There's also often a difference between how generationally/long-term rich people versus temporarily rich people approach it; the former tend to be relatively understated and less conspicuous/flashy, live within their means, and always have an eye on where to cut costs, while people who have suddenly found themselves wealthy can very quickly and easily spend themselves into a very deep hole. Plus just the sheer number of rich people who could easily be busted for tax evasion in one form or another, whether employing/paying people for services under the table, accepting payments for things in cash, making huge purchases in cash without paying sales taxes, etc. Credit/transactions conducted through a bank are for things that are write-offs, or conspicuous (main income, real estate, etc.).
TLDR, 'real' rich people aren't just good at spending money, but at saving it. And one of the ways a lot of them save it unscrupulously is by cutting the government out of getting a cut of a lot of transactions, which tends to mean cash. More above board, it means not paying interest on credit card balances.
Welcome to /o/STEM! This circle is dedicated to science, technology, engineering, maths, and medicine, where you can discuss all things STEM, seek career advice, share learning resources, and pose “ask an expert” questions to the Ovarit STEM community.
Please provide a descriptive title for your posts and add a flair that best describes your post topic. We encourage posters to add links to relevant articles or research papers in their posts and comments.
Since our focus is on STEM, posts should not be focused on politics, ethics, or philosophy. Any discussion on popular science or medicine (to include COVID-19) must be based on scientific principles and research.
This is also not the place to discuss diet, lifestyle, alternative medicine, or psychology. For these topics please check out o/women which is a general discussion circle and o/womenshealthlounge which is a support sub for health issues.
I was gonna say, having lots of liquid cash on hand says “rich” to me. Having a high credit card balance you can’t pay every month says “poor”.
There's also often a difference between how generationally/long-term rich people versus temporarily rich people approach it; the former tend to be relatively understated and less conspicuous/flashy, live within their means, and always have an eye on where to cut costs, while people who have suddenly found themselves wealthy can very quickly and easily spend themselves into a very deep hole. Plus just the sheer number of rich people who could easily be busted for tax evasion in one form or another, whether employing/paying people for services under the table, accepting payments for things in cash, making huge purchases in cash without paying sales taxes, etc. Credit/transactions conducted through a bank are for things that are write-offs, or conspicuous (main income, real estate, etc.).
TLDR, 'real' rich people aren't just good at spending money, but at saving it. And one of the ways a lot of them save it unscrupulously is by cutting the government out of getting a cut of a lot of transactions, which tends to mean cash. More above board, it means not paying interest on credit card balances.