The Amount of Wealth Some People Possess is Staggering

The Amount of Wealth Some People Possess is Staggering

Wall Street Bull

A couple days ago a good buddy of mine asked if I would help him out a bar mitzvah, since 99% of bar mitzvahs are on Saturday nights I quickly declined.  However, this buddy knows me so well that he was able to buy my services at the lowest price that he knew I couldn’t turn down.  If you are curious the price was $350 cash for about 8 hours worth of physical work.  Not that it is important, but to give you a better idea of what I was doing we were personalizing sports equipment for the children-guests.

By my rough (read: pure guesses) this party had to cost somewhere between $200,000 and $300,000.  Besides our five digit sports station the party took place in downtown Manhattan, there were at least 4 party planners that I interacted with (1 main one and 3 assistants), and a very popular pop artist come by to sing about 5 songs and sign some autographs!  I didn’t make it into the party so I have no idea what that was like, but from what I saw…WOW.

While I believe everyone would love to be this wealthy, it is just not in the cards for 99.9%, nor do I have any illusions of ever being wealthy enough to throw a party like that.  I am not sure I would even throw a party like that even if I were that wealthy.

So what is the point of this short Monday Morning Post?

Do Stories of High Net Worth Individuals and Their Spending Interest or Enrage You?

I have written a lot about the subject of high net worth individuals (despite not being one yet), and I am curious whether hearing  about ridiculous spending or their balance sheet interests you or enrages you considering the wealth inequality in America?

35 Responses to The Amount of Wealth Some People Possess is Staggering

  1. I’m sure the people who earned a living from that event aren’t complaining about the high-net-worth individuals.

    It doesn’t bother me at all. Everyone spends money on stupid stuff. Should it bother me that I spent $$$ on a stereo amp and headphones while there are hungry, homeless people in the world?

  2. It doesn’t bug me one bit. Being rich, IMO, isn’t a sin, and neither is spending your money how you want.

    Wealth inequality really doesn’t make me angry/irked either. I realize some are going to be richer than others, and with the exception of a few of the ultra-rich, most generational wealth doesn’t last very long.

    One generation earns it, the next inherits it and wastes it, and then the third inherits practically nothing.

    • Funny you said, I couldn’t find where I read this, but most family businesses fail after the 3rd generation. First generation builds it, Second watches how it was built and improves and the Third runs it into the ground because they didn’t see the struggle of the first 2

  3. Rich people’s spending habits doesn’t enrage me – nor does it interest me.

    The only thing I care about is how did they get rich, and does that help me get there as well.

  4. It doesn’t bother me! Everyone spends money on things which would astonish someone. For example, Super Bowl tickets, they cost a lot for a few hours of entertainment and I can watch it for free at home. Are the tickets an extravagance? For some, yes.

    • “Are the tickets an extravagance? For some, yes”

      I would say they are for most lol. I saw a parking pass for $1,200 a couple weeks ago

  5. It doesn’t bother me. I would try to learn from it to see if I can get there some day. Is it inherited wealth? Is it earned wealth? Is it sustainable?

    My wife and I sometimes discuss the spending habits of acquaintances as it doesn’t look sustainable based on their job. Sometimes you find the parents are rich from Asia. Happens often in Vancouver …

    • I agree but it wasn’t a situation where I could start asking questions. Actually I didn’t even really see any of the adults there

  6. I think it is all relative. It might enrage a poor kid in in impoverished country to know that people in the US prefer a dollar worth of Coke instead of water.

  7. I don’t think people have the right to judge what wealthy people spend their money on – we’re not Gods. What one does with wealth is his/her business.

  8. It depends on the individual. In one aspect, it motivates me to be worth just as much as they are. In another aspect, it enrages me if they’re just blowing money and have an attitude that they NEED to be spending that money. In this case, I know for sure I wouldn’t spend that much on my child’s bday party, but it wasn’t necessarily frivolous spending; it was more of an experience.

  9. As long as the people can pay their own expenses and don’t complain about how much it costs, I am ok with it. I can’t imagine I would throw a party like that and I would probably have trouble understanding why they would do it. But, it would be more a curiosity than anything.

  10. I think it’s great to hear! Plus, I like it when rich people spend their money instead of hording it like a miser! This kind of spending helps the people that got paid for working on the party (including you!).

    Although, I’m sure most of the money went to the pop star… But still…!

  11. Hi Evan. I think we all do that same exercise sometime (would I do/buy/have X if I had all that money?). It’s nice to think about it and what would our life be like, but I think other people are looking at us asking the same questions (would I drive that car, wear those clothes, use that watch if I had money?) and we’re just purchasing and deciding without doing much thinking. When you get to that point when you can throw such a party, you’ll probably do the same, but not thinking about it, just because it’s what you like and you have no problem affording it.

  12. It’s interesting – people do things I would never even think possible – or even think of.

    Like Everyday Tips, the only time it would bother me is if I ended up paying somehow for their fun.

    Keep up the stories!

  13. Ok, I’m going to buck the trend here and say that it does bother me to see people spending hundreds of thousands of dollars on extravagant nonsense when there are people dying this very instant from starvation.

    I’m not saying that I am better or above those people though, because I do it too just on a smaller scale. For instance I just reserved a $160 Valentine’s dinner for my wife and I (which is pretty expensive for us). That’s still extravagant when you consider that amount of money could feed hundreds or even thousands of people a single meal in an impoverished nation.

    I know that monetary equality is impossible in the world we live in so I don’t lose sleep at night over it. I also strive to earn more money for my family and I don’t plan to give it all away to help others … but yes, it definitely bothers me just the same.

    • I am SHOCKED more people didn’t agree with you actually. I think it is because I attract a certain type of reader…thoughts?

  14. Honestly? It totally depends on my mood at the time. And probably the circumstances. There are exceptions. I know someone who makes plenty of dough, but spends it all on cars. His parents are going to buy him a house (RE is insane here.) No matter what my frame of mind, that just irritates me to no end, logical or not.

    Also, I would suggest checking out http://www.digital-photography-school.com for learning more about shooting with a dslr!

  15. I have absolutely nothing against wealth inequality nor high net worth individuals, though I am far from being one myself. The “poor” in this country have it pretty good compared with even middle-class individuals of 50 and 100 years ago.

    What I do have something against is when the wealth is illegitimate, either because of political connections, laws or regulations favoring big industry, political subsidies, etc… I am against the inequality of property rights and the granting of special privilege to some individuals at the expense of others. I guess to a certain extent it is unavoidable, but the trend should be toward less of this and not more like we’ve been seeing.

  16. Ronald Reagan said it best when he spoke about the trickle down economics theory. Think of all the business’s that benefit from this kind of spending. I love Bar Mitzvahs! What a great weekend for everyone.

Leave a reply


2 − 1 =