The Amount of Wealth Some People Possess is Staggering

//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?

By | 2013-09-26T15:00:04+00:00 January 24th, 2011|Random|35 Comments

About the Author:

Evan is the owner of My Journey to Millions which was started to track his journey from a broke debt ridden law school graduate to building a positive balance. Need more Evan? Follow him on Twitter, Contact him or get new posts directly to your email

35 Comments

  1. Robert Muir January 24, 2011 at 11:00 am - Reply

    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?

    • Evan February 2, 2011 at 9:18 pm - Reply

      What kind of headphones did you buy? For what?

      • Robert Muir February 2, 2011 at 10:17 pm - Reply

        Sennheiser HD800 for listening to music.

  2. JT McGee January 24, 2011 at 11:42 am - Reply

    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.

    • Evan February 2, 2011 at 9:30 pm - Reply

      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. Chris Parsons January 24, 2011 at 11:48 am - Reply

    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. krantcents January 24, 2011 at 1:18 pm - Reply

    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.

    • Evan February 2, 2011 at 9:35 pm - Reply

      “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. The Passive Income Earner January 24, 2011 at 3:12 pm - Reply

    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 …

    • Evan February 2, 2011 at 9:41 pm - Reply

      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. MC January 24, 2011 at 4:06 pm - Reply

    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. Henway January 24, 2011 at 8:40 pm - Reply

    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. 20 and Engaged January 24, 2011 at 11:46 pm - Reply

    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.

    • Evan February 2, 2011 at 9:47 pm - Reply

      Completely motivates me also!

  9. Kris January 25, 2011 at 8:23 am - Reply

    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.

    • Evan February 2, 2011 at 9:49 pm - Reply

      It is probably hard to imagine anything about that world lol

  10. Kevin January 25, 2011 at 9:23 am - Reply

    I love to see it! I would never spend that much money myself, but it just encourages me to know that it’s possible to MAKE that much money.

    • Evan February 2, 2011 at 9:49 pm - Reply

      COULDN’T AGREE MORE!

  11. Don January 25, 2011 at 1:22 pm - Reply

    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…!

    • Evan February 2, 2011 at 10:04 pm - Reply

      I am not complaining! I made a few bucks

  12. Finanzas Personales January 25, 2011 at 6:50 pm - Reply

    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.

    • Evan February 2, 2011 at 10:05 pm - Reply

      You are probably right. I wonder if that is cross-cultural

  13. retirebyforty January 25, 2011 at 7:29 pm - Reply

    It doesn’t bother me at all. Rich people should spend more money instead of saving it. 🙂

    • Evan February 2, 2011 at 10:06 pm - Reply

      HA! I am cool with that

  14. Marie January 26, 2011 at 3:29 pm - Reply

    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!

    • Evan February 2, 2011 at 10:06 pm - Reply

      If you keep visiting I’ll keep up with the posts

  15. SavingMentor January 26, 2011 at 7:36 pm - Reply

    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.

    • Evan February 2, 2011 at 10:07 pm - Reply

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

  16. eemusings January 30, 2011 at 11:11 pm - Reply

    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!

    • Evan February 2, 2011 at 10:08 pm - Reply

      Thanks I will send that link over to The Wife

  17. IIW February 2, 2011 at 3:42 pm - Reply

    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.

    • Evan February 2, 2011 at 10:09 pm - Reply

      Interesting, you are up in Canada, right? Do you have eminent domain up there?

      • IIW February 2, 2011 at 10:24 pm - Reply

        Of course… property rights are not among the rights recognized as fundamental human rights.

  18. Monteaux March 10, 2011 at 6:04 pm - Reply

    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.

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