I never thought I was rich growing up, because my family lived very modestly and we always clipped coupons and drove old cars and shopped for bargains and our house was a lot smaller than our neighbors and we didn't wear fancy clothes, yada yada yada. So I always assumed that I was just comfortable middle class.
But now I'm living in a new area for school, and it seems like everyone else here has lots of student debts and that money is a real issue for them. They still spend more than me on everyday things, though. Like food, booze, clothes, music, and rent. I live with roommates in order to save money because that's just the way I am.
But I recently learned that I have $600,000 in the bank in my name, thanks to investments my parents made for me as a kid.
I'm just wondering: is this very unusual? Does this make me a "rich person"? It's a weird feeling because I've always sided with the little guy and I don't like to think of myself as elite. Am I just lucky?
2007-02-26 03:50:37 · 10 answers · asked by worldpeace 4 in Business & Finance ➔ Personal Finance
Wow you've got it made... I'm over here, trying to raise a 6 month old and a 23 month old... separated from my husband, house got foreclosed and am stuck with a $70,000 debt I'm trying to get rid of.... and because of no home, I'm having a diffcult time getting a loan that'll help me pay down the debt. You are very lucky...
2007-02-26 08:32:04 · answer #1 · answered by Anonymous · 1⤊ 0⤋
Yes, it's unusual and you should thank your parents for picking good things to invest in for you and not having spent the money themselves.
Just because one has lots of money, doens't mean they have big houses and lots of cars and toys. My mom worked for many rich people and they were just like us - careful stewards of what they had. Sure, they had clothes with designer labels on and more expensive cars, but they didn't go on a buying spree or anything like that and they didn't think of themselves as "elite" either.
Be careful that you don't get too big a head on your shoulders and a better-than-thou attittude just because you have money in the bank.
If you really want to side with the "little guy" then find a worthy charity and give all your money to them. That way you will be like most of us - getting comfortably by or paycheck-to-paycheck.
Hopefully you will have learned a lesson from your parents and be a good steward of your money.
2007-02-26 04:06:21 · answer #2 · answered by parsonsel 6 · 0⤊ 0⤋
Wait a minute - you're in grad school and you don't understand that having no debt and over half a million in the bank makes you rich? Find a new math professor and take some finance classes next semester.
Yes, you are rich; yes it is unusual.
Pick up the newspaper once in a blue moon and read the constant articles on "America in debt" and "Cost of sending kids to college breaking the bank of most families".
2007-02-26 04:00:27 · answer #3 · answered by PamV 3 · 0⤊ 1⤋
Yep, you're pretty affluent since you're single and only 24. Find out exactly what your parents did to get you that $600,000 from scratch and If you do the exact same thing starting from $600,000 I guarantee you will be a multimillionaire by the time you're 30. =) keep up the good work!
2007-02-27 10:48:22 · answer #4 · answered by Anonymous · 0⤊ 0⤋
$600,000 is not alot of money these days. I have that amount too..buts it's in my house (meaning it's in real estate) and I certainly dont think I'm rich or elite. I personally would buy a house with that money..it's a buyers market in a lot of places right now.
2007-02-26 06:01:27 · answer #5 · answered by KathyS 7 · 0⤊ 0⤋
relies upon on what sorts of loans you're pushing aside. some are fastened interest fee and others variety with the monetary equipment. From what i have heard from monetary planners, once you've fastened interest fee student loans the funds that you will be making are not to any extent further a large deal. regardless of if you're making the minimum required month-to-month funds and it takes you one hundred years to pay it off, finally you obtain your preparation, if in case you've been given a extra appropriate job, are making extra appropriate money and also you're in effortless words paying decrease back minimum interest. in case you pick it, in simple terms pass for it. finally its about being happy with your decision interior the top. in simple terms make a functional decision about the sorts of loans you obtain.
2016-12-04 23:36:44 · answer #6 · answered by rieck 4 · 0⤊ 0⤋
I'm 41, and I busted hump for the last 20 years, and I'm just now getting to that level of savings.
Yes, it is very exceptional to be where you are. Don't blow it.
2007-02-26 04:46:36 · answer #7 · answered by Quixotic 3 · 0⤊ 0⤋
Maybe your parents did so well financially because they were/are frugal, and lived well below their means.
I applaud them!
2007-02-27 05:14:51 · answer #8 · answered by Anonymous · 0⤊ 0⤋
Your parents are awesome. I hope I can do the same for my kid.
2007-02-26 04:22:43 · answer #9 · answered by SiLKy 3 · 0⤊ 0⤋
I'm gonna call you Dave Ramsey, Jr., you go boy!!!!!
2007-02-26 05:45:30 · answer #10 · answered by Anonymous · 0⤊ 0⤋