[K-Dog]

Kanye West's net worth is currently estimated at $400 million

40% of a billionaire.

This came across my radar after I posted the above.

Kanye posted 'Heil Hitler' four days ago, which has been banned on streaming platforms.  It is a self-indulgent sick mess reminiscent of Michael Jackson's 'Billie Jean".  As art it is crap.  In my opinion.

But we post it because it is generrally banned.  And to make my point, that money does not make men.  Money gives fools power.  Money corrupts.


Man These People Took My Kids From Me
Then They Post My Bank Account
I Got So Much Anger In Me
Got No Way To Take It Out
Think I'm Stuck In The Matrix
Where The Fuck's My Nitrous
Yes I Am A Cuck I Like
When People Fuck On My Bitch

The Shit That I'm Posting On Twitter
They Telling Me Hey Don't Say That
How Niggas Can't See Me In Public
I'm Driving An Off Road Maybach
With All Of The Money And Fame
I Still Can't Get My Kids Back
With All Of The Money And Fame
I Still Don't Get To See My Children

Niggas See My Twitter
But They Don't See How I Be Feeling
So I Became A Nazi
Yeah Bitch I'm The Villain

Nigga Heil Hitler, Nigga Heil Hitler
They Don't Understand The Things I Say On Twitter
Nigga Heil Hitler
They Don't Understand The Things I Say On Twitter
All My Niggas Nazis, Nigga Heil Hitler
Nigga Heil Hitler, Nigga Heil Hitler
All My Niggas Nazis, Nigga Heil Hitler

Nigga Heil Hitler, Nigga Heil Hitler
All My Niggas Nazis, Nigga Heil Hitler
Nigga Heil Hitler, Nigga Heil Hitler
All My Niggas Nazis, Nigga Heil Hitler

[RE]

RE

[K-Dog]

Kyle advocates involuntary commitment.

But in America enough money makes people sane.  By definition.

"The saddest thing I ever heard in my life."

While that is true, the tune is appropriate for the times.  Music to go down by.  Down in flames.  Celebrate the madness.

[K-Dog]

[K-Dog]

The left to right wing pipeline.  That has been a popular route in the last year or so.  Now it exposes fools. 

[TDoS]

7 figure net worth types?

You claim to be a statician and can't tell 9 figures from 7. Dude, that is a difference of a hundred to one.

Of course I know what 2 orders of magnitude are. Not the point. I had previously and arbitrarily decided that 7 figures and up are high net worth individuals, and speculated on the perspective they, and you and I, might have because of it.

I do use statistics. I have laid no claim to being a statistician. Stochastic modeling, as you've noted, is about handling sharp objects, involving statistics.   There are people who can barely handle sharp objects, true. And then there are those who can juggle them. While riding a unicycle. On a rope strung between two buildings. Over a lake filled with crocodiles. During a rainstorm. While being stung by bees.

Who said such a person needs to have been trained as a statistician?   

I have met three billionaires in my life.  RE knows this to be true because when he was in Seattle RE saw where I worked.  He knows I have sucked in the thin air.

I once got into an argument with Harold Hamm?. And I've met others like him, but never asked about their net worth as it wasn't relevant to the conversation.

Billionaires are not a superior life form.  Sorry to inform you of this.  As humans they are flawed, and capable of making horrible decisions which can ruin the lives of millions of people.

You are going back in the cooler.  Three days.

I have made no claim about the superioriority of billionaires, only classified high net worth individuals starting at 7 figures, like you and I.

The excuse for the cooler was "insulting a diner". Where was the insult?

[RE]

I have made no claim about the superioriority of billionaires, only classified high net worth individuals starting at 7 figures, like you and I.

Kdog's net worth only gets close to 7 figures if he gets a really good price on the sale of his McMansion, and even then the various closing costs  would likely drop it below 7 figures.  Besides that, he has to split the proceeds with his wife,  She is not interested in selling. 

RE

[TDoS]

I have made no claim about the superioriority of billionaires, only classified high net worth individuals starting at 7 figures, like you and I.

Kdog's net worth only gets close to 7 figures if he gets a really good price on the sale of his McMansion, and even then the various closing costs  would likely drop it below 7 figures.  Besides that, he has to split the proceeds with his wife,  She is not interested in selling. 

RE

Last time I checked the Zillow on his joint it puts him into 7 figures pretty easily. As far as joint ownership, that can be an issue, assuming the ownership is rigged that way. Mine is, because rights of survivorship are important in terms of estate planning.

But there are other ways to make it up, life insurance and market savings, 401k's, all the usual working man mechanisms. K-Dog mentioned he isn't thrilled with high growth funds so he might have handicapped himself in that regard.

[RE]

This gets us back to the question of whether having a 7 figure net worth makes you rich in today's wotld.

In order to do the Generational Wealth thing with the Trust Funds for your kids, if you set the Capital requirement at $10M for each kid's TF, you need to have that $10M above and beyond things like your own McMansion, cars etc that you need for your own living until you die.  To qualify for this class of people, the minute the kid pops out of the oven, usually the Grandparents of the kid go to the family lawyer and they make the typical "safe" portfolio of stocks, bonds and REITs and gift it to the kid (no inheritance tax), a Trustee is appointed to manage it and the kid gets some defined allowance until 21, when they can usually dissolve the trust and do WTF they want with the money.

So, in your case since it's 1st generation money the grandparents don't have the money, so you would need $10M for each kid, which I'm pretty sure you didn't have yet when they were born.  Maybe getting close to the point now where you could set up a Trust for a grandkid when one arrives.

Now, not being in the class of the filthy rich doesn't mean you're poor or even middle class.  That's more an income driven thing than a net worth thing.  These days to qualify for the 1% on Income, it's around $220K/yr I think.  Kdog definitely does not get near that number.  You probably surpass it.  Between his SS and suplemental employment earnings, K-dog is middle class.  Monsta is middle class and Knarf and I are poor.  No filthy rich Diners at this time I am aware of.

RE

[K-Dog]

The excuse for the cooler was "insulting a diner". Where was the insult?

1)  My net worth is personal.  If I am a millionaire or not is my business.

There was a clear sense of me being  'the pot calling the kettle black' in your comment, suggesting that I was a hypocrite for criticizing wealth. 

That is a ridiculous claim.  Extreme wealth is not the same thing as having earned enough to be comfortable.  Extreme wealth is an abuse of power.  Extreme wealth puts one in another class.  Extreme wealth kills democracy.

There are only so many hours in a lifetime.  'Earning' ones own money through labor caps a persons net worth at a million or two, that is all.  Anyone who has more than that has acquired money by other means than working, and are in a class other than the working class.

So you pissed me off and I sent you to the cooler for three days.  RE and I do that when you piss us off and the specific reason in this case results from discussing my personal business.

And while it is true RE has also discussed my net worth, he did not start it, you did, and he did not piss me off like you did.  You are always trying to say I have 'crocodile tears' when it comes to money.  My position is that having a million earned through honest labor is not the same thing as having ten million or more harvested from American capitalist excess.  Those kind of rich are in a social class which looks down on everyone else.

The only people I can look down on are adults of sound mind and body who refuse to work.  I do not have a problem with that at all.  Someone I know was in Italy recently, and it was noted that everybody who was working was old, the young have better things to do.

I see nothing wrong with following your bliss if you do it on your own dime.

In my world, personal contact with the means of production would be something everyone would have to experience for some part of their life.

If that makes me a work NAZI so be it.

[monsta666]

Nothing glamorous or righteous about extreme wealth. Also for every billionaire you have there will be a number of tag alongs who will use the earners money for frivolous spending. I have seen it with my own eyes seeing how, what or where those funds goes. Those trust kids can really live it up. Only thing I wonder is what those six figure American Express bills go towards.

When you see such things like this on the regular, I can't help but stop and ponder. Unlike what the social narrative often says about the rich being more virtuous, there are actually a lot of people in the uber rich class who are not exactly hard workers. Heck if they didn't spend so much we would consider them lazy, work-shy individuals. Going from what the front office workers say, it does seem like a good chunk of them don't exactly have sterling personalities either...

[TDoS]

This gets us back to the question of whether having a 7 figure net worth makes you rich in today's wotld.

Sure, my use of 7 figures net worth was semi-arbitrary because once upon a time, being a MILLIONAIRE was a big deal. Most of us being geriatrics, most of us probably understand the frame of reference.

Now, not being in the class of the filthy rich doesn't mean you're poor or even middle class.  That's more an income driven thing than a net worth thing.  These days to qualify for the 1% on Income, it's around $220K/yr I think.

Is that all it takes? Seems like 2 early career professionals could pull that off.

Kdog definitely does not get near that number. 

Of course not. It sounds like for someone with a high net worth, he is cash poor, with his stories of employment and being unhappy with the cost of his coffee and danish compared to his wages. Although, $20G's for a new heat pump? So he can be environmentally friendly? Seems like a bit of disconnect between those two.

You probably surpass it.  Between his SS and suplemental employment earnings, K-dog is middle class.

In terms of cash flow, sure. But I have been specific about using a net worth metric, as opposed to cash income generated from being a working man. Todays working man, as K-Dog has demonstrated, can certainly find themselves in a higher level of net worth, depending on the time and dollars they had to invest and save. Although he has also mentioned preferring low but safer return investments.

I have been a bit more aggressive in my investing since I began, with occasional reversals. Like April/May 2008  ( a win!) and 2011 (a lose) and Valentines Day 2025 (so far a win!).

Monsta is middle class and Knarf and I are poor.  No filthy rich Diners at this time I am aware of.
RE

Your status I am aware of, from your own postings. I have no opinion and recall no Monsta stories related to the topic. At the Spartanburg SUN grand rollout he looked to be a nice young man, he was sitting with David closer to the tent when you and I were talking.

This is an interesting topic as well. Because I have never in my life cared about net worth. Or todays paycheck. Work hard, work smart, invest along the way,maybe you win, maybe you die of cancer at age 30. It's all a crapshoot.

Smoke'im while you got'im.

[RE]

Todays working man, as K-Dog has demonstrated, can certainly find themselves in a higher level of net worth, depending on the time and dollars they had to invest and save. Although he has also mentioned preferring low but safer return investments.

The primary reason some Boomers have 7 figure net worth is because of the vast inflation in the value of the one investment many of them have, which is their McMansion.  It's definitely the case with Kdog.

Thing is, since for most of them it's their primary residence, it's not a very liquid investment.  Given the expenses of taxes, energy use and maintenance the asset can become a liability when they retire and their incomes drop.  They can become "House Poor" and need to sell it, which can be problematic depending on its price and the prevailing interest rates and regulations.  Big problem with this in the Condo market in FL with fire regulations and HOA costs.

Next problem is after selling, they need to find housing they can afford at their reduced income.  The proceeds from the sale don't do them much good if they all need to be spent to buy a small 1 bedroom apartment in a retirement community.  Even worse if they need to go into an assisted living situation, in which case various medical costs will burn through the whole nut in a couple of years in some cases.

For these reasons, I think it's worthwhile to eliminate the McMansion in an analysis of class when it's the primary residence.  Vacation homes which are more easily sold off should be counted though.  Similarly, 1 car should be discounted as a necessity, but multiple cars, RVs and motorcycles count in the net worth calculation.

RE

[TDoS]

Todays working man, as K-Dog has demonstrated, can certainly find themselves in a higher level of net worth, depending on the time and dollars they had to invest and save. Although he has also mentioned preferring low but safer return investments.

The primary reason some Boomers have 7 figure net worth is because of the vast inflation in the value of the one investment many of them have, which is their McMansion.  It's definitely the case with Kdog.

Sure. No different than investing in a 401k or Apple stock or a myriad of other mechanisms. Real estate just happens to be one that usually appreciates with time....as do market tracking funds.

A house is an investment, just like many others. But a more popular one than most. And can lead to Mr and Mrs Dog being high net worth indivudals, based on my arbitrary metric.

Thing is, since for most of them it's their primary residence, it's not a very liquid investment.  Given the expenses of taxes, energy use and maintenance the asset can become a liability when they retire and their incomes drop.

Absolutely. Investments have their advantages and disadvantages, be they tax implications, operating expenses to maintain, and the idea that this particular investment is more affordable during ones working years. Which is why retirees cash out and move into apartments in Florida and retirement communities and whatnot.

My aunt has retired this year. She closes on her house this month, where she lived for 38 years, and is moving into an independent living facility, one of those that as your health deterioriates through time will manage/take your liquid assets and care for you until death.

My grandmother did the same thing. My mother is already in such a facility, slowly depleting her savings until they are gone, and then her retirement $ and social security will cover the costs until she passes.

Such is how our lives spin down. When the final calculations are done...a house is an investment like any other, and the decisions made as to what happens to it aren't much different. Your generational wealth idea then can kick in. Anyone who wants to pass it on can, prior to the state requiring its sale or whatever. Of course, that implies having children that one wants to see prosper in their future, and not all parents have that concern.

For these reasons, I think it's worthwhile to eliminate the McMansion in an analysis of class when it's the primary residence.  Vacation homes which are more easily sold off should be counted though.  Similarly, 1 car should be discounted as a necessity, but multiple cars, RVs and motorcycles count in the net worth calculation.
RE

You might want to eliminate McMansions as an analysis of class, but as an investment the state surely won't when it comes time to fund those end of life costs.

Very few folks have enough extra cars and motorcycles and whatnot of sufficient value to be meaningful in a net worth calculation. A crazy collector (folks like I've purchased off of before) might have $100G of old Indians and exotic whatevers laying around....but the commercial real estate it was contained within was worth orders of magnitude more. Investments, including real estate, can be of sufficient scale to qualify easily though.

[RE]

Sure. No different than investing in a 401k or Apple stock or a myriad of other mechanisms.

Big difference.  Liquidating your 401K doesn't make you homeless.  Also, as an investment a MaMansion doesn't earn money unless you rent it out.  So only 2nd & 3rd homes can be used this way.  401Ks don't have maintenance and repair costs.

Anyhow, basically this all just shows that the 1st $1-2M of net worrth doesn't make you filthy rich, just comfortable.   I already stipulated it takes about $10M to set up a trust fund for each kid, so you need to be comfortably into 8 figures to be filthy rich.  Really 9 figures especially if you're Elon and have 13 kids.

RE