James Maloney: ‘You obviously have a different definition for rich than I. Your friends paid $980K for a fixer upper five years ago in NYC AND they live in LA. We should all be so comfortable.’
Bill Walker: ‘Earth to Andy – anyone who can purchase a $980,000 home plus sink another $500,000 into it for renovations (even today, let alone in 1997), is not just successful, they are RICH.’
☞ You’re absolutely right. It was late at night. I should have said they are not ‘independently wealthy.’ Or ‘super rich.’ They have to work to meet their mortgage and save up for retirement. Really rich people don’t have to worry about stuff like that. I went back and changed the column archive.
Of course, you could argue they are nuts – they wouldn’t have to work to meet the mortgage and save for retirement if they lived someplace cheaper. They should sell the place and set aside that extra $3 million I talked about so they would be independently wealthy. (Albeit modestly so.) That was the point of my column. Financially speaking, that would clearly be best.
But life is not a business; they love where they live; and they don’t feel as if they’re spending $25,000 a month for their terrace, because it’s merely an opportunity cost, not a bill that comes in the mail.
Hope you had a great Fourth.
Quote of the Day
John Wanamaker found an employee in a dispute with a customer. She wanted a blouse that was being sold only with a skirt. The clerk was insisting they only came together. Wanamaker walked over to the clerk and whispered in his ear the secret of marketing: "Give the lady what she wants."~.
Request email delivery
- Aug 18:
Kimmel / Murphy / Vice
- Aug 17:
Fred Trump – One of Seven Klansmen Arrested in Queens
- Aug 16:
The Americans / White Supremacists
- Aug 15:
You’ve Never Even HEARD of Agadez
- Aug 14:
Our New McCarthy Era; Two Very Different Stocks
- Aug 11:
A World In Disarray
- Aug 10:
Let Randy Bryce and Paul Ryan Trade Places
- Aug 9:
As We Pursue Coal, China Eats Our Lunch
- Aug 8:
Mike Pence Talks Ethics On Comedy Central
- Aug 7:
American Dream Week
- Aug 18: