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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)

#351

Post by im3w1l »

alexey-salmin wrote: post #176

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…

> Price is 3-4 times higher but it lasts 5-10 times longer and is much more pleasant to use.

If you are rich then you can buy something that is 20 times more expensive and lasts twice as long. The efficiency doesn't matter as much when it's chump change either way.

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

#352

Post by rwmj »

lm28469 wrote: post #349
rwmj wrote: post #326

Earlier quoted context omitted.

Anyone on a programmer's salary should be able to get to low 7 figures in a decade, and better in 2 decades. In fact I'd go further and say that if you're on a six-figure salary you really must do it. We can't be sure our privileged position will continue for too much longer.

lol, lmao even... Most devs aren't even making 100k a year, even in the US the median is at like 120k. Let's say you make 100k a year in Berlin, you're already in the top 1% so "accessibility" is out of the equation at that point, that's 4.8k net. Let's say you manage to invest ~60% of your salary, that's about 3k a month, 36k a year. Now let's say you get 8% return per year (which you won't), you're barely above 500…

[flagged]

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

#354

Post by safety1st »

nothrowaways wrote: post #321
safety1st wrote: post #248

Earlier quoted context omitted.

On a personal level I know several guys who are worth $10-30M, one who's worth probably $40M, and one who's worth around $700M, this is LNW. Not much in the Reddit reply checks out for me. It's true that the $700M guy socializes with "Senators/Congressmen/community leaders." He travels a lot, and comfortably, but has no ownership in a jet. He retired young-ish and no longer works so maybe that's why. He doesn't flash…

the NW of 700M guy increased to 750M in 1 min - does he sell eggs?

"around"

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

#355

Post by sriram_malhar »

master_crab wrote: post #331
alexey-salmin wrote: post #176

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…

Miele looks and acts high end. And that includes the repair costs because they frequently break. No thanks. I’ll take something that is less so but will work for years without complaint.

Anecdata. I've had Miele washer, dryer and cooktop. No parts changed, no maintenance done on them since 1992. Works absolutely fine.

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

#356

Post by vertnerd »

firemelt wrote: post #310
alexey-salmin wrote: post #176

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…

anybody can elaborate more about the miele? why miele?

I've had the same Miele HEPA vacuum cleaner for 35 years. I've replaced various pieces on it over the years. The bags are still available. It refuses to become obsolete.

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

#358

Post by whatevaa »

sriram_malhar wrote: post #355
master_crab wrote: post #331

Earlier quoted context omitted.

Miele looks and acts high end. And that includes the repair costs because they frequently break. No thanks. I’ll take something that is less so but will work for years without complaint.

Anecdata. I've had Miele washer, dryer and cooktop. No parts changed, no maintenance done on them since 1992. Works absolutely fine.

1992 and todays Miele might be the same. You know, 3 decades have passed.

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

#359

Post by elzbardico »

safety1st wrote: post #248
alexey-salmin wrote: post #176

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…

On a personal level I know several guys who are worth $10-30M, one who's worth probably $40M, and one who's worth around $700M, this is LNW. Not much in the Reddit reply checks out for me. It's true that the $700M guy socializes with "Senators/Congressmen/community leaders." He travels a lot, and comfortably, but has no ownership in a jet. He retired young-ish and no longer works so maybe that's why. He doesn't flash…

Please remember that this is from 10 years ago. For wealth comparison, you need to take into account the valuation of assets in this period. What the author says about 700M, is probably roughly equivalent to today's 5 billions.

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

#360

Post by randomcarbloke »

sgt101 wrote: post #271
HardCodedBias wrote: post #5

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…

Well - there is an alternative take. Whisper it... but we don't actually need to have ultra rich people in our society. They serve no purpose that normal rich people don't, and arguably introduce distortions that are profoundly corrosive.

we didn't arbitrarily select people to make rich, they are externalities of our wants and needs, and a sign that those things are being ~ satisfied.
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