive"

- buy dating coaches who understand the psychology behind dating and successful relationships

- buy therapists to heal your past traumas

Love is still not guaranteed, but you can do a lot to increase your odds.

Re: What do wealthy people buy, that ordinary people know nothing about? (2015)

#159

Post by cess11 »

criddell wrote: post #52
cess11 wrote: post #30

Earlier quoted context omitted.

[flagged]

What are the major crimes or exploitation that Warren Buffet is guilty of?

Since you bring him up specifically I'm guessing you already know he's a capitalist but is perfectly fine with hereditary wealth extracted from other people's labour, so maybe look into his predatory practices towards the poor, e.g. in lending, or other corporations.

Perhaps you also recognise this quote:

"There's class warfare, all right, but it's my class, the rich class, that's making war, and we're winning."

Re: What do wealthy people buy, that ordinary people know nothing about? (2015)

#160

Post by sfeng »

What so many people fail to realize is the true purpose of money is to avoid having to spend time with people you don’t like, or do things you don’t value. So if you have a $400/million per month job, but you have to have meetings all day long, you’re not really rich. Similarly, no offense to billionaires, but the ones I’ve met have been someone manic and misanthropic. If you are using your access to spend your time with them, you are not really rich in my book.

True wealth is being able to spend all your time doing things with and for people you love. It sounds trite, but the truth is many people miss the opportunity to jump off the train and enjoy their life while they can.

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