Author Topic: Wealthiest person in the room?  (Read 13551 times)

NorCal

  • Pencil Stache
  • ****
  • Posts: 811
Re: Wealthiest person in the room?
« Reply #50 on: January 17, 2016, 07:42:07 AM »
As another Silly Valley resident, I've thought about it compared to my neighbors.  I live next to:

1. A high school principal
2. A biotech hedge fund guy
3. An electrician

My best guess is that the highest net worth goes to the electrician.  He lives in a house that's been in his family since at least the 1970's.  Second highest net worth would go to the high school teacher, since they bought their house in the middle of the housing crunch.  Lowest net worth would be the hedge fund guy.   He probably makes $500K/year, but he rents, and has some very spendy habits and some very spendy family members.  It's surprisingly easy to blow that amount of money around here.

Jakejake

  • Pencil Stache
  • ****
  • Posts: 720
  • FIRE: June 17, 2016
Re: Wealthiest person in the room?
« Reply #51 on: January 17, 2016, 08:52:16 AM »
Not sure if I'm the wealthiest. But when I got hired in, there was no 403b plan. We got one only because I went to the board meetings and raised a stink about it. So nobody in the building was investing in a retirement plan through work at that point.

Then I found out we could have a 457 plan, tried to pursue that, hit a few dead ends - finally figured out a loophole way around it after a legislative change (the new healthcare option for Michigan teachers turns out to be a 457 and we can contribute above the automatic deductions for it - but nobody tells us that!). I spoke about it at some staff meetings and emailed about it, but from what I've gleaned, nobody is taking advantage of it besides me.

kasperle

  • Stubble
  • **
  • Posts: 112
Re: Wealthiest person in the room?
« Reply #52 on: January 17, 2016, 10:59:48 AM »
I try not to think about net worth as a dollar amount, because I think it means so little. Some people have many millions of dollars, and still seem to be working many hours a week, and might even be stressed out about work and life.

Instead, I like to think about peoples' perspectives on money. You know, what each person would do with, say, a million dollars. I'm always wondering if I'm biking past any fellow Mustachians!