In Silicon Valley, Millionaires Who Don’t Feel Rich

The New York Times ^ | August 5, 2007 | Gary Rivlin

[2ndDivisionVet]

I don’t understand it either... http://dallas.craigslist.org/rfs/

[untrained skeptic]

The point is that they are middle class. They have financial security, but not financial independence. That means that they are not rich, but simply upper middle class because they are able to maintain a better standard of living by working hard than those who are lower middle class.

Yes they make a lot of money, but they have to live where they do to make that kind of money, and the cost of living there is extremely high.

They can move elsewhere and live well when they retire, but that means they have to move away to retire. I can move to Mexico and live well when I retire, but if I don't want to live in Mexico, I'm going to have to work longer, harder and accept a lower financial standard of living.

Our federal income tax rates don't take into account the cost of living in expensive areas. Someone who works in Silicon Valley and is living reasonably frugally, yet still lives paycheck to paycheck is treated the same as someone living richly in an area with a low standard of living.

[untrained skeptic]

I would expect that a large portion of the cost of building any home is the labor costs, and since the laborers need to be able to afford to live in CA, they have to make considerably more than they would in other parts of the country.

[Jaysun]

The article suggest that a large amount of money is needed to live in Silicone Valley, for example. Instead of spending a couple of million bucks on a 2000sf house I suggest they move to Kentucky or somewhere. That’s all I was saying.

[mvpel]

I moved to New Hampshire instead, and my wife quit working in order to raise our new son.

[Jaysun]

That seems like the reasonable thing to do. Good for you.

[redpoll]

This is a surprise?

The definition of “the wealthy” has always been “someone who has a few dollars more than me.”

[Freedom4US]

You might know a lot of people born into it, but that’s very much outside the norm. In the US the majority of millionaires are first generation, that is they earned it. There’s a great book on the habits and lifestyles of millionaires called “The Millionaire Next Door.”

[RipSawyer]

So I guess anytime I wanted, I could sell the house and buy a house for cash somewhere else in the country (like the Deep South) and just get some stress-free job for the next 15 years, just to keep me occupied while I wait for my 401(K) to kick in. The prospect sure is tempting.
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If your house is mostly paid off and worth $600,000. you could sell it and move south to the right area and live almost without a job!

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$125,000
3 Bed, 1 Bath
1,405 Sq. Ft.
22.9 Acres
Estimated Payment:
$619 Per Month*
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Pageland, SC 29728

MLS ID# 576997

$125,000
3 Bed, 1 Bath, 1,405 Sq. Ft., 22.9 Acres

Single Family Property, Area: 36, County: Chesterfield, Approximately 22.9 acre(s), Year Built: 1959, Waterview, Waterfront property, Single story, Fireplace(s), Laundry room
This listing is brokered by: Allen Tate Company
Office (704)847-6400

Property Features
Single Family Property
Status: Pending
Area: 36
County: Chesterfield
Year Built: 1959
3 total bedroom(s)
1 total bath(s)
1 total full bath(s)
Approximately 1405 sq. ft.
Single story
Style: Ranch, Rustic
Master bedroom
Living room
Kitchen
Laundry room
Bathroom(s) on main floor
Bedroom(s) on main floor
Fireplace(s)
2 car carport
Heating features: Wood stove insert, Gas, Hot air, Wood stove/heater
Interior features: Ceiling fan(s), Electric laundry hookups, Dryer hookups, Electric range and oven, Microwave oven, Refrigerator, Vinyl/linoleum flooring, Wall to wall carpeting, Wall or window air conditioner(s), Pull-down attic access, Laundry on 1st floor/level, Utility room, Electric water heater, Heated sq. ft. is 1405, Main level is 1405 heated sq. ft., Master bedroom on main floor
Exterior features: Storm door(s), Storm window(s), Gravel driveway, Floating dock, Porch, Storage/out-building(s), Public water supply, Septic sewer system, Well(s)
Exterior construction: Crawl space
Waterview
Waterfront property
Approximately 22.9 acre(s)
Lot size is 20 or more acres
Elementary School: Petersburg
Middle School: New Heights
High School: Central

I don’t know what this house looks like but it is within an hour drive of Charlotte, N.C. and if you need fixup or additions my baby brother is within a twenty minute drive and he is as good a carpenter as you are likely to ever have the privilege of meeting. You could spend your spare time deer hunting or fishing. Of course you might meet some “charactes” who remind you of “Green Acres” but you will find the winters amazingly mild compared to Massachusetts.
You wouldn’t be legally required to start eating grits but it would be a good idea!