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Rich people things that legitimately rich people don't do?

BetterThanThou

By that I mean things that poor/average people do that are considered things mostly rich people do, but rich people don't tend to do them.
One I think would be buy Rolex watches, rich people don't tend to do that, whereas many poor/average people buy them to seem rich.

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Galwayguy35

I think people who started out with nothing and made their fortune through hard work are the people who have no airs and graces about them compared with the spoilt little shítes who were born into wealth and who live off their parents money.

the_syco

Mr. Incognito wrote: »

??

Poor people pay no tax.

Rich people pay the most (relatively and actually)

Indeed.

Rich people things that legitimately rich people don't do?

As per the OP, the thing that legitimately rich people don't do is not pay tax, as illegitimately rich people don't pay tax, as their work doesn't get taxed...

Renegade Mechanic wrote: »

The few genuinely wealthy people Ive met or know are actually sound enough. But good LORD they are tighter than a ducks arse!!

Of course. You don't become rich by donating to the local charities. Most rich were once poor, but not spending becomes habit, and soon enough they have lots of money, but no idea what to do with it.

And then their offspring gets it, and you get a rich spoilt brat :mad:

LETHAL LADY

People born into a long line of wealth (I mean inheriting an estate) are usually very affable and mix well with their peasant workers and even have a long connection with them. The new wealth with their Gucci handbags and Versace suits are dickheads imo.

Meangadh

Yeah definitely agree that people who grew up with money don't really think much about it, youoften wouldn't even know they had it.

The "new money" during the Celtic Tiger was the worst- no class about them at all. Literally more money than sense.

Karl Stein

Mr. Incognito wrote: »

Rich people pay the most (relatively and actually)

Relative to their wealth?

Not true.

MyPeopleDrankTheSoup

relative to their income, they do. income tax in this country is progressive last i checked.

steddyeddy

Mr. Incognito wrote: »

??

Poor people pay no tax.

Rich people pay the most (relatively and actually)

Every hear of VAT?

pappyodaniel

Buy their own fags on a night out.

[Deleted User]

georgiecasey wrote: »

buy $1000 bottles of vodka in VIP sections of nightclubs

False. One time in the bar I was working in, a very well known millionaire came in with two friends and ordered 3 bottles of Cristal (@€;750 each!) and she drank hers topped up half n'half with....

...Red Bull.

Seaneh

The richest person I know personally, who makes about $3.5million per year, drives a mid range honda in the states and an opel zaffira in Ireland and flies economy class with delta everywhere.

Most people assume rich people drive stupidily expensive cars and fly first class. I find this to be false in reality.

steddyeddy

The poor in the country suffer most in terms of VAT hikes, increases in VAT, increases in energy prices and drops in wages in the lower percentile have a much greater impact on poorer people than they do on better off people. It's ludicrous to think otherwise. A poorer person loosing 10% of their take home pay will be impacted more than a much wealthier person losing 30% of their pay. So I wish people would say wealthier people take the "burden" in a recession. They pay the most tax but their lifestyle is impacted to a much lesser degree.

Capt'n Midnight

Mr. Incognito wrote: »

??

Poor people pay no tax.

Rich people pay the most (relatively and actually)

FFS

That only applies to declared PAYE.

Rich people can avoid most taxes and can claim rebates that poor people can't.

Top rate taxpayer doesn't pay tax on taxsaver tickets, bike to work, VHI, pensions, bin charges , mortgage interest relief
Poor person can't get the funds together to pay for such stuff up front.

Rich people pay themselves via shell companies , and tax free loans and shares and thus almost avoid income tax completely. Ignore wages and look at the tax rate paid on total income. Rich people pay far less than the average industrial wage.

Rich people can afford accountants to look for loopholes. You'd be amazed at the tax writeoffs you can get.

Unless you've been living under a rock you may have heard about the recent recession, well for us anyway, the rich haven't suffered.
http://www.bloomberg.com/news/2014-01-02/billionaires-worth-3-7-trillion-surge-as-gates-wins-2013.html

The richest people on the planet got even richer in 2013, adding $524 billion to their collective net worth, according to the Bloomberg Billionaires Index, a daily ranking of the world’s 300 wealthiest individuals.

Stock markets are at a high. The last few years have shown that the theory that wealth created at the top will trickle down to benefit everyone is just complete tosh.

On a micro economic level why are wages still low but service charges still rising ? Because the only place I can see the difference going on is to shareholder pockets. Fuel is more expensive but only accounts for a few % of GDP so it's not that.

steddyeddy

The richest person I know is the most down to earth person you could meet. He's a scientist who worked his way up from nothing and is now worth 33 million and deserves every penny. Came from the slums of Dublin and you couldn't find a nicer gent. He maintained that those who earn it also earn class and those born into wealth don't.

WilyCoyote

They don't get obsessive about keeping an extremely neat and tidy house.

steddyeddy

Capt'n Midnight wrote: »

FFS

That only applies to declared PAYE.

Rich people can avoid most taxes and can claim rebates that poor people can't.

Top rate taxpayer doesn't pay tax on taxsaver tickets, bike to work, VHI, pensions, bin charges , mortgage interest relief
Poor person can't get the funds together to pay for such stuff up front.

Rich people pay themselves via shell companies , and tax free loans and shares and thus almost avoid income tax completely. Ignore wages and look at the tax rate paid on total income. Rich people pay far less than the average industrial wage.

Rich people can afford accountants to look for loopholes. You'd be amazed at the tax writeoffs you can get.

Unless you've been living under a rock you may have heard about the recent recession, well for us anyway, the rich haven't suffered.
http://www.bloomberg.com/news/2014-01-02/billionaires-worth-3-7-trillion-surge-as-gates-wins-2013.html

Stock markets are at a high. The last few years have shown that the theory that wealth created at the top will trickle down to benefit everyone is just complete tosh.

On a micro economic level why are wages still low but service charges still rising ? Because the only place I can see the difference going on is to shareholder pockets. Fuel is more expensive but only accounts for a few % of GDP so it's not that.

Brilliant post. If I hear one more person say rich people take more of the burden I wont be held responsible for my actions :S

Karl Stein

steddyeddy wrote: »

Every hear of VAT?

And the more rich you become the more likely you are to have assets, stocks and shares, property, creative accountants, a second home abroad to become non-domicile etc.

This, of course, ignores that the rich should be paying more tax relative to their wealth anyway seeing as they're benefiting most from the economy.

Here's what the oft cited Capitalist's hero Adam Smith has to say about the matter.

It is not very unreasonable that the rich should contribute to the public expense, not only in proportion to their revenue, but something more than in that proportion.

Wealth Of Nations: Book V

Pat Mustard

I'm rich biatch!

https://www.youtube.com/watch?v=nDX0j80h2rk

WilyCoyote

steddyeddy wrote: »

Every hear of VAT?

Vear And Tear?

ceadaoin.

steddyeddy wrote: »

The poor in the country suffer most in terms of VAT hikes, increases in VAT, increases in energy prices and drops in wages in the lower percentile have a much greater impact on poorer people than they do on better off people. It's ludicrous to think otherwise. A poorer person loosing 10% of their take home pay will be impacted more than a much wealthier person loosing 30% of their pay. So I wish people would say wealthier people take the "burden" in a recession. They pay the most tax but their lifestyle is impacted to a much lesser degree.

Do better off people not also pay vat and have higher energy bills to contend with? Not everyone paying the highest tax rate, which is 41%, are millionaires so they are affected by these things.

Capt'n Midnight

ceadaoin. wrote: »

Do better off people not also pay vat and have higher energy bills to contend with? Not everyone paying the highest tax rate, which is 41%, are millionaires so they are affected by these things.

If you are rich you have the option of living in a passive house and/or installing solar panels / wind generators if you think the payback time is justified. Selling back to the grid means you might possibly come out ahead.

Also rich people are more likely to have companies to offset VAT against.

Poor people are the natural pray of the prepay utility meters who have the highest price energy. And they typically live in less well insulated homes so fuel costs are a far greater proportion of their income. So much so that there are up to 2,000 excess deaths every winter and one of the main causes is the choice between spending on fuel or food or other such luxuries.

The stats are very clear on this. http://www.publichealth.ie/healthinequalities/Fuelpovertyandhow

In Ireland around 70% of excess winter mortality from cardiovascular disease and respiratory disease arises in the poorest socio-economic groups.

http://jech.bmj.com/content/54/9/719.full

There are 30 000–60 000 excess winter deaths in the United Kingdom annually. In Ireland, the equivalent figure is 1500–2000 deaths. This winter surplus accounts for a rate of seasonal variation in mortality of 15%, among the highest in Europe.2 Paradoxically, Ireland has a relatively mild winter (mean temperature of 5°C) whereas countries with more severe winter conditions exhibit significantly lower variations in seasonal mortality (for example, Denmark and Norway have mean winter temperatures below freezing but 5% seasonal mortality variation).2 This paper hypothesises a link between poor housing standards (in terms of thermal efficiency and heating systems) and high rates of excess winter mortality in Ireland.

cuckoo

Capt'n Midnight wrote: »

The stats are very clear on this. http://www.publichealth.ie/healthinequalities/Fuelpovertyandhow

Another influence on those stats is probably smoking - wealthier socioeconomic groups have lower smoking rates than poorer groups.

So, rich people aren't actually lighting cigars with 50 euro bills.

animaal

FizzleSticks wrote: »

This post has been deleted.

Not unusual in my opinion. And these same people will give out about the "wealthy" who can't afford holidays and new cars, because they prefer to put money into health insurance and/or education.

stevedublin

cuckoo wrote: »

So, rich people aren't actually lighting cigars with 50 euro bills.

Whats the point of being rich then?

burnhardlanger

The rich don't buy Rolex* watches.

Read The Millionaire Next Door years ago and the pop culture image of The Rich is that of those driving sports cars, wearing Armani etc. It is the image of the 1%.

The reality for the majority of millionaires (North America) would atypically come from self employed businesses and live frugal, simple lives with frugal and simple tastes.

If I recall, the survey said that Seiko was the top watch brand and those surveyed who wore Rolex, were generally gifted the watch.

razorblunt

They never dive into their pool full of gold coins.
Damn you Scrooge McDuck!

Truth wins

I am not rich so I am thinking what do I do.

First of all I want to say that I do not like to show off but feel good so here is the list.

Bought bmw 530D and paid €1643 road tax with arrears
Bought tom ford glasses worth €350
Wouldnt buy a rolex cos thats just foolish.Did buy tommy Hil watch worth €350

Its fine to buy such stuff once in a while

Wibbs

FizzleSticks wrote: »

This post has been deleted.

Oh I have. Little above average earners anyway, the oul Rolex is their go to brand to "show off". For the less well heeled, Tag Heuer is the go to brand. The scarily wealthy either go for a cheap arse Casio or a handmade mechanical work of art costing crazy money with a name no one has really heard about.

Seaneh wrote:

The richest person I know personally, who makes about $3.5million per year, drives a mid range honda in the states and an opel zaffira in Ireland and flies economy class with delta everywhere.

Most people assume rich people drive stupidily expensive cars and fly first class. I find this to be false in reality.

+1. There tends to be less buying into the consumer culture/keeping up with the joneses on items like that(unless that's part of their lifestyle as PR) as most have spotted that there's a fair bit of a con going on with that stuff, never mind the money lost on assets that fall like a stone in value from new. For the price of say a ford Mondeo, you could have a very tidy collection of very nice secondhand cars. I recall watching an Antiques roadshow a while back and one of the items was an original Durer print. Anyway it came to the value and it was 15k IIRC. Cue "oohs and ahhs". On the watches front there was an auction a few years back and one lot was an original Omega speedmaster sourced by NASA and actually worn and flown on Apollo 10 around the moon. 18,000 dollars. Brand new entry level hatchback(if you could even get such at that price) or an original Durer, or a watch that has history like that? Price and worth mean different things to different people.

Cool Mo D

georgiecasey wrote: »

relative to their income, they do. income tax in this country is progressive last i checked.

If you're paying income tax, you're might be pretty well off, but your not RICH rich.

The truly filthy rich pay no income tax, because they got their money the old fashioned way: inheriting it.
They make their money from the interest gained on their wealth, and they can get away with paying feck all tax on that if they're smart. Just remember not to start eating into the principle, or you won't be rich for long.

Ray Palmer

Capt'n Midnight wrote: »

FFS

That only applies to declared PAYE.

Rich people can avoid most taxes and can claim rebates that poor people can't.

Top rate taxpayer doesn't pay tax on taxsaver tickets, bike to work, VHI, pensions, bin charges , mortgage interest relief
Poor person can't get the funds together to pay for such stuff up front.

Rich people pay themselves via shell companies , and tax free loans and shares and thus almost avoid income tax completely. Ignore wages and look at the tax rate paid on total income. Rich people pay far less than the average industrial wage.

Rich people can afford accountants to look for loopholes. You'd be amazed at the tax writeoffs you can get.

Unless you've been living under a rock you may have heard about the recent recession, well for us anyway, the rich haven't suffered.
http://www.bloomberg.com/news/2014-01-02/billionaires-worth-3-7-trillion-surge-as-gates-wins-2013.html

Stock markets are at a high. The last few years have shown that the theory that wealth created at the top will trickle down to benefit everyone is just complete tosh.

On a micro economic level why are wages still low but service charges still rising ? Because the only place I can see the difference going on is to shareholder pockets. Fuel is more expensive but only accounts for a few % of GDP so it's not that.

What a load of nonsense.
You are talking about the mega rich being able to avail of a lot of this not people earning high salaries. Very few people can use a shell company or any of the other ways to redirect their income.

They also cut most of the tax breaks of high rate tax benefits to be the lower rate. A person taking care of private health care and pension are saving the government money. That is why there are tax breaks.

You have bunched a lot of things together and incorrectly connected them to a high rate of tax.

What rate of income do you think all your rich benefits are applicable at?

You may also like to know that those tax schemes with loans involved have not be made legitimate and at the moment all it does is give you an interest free tax loan until the schemes are made legitimate or not. Nobody expects them to be made legitimate now as they are too well known.

In Ireland the top earners pay more relative and actual tax. There are some avoiding tax but not the majority, I would suspect more tradesmen evading tax than high earners

The_Captain

Rich people that like to look rich wear Patek Phillippe watches.

Rich people that don't, wear €12 Casio watches

My neighbour/landlord is stinking rich, as in owns many large detached houses rich and he drives a 20 year old car, but only when he can't cycle to a place to save petrol, dresses like a homeless man and lives in virtual squalor to the point where I genuinely wonder what the point of all his hard work was.