Being rich gets you access to quality products and services. But unless you’re lucky enough to be incredibly wealthy, you may not know just how much freedom large amounts of money can truly afford you. And we’re not talking about superficial luxury either.
People online spilled the tea about the surprising and jaw-dropping things that the ultra-wealthy do that regular folks—like you and us—might not even know are an option. We’ve picked out the most intriguing posts to show you what generational wealth really gets you.
#41
You can create a trust online to protect your assets from probate when you pass away. Your family/heirs don’t have to go to court to prove their ownership, can avoid unnecessary taxes/lawyer fees.
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2points
#42
Never touch luggage, including packing or unpacking. Your clean clothes just appear, already put away, in your hotel room. At the end of your trip you don’t touch the dirty laundry, it just reappears, clean and nicely put away at your house.
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2points
#43
Rich people get tutors for their kids. The tutors show up to the house and work 1:1, for whatever subjects the parents think would be cool to have a tutor in. Maybe the kid isn't doing well. Maybe doing just fine. Parents pay the tutors a modest brick of money for this.
Generally, "the less rich" you are, the less likely you are to know that there's even such a thing as tutors. (Or: maybe you know, but you somehow got the impression that tutors exist, but are just for remedial work.)
When I was in university, I worked as a tutor (paid and volunteer) for high school kids, in several subjects. It paid bills! And tutoring some subjects kept me them fresh in my mind. (If you walk away from linear algebra for ten years and come back, it'll just look like a scary ransom note made out of letters and numbers.)
Generally, "the less rich" you are, the less likely you are to know that there's even such a thing as tutors. (Or: maybe you know, but you somehow got the impression that tutors exist, but are just for remedial work.)
When I was in university, I worked as a tutor (paid and volunteer) for high school kids, in several subjects. It paid bills! And tutoring some subjects kept me them fresh in my mind. (If you walk away from linear algebra for ten years and come back, it'll just look like a scary ransom note made out of letters and numbers.)
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2points
#44
An executive with a relatively small salary and most of his compensation in stock options can use the stock as collateral on a loan and hence pay interest on the loan instead of taxes on cashing out the options.
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2points
#46
I didn’t grow up in poverty, but my parents were living paycheck to paycheck and barely making enough to give my siblings and I a semblance of a middle class life. I’ve done well in my career and by 35 I had a net worth of $3MM. I’ve reached a point where compounding interest is actually noticeable and I don’t flinch at a $50k loss like one of my accounts suffered on Thursday. One thing my wealth advisor does that my dad has probably never heard of is tax-loss harvesting, where portfolio losses are realized to offset taxes on gains.
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2points
#47
You make money by understanding things, and by determining the difference between truth and lies, because most money is made from investing. Poor people think they are supposed to be told the truth, rich people assume everyone is lying, but they also assume they can figure the truth out for themselves, and they do. This is the main thing that is skipped on school. Don’t study for a job, study so you can’t be lied to.
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2points
#48
They pay to eliminate problems instead of spending their lives solving them.
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2points
#49
The truly rich don’t necessarily seek out publicity and are treated as old friends at some of the most expensive stores. They never pay bills. They have accountant for that. So, I know some who as a result who lose touch with what ordinary things cost and how hard it is for people to live on the salaries they pay people.
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2points
#51
This is something some well off people do that is indeed not available for people without savings: they can put their debt related stuff (loans, rent) from their income in a fund/etf/term acc until they actually need to pay.
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2points
#54
Borrow against their assets to avoid paying taxes on gains.
1point
#55
Have a major expense or financial set-back and pay cash and don’t even look at an account.
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1point
#56
I had an email saying that a customer missed their delivery as “Helen had a shooting lesson”.
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1point
#57
lol my aunt married into money and the first thing she learned was 'concierge medicine' where you pay like 25k a year just to have a doctor who actually answers the phone. no waiting rooms, same day appointments, theyll even come to your house. my mom thought i was making it up when i told her.
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1point
#58
I heard in a similar thread once that rich people hire someone to come fill their car with gas so they never have to go to a gas station.
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1point
#59
Calling the bank and reminding them to reset the interest rate on your HYSA.
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1point