How not to drive your M3

wstar · 08-31-2012, 11:30 AM

It's more difficult and improbable than you'd think to significantly raise your financial position in life above that of your parents. I pretty much default to assuming everyone's financial level in life is mostly inherited (if not directly, indirectly through the way they were raised and taught). Most rich people you meet were born rich. Some inherited it, and some just inherited the right life lessons and made it on their own. But the "rags to riches" thing is pretty insanely rare.

ImportConvert · 08-31-2012, 06:15 PM

Quote:

Originally Posted by wstar

It's more difficult and improbable than you'd think to significantly raise your financial position in life above that of your parents. I pretty much default to assuming everyone's financial level in life is mostly inherited (if not directly, indirectly through the way they were raised and taught). Most rich people you meet were born rich. Some inherited it, and some just inherited the right life lessons and made it on their own. But the "rags to riches" thing is pretty insanely rare.

Strongly disagree. I'm far from rich, but last year I think my net income was probably +-150% of that of my most successful parent's current income (I have 4 parents, including step-parents).

It's called planning, smart work, and loving parents that helped me achieve what every parent says they want---a better life for my kid than I have.

b1adesofcha0s · 08-31-2012, 06:19 PM

Quote:

Originally Posted by wstar

It's more difficult and improbable than you'd think to significantly raise your financial position in life above that of your parents. I pretty much default to assuming everyone's financial level in life is mostly inherited (if not directly, indirectly through the way they were raised and taught). Most rich people you meet were born rich. Some inherited it, and some just inherited the right life lessons and made it on their own. But the "rags to riches" thing is pretty insanely rare.

Quote:

Originally Posted by ImportConvert

Strongly disagree. I'm far from rich, but last year I think my net income was probably +-150% of that of my most successful parent's current income (I have 4 parents, including step-parents).

It's called planning, smart work, and loving parents that helped me achieve what every parent says they want---a better life for my kid than I have.

I think you're both saying the same thing here.

ImportConvert · 08-31-2012, 08:48 PM

Quote:

Originally Posted by b1adesofcha0s

I think you're both saying the same thing here.

My parents were manual or trade type labor, with the exception of my step father who does it and learned on the job, basically,no college, and had no real grasp of what I was up to in school aside from my degree path. They simply trusted my judgement and supported me. I learned all I know from other sources, they just provided the assistance I needed, much thanks!

b1adesofcha0s · 09-01-2012, 08:26 AM

Quote:

Originally Posted by ImportConvert

My parents were manual or trade type labor, with the exception of my step father who does it and learned on the job, basically,no college, and had no real grasp of what I was up to in school aside from my degree path. They simply trusted my judgement and supported me. I learned all I know from other sources, they just provided the assistance I needed, much thanks!

Exact same way here. I just graduated with an engineering degree and once I find a permanent engineering position, I should be good to make more than what both my parents do now combined

wstar · 08-31-2012, 07:02 PM

Quote:

Originally Posted by ImportConvert

Strongly disagree. I'm far from rich, but last year I think my net income was probably +-150% of that of my most successful parent's current income (I have 4 parents, including step-parents).

No offense, I just wouldn't call that "significant". You're still in the same ballpark. Lots of people make a little more for a while (and some don't). But being able to establish yourself at a completely new level of society is a different thing (as in: your dad worked manual labor, but you're a multi-millionaire-for-life living it responsibly and not necessarily required to "work" for a living anymore).

The most common counter-example is the middle-class guy who gets rich on a successful small business or investment idea at a relatively early age, but even among those a high percentage will fall right back to their "natural level" in well under 10 years by pissing it away and making poor financial choices.

When I was 19 I had already overtaken my dad's salary from his long term career by a hefty chunk. 15+ years later, and I still probably out-earn him by a little (he's continued to do well late into his career, and hasn't retired yet). In the big picture though, we're still in the same approximate economic class. We're both comfortably upper-middle, but lack the sort of stable, long-term financial freedom to truly be called upper class.

I've known a lot of people all across the economic scale, but I know very very few that made a large upward jump in their adult lives and vaulted into a new category (and kept it). The average seems to be a lot of people getting "a little" ahead, and a few people backsliding tremendously to balance things out.

Trying to pull this back to thread-relevance though, my point was: Generally when you see someone who's obviously rich upper class, it's a statistical safe assumption they were born that way.

ImportConvert · 08-31-2012, 08:41 PM

Quote:

Originally Posted by wstar

No offense, I just wouldn't call that "significant". You're still in the same ballpark. Lots of people make a little more for a while (and some don't). But being able to establish yourself at a completely new level of society is a different thing (as in: your dad worked manual labor, but you're a multi-millionaire-for-life living it responsibly and not necessarily required to "work" for a living anymore).

The most common counter-example is the middle-class guy who gets rich on a successful small business or investment idea at a relatively early age, but even among those a high percentage will fall right back to their "natural level" in well under 10 years by pissing it away and making poor financial choices.

When I was 19 I had already overtaken my dad's salary from his long term career by a hefty chunk. 15+ years later, and I still probably out-earn him by a little (he's continued to do well late into his career, and hasn't retired yet). In the big picture though, we're still in the same approximate economic class. We're both comfortably upper-middle, but lack the sort of stable, long-term financial freedom to truly be called upper class.

I've known a lot of people all across the economic scale, but I know very very few that made a large upward jump in their adult lives and vaulted into a new category (and kept it). The average seems to be a lot of people getting "a little" ahead, and a few people backsliding tremendously to balance things out.

Trying to pull this back to thread-relevance though, my point was: Generally when you see someone who's obviously rich upper class, it's a statistical safe assumption they were born that way.

I understand, but I don't know many multimillionairs, period. I do have a few friends that qualify, I believe, and do not have to work unless they decide to. One got bored and built a subway, it is very profitable. I think 150% is meaningful. It's the difference in new vehicles and ten year old vehicles. In vacations and not. In having credit card debt and not. Etc. However, yes, I am still in their same bracket. An m3 wouldn't be a problem though, so I assumed that was the reference point.

08-31-2012, 11:30 AM	#1 (permalink)
wstar A True Z Fanatic Join Date: Mar 2009 Location: Houston, TX Posts: 4,024 Drives: too slow Rep Power: 3596	It's more difficult and improbable than you'd think to significantly raise your financial position in life above that of your parents. I pretty much default to assuming everyone's financial level in life is mostly inherited (if not directly, indirectly through the way they were raised and taught). Most rich people you meet were born rich. Some inherited it, and some just inherited the right life lessons and made it on their own. But the "rags to riches" thing is pretty insanely rare. __________________ 7AT Track Car! Journal thread / Car setup details

Similar Threads
Thread	Thread Starter	Forum	Replies	Last Post
Our first drive with the Z	McFrostyJ	Nissan 370Z Photos / Spyshots / Video / Media Gallery	8	06-29-2011 02:39 PM
z drive 6/25	azn370z	North West Region	6	06-26-2011 01:34 AM
So...you think you can drive?	ImportConvert	Other Vehicles	14	06-12-2011 12:49 PM
How do you drive your AT Z	DrEvil	Nissan 370Z General Discussions	37	04-28-2011 10:36 PM
Other than drive your Z...What do you do for FUN ?	FERRARI	The Lounge (Off Topic)	0	11-17-2010 05:08 PM