Are you rich?

[+ sniper]

When I got to an age/aize where normal plane seats were extremely uncomfortable for me, I started paying for a first class seat and traveling less often. Now I am someone who "only flies first class" but I can tell you for sure I am not in the same financial class as most of the people I am seated with.

[+ E.T.Bass]

Start investing NOW my young friend! You will be glad when you reach my age! ?

 

(I was lucky to have a great mentor that guided me onto the “right track” early in life - now I am paying it forward as best I can.)

 

So true. I had a mentor. She really saved my azz, how to save and invest.

Paying yourself every week, starting young, will build the largest retirement account.

It's a fact.

 

I spend money on providers, but have my limits. I'm glad to help them make a living and often include a nice tip.

[+ tassojunior]

When I got to an age/aize where normal plane seats were extremely uncomfortable for me, I started paying for a first class seat and traveling less often. Now I am someone who "only flies first class" but I can tell you for sure I am not in the same financial class as most of the people I am seated with.

"Big front seat" is only $40 extra on Spirit. (it's a United domestic biz seat).

[BtmBearDad]

A lot of the discussion of wealth, especially on anonymous forums such as this, can usually boil down to “one man’s rich, is another man’s middle class” - it’s all so subjective.

 

I have friends who are very wealthy - mid eight figure net worth - and I have friends who live paycheck to paycheck. It’s in the in between that I think the majority of us live.

 

I have no illusions about myself - I grew up comfortably, twelve years of private education (16 if you count uni), summers split between the different grandparents homes out East, and vacations overseas, but at the time, it was all somewhat normal - it was how our cousins, our friends lived too. As an adult, I recognise I do have a privileged life - and I make no apologies for it. I own my own apartment which is probably far bigger than one man needs ( but it was such a bargain 20 years ago), I like going out to nice restaurants, having suits made, traveling, adding to my art collection (bronze sculptures), and this hobby. As others have pointed out themselves, I’ve no need to pass anything on, so why not spend it on what I enjoy.

 

Will this always be the case? Possibly not. I know since I turned 50 last year, I have thought about possibly downsizing if for no other reason than to save on my monthlies. Just the monthly maintenance fee at NYC co-ops can be ridiculous, and while I’m not in a top tier building, it’s still mid four figures a month. The only future I worry about is my own - as long as there is enough left to tip the gravedigger, I’ll continue to enjoy what I enjoy.

 

As my great aunt used to say, “Life is too hard, and too short to not enjoy it.” This is what I keep in mind as I live mine.

[big-n-tall]

No, I just manage my money well. You don’t have to be rich, unless you are chasing after the ones who don’t advertise, multiple times a month, when hiring.

[Rudynate]

Lower middle and hiring expensive scorts?

 

 

Why not? He said he budgets for it.

[AlexanderRF]

Hiring anyone to clean for me would be pointless. I know I would spend a couple of hours tidying up in advance of their arrival.

haha, completely agree with you.

[socurious]

S

[AlexanderRF]

I am an escort and it all depends. My rate is not that low and I do that on purpose. To attract decent people and people that want something else than a quick 10 minute suck for 15 euro. Like, I went to Hunqz and there the people only offer 15 euro for 30 minutes or so.

 

What I see is that all of my clients just want to have a really good time. And that is where they pay for. Some of my clients ofc are super rich and fly me over to the other side of the world for 2 nights. but thats a small percentage.

[+ WilliamM]

I have discovered for special events on Broadway (Our Hearts Belong to Mary Martin) the cheapest seats are just as good as yhe the best seat. Just being there was wonderful in 1985

Edited April 23, 2021 by WilliamM

[AlexanderRF]

When I got to an age/aize where normal plane seats were extremely uncomfortable for me, I started paying for a first class seat and traveling less often. Now I am someone who "only flies first class" but I can tell you for sure I am not in the same financial class as most of the people I am seated with.

 

Actually I am not rich at all but always flying business or first class. Just saving miles/points. Americans know everything about that. Most people in business class dont pay for it either. Mostly business people and miles savers.

[kingsley88]

Will this always be the case? Possibly not. I know since I turned 50 last year, I have thought about possibly downsizing if for no other reason than to save on my monthlies. Just the monthly maintenance fee at NYC co-ops can be ridiculous, and while I’m not in a top tier building, it’s still mid four figures a month. The only future I worry about is my own - as long as there is enough left to tip the gravedigger, I’ll continue to enjoy what I enjoy.

 

As my great aunt used to say, “Life is too hard, and too short to not enjoy it.” This is what I keep in mind as I live mine.

 

I agree with you in terms of enjoying life and as long as I have money in the bank to tip the gravedigger, all is well.

 

When I was in my early 20s an older gay coworker once joked to me that one reason to have a 401k is to able to afford escorts by the time we retire at age ~65. The older I get I see his reasoning but back in 2008 I hired for the first time one of my favorite porn stars while he was visiting NYC and looking back it was worth every penny!

 

To answer the original question, no I do not consider myself rich but I do the budget and due to the pandemic, have actually saved the most money I've ever had in my working life last year (mainly due to not travelling, not eating out or going to bars, cooking on my own, etc.).

 

My main goal for the next several years is to reach my FI number. Once I hit that number, I'll consider myself rich.

[+ poolboy48220]

So true. I had a mentor. She really saved my azz, how to save and invest.

Paying yourself every week, starting young, will build the largest retirement account.

It's a fact.

 

I spend money on providers, but have my limits. I'm glad to help them make a living and often include a nice tip.

My Dad has mentioned that a co-worker at his work gave him great advice on retirement investing. That guy and his wife were my godparents, in fact. As I got older I wondered (a bit resentfully) why Dad never imparted that advice to his own children.

[Guest SWFL44]

Not according to Dame Suze Orman. I can’t even afford to retire! ? High ho its off to work I go!

https://www.marketwatch.com/story/suze-orman-says-you-need-5-million-to-retire-thats-nonsense-2019-01-15

 

I would probably be considered as “rich” in small town USA, but certainly not in NYC!!

 

Then I see an article like this and it is downright depressing:

https://www.bloomberg.com/news/articles/2018-05-23/bankers-don-t-think-you-re-rich-unless-you-have-25-million ?

Suze Orman would have you work to death. She has to go...

 

You need to feel better and review this and join the "movement". You're probably far better off than you think...

 

Financial Independence, Retire Early (FIRE) is a financial movement defined by frugality and extreme savings and investment. By saving up to 70% of annual income, FIRE proponents aim to retire early and live off small withdrawals from accumulated funds.

 

https://www.firecalc.com/

[BtmBearDad]

I agree with you in terms of enjoying life and as long as I have money in the bank to tip the gravedigger, all is well.

 

When I was in my early 20s an older gay coworker once joked to me that one reason to have a 401k is to able to afford escorts by the time we retire at age ~65. The older I get I see his reasoning but back in 2008 I hired for the first time one of my favorite porn stars while he was visiting NYC and looking back it was worth every penny!

 

To answer the original question, no I do not consider myself rich but I do the budget and due to the pandemic, have actually saved the most money I've ever had in my working life last year (mainly due to not travelling, not eating out or going to bars, cooking on my own, etc.).

 

My main goal for the next several years is to reach my FI number. Once I hit that number, I'll consider myself rich.

 

 

I received similar advice from an “elder gay” when I was in my 20’s - max out your 401K, open an IRA, buy something as soon as you can, pay a little extra on your mortgage every month, etc.. While he was a hobbyist, his rationale was more about that as gay men, we have no one to look after us in old age as many of us do/did for our parents. He said money is freedom and can guarantee you independence.

 

You may not consider yourself “rich”, but there may very well be others - friends, colleagues, etc. - that envy the position you’re in. It’s all subjective. As it is, sounds like you know what you’re doing, so I’m sure you’ll be hitting your number soon enough!

[+ Coolwave35]

My main goal for the next several years is to reach my FI number. Once I hit that number, I'll consider myself rich.

 

Are you into the FIRE community?

[Epigonos]

When it comes to money I have been extremely lucky. I taught high school here in California for 37+ years and was really never very interested in learning about investing my income. During those teaching year I tried, every summer vacation, to visit different interesting places all over the world. I bought my condo forty years ago and don't have a house payment which is a huge savings. I just bought a new car after keeping my last one for nineteen years. If I do the same with the new one I'll buy my next car at age 99 - not likely. When I retired from teaching the pension system was over the top outstanding. My major expenditures are traveling (curtailed over the last year but I have still managed to do some) and entertaining. I love to cook and I spend a fortune on food cooking for friends and family. Fortunately I still have enough discretionary income to hire escorts on a somewhat regular basis. Damn I've had a good life.

At 80 I'm trying to get things in order for my eventual demise. My parents, years ago, bought a cemetery plot, next to theirs, for me. I recently had my headstone put in place. It has all the standard information engraved on it except for my death date of course. At the bottom I had engraved the title of a famous Frank Sinatra song "I Did It My Way". Hopefully that's true of the way I have tried to lived my life. I was tempted to have the title of a very famous Mexican ranchera song engraved "La Vida No Vale Nada" (Life is Worthless) but decided that as much as I like the song it was too negative.

Edited April 25, 2021 by Epigonos

[curiousbynature12]

Is there any benefit to admitting to be rich here?

 

Especially for a group of individuals where their money can distort their relationships and cause problems?

[thedanNYC]

[+ Lucky]

I am an escort and it all depends. My rate is not that low and I do that on purpose. To attract decent people and people that want something else than a quick 10 minute suck for 15 euro. Like, I went to Hunqz and there the people only offer 15 euro for 30 minutes or so.

 

What I see is that all of my clients just want to have a really good time. And that is where they pay for. Some of my clients ofc are super rich and fly me over to the other side of the world for 2 nights. but thats a small percentage.

With my small business, I am in it more for the fun of something to do. But I have a slightly higher rate just to deter the cheapskates. I don't care to deal with them.

[Scott Virginian]

There's a story, perhaps apocryphal, that Kurt Vonnegut once said to Joseph Heller, at a fancy party on Shelter Island, that their hedge-fund-manager host made more money in a day than Heller would ever make off his most popular book, Catch-22. Heller is said to have replied to Vonnegut, "yes, but I have something he will never have. Enough."

[+ tassojunior]

There are people who have money and people who spend money. They're not the same usually.

 

Someone also may have a big amount of untouchable assets or equity. A neighbor friend lives poor as hell because she owns a $3M townhouse and a 200 acre farm and art collections she has to store properly and maintain for a future bequest.

 

Rich doesn't always mean having money. (granted it's better than being poor)

[Quincy_7]

Rich doesn't always mean having money. (granted it's better than being poor)

 

The way I see it, the difference between being rich and being wealthy is whether or not you have to work for your money. Eg having a high level corporate job vs living on dividend income.

[+ WilliamM]

There are people who have money and people who spend money. They're not the same usually.

 

Someone also may have a big amount of untouchable assets or equity. A neighbor friend lives poor as hell because she owns a $3M townhouse and a 200 acre farm and art collections she has to store properly and maintain for a future bequest.

 

Rich doesn't always mean having money. (granted it's better than being poor)

My heart goes out to her, so very sad.

[cany10011]

Only very close friends know what I or my family have.

Whenever anyone asks this question in general conversation, I always laugh, smile, deflect and change the subject.