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How rich are you?
- Thread starter Monster
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Ever seen The Hawk post... much like dat.... but with drool coming out yo mouf
Monster
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I read that and slober'd
RacerX
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As others have pointed out (more or less), reviewing one's Income Statement can be quite misleading. Far more pertinent is the balance sheet (i.e., new worth), and to a lesser degree the cash flow statement.
For example, let's say someone owns a few apartment buildings in prime locations, maybe his/her taxable income is a respectable $100,000, is that person "wealthy"? IDK, everyone has their own definition, btw.
Now, take that same apartment owner, what if he also owns a $10,000,000 home free & clear, and his apartment buildings appreciated in value over the past year by $500,000 cumulatively - tells a different story, no?
For example, let's say someone owns a few apartment buildings in prime locations, maybe his/her taxable income is a respectable $100,000, is that person "wealthy"? IDK, everyone has their own definition, btw.
Now, take that same apartment owner, what if he also owns a $10,000,000 home free & clear, and his apartment buildings appreciated in value over the past year by $500,000 cumulatively - tells a different story, no?
Monster
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Or you never filed income tax in your life but you grandfather leaves you 7 billion dollars.
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Net worth is King, Nitwits
RacerX
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in which case you would be losing over 3 billion in estate taxes, but your point is well taken.
Unannounced Fart
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The estate tax is horseshit. So a person earns money during his lifetime and pays taxes on it. When he dies, the government wants to again tax the money that he's already paid taxes on. Same thing applies if you want to make gifts to people. I understand this only applies to very wealthy individuals, but it's still a crock of shit.
RacerX
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Not always true. There is the Gates/Buffet/Zuckerberg/etc. movement that has pledged the vast majority of their net worth to philanthropy.
Bearin' Down
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Sure, when they die. Until then, it sits there. At any rate they are the minority. And the über rich live in mansions the size of two families yards with yards the size of a city block. Meanwhile, people in Africa (and to some extent the USA) can't even afford food or water, let alone a home. I'm not for removing incentives and hard work, but at least limiting it. But any who, no one asked and no one probably cares.
RacerX
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The Gates foundation, to which they have all contributed mega-fortiunes already, is active now during their lifetimes, for the record.
As for the mega-mansion types, I respect your opinion - personally i believe its their money and they should live happily, however they define happiness. If they live in the mega-mansion and are also contributing to charities, all the better.
RacerX
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That's a loaded statement. I mean, yes, it is horse hit, but then again if we didn't have that incremental tax income we would suffer some mandatory spending cuts and/or increase our national deficit. Yes, I understand our government is not the most efficient spending machine, but that's a separate rabbit hole conversation in which i will pass.
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Joseph Lenin has joined the forum
Monster
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I have a net worth question. A 401K is an obvious net worth asset. That being said, how would you count a pension plan through your employer? You can't cash it out but pays you a monthly income until you die and then (in some cases) pays your spouse a percent of your pension until their passing? It also increases with cost of living... but not sure how to quantify.
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My wife has a pension. I'm just happy she has it.
Monster
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Nice thing to have.
Nick80
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Money is the root of all evil.
It also squashes creativity and sex drive.
I'm poor and over weight, toothless, jobless and other-half-less ...
I wish I was rich.
It also squashes creativity and sex drive.
I'm poor and over weight, toothless, jobless and other-half-less ...
I wish I was rich.
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I drink quite a bit of milk, so while I may not be rich in money, I am quite rich in calcium.
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I always felt you might be a bit phlegmatic.
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Kinda. I'm an INTJ on the MBTI. I'm incredibly calm, but unlike a typical phlegmatic, I'm really assertive.
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