Have you ever encountered hostility because people think you're "rich"?

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The Planner
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Have you ever encountered hostility because people think you're "rich"?

Post by The Planner »

I'm not rich. I have a higher net worth than most people my age if statistics are anything to go by, but I'm still at least 7 years away from having a seven-figure net worth.

But I've noticed something in a few casual conversations, as well as online discussions where topics of taxation and wealth come up: That "the rich" are awful, terrible people who are responsible for all of society's ills and, don't you know, they have to be taxed more because they just don't deserve their money. From quarters such as these, anyone who earns double the national average is "rich". Anyone who stands to inherit a few hundred K is "rich". Maybe it's a European thing, I don't know.

Now I don't want to get into a political discussion here - but I would like to know if you've ever experienced a similar feeling that it's really better to keep a low profile if you have a net worth such that most people would deem you "rich".
edge
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Re: Have you ever encountered hostility because people think you're "rich"?

Post by edge »

I'm sure this problem is common but it can be mostly avoided by living in a wealthy area. Homogeneous living has its advantages.

Disadvantages exist. For example kids may not have realistic view of the world if they have never seen poverty.
Last edited by edge on Wed Aug 05, 2015 3:08 am, edited 1 time in total.
denovo
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Re: Have you ever encountered hostility because people think you're "rich"?

Post by denovo »

In before the lock
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sawhorse
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Re: Have you ever encountered hostility because people think you're "rich"?

Post by sawhorse »

Here are my thoughts.

Those "hostile" arguments aren't entirely without merit, and the counterhostile (sorry, can't think of the right word) viewpoint is also not without merit.

Money is power, and the truth is, that power is sometimes abused. Moreover, sometimes that money has been gained through mistreating others. At the same time, I think people underestimate how much money you need to have real power.

People are jealous and greedy and hold others to higher standards than they hold themselves. If those hostile people win the lottery, they'll quickly do a 180.

The easiest rich people to notice are (duh) those that make it known. These people tend to be obnoxious. They often act like their money indicates superiority and give themselves too much credit for it. Many times these statements aren't overt nor are they necessarily conscious. In fact, sometimes they manifest themselves in the opposite way, for example complaining that you "only" make $300k a year.

Rich people are often out of touch with the struggles of poorer people. The same is true in the other direction. To non-rich people, things are (literally) greener on the other side. Rich people are not entitled to express feelings of struggle because when you're wealthy, you can't possibly have "real" problems. Money solves everything, right?

The hostility goes both ways. You often hear rich people look down on the poor.

For both directions, the hostility is magnified by the fact that you typically hear from those with the strongest viewpoints. I don't think the hostility is truly that great. You just don't hear as much from people who don't feel strongly.

It's generally not a good idea to advertise your wealth for many reasons. In a way I'd dread winning the lottery because they publicize it and make you pose for the check. Comments from strangers on the internet are very low on the list of reasons to keep quiet about your wealth.
sambb
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Re: Have you ever encountered hostility because people think you're "rich"?

Post by sambb »

There are plenty of rich people who give rich people a bad name, and did get there with questionable ethical means. Others would say that CEO pay and the pay of leadership is out of control. So, there are two sides to every story. Yes, hostility is out there.
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just frank
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Re: Have you ever encountered hostility because people think you're "rich"?

Post by just frank »

I think the emphasis here is in the OP post 'online discussions'. Not a representative sample.

Compared to many countries, wealth and the wealthy are idolized in the US. Rather than 'might makes right', many believe 'wealth makes right'. That is, people with lots of money must be the smartest and wisest and most practical people in the room.

Not that I believe any of the above....but I think many of my fellow americans do. Its just not currently cool to admit/discuss it (unlike the 80s, when it was safe to do so).

Ask yourself how many people are 'greedy', not in a bad way, just what would most people do for a little money??
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retiredjg
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Re: Have you ever encountered hostility because people think you're "rich"?

Post by retiredjg »

I can't think of any reason to advertise wealth. I can think of a lot of reasons not to advertise wealth. A low profile is certainly smart in my opinion.
IlliniDave
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Re: Have you ever encountered hostility because people think you're "rich"?

Post by IlliniDave »

To answer the subject line question, no, I have not ever had hostility directed towards me because of my relative level of wealth.

I do very frequently see hostility directed towards "the rich" in general. My family is rife with that sort of attitude (its roots are in their politics, not in any first-hand experience). Ditto for a decent fraction of my friends/acquaintances. Everyone hates the nebulous, faceless, "rich guy"; but once there is a name and a face and some shared experience the relatively well-to-do friend ceases to be a "rich guy" and becomes simply a hard-working successful person.

That said, I am thinking of working part-time during the early part of my retirement simply to disguise my financial independence. An ounce of prevention and all.
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plannerman
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Re: Have you ever encountered hostility because people think you're "rich"?

Post by plannerman »

No--probably because no one, other than my wife, knows how rich we are, We live the quintessential "Millionaire Next Door" life style.

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DDMP20
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Re: Have you ever encountered hostility because people think you're "rich"?

Post by DDMP20 »

I think it's patently obvious to most that I am firmly entrenched in the middle class and most likely will be forever so I've never experienced hostility. However I worked with a guy who owned several properties in southern California (Riverside County) and he told me a story. He was well off but not rich by any means let alone in terms of CA norms. He said that a lot of times he was making only a modest profit from his real estate holdings. He also said that many of his tenants would assume he was rich and uncaring so they would trash his properties as a way of sticking it to the rich guy.
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Re: Have you ever encountered hostility because people think you're "rich"?

Post by 2Birds1Stone »

I am a big believer in stealth wealth.
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David Jay
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Re: Have you ever encountered hostility because people think you're "rich"?

Post by David Jay »

to answer the OP: Nope!

I have never had anyone think I was rich.
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Re: Have you ever encountered hostility because people think you're "rich"?

Post by cheese_breath »

I'm doing OK, but not rich. But one of DW's former girlfriends must have thought I was. We've always lived modestly, and this person was always calling me cheap behind my back because I wasn't blowing money on things she thought I should.
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Artsdoctor
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Re: Have you ever encountered hostility because people think you're "rich"?

Post by Artsdoctor »

Yes! Many, many years ago, my senior business partner brought his family to visit us; we had rented a summer house. Later that year, my bonus was far less than expected. When I asked to see the calculations, it became clear that I deserved far more than I received. When I confronted the senior partner, I was told that it was clear that I didn't "need" the full bonus.

Obviously, the remaining partners stepped in and corrected the situation. Soon thereafter, I left the practice and moved to LA.
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Re: Have you ever encountered hostility because people think you're "rich"?

Post by staythecourse »

People will always be envious and jealous of what they don't have especially if someone else has it. It is human behavior. A mature approach to these "feelings" is to be constructive and either work hard to attain one's own wealth and/ or decide money will not bring happiness and focus on other ways for fulfillment, i.e. family, etc...

Unfortunately, it is easier for folks to grumble about what others have as if they just "lucked" into it vs. worked hard for it. It is a slap in the face. Folks act like the rich do nothing for society.Rich give plenty to society. They pay more taxes and voluntarily donate to charity. Also, I don't think folks are able to differentiate wealthy (2 doctor couples) from SUPER wealthy (big time lawyers and CEO's). They just group everyone together who makes more than them.

These views by some (not all) are the reasons the rich separate themselves form the poor, i.e. live in different neighborhoods, send their kids to different schools, etc... Unfortunately, this just further enrages some of their detractors.

Good luck.
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staythecourse
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Re: Have you ever encountered hostility because people think you're "rich"?

Post by staythecourse »

Artsdoctor wrote:Soon thereafter, I left the practice and moved to LA.
Good way to make sure no one mistakes you for the rich moving to socal!! :D
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Re: Have you ever encountered hostility because people think you're "rich"?

Post by kjvmartin »

I am nowhere near rich, but I've got a bit of a frugal (cheap) reputation around the office. I do "weird" things like take home leftovers and bottle returns. Others just toss it out, so I'll take home theirs too if it's convenient. So, people assume that since I tend to live modestly that I must have a lot of extra money compared to them. I've caught flack about this, it really seems to rub some people wrong.

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Re: Have you ever encountered hostility because people think you're "rich"?

Post by wolingfeng »

Many well said comments. Money is very important but most intelligent people have their focus on things that are more meaningful to them, i.e. family, career, or some forms of societal contribution. :beer
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Re: Have you ever encountered hostility because people think you're "rich"?

Post by SmileyFace »

I don't consider myself rich but if I was - I wouldn't plan on letting anyone know. The only give away for my success is I do have a couple of decent watches but I find folks rarely notice which is good.
I certainly don't hold it against anyone as I know the facts are that:
1) the wealthy actually pay the majority of taxes much to the contrary beliefs of many
2) the wealthy are actually the top philanthropists in the country
3) except for a few rare exceptions, most wealthy have worked very hard to get their wealth - many at the sacrifice of time with family and friends and so on
4) for those that do show their wealth with a nice car, house, watch, etc - nothing wrong with spending some money celebrating your success in life as long as you have a balance and give back as well (which the majority of wealthy folks do)
AndroAsc
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Re: Have you ever encountered hostility because people think you're "rich"?

Post by AndroAsc »

I would be rather hostile to "rich" people if I met them, but then again it depends on your definition of how rich is rich. And my gripe is with how they earn their money.

Successful small business entrepreneur providing a real service is worth $10mil+ after decades of hard work - Respect.
M.D. specializing in heart surgery bringing in $500k per year - Envious, but I respect that it's "hard-earned"
Some kid coming up with a time wasting fad app crap and sells it for $5mil in 1 year - WTF is happening to this world?
Spoilt brat who inherited his parent's wealth - Lucky break for this guy!
Hedge fund managers with too much money to count ripping of money from high management fees - Assholes, I would be hostile to them.

For me, it's a matter of "where" you got rich from. And unfortunately the higher you go up the "rich" ladder, you will find more and more wall street con-men.
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Re: Have you ever encountered hostility because people think you're "rich"?

Post by sawhorse »

staythecourse wrote: Unfortunately, it is easier for folks to grumble about what others have as if they just "lucked" into it vs. worked hard for it. It is a slap in the face. Folks act like the rich do nothing for society.
Change a few words, and you could be describing the other direction. The contempt that some rich people have for the poor is pretty disturbing. Not to mention the implied entitlement.

The "worked hard for it" line I hear from the rich quite often is the real slap in the face. I never worked harder than when I was making minimum wage, and it's only through good fortune that I was raised in an environment that basically predestined me for a life outside the lower income classes. My co workers there weren't so lucky.

And I doubt any of us work as hard as a sweatshop laborer in a poor country. But those people have zero chance of climbing out of that.

Hard work is a usually necessary but rarely sufficient condition for wealth.
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Re: Have you ever encountered hostility because people think you're "rich"?

Post by Grt2bOutdoors »

I've encountered hostility because of my occupation. People think that all employees are "rich". :oops: And, because you are employed in a certain industry, you are a "snob", "cheapskate", called derogatory names by certain ethnic groups who look with disdain upon someone dressed in a shirt/tie/jacket. Apparently, being dressed as a slob and not using proper diction is more appropriate to some. :o
Funny thing is, my colleagues are some of the most generous folks I do know in both terms of monetary and time contributions and for the record, there are only a select few who are really "rich" and making uber amounts of money, everyone else myself included are working to pay the bills (and save for retirement or FIRE :wink: ).

I've encountered hostility when I once made the mistake of saying I was doing well (not referring to wealth, more like my general health, whatever!) when an acquaintance inquired. The daggers came out and if looks could kill........ and then came the stupid comments about my occupation, yada yada yada. Apparently I didn't meet their high standards but then again their choice of occupation gets even worse comments from the general public at large in any situation they are mentioned. Needless to say, I no longer speak with that person.
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Re: Have you ever encountered hostility because people think you're "rich"?

Post by yellowgirl »

sawhorse wrote:
staythecourse wrote: Unfortunately, it is easier for folks to grumble about what others have as if they just "lucked" into it vs. worked hard for it. It is a slap in the face. Folks act like the rich do nothing for society.
Change a few words, and you could be describing the other direction. The contempt that some rich people have for the poor is pretty disturbing. Not to mention the implied entitlement.

The "worked hard for it" line I hear from the rich quite often is the real slap in the face. I never worked harder than when I was making minimum wage, and it's only through good fortune that I was raised in an environment that basically predestined me for a life outside the lower income classes. My co workers there weren't so lucky.

And I doubt any of us work as hard as a sweatshop laborer in a poor country. But those people have zero chance of climbing out of that.

Hard work is a usually necessary but rarely sufficient condition for wealth.



:sharebeer
Grt2bOutdoors
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Re: Have you ever encountered hostility because people think you're "rich"?

Post by Grt2bOutdoors »

sawhorse wrote:
staythecourse wrote: Unfortunately, it is easier for folks to grumble about what others have as if they just "lucked" into it vs. worked hard for it. It is a slap in the face. Folks act like the rich do nothing for society.
Change a few words, and you could be describing the other direction. The contempt that some rich people have for the poor is pretty disturbing. Not to mention the implied entitlement.

The "worked hard for it" line I hear from the rich quite often is the real slap in the face. I never worked harder than when I was making minimum wage, and it's only through good fortune that I was raised in an environment that basically predestined me for a life outside the lower income classes. My co workers there weren't so lucky.

And I doubt any of us work as hard as a sweatshop laborer in a poor country. But those people have zero chance of climbing out of that.

Hard work is a usually necessary but rarely sufficient condition for wealth.
Come to NYC, where in certain sections of the city, I can point out to you those very conditions, and for the most part many of those "workers" never escape that work life. I can point out sections of the city where they go home, if you can call it that, and then move to their second jobs of going through other people's trash to collect returnable cans/bottles for a nickel each or things they can reuse or sell to someone else for some spare cash. But I guarantee you, the rich folk in NYC are totally oblivious to it, they are totally out of touch, what they spend for breakfast is what many of those folks I wrote about above don't spend in a day or a week.
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sawhorse
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Re: Have you ever encountered hostility because people think you're "rich"?

Post by sawhorse »

yellowgirl wrote:
sawhorse wrote:
staythecourse wrote: Unfortunately, it is easier for folks to grumble about what others have as if they just "lucked" into it vs. worked hard for it. It is a slap in the face. Folks act like the rich do nothing for society.
Change a few words, and you could be describing the other direction. The contempt that some rich people have for the poor is pretty disturbing. Not to mention the implied entitlement.

The "worked hard for it" line I hear from the rich quite often is the real slap in the face. I never worked harder than when I was making minimum wage, and it's only through good fortune that I was raised in an environment that basically predestined me for a life outside the lower income classes. My co workers there weren't so lucky.

And I doubt any of us work as hard as a sweatshop laborer in a poor country. But those people have zero chance of climbing out of that.

Hard work is a usually necessary but rarely sufficient condition for wealth.



:sharebeer
That's why I struggle with reconciling the fact that we pour our money into a stock market that incentives this kind of labor by rewarding this kind of cost cutting.
MadtownHiker
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Re: Have you ever encountered hostility because people think you're "rich"?

Post by MadtownHiker »

retiredjg wrote:I can't think of any reason to advertise wealth. I can think of a lot of reasons not to advertise wealth. A low profile is certainly smart in my opinion.
Ditto
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White Coat Investor
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Re: Have you ever encountered hostility because people think you're "rich"?

Post by White Coat Investor »

The Planner wrote:I'm not rich. I have a higher net worth than most people my age if statistics are anything to go by, but I'm still at least 7 years away from having a seven-figure net worth.

But I've noticed something in a few casual conversations, as well as online discussions where topics of taxation and wealth come up: That "the rich" are awful, terrible people who are responsible for all of society's ills and, don't you know, they have to be taxed more because they just don't deserve their money. From quarters such as these, anyone who earns double the national average is "rich". Anyone who stands to inherit a few hundred K is "rich". Maybe it's a European thing, I don't know.

Now I don't want to get into a political discussion here - but I would like to know if you've ever experienced a similar feeling that it's really better to keep a low profile if you have a net worth such that most people would deem you "rich".
Get used to it. I wrote a letter to the editor recently about how a proposed state tax that was only applied to doctors and hospitals (to be used for Medicaid expansion) was unfair. The anonymous comments below it represent the mindset of the folks you're discussing:
Doctors need to stop crying the blues. If you don't like your profession you can always quit and become a teacher or police officer making $30k per year and still pay taxes.
Did you vote republican? If you did you then agreed to raise your taxes to give tax breaks to big business. So stop blaming cops and teachers, look in the mirror and blame yourself!
It appears Dr. Dahle views patients as "profit centers" only.
What a whiner.
And this poor doctor has a boat payment due.
Doctor, you are one sick individual.
One of the most ridiculous letters I've seen in a while...But hey doc, it's all about the $$$$ isn't it? It's not about treating and curing sick people or preventing epidemics, it's just about the money. And of course you as a doctor don't want to be held liable for your mistakes either, even if they cost someone their life. Thanks for publishing your name, it makes it easier when looking for doctors to know who to avoid.
You and Dr. Money are two peas in the same greedy pod,
So, without getting into a political discussion...yea, I've experienced it. Trying to keep this "actionable" I would recommend making sure you're doing your part by paying your taxes, serving others, and donating to charity, and then don't worry about it. While there is a fair amount of luck in who has a high income and who has a high net worth, there are a lot of low income and low net worth folks (not necessarily the same people, of course) who stay that way due to choices they make and there is nothing you or I can do to fix that. Don't spend time worrying about things you cannot fix.
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northernisland
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Re: Have you ever encountered hostility because people think you're "rich"?

Post by northernisland »

One of the things that's had an influence on me has been some of the social science literature on happiness, wealth, and family inheritance. I've seen studies that say things like:
-Break the median on local salary and you get some happiness bump.
-Wealth translates into longer life.
-There's some association between wealth and loss of empathy.
-People who drive expensive cars are less considerate drivers.
-There are large social differentials on who inherits wealth and status and these inheritances can have an influence hundreds of years later (I remember studies looking at the distant descendants of those from elite professions).

The main upside of these studies is that in general I don't personalize attitudes about the wealthy. I'm aware I've received a lot of privilege and I understand if sometimes others resent this. I also try to live a modest life and use my resources well. There's a basic "unfairness" in how we start out life and all of the lecturing doesn't remove this.

I'll also cop to basic human envy (I think there's also research that knowing what others make in your company is likely to raise resentment levels). I also am sometimes disgusted by conspicuous consumption, by flagrant displays of wealth, and by how having resources can buy better outcomes for children and family members.

So at the basic level of human behavior, I think there's some hostility, which is partly society's way of enforcing norms.If you're a social rider (make a lot of money and don't share it) I have less respect for you. The upside is that there's more work highlighting the importance of altruism and humanitarianism.

So, it's kind of a muddle, but that all goes into the mix on attitudes towards the wealthy. I'd say in general the stigma for wealth is much less than the stigma for poverty. I'd be surprised by direct hostility, but I also wouldn't expect much sympathy.
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Re: Have you ever encountered hostility because people think you're "rich"?

Post by surfstar »

No.

Luckily (I guess), I'm not rich. :oops:
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Re: Have you ever encountered hostility because people think you're "rich"?

Post by JW-Retired »

retiredjg wrote: I can't think of any reason to advertise wealth. I can think of a lot of reasons not to advertise wealth. A low profile is certainly smart in my opinion.
Absolutely. If you have anything remotely like comfortable retirement savings tell no one. Especially gossipy friends and family.

This thread seems to confirm that.
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The Planner
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Re: Have you ever encountered hostility because people think you're "rich"?

Post by The Planner »

EmergDoc wrote:
So, without getting into a political discussion...yea, I've experienced it.
Wow - you really got a smack on the nose in those comments. And to me, half way across the world, your point was completely balanced and fair-minded. But those comments are exactly the sort of thing I had in mind when I started this thread. You can almost see the pitchforks.
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Re: Have you ever encountered hostility because people think you're "rich"?

Post by sawhorse »

The Planner wrote:
EmergDoc wrote:
So, without getting into a political discussion...yea, I've experienced it.
Wow - you really got a smack on the nose in those comments. And to me, half way across the world, your point was completely balanced and fair-minded. But those comments are exactly the sort of thing I had in mind when I started this thread. You can almost see the pitchforks.
Do you have a link to the letter you wrote?

People say such nasty things over the internet. You could have written about donating your life savings to the poor and would have gotten equally vitriolic comments.
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Re: Have you ever encountered hostility because people think you're "rich"?

Post by Carefreeap »

Yes, I've had a few comments. I'm not flashy at all; drive a 10 year old 4 Runner and buy most of my clothes at discount stores or our local Goodwill. I've worked as many as three jobs at a time and had a house cleaning business as a kid. In other words I don't think I'm better than anyone else.

I do agree that tenants think you're rich if you own rental property. But here are two stand out situations I've recently dealt with;

1. Downstairs condo neighbor thinks we have money and keeps trying to squeeze money out of my insurance company for non-existent claims. Latest was last month. They were already reimbursed for damage and their attorney is trying to double-collect from mine. Both are total slime-balls.
2. MIL wanted us to give her a rental house we own in San Diego County because "she helped us out". This is a woman with a $110k Federal pension and over $1M in assets. We NEVER asked her for money. She volunteered to make us a couple of small loans which she charged us interest and we paid her back early. Had we known the real "cost" of her loans we would have gone elsewhere.

As a kid I had a couple of wealthy friends who seemed to look at life through the lens of people only wanting to be your friend to get something from you. I'm sad to say I'm starting to understand why they were like that. :(
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Re: Have you ever encountered hostility because people think you're "rich"?

Post by Jozxyqk »

sawhorse wrote:
The Planner wrote:
EmergDoc wrote:
So, without getting into a political discussion...yea, I've experienced it.
Wow - you really got a smack on the nose in those comments. And to me, half way across the world, your point was completely balanced and fair-minded. But those comments are exactly the sort of thing I had in mind when I started this thread. You can almost see the pitchforks.
Do you have a link to the letter you wrote?

People say such nasty things over the internet. You could have written about donating your life savings to the poor and would have gotten equally vitriolic comments.
http://www.sltrib.com/opinion/2766267-1 ... ors-to-pay
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Re: Have you ever encountered hostility because people think you're "rich"?

Post by YttriumNitrate »

Stealth wealth can do wonders in avoiding this. Although, when the local homeless crowd starts giving you tips on what food is being offered at which shelter, you might be taking it a bit too far. That has happened to me...more than once.
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Re: Have you ever encountered hostility because people think you're "rich"?

Post by littlebird »

Maybe it depends on where you live. Where I live, I only hear hostile comments directed towards the poor and near poor. :confused
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Re: Have you ever encountered hostility because people think you're "rich"?

Post by hicabob »

northernisland wrote: So, it's kind of a muddle, but that all goes into the mix on attitudes towards the wealthy. I'd say in general the stigma for wealth is much less than the stigma for poverty. I'd be surprised by direct hostility, but I also wouldn't expect much sympathy.

Absolutely!
As an aside I always enjoy the sauna at the local not very fancy health club as a place where the wealthy and almost homeless can congregate and chat without stigma and a minimum of clothes. A not very motivated kid that worked for Burger King taught me this - we were discussing occupations - he mentioned he worked at BK at which point some other saunaphiles told him he should do better than that. He said look at him - happy and relaxing in the sauna just like a millionaire would.
ShiftF5
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Re: Have you ever encountered hostility because people think you're "rich"?

Post by ShiftF5 »

JW Nearly Retired wrote:
retiredjg wrote: I can't think of any reason to advertise wealth. I can think of a lot of reasons not to advertise wealth. A low profile is certainly smart in my opinion.
Absolutely. If you have anything remotely like comfortable retirement savings tell no one. Especially gossipy friends and family.

This thread seems to confirm that.
JW
I agree 100%.

I heard some angry snarky comments from friends and family upon purchasing a luxury auto years ago.

"Stealth Wealth" is best.
Last edited by ShiftF5 on Wed Aug 05, 2015 12:09 pm, edited 1 time in total.
stoptothink
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Re: Have you ever encountered hostility because people think you're "rich"?

Post by stoptothink »

Other than a few family members, who don't have the faintest clue as to what we are worth, making entitled gestures (ie. my wife's sister has invited our family to the local amusement park and then expected us to cover the cost for her family as well because we are better off then they are) or comments about how lucky we are to not financial worries, we have never encountered "hostility". Of course, those family members drive much nicer cars than we do.
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Abe
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Re: Have you ever encountered hostility because people think you're "rich"?

Post by Abe »

Once a member of your peer group finds out that you are okay financially, it's not long before everyone else knows too. The conversation goes something like this, "hey, I heard old Abe has more money than he knows to do with". For some reason early on, I was inclined to save and invest. One day I woke up and realized I was, lets say, well off. I didn't feel any different than I did back when I didn't have anything, but I have found through experience that my relationship with friends and family changed once they perceived me as being rich or well off. I wouldn't say they were hostile, but our relationship was not the same anymore. I learned early on not to say or do anything that would imply I am any better off financially than they are. It's a shame that it's that way, but it's just human nature I guess.
Slow and steady wins the race.
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Re: Have you ever encountered hostility because people think you're "rich"?

Post by Grt2bOutdoors »

The part that bothers me most is "the look". Not words or outright actions by other parties, but they give you a "knowing look", that makes what would be a normal atmosphere very awkward to be in.
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Re: Have you ever encountered hostility because people think you're "rich"?

Post by ShiftF5 »

I think most people's reactions to "rich people" are deeply buried in their brains from their life experiences, parents attitudes, financial situation growing up, etc.

It has little, if anything, to do with the actual "rich people" in front of them.

In many cases it helps them justify why they have not reached any level of wealth.
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Abe
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Re: Have you ever encountered hostility because people think you're "rich"?

Post by Abe »

One time as a joke I put a million dollar bill (play money, of course) on my desk with a little sign that said "My First Million" with a little smiley face. My wife warned me not to do it. She was right. When people saw it, their demeanor quickly changed, they did not think it was funny. I could tell I had made a mistake and immediately took it down. I should have known better.
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Re: Have you ever encountered hostility because people think you're "rich"?

Post by Ged »

No, but for these reasons:

1. I'm not really rich. More like 'very comfortable'.

2. I don't advertise my wealth.

3. Mostly I socialize with neighbors who are in similar socio-economic strata.

I do have some personal dislikes of some behaviors of really rich people. Comments from rich folks advocating flat taxes and complaints about poor people being poor because they are lazy really turn me off.
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Re: Have you ever encountered hostility because people think you're "rich"?

Post by sawhorse »

Thanks a lot.

Was this letter edited by the news outlet? It doesn't come across well because it's so unclear what you're referring to. If I read the letter on its own, I would have thought that you were asking for hospitals and doctors to be exempt from some obscure tax while everyone else has to pay the tax. Only upon second reading did I realize you had the line, "We should all pitch in". If you explained the situation, people would be more understanding. It would also have come across better if you had not focused it on your own income but rather something like, "Studies have shown that X percent of patients don't pay their bills, and this increases insurance premiums for everyone because patients who do pay their bills end up having to pay more than their share." You do make it more general in the last paragraph, but you chose to mention your own income first.

I think the tone of the letter irritated people. But I also think you still would have received those comments had you phrased it more diplomatically. Some people will write those comments no matter what.

By the way, teachers spend a lot out of pocket for classroom needs, so "teachers to pay for education" makes some eyes roll. When I taught, I easily spent over a thousand dollars a year out of pocket.
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Re: Have you ever encountered hostility because people think you're "rich"?

Post by Barefootgirl »

I'm in all day meeting today, surrounded by the well educated (most are PhDs) and seemingly well compensated.

Our lunchtime conversation turned to investing. Only 2 of the 24 of us knew the name John Bogle or the Boglehead philosophy (primarily the issue of the futility of market timing).

The others invest based on some mix of voodoo, wimsy, and timing strategies.

I'd say they might be poor LOL
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Re: Have you ever encountered hostility because people think you're "rich"?

Post by sawhorse »

Barefootgirl wrote:I'm in all day meeting today, surrounded by the well educated (most are PhDs) and seemingly well compensated.

Our lunchtime conversation turned to investing. Only 2 of the 24 of us knew the name John Bogle or the Boglehead philosophy (primarily the issue of the futility of market timing).

The others invest based on some mix of voodoo, wimsy, and timing strategies.

I'd say they might be poor LOL
PhDs in many fields are quite poorly compensated, and they don't do themselves any favors by not investing wisely in order to compensate for their relatively low compensation, if that makes sense. It's weird that they can devote so much time to researching a narrow topic but not bother reading a bit about investing. I was that way in grad school.
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Re: Have you ever encountered hostility because people think you're "rich"?

Post by 2tall4economy »

AndroAsc wrote: For me, it's a matter of "where" you got rich from. And unfortunately the higher you go up the "rich" ladder, you will find more and more wall street con-men.
I don't disagree - but it's the nearly as rich and stupider that put them there. Investing with Vanguard will set them straight.
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Re: Have you ever encountered hostility because people think you're "rich"?

Post by Grt2bOutdoors »

sawhorse wrote:
Jozxyqk wrote:
By the way, teachers spend a lot out of pocket for classroom needs, so "teachers to pay for education" makes some eyes roll. When I taught, I easily spent over a thousand dollars a year out of pocket.
I believe the IRS allows a tax deduction for expenditures you note above on Form 1040, those deductions are not disallowed for AMT purposes.
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sawhorse
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Re: Have you ever encountered hostility because people think you're "rich"?

Post by sawhorse »

Grt2bOutdoors wrote:
sawhorse wrote:
Jozxyqk wrote:
By the way, teachers spend a lot out of pocket for classroom needs, so "teachers to pay for education" makes some eyes roll. When I taught, I easily spent over a thousand dollars a year out of pocket.
I believe the IRS allows a tax deduction for expenditures you note above on Form 1040, those deductions are not disallowed for AMT purposes.
Yes, but only $250 which is way less than what I know most teachers spend.
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