# Being "rich" for at least one year is common?!?

**URL:** <https://boards.straightdope.com/t/being-rich-for-at-least-one-year-is-common/692255>\
**Category:** In My Humble Opinion\
**Created:** [July 3, 2014, 5:59am UTC](https://boards.straightdope.com/t/being-rich-for-at-least-one-year-is-common/692255 "2014-07-03T05:59:09Z")\
**Posts on this page:** 1\
**Page:** 6

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**Author:** ![Dangerosa](https://avatars.discourse-cdn.com/v4/letter/d/22d042/32.png) [@Dangerosa](https://boards.straightdope.com/u/Dangerosa)\
**Post date:** [July 7, 2014, 3:49am UTC](https://boards.straightdope.com/t/being-rich-for-at-least-one-year-is-common/692255/101 "2014-07-07T03:49:47Z")

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> [@Shagnasty](#):
>
> Everything is both relative and deceptive. I am flat-out rich based on technical financial statements. My whole family hit it big a few years ago because our insane mineral rights holdings thanks to two of my great-grandfathers. I am a multi-millionaire many times over on paper but do you know how much of that I have access to or control over? The answer is zero dollars right now because it is locked up in trusts and legal protection that have tighter protection than Fort Knxw and I have no idea whatsoever how long it will be until I do see any of it. It could be when I am fifty or even one hundred. Right now, it costs me money to sustain and maintain it and I have no idea how long that will take to sort itself out.
> 
> I know, you are thinking, cry me a river but this an actual problem that I have to deal with daily. It represents extra bills that I have to pay, keeps me in constant scrutiny of the IRS and I have no control whatsoever over the situation. I am a one percenter whose money is tied out in assets that I cannot control and get no benefit from. It is the same thing as if someone gave you the Eiffel Tower as a gift but you couldn’t collect any tourism proceeds from it but you are still accountable if someone gets hurt on it.
> 
> Keep that in mind when you see the stats about the truly rich. Many of them don’t actually have the money at hand. Right now, I just try to do the right things with my decent job to live a decent life regardless of any future promises. I have found that it is surprisingly difficult to do in the Boston area even with supposedly upper-middle class income.

You are a great example of the difference between wealth and income - and the reason that we can’t conflate the two. There are lots of people who are wealthy - but their wealth is tied up in land or a business that would be difficult to sell - in your case, mineral rights you CAN’T sell, they are tied up in trust. (And you aren’t a 1%er - because that’s income - and if I’m reading your post correctly, you currently aren’t seeing any income from your wealth, just expenses).

Then there are people who have really nice incomes, but no wealth because they’ve never saved it. Maybe they are horrible spendthrifts who spend their money irresponsibly - maybe they donate it to charity, or have huge medical bills, or support multiple households.

Most people who have large incomes can - over time - amass wealth, but most people won’t have large incomes for long enough for that over time to take effect (and frankly, a lot of people don’t have discipline or even the desire if they had the income for long enough - money is made to be spent …money is like manure, its not worth a thing unless its spread around encouraging young things to grow.) And most people with wealth can liquidate their wealth to create spendable cash for …well until the wealth runs out. But neither of these things is a given.

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