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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)

#231
post #66

Earlier quoted context omitted.

Without people to buy from, money is worthless.

Sometimes it's fun to realize that if we all just decided dollars were worthless, they would be. There'd be nothing the government could do about it. Crypto ain't it, though. Even the better-scaling blockchains still don't scale very well. I've heard of a few different mesh-network currency projects, and I wonder if any of them could scale by essentially giving each user their own blockchain. However, in a mesh-netwo…

To the point about dollars, there very much is something the government can do about it: taxes.

If the government requires taxes to be paid in dollars, that sets a "floor" on the value of a dollar as a medium of exchange - for most people in the US living a "normal" life, you have to acquire some amount of dollars throughout the year, under penalty of jail/loss of property (property tax). Then, since you already have 300m+ consumers in a massive market using the currency, odds are you'll use it too.

The only way you'd truly render dollars worthless is through government action or malfeasance; the fictional scenario where every person on earth not only agrees dollars are worthless, but also agrees to forfeit all property in the US, all employment in the US, and interests in any US financial holdings is quite a few steps beyond the point where "the people just decide to rebuke the dollar's lack of backing".

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

#232
post #81

Earlier quoted context omitted.

> A very rich person has a full-time housekeeper. So does any middle class family living in a developing country with high economic inequality.

And it would be heartless not to. Those housekeepers need jobs and incomes.

It doesn't heartless.

You can, instead of paying for a housekeeper pay for machines etc. made in the country in question, thus creating technical jobs there that might develop people more than housekeeping does.

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

#233

Earlier quoted context omitted.

> but it lasts 5-10 times longer I find it such a weird argument. Ok, your furniture from 1900 is still doing great, fantastic. The problems are: 1. Your great-grandfather had a different sense of esthetics, so shit just didn't fit your modern apartment. 2. You moved to a different country, and shipping fees of the furniture were ten times the cost of brand-new chipwood furniture (literally). 3. The furniture was des…

The best interiors feel lived in but not stuffy. A few old pieces of furniture can help achieve that. Part of the skill of interior design is making these pieces work together in new ways. You don’t want your home to feel like an ikea catalog surely!?

> You don’t want your home to feel like an ikea catalog surely!?

I do. Now what.

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

#234
post #169

It’s funny how emotional responses questions like this become on part of the people answering everything but the question. If some one asks in a sports forum what the best exercises are that pro tennis players do that novices don’t know about you wouldn’t expect the majority of answers being in the line of “Tennis players never experience true love! If all you have is tennis you’ll be depressed!”

Sometimes the question is really asking something else. In this case, it might seem to be "what trick can I use that ultra-wealthy use?" or "how can I be prosperous on a budnget" but it really is "what is it like to be rich?"

I think the question was pretty clearly worded:

> Title: What do insanely wealthy people buy, that ordinary people know nothing about?

> Text: I was just spending a second thinking of what insanely wealthy people buy, that the not insanely wealthy people aren't familiar with (as in they don't even know it's for sale)?

The comment just plain and straight doesn't answer the question being asked.

It's kinda amazing how much more it is upvoted than comments with relevant answers. Maybe because emotions from dreaming of what it's like being rich (that's what it actually goes about) are so strong, the interpretation of the question is getting bent towards experiencing them.

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

#235

I really like this post since it shows how very little there is for the wealthy to buy other than status goods. The life of the rich, other than status, is very much like the life of upper middle class. The same phones, the same digital entertainment, the same appliances in their homes. We have very few items for the rich to buy. Honestly, it is a problem it breaks incentives and it drives the rich more towards statu…

Yet people still hate the thought of a "maximum wage" or limit to wealth. Everyone should have a life of comfort, not just those who won the lottery or were born into it.

It’s easy to determine what income would be if everyone made the same amount - average income, which is $72,000 per worker.

That includes everyone who filed a tax return from the kid working at McDonald’s to Warren Buffet.

Not sure what you’d call a comfortable life but a single mom making $72,000 per year would be struggling in many major cities.

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

#236
post #56

Wrong question, boring answer. I wake up every day with my best friend. We have been together for so long, we have regularly similiar thoughts on things. If i even want to know this, i want to hear the real people using their money in a way that i'm envy. There was a documentary on netflix about a guy who was diving in the ocean in front of his house and befriended an octopus. Besides this story (its well made), i ha…

You don't have to read or engage with something you don't like.

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

#237

Earlier quoted context omitted.

Just make sure to not mention all those efforts to your date partner, lest she cringes out of existence :)

Probably shouldn't be dating anyone that thinks self-improvement is something to look down on.

Self improvement is one thing, "go on coaching sessions to increase your confidence and how you socialize" & "buy dating coaches who understand the psychology behind dating and successful relationships" are a completely different beast.

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

#238

The referenced reply is dull. It's very pretentious but just reiterates common knowledge, it doesn't convey any useful information. For example I wish someone told me about the existence of Miele kitchen equipment before I accidentally rented an apartment of a well-to-do woman. She renovated it for herself but then rented out when circumstances changed. Similarly it took me a long time to realize just how much better…

> but it lasts 5-10 times longer I find it such a weird argument. Ok, your furniture from 1900 is still doing great, fantastic. The problems are: 1. Your great-grandfather had a different sense of esthetics, so shit just didn't fit your modern apartment. 2. You moved to a different country, and shipping fees of the furniture were ten times the cost of brand-new chipwood furniture (literally). 3. The furniture was des…

[dead]

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

#239

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?

Pretty sure Usain Bolt has.

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

#240

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?

Usain Bolt estimated net worth is $90million. Maybe as many as ten others have passed $4m? A few listed here https://athleticsweekly.com/aw-promotion/top-10-richest-trac...
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