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How rich is rich? - Page 5

post #61 of 66
4/2/10 at 2:16am
Quote:
Originally Posted by Konig View Post
+1

Why young professionals who rein in big bucks do not understand this is beyond me. I guess the social pressure of keeping up with your peers is just too much for them to keep a sensible mind. I notice a stark contrast between the mentality of a business owner in small town vs young professionals in big cities. My dad do business with a guy who wear tattered Tshirts, still drive a 1998 pickup truck but owns a $100mil+ business in Kansas. He brought my dad to his basement once to see his stacks of cash accumulated over the years ($half mil in one big and there are 36 bags) and the stacks of invesment grade gold bars.

Alot of people are misinformed that your assets = wealth without accounting for the liabilites. Being wealthy = work hard without jeopardizing your health and family relations, constantly live BELOW your means and spend on necessities and invest prudently.
sounds like either tax evasion or gain from illegal activities.
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post #62 of 66
4/2/10 at 11:58am
I think it is to get guilt donations for the third world. Making 20K US puts one in the top 11% of the world. I hardly think a couple living at the poverty level in the US is rich.
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post #63 of 66
4/2/10 at 12:14pm
i'm going to say either when you don't have to worry about money or you don't have to work anymore.
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post #64 of 66
4/2/10 at 3:05pm
Quote:
Originally Posted by chesebert View Post
sounds like either tax evasion or gain from illegal activities.
its hard to say because he owns so many retail stores in his home state and people pay cash in his stores. He did not trust any big bank corporations and will not touch financial instruments with a 5 foot pole so he opened his own bank in his basement with the simplest of financial assets - cash and gold.
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post #65 of 66
4/2/10 at 3:56pm
Quote:
Originally Posted by Konig View Post
its hard to say because he owns so many retail stores in his home state and people pay cash in his stores. He did not trust any big bank corporations and will not touch financial instruments with a 5 foot pole so he opened his own bank in his basement with the simplest of financial assets - cash and gold.
r.i.g.h.t.

stores that accept only cash -> stashes of cash and gold in basement -> refuses to put money in bank -> sounds like he doesn't want anyone to know where his money comes from or goes to, or have any record of the same.

Hypothetically speaking, this arrangement would be perfect for money laundering, tax evasion, supporting terrorist organizations, loan sharking, or other illegal activities.
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post #66 of 66
4/2/10 at 4:53pm
Quote:
Originally Posted by chesebert View Post
r.i.g.h.t.

stores that accept only cash -> stashes of cash and gold in basement -> refuses to put money in bank -> sounds like he doesn't want anyone to know where his money comes from or goes to, or have any record of the same.

Hypothetically speaking, this arrangement would be perfect for money laundering, tax evasion, supporting terrorist organizations, loan sharking, or other illegal activities.
I thought you pay the afghans with goats??
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