
'I’m Rich, but I Understand the Frustrations People Have' - bootload
https://www.theguardian.com/politics/2017/apr/15/steve-hilton-im-rich-but-i-understand-the-frustrations-people-have
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daly
I was once asked by someone who is rich to "define rich"... because they felt
that they were not rich.

My definition is "If you can solve a problem by throwing money at it, then it
isn't a problem"... that's when you are rich.

Think about the difference between poor and average and rich. Poor people try
to skip things like car insurance and health insurance. Average people budget
for car insurance and get health insurance through their job. Rich people put
up a bond for insurance (thus paying no premiums) and have a health
"concierge" who arranges visits to doctors who are "on call". Rich people can
pay for these services because they don't pay house insurance (if the house
burns down you buy another), car insurance (put up a bond), car expenses
(company pays), travel costs (company pays), taxes (stock, investments, tax
write-offs), etc. Rich people don't have bank accounts, they own the bank and
makey money by lending money.

Problems in life treat us all the same. Your window breaks (poor: cardboard
and duct tape, average: call a window repair place, rich: the housekeeper
deals with it), your sink leaks (tape, plumber, housekeeper), car won't start
(bum a ride, call AAA, your driver handles it), etc. Rich people just throw
money at the problem by paying people to solve it.

The only problems rich people have are ones that money can't solve, such as
demands on their time and persistent health issues. What poor and average
people don't realize is how much demand there is for a rich person's time.
Companies want you on their board (so they can get connections to your other
board member companies). People want you to show up for charity events (so you
can write a check). People want to give you perks (first class lounges so you
buy first-class seats). Ultimately under each benefit is some attempt to get
money.

Ultimately though, money can't solve certain problems such as health issues or
the death of friends and relatives. Or time issues, such as being given an
award (so you have to show up), or asked to give a keynote speech (so you have
to show up), or being hounded by reporters who want to know how the rich and
famous live.

So how do you know if you are rich? If you can solve the problem by throwing
money at it and you do... then you are rich.

~~~
grappler
That seems like a reasonable division into three strata. You could divide it
into a lot more than three. Each movement upward leaves one set of problems
behind and may introduce new things that would not have been realistic
considerations before.

I'm 'average' in your classification, as are most people I see on any regular
basis. What you've called 'poor' would describe the time I was unemployed or
my college days but is now a fair ways away. What you've called 'rich' seems
impossibly out of reach barring some unlikely windfall.

Within 'average' though, there are upward movements that would be nice. I've
paid off all loans except my mortgage. It would feel pretty great to pay off
the mortgage and not owe anybody any money.

I live in a moderately expensive city. It would be great to feel like I could
just move somewhere more expensive like New York City or San Francisco if I
wanted to, own a home, and take advantage of the opportunities there.

It would be interesting to see a description of many strata from someone who
has researched this, and see what problems are solved and what people's main
concerns are at each one.

