4 ms·
In the context of the WSJ, cash doesn't mean physical currency. It just means dollars, i.e. not treasuries or any other type of asset. Most people would inter
by f5ve 3y ago
In the context of the WSJ, cash doesn't mean physical currency. It just means dollars, i.e. not treasuries or any other type of asset. Most people would interpret that headline differently -- to the point of it being inaccurate.
[edit: also the wordplay wouldn't work]
- jjgreen 3y agoI'd never heard of that before, interesting, thanks; Rich people speak a foreign language ...
- mulmen 3y agoThat usage is not unique to rich people.
- ericd 3y agoIt’s any investor, not only the rich ones. Typically includes things like very short duration bonds (like t-bills).
- lxgr 3y agoIt's also used in other contexts, e.g. cash vs. stock compensation (and I wouldn't necessarily call everybody offered that choice "rich" these days).
- hnthrowaway8860 3y agoI would. People in the tech bubble don't understand their privilege. If everybody you interact with daily makes less than you then you are rich. Or how does you total compensation compare to that of the Walmart worker, the guy behind the McD counter, you hair dresser, the lady cleaning your office toilets or the waiter at your lunch restaurant or staffer at the bouldering gym? You think they get stocks?
- mulmen 3y agoI make nearly 300k a year and I can’t afford a house. I’m upper middle class at best. That’s an order of magnitude away from wealthy.
- hnthrowaway8860 3y agoI seriously doubt that. I might bot be able to afford the exact house you most desire in the exact location that you desire. But if you restrict the definition of "rich" to only include people that can, then it's a very odd set that's left. I'm sure Elon desires a house on Mars, and he can't afford that either.
- mulmen 3y agoYou don’t know me or my situation. Houses in Seattle are upwards of 750k for something that isn’t a fixer-upper. And if a house meeds work that’s even more money. Being able to “afford” something is more than having the cash to buy it or credit to finance it. There’s a huge difference between being rich (or wealthy, not the same) and simply having more than someone else.
- hnthrowaway8860 3y agoTrue, I don't know you, but you've now given some information to work with. With a 300k income, you should be able to put away 50k a year without problem. That's a 20% downpayment after 3 years for a 750k house. (If you can't save 50k a year then that's because of lifestyle choices like what car you drive, when and how much you eat out and where you go on vacation. That's fine, but your choice, so don't complain.) > There’s a huge difference between being rich (or wealthy, not the same) and simply having more than someone else. No. That's basically the definitions of those concepts. They are relative to how well off everybody else is.
- mulmen 3y agoYes, I could penny pinch to buy a house for an exorbitant sum. That also contributes to increasing housing prices. Or I can keep renting and saving for retirement. The fact is tech salaries are actually modest and everyone else is getting really screwed. The idea that tech workers are villains only plays into the hands of the truly wealthy.
- deleted 3y ago[deleted]