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Very Wealthy People Who You Know Personally

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Very Wealthy People Who You Know Personally

Old 05-22-2019, 05:54 AM
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Default Very Wealthy People Who You Know Personally

Hi,

Yesterday, I was flipping through a copy "Yachting Magazine" that someone left on my desk at the office. I started thinking, "Who can afford these yachts"?. I am talking about seven figures. I then thought, "who do I personally know that could afford one of these?" By personally know, I mean someone who I could call directly on any given day. I came away with one person/family that owned a few large Vikings over the years. The wife's father owned a large retail chain back in the 70s. The husband owns a company that services retail stores.

My question to you is, if you know any very wealthy people personally, where did their wealth come from?

Thank you.

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Old 05-22-2019, 06:04 AM
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I know a guy who started a little manufacturing company in his basement with a used, broken piece of machinery. It grew to the point that he quit his day job. He kept expanding with current cash flow. When his kid got experienced enough, he handed the company off to him. Then he started a bank and grew it for a while until it got bought out by a bigger bank.

I donít know how much he has, but itís easily FU money by anyoneís standards.
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Old 05-22-2019, 06:05 AM
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Know several. Biggest money out of the bunch came from textiles, followed closely by a glass factory. Neither family has any yachts, and both maintain a fairly low profile.
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Old 05-22-2019, 06:05 AM
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I only know a few and the answer is Quartz (the mineral), Racetracks, Trust Funds.

Last edited by Qb1rdman; 05-22-2019 at 06:13 AM.
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Old 05-22-2019, 06:08 AM
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There is a guy named Earl who lives in our trailer park. He is so rich that he has a triple wide. Rumor has it that he didn't even have to finance the rims that he put on his 1992 Chevy truck. We're not sure where he gets his money, but there is all types of speculation. To have that much money we believe that he's either selling drugs or in the mafia.
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Old 05-22-2019, 06:16 AM
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Cattle and land. A.. hole.

Trucking, land, timber. A.. holes to deal with, cool personally.

Machine shop. A.. hole.

Commercial land development. Cool guy.


I have a successful business but lack desire to have a seven figure boat and wish that I had spent more time with my kid.
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Old 05-22-2019, 06:19 AM
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I know no one. I am probably the wealthiest in my extended family and that's definitely nothing to brag about. I clawed my own way out of the depths of poverty. My friend is an attorney, his wife is a doctor; not FU money by any means.
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Old 05-22-2019, 06:19 AM
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I know one person that just became what I would call very wealthy.

We manage a small beach rental for a family friend in Oregon. The neighbor at the beach has a seven year old boy that is friends with our daughter. The neighbor and I hang out and drink beer.

My friend has always had money, but recently he showed up in a new truck (his old one was three years old) and his wife was in a new top of the line Range Rover.

It turns out that his small engineering company was bought out in February by Borg Warner.

The company is called AM Racing and they do prototype electric drivetrains. They did the drivetrain for a few electric supercars as well, including the Rimac and the Nio. The new company that Borg Warner created from my friendís company and another is called Cascadia Motion.

https://www.borgwarner.com/newsroom/...s-acquisitions

As a public school teacher I donít meet many exceptionally wealthy people. My wife is a dental hygienist and has a few rich patients. One is the owner of a large winery and he hooks us up with free wine, tours, et cetera.

Last edited by Dan_F; 05-23-2019 at 11:42 AM.
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Old 05-22-2019, 06:22 AM
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Originally Posted by Qb1rdman View Post
I only know a few and the answer is Quartz (the mineral), Racetracks, Trust Funds.
Trust funds..they're called "trustaferians" here, or members of the lucky sperm club.
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Old 05-22-2019, 06:22 AM
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Investments, real estate, inheritance, construction, engineering business. Most are real nice people aside from a couple of the inheritance and that makes sense.
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Old 05-22-2019, 06:23 AM
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Probably about a dozen families. Some self made, others inherited.

Founders of H&S Bakery who own the whole Harbor East area of Baltimore, and then they married into the founders of Sinclaire so you can imagine. The families that started the empires Are now deceased. A few generations of them.
Another inherited money and runs some successful restaurants.
Another started a large group of car dealerships and now invests all over the place.
Majority owners of the Orioles.
Entrepreneur now caught up in the former Mayor Pugh scandal.

I would say 3/4 of them either inherited their wealth and continued to build on it, or were given $ to start a business from their family which was a gift and started successful businesses.
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Old 05-22-2019, 06:27 AM
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I did business back in the late 70's with a guy named John. he bought a few boats since then.
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Old 05-22-2019, 06:29 AM
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"Very wealthy" is the most relative term out there but I know a few. What they have in common is they love what they do regardless of the income, and live well within their means. The richest people I know do not (nor do they have a need to) put their wealth on display.
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Old 05-22-2019, 06:29 AM
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An old fiend of mine cashed in Everthing he owned 15 years ago and bought an oil battery. Oil was 35-40 a barrel back them. Oil took off and he made millions. Itís not FU money but kinda cool a good old Saskatchewan boy did so well. Lol still remember passing out on his couch back in the young and single days.
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Old 05-22-2019, 06:29 AM
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There is a guy that passed away recently that was fairly wealthy by most people's standards. He had a custom sportsfisher built. I doubt it cost more than a million, but it was a nice boat. He had the kind of money that he could have paid several million for a boat. If you saw him in person you would have thought that he lived in the same trailer park as Earl up above because he drove an older truck and was always dirty from working on his land. However, he had a 500 acre farm in Florida, a several hundred acre farm in Georgia and owned several businesses.

He made his money by developing property. In fact he could have had a lot more money but he let greed get to him. About 30 years ago he bought a 300 acre piece of property on the bay. He sold some of it and then kept the rest, even building a nice home on a point. When the real estate market was booming he had a written offer for $60 million from a large company for about 200 acres. However he turned it down because he thought that they were going to turn around and sell it and make some money off of him. He couldn't stand the thought of leaving money on the table so he backed out. Then the market crashed. He told my dad that he just got greedy.

I wondered what it was that he couldn't buy with $60M that he could buy if he held out longer. He got sick and simply gave up because he was tired when he could have gotten treatment. Instead he passed. Apparently he hadn't planned for his passing, or figured his kids would just work it out. His son had to sell some of the other property to raise $5M to pay the inheritance taxes. I guess it isn't a bad boat to be in, but it could have been better with some planning.

I will say this. Both of his kids work hard running the businesses that he left to them.
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Old 05-22-2019, 06:30 AM
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I know a couple.

The wealthiest by far owned an insurance company.

Another has food products in every costco in the world. They are now retired.

I operate a yacht for a buddy of mine. I have met some insanely wealthy folks. Like hotel chain owners, oil guys, etc.

Must be nice
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Old 05-22-2019, 06:30 AM
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We're surrounded by wealth and deep pockets. Most here are pretty conservative and don't flaunt their wealth like further south, except for toys.
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Old 05-22-2019, 06:36 AM
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There are two types of yachts. There are the $2M - $4M sportfishers, cruisers,ect . that many people own. You can finance them like a house. Your business can own the boat. There can be some creative ways to "afford" them. Then there are the mega yachts. The ones that cost more than most people make in a year to keep fueled. They require a full time staff. You need F you money to even begin to think about these type of yachts. Which one were you talking about?
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Old 05-22-2019, 06:40 AM
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We have a few billionaires in the hood. They are nicer than the millionaires.....
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Old 05-22-2019, 06:47 AM
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Originally Posted by meritmat View Post
An old fiend of mine cashed in Everthing he owned 15 years ago and bought an oil battery. Oil was 35-40 a barrel back them. Oil took off and he made millions. Itís not FU money but kinda cool a good old Saskatchewan boy did so well. Lol still remember passing out on his couch back in the young and single days.
what is an "oil battery"??
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