<p>a realtor....how about that</p>
<p>did he just get really lucky with the huge housing boom in california?</p>
<p>i think everyone in california got lucky with the housing boom. for the last 20 years, the high end houses go up in value around 500-1k bucks a day ...</p>
<p>"RHSstudent07: wealth doesn't buy happiness, but neither does poverty."
-Scorp</p>
<p>How do you define poverty? People that go after money don't stop and think to understand the world. I'm telling you, you will not find true happiness by driving a nice car, making millions, or owning a castle. Realize the hidden signs of your ancestors. History, philosophy, and science hide the keys to understanding life and the universe.</p>
<p>^^ to each his own....some people want to understand the mysteries...some want to enjoy what they already know about....You cant say which is correct....as you aren't interested in money you probably should not take part in the discussion...coz we are people with completely different viewpoints</p>
<p>according to the inclusive investment clubs that are invite only for the rich , rich equals 15-20 mm in investable assets</p>
<p>OK you should NET at least $750k. That is, AFTER you cut that check to the IRS.</p>
<p>I would never buy a ferrari. It's just not really my style. I want a car that will surround me in comfort (read: soft leather, nice smell, REALLY smooth ride, roomy, surround sound, heated/cooled seats, nav system, drink cooler, etc etc) and gets good gas mileage (what can I say, I'm a tree hugger), not a sports car.......if I made that kind of money I'll just drive around a Lexus LS hybrid (they should get high-20's, really good considering it's a large luxury sedan with a v8) with everything.</p>
<p>if you had 15-20 mm in investable assets I really doubt you would drive a Lexus. If you like the comfort car instead of the sports car you can get yourself a myabach (which just happens to be the favorite car among fortune 500 ceo's) or something similar (Phantom, Bently GT, MB S65...) A lexus is really just a fixed up toyota (in my own opinion). But hey, if you are a lexus guy and still are after you find yourself opening an acct at JPmorgan private bank, then good for you.</p>
<p>maybach's are off the hook, they have them at NAIAS every year in detroit, that's the only time I've ever seen one</p>
<p>"wow... the numbers you guys are throwing out are crazy. come on its a 150k car. most people, atleast here in san jose (silicon valley) have atleast 100k in the garage... if not a ferrari, but usually an escalade and a nice Mercedes S55atleast 1/2 of silicon valley could own a ferrari without changing their lifestyle one bit. heck, my uncle owns a red one. he owns 3 jags, 1 mercedes, and a couple suvs. sure the ferraris nice, but it doesn't stop traffic around here"</p>
<p>A lot of people can afford to buy a Ferrari if they really wanted one. But the difference is living the lifestyle that goes with owning a Ferrari--which as I said before means $30k vacations twice a year, redoing your kitchen for $150k, nice parties for guests once a month at a few thousand bucks, etc...</p>
<p>What you're describing are the type of people who lease their cars and declare bankruptcy as soon as business takes a bad turn. I know a lot of people with nice cars and no money behind it.</p>
<p>
[quote]
if you had 15-20 mm in investable assets I really doubt you would drive a Lexus. If you like the comfort car instead of the sports car you can get yourself a myabach (which just happens to be the favorite car among fortune 500 ceo's) or something similar (Phantom, Bently GT, MB S65...) A lexus is really just a fixed up toyota (in my own opinion). But hey, if you are a lexus guy and still are after you find yourself opening an acct at JPmorgan private bank, then good for you.
[/quote]
</p>
<p>Warren Buffett, the 2nd richest man in the world never drove Phantoms or anything of that sort, instead he drove an okay Lincoln.</p>
<p>well, but actually I am the richest man in the world (but the extent of my wealth is not public so I'm not on the list). And I drive a maybach. thus disproving your theory.</p>
<p>You don't <em>drive</em> a maybach. You own one, and hire someone else to drive it for you. But audi's cool too. Personally I wouldn't trust myself with a car any more expensive than $100k.</p>
<p>And I don't like the idea of having to take on a loan to buy a car, which by the way is a depreciating asset. I'd rather just drop cash for a really nice audi/lexus/whatever instead of getting a loan...I mean it kinda hurts your cash flow to drop $250k for a car doesn't it? And in my opinion the phantom looks more like a boat than a car.</p>
<p>yes warren buffet never drove a nice car, he is also notoriously cheap. his license plate says "thrifty" and he lives in the same house he did before he made any money. one exception among thousands. Go to St. Tropez in August and let me know how many lexus you see driving around haha.</p>
<p>
[quote]
yes warren buffet never drove a nice car, he is also notoriously cheap. his license plate says "thrifty" and he lives in the same house he did before he made any money. one exception among thousands. Go to St. Tropez in August and let me know how many lexus you see driving around haha.
[/quote]
</p>
<p>yeah he's an exception because he's the 2nd richest man in the world. so being cheap obviously worked out quite well.</p>
<p>bill gates drives a porsche 911 which isn't super great either, it's obviously no maybach or phantom, that's for sure.</p>
<p>lol good point then, really rich people don't drive maybachs or phantoms they drive cars that aren't "super great." like anything else, its all about preference but I certainly wouldn't put the 911 (is it a carerra or turbo?) in the same class as a lexus. </p>
<p>to get back to the point of the thread, my own personal opinion is that "rich" means one thing: private banking. If you are a client of a private bank, then you're ballin. Anything short of that is afluent, but not what I would define as rich. And if you want to get really specific, JPMorgan Private Bank.</p>
<p>private banking includes anyone with mere hundreds of thousands on up. That trully means nothing. Private banking equals commision, the greater your total for controlled assetts, the more money you make.</p>
<p>actually the minimum deposit at JPMorgan Private Bank is $50 mm. Citibank and B of A are $15 mm and $20 mm respectively.</p>
<p>you do not seem to understand the broad array of services that private banking covers and please post your sources as a can guarantee that they are wrong.</p>
<p>BofA</p>
<p>3 million in investable assetts
or
5 million net worth including primary residence</p>
<p>25mm which i feel you were refering to with you 20mm is for family wealth group and that is the highest it goes for bofa</p>
<p>For smaller banks, minimum investable assets can go as low as 1mm, or yearly income of at least 150k.</p>
<p>And the reason i referred to hundreds of thousands and up is becuase banks will provide private banking to those without the current assetts, but a near certain possibility in the future to have the minimum requirments due to selling a business, real estate or a variety of other reasons.</p>
<p>And dont tell me this are wrong as they came from the mouth of someone working in their private banking unit and as a whole has seen clients ranging from newly retired teachers to micheal milken</p>