A financial comparison that had us shaking our heads!

[Ronni]

Ron and I primarily live off our combined social security payments, with some extra from my work, and a day or two here and there when he works. The lion’s share of our monthly income however is from SS.

Compare that with two of my clients.

Client #1’s social security payment is used to cover his monthly Country club dues, plus a few of the expenses charged to it .. meals, golf

The social security payment if client #2 pays for most of her monthly HOA dues, with an additional $400 added to it from her bank account.

I’ve worked with wealthy clients for many many years now and am mostly inured to the largesse that their wealth brings. Occasionally though, I come across something that still takes me by surprise. This comparison is one!

 

[That Lady in PA]

Nice that your clients are able to maintain their lifestyle well into retirement!

 

[Ronni]

Nice that your clients are able to maintain their lifestyle well into retirement!

They all come from wealth, were raised with privilege. In my 30+ years of doing the work I do with countless clients, I can count on one hand the people who amassed their wealth from humble beginnings.

Wealthy, privileged folk, at least the ones I’ve known through my work, have a very different perspective about life than we who were raised poor and were poor most of our lives. They don’t comprehend the struggle of having to choose between whether to endure the water or the electric being cut off, because I didn’t have the money to pay for both. Or of living in sub par rented housing because it’s all I could afford and my credit was horrible.

I’m not throwing myself a pity party. I’m just saying I have a foot in both worlds and have had for a long time, and so I’ve been in a unique position to witness their lack of understanding of folks who struggle financially, which can be perceived as indifference on their part, but really isn’t. It’s simply a lack of experience of having lived any other way.

If a client forgot to leave money for me, or breezily said I’ll just pay you next week, it could well mean that I couldn’t pay my rent, or another crucial bill. Said client had to be educated by me as to the impact that had. I could see their dawning realization, and with few exceptions they were contrite and apologetic. It just never occurred to them that it could be devastating for me.

I am more financially comfortable now than at any prior point in my life. Ron and I are far from wealthy, but we live simply, within our means, and are debt free. And I’m very grateful for it.

 

[Knight]

I'm not sure how to post our situation. Neither my wife or me grew up in wealthy families. At one time during my wifes early childhood chewing on a sugar cane stalk was her meal. Mine there were no extras but we always had a roof over our head & food to eat.

Fast forward to marrying young while I was in the Navy. At E-5 pay with housing allowance, comrats<-----commuted rations = money paid for not eating on base monthly take home $198.00

After Navy. A variety of low paying jobs with no benefits.

17 years married @ age 37 I got a job that paid well plus benefits. Started payroll deduction for purchase of company stock & putting max in 401k. A few years later when our sons were old enough to be alone after school my wife got a really good paying job with benefits. She also bought stock in the company she worked for & contributed max to her 401k.

Age 54 I retired my wife quit a few years earlier after she had eough time to collect soc. sec. A series of fortunate circumstances & planning really well we had no debt no mortage, no car payments no major appliances to pay for. We live off our retirement income that puts in more than we need to live off of. So our Soc. Sec. payments are used for entertainment. Gambling a few times a week. eating out whenever we feel like eating something different.

But I still can't get away from saving money when it comes to grocery shopping. Sales that make it possible to eat well but cost minimal works for me.

 

[Olafhardt]

I never had a whole lot of mon̈ey. We raised our 4 kids with limited funds. On a couple of occasions we had to go on food stamps. We had cars and on̈e home repossessed. We defaulted on lots of debts. Quite un̈expectantly we received fairly decent retirement opportunities. Ì am amazed at how good I am living on a basic steady income. I just never developed expensive tastes. Before She passed She shared 46 years with me. We always had a full and interesting life. I don't think She would have enjoyed growing old. She was still a lovely, fun woman when she passed at two weeks before her 69th birthday. I miss her but I am still enjoying life without wealth.

 

[Brookswood]

A lady I used to know was the family/house manager for an early Microsoft millionaire in the 1980’s and 1990’s. She has great stories of him meeting her and his children after golf, tennis, afternoon theater, etc. and buying them ice cream cones, and then realizing he has no money on him to pay for the cones. Or they take a taxi somewhere and he has no cash for the fare. So he just asks her to pay for it like you and I would ask somebody to pass the salt shaker at dinner. Sometimes she was paid back, sometimes not. Since they were small expenses, she forgets about it as her job was not that hard and she was very well compensated.