If you are ‘upper class’ how did you make your fortune?

amother

↑ Peachpuff

Yesterday at 6:51 pm

amother Khaki wrote:

Strongly disagree

My father in law is wealthy. He has the poorest mindset available. He wears tattered undershirts around the house, only wears nice suits to work. Cheap t shirt during weekends. He drives the same old car that’s over fifteen years old. He couldn’t care less about impressing anyone or “wealth”, he just wants to continue supporting his wife and being able to enjoy life and give to his kids. Humblest guy ever and not at all a “wealth mindset.” It’s only the latest generation that has this “mindset” which I think is not conducive to long term or generational wealth.

Wealth mindset doesn't mean showing off. Real wealthy spend their money how they want and not based on keeping up with the Jones.

amother

↑ Khaki ↓

Yesterday at 6:55 pm

I googled “what is a wealth mindset” and I think previous posters were referring to abundance mindset is which one tiny part of wealth mindset. The rest of it is basically slow and steady wins the race.

“A wealth mindset is a set of beliefs, attitudes, and behaviors that can help you achieve financial success:
Focusing on the future: You think about both the short-term and long-term impacts of your spending and actions.
Being disciplined: You're committed to your goals and stay focused on what you need to do to achieve them.
Being open-minded: You're flexible in your thinking and can deal with uncertainty.
Being grateful: You appreciate what you have.
Educating yourself: You keep up with your financial literacy.
Setting goals: You set clear financial goals and prioritize saving and investing.
Thinking strategically: You make strategic decisions and look for ways to use your money efficiently.
Challenging yourself: You're willing to step outside of your comfort zone.
Thinking abundance: You shift your focus from scarcity to…”

amother

↑ Stone

Yesterday at 7:24 pm

To me, the most important part of wealth mindset is believing you can and should become wealthy and the actions follow from there.

You live under your means because you want to invest because you believe the investments are going to make you wealthy. You rather have money than the things itt can buy.
You start a career or business with high potential young and work hard at it. You believe you're going to get promoted and make it to the top.
You work long hours and make your career a priority.
You like money. Not just for what it can buy you but for having it. You like learning about money. You like reading books about mutual funds because you like money.
You never cap your income. Your goal is not to make 2 million or 5 million or retire at 50. Your goal is to make it big and then bigger.
You take moderate calculated risks with your money. You know the next risk can help you achieve your goals. So you research well and then take the plunge.
They accumulate "good debt" and stay far away from bad debt. They have a clear understanding of the difference.

Not everyone with this mindset will become wealthy. But almost everyone wealthy shares many of these attitudes.

I'm not passing any value judgments here. The research shows these are common things among people who become wealthy. And they are far less common among people who don't become wealthy.

Most people I know don't want to be wealthy. They want it in theory, like to win the lottery. They want it in convenience, like an unlimited credit card. But they don't have a wealth mindset. Maybe they don't believe they could become wealthy. Maybe they don't believe they should or deserve to becomes wealthy (I know very many in that category.) They may be too risk-averse, or they might be scared to do the proper research and take bad risks. They know they should read up on of the stock market but the thought of that scares them. They make it a low priority. They're not sure they are capable of understanding the stock market or real estate investments. Most people I know either don't prioritize becoming wealthy or have an emotional block to achieving it.

amother

↑ Khaki

Yesterday at 7:26 pm

amother Stone wrote:

If this is what you consider wealthy, I don’t want it. I definitely want to be happy with what I have and not always pursuing more.

Comfortable.

amother

↑ Poppy

Yesterday at 7:39 pm

amother Stone wrote:

Yes I know people like this. They forgot to read koheles.... hakol zeh hevel tachas hashumesh. I wanted to quote some psukim, but I realized I would have to cut and paste the entire koheles...

And yet I know wealthy people who do not have this money mindset, bh. These are the people who are able to enjoy their wealth and give generously to tzedakah... they are not defined by their money.

↑ gr82no

Yesterday at 7:47 pm

amother Stone wrote:

Bh my life doesnt revolve around money like that. Id rather not have enough for vacations and live without thinking about how I can make another dollar (lol autocorrect changtit to dopamine)

amother

↑ Teal ↓

Yesterday at 7:51 pm

amother Stone wrote:

Omg I don’t want that at all. That sounds very unhealthy. I want enough to not have to worry when there’s something important and to live comfortably. I know too many people with that type of wealth and it has a very negative impact. I would like 1-2 million for each kid ideally. Not that I imagine reaching that necessarily but I do not want hundreds of millions and money pouring out of my ears. You sound a bit too obsessed with money in a not healthy way.

amother

↑ Teal

Yesterday at 7:56 pm

amother Khaki wrote:

I’d call that wealthy. (Assuming you’re not spending more than you earn.)

BH we don’t feel rich— like we drive regular cars and our house is nice but far from the nicest houses in the neighborhood. And we are BH fine with that. We spend a lot of money on cleaning help because I feel it makes a huge difference in our lives, and a lot on certain therapies and academic help my kids benefit from and BH BH we give a lot of tzedaka. We don’t wear designer stuff (maybe like Lululemon and alo is as designer as we get occasionally— we aren’t buying Chanel shoes and Canada goose coats) but we also don’t actively stress when we spend (but again- we aren’t spending on crazy luxuries bec it’s not our type). We go out on date nights a lot because we enjoy it and it’s good for our marriage.

amother

Petunia

Yesterday at 8:16 pm

We use spreadsheets and budgets and all that. And it has helped us save.
But I’m working on the abundance mindset, and I believe that is what truly makes you wealthy. Not necessarily that you have a lot of money, but that you appreciate and enjoy what you do have, and feel confident and positive that in the future you’ll also have what you need. Not to stress so much and plan every detail. To do your part and let Hashem do His. Not to scrimp and live cheap, to use the money that you have for things that bring you joy (responsibly)
And that’s when the money starts to come.
So we still do our spreadsheets and budgeting and careful spending, and work hard to reach our goals, but I let Hashem in and it’s so so liberating

amother

↑ Linen

Today at 12:44 am

amother Magenta wrote:

I sincerely wish you all the very best. Hope you become a gagillionaire tomorrow. But your post makes me want to puke. You realize there is a gd? You got your whole life mapped out like that? So you know exactly how many children and exact spacing? Here’s a thought. Life doesn’t always go the way we plan it. You can certainly do your hishtadlus and hope for the best and that seems reasonable to me. But “my husband will retire at x age and me a few years later” it’s like um what?!!!!!

I developed a disability after a child’s birth and had to stop working. I had paid for disability insurance but didn’t know you had to file while still working so they refused to pay. Thank you hashem that while I made good money my husband bh does very well and so my income was irrelevant.

Again I wish you the best life ever but hearing you talk like that seems off for a frum person.

Do you realize how unkind your language is? From one post, you’ve judged an entire human as causing you to puke, not realizing that Hashem is in control and being “off” as a religious person. I was sharing for those who would be interested in such an approach because it’s working for us. You don’t have to use it or like it, it’s not for everyone. I’m sorry you have a disability but it doesn’t invalidate this approach or make me any less religious.

All businesses have short and long term goals and road maps. Hashem has one for this world to there is nothing wrong with an individual having one as well in all areas of life. Of course, life throws curve balls and those are for us alone to thank Hashem for and adjust, but you should think more about your speech.

P.S. I plan my children based on when I’m strong enough to do more endless IF cycles. One of my dc’s severe illnesses caused us to replan life too. We made aliyah for Hashem alone and that threw a decade longer into this table. One post doesn’t permit judgement on one’s life or anything else. I like planning and mapping, you don’t and that’s ok. Speaking this way is not.