If your dad is Bill Gates, you’re probably not getting a Starbucks gift card for graduating college.
In 2018, Jennifer Gates walked off the Stanford stage and onto a 124-acre, $15.82 million horse farm in North Salem, New York. According to Architectural Digest, the lavish estate was a graduation gift from her billionaire parents—and came complete with rolling pastures, three parcels of land, and proximity to New York City for her future studies.
But in case that sounds too much like the plot of “Succession: Equestrian Edition,” Melinda Gates would like to remind everyone: their kids were absolutely raised “middle class.”
A graduation gift worth more than most people will earn over an entire career.
This shows you how billionaires imagine middle class to be. They’re completely out of touch, as expected.
Never defend a billionaire, they would never defend you. Don’t defend them, idolize them, or trust them. Billionaires care about money and the power it provides, NOTHING ELSE. That’s the main prerequisite for becoming filthy rich, after all.
That’s right, they’re comparing to other billionaires and looking at themselves being so humble that they must be middle class. It’s unfathomable to them to know what it’s really like.
She’s that bored.
Ikr? Rich and power but still a weird horse girl
All I got was a beer
No one really seems to know what middle class is anymore. Both the family that is one missed paycheck from being homeless and the one lobbying their state for school vouchers so they can repurpose the cost of their kids’ private school tuition to their college fund think they’re middle class.
Is there a real definition of middle class? I’ve seen income percentile based ones, but that’s just bs, because depending on how poor or rich and equal or unequal a society is as well as cost of living, being in the 50th percentile might mean you’re dry pasta every day (because it’s cheaper than instant noodles, per kilogram), or it might mean you’re very comfortable.
What follows is entirely subjective, and is my perception of middle class is, in the US versus my own country, Estonia)
To me, middle class means you can live a comfortable lifestyle, and once you’ve been earning a decent income for a while, you can lose your job and keep living mostly the same lifestyle for several months without going bankrupt. But in reality, that may be only people in the top 20% (excluding the 0.1% ultra wealthy that are most definitely NOT middle class).
Middle class is the classic 80s and 90s American movie/TV show family. Either the sole provider, or both parents if both are employed, lose their jobs? Well, it’ll be a tight few months, but we’ll make it.
Home is not middle class though. This article puts it into perspective. I love this bit: “So what did Kevin’s parents do for a living? It’s likely the mom was a fashion designer considering the amount of mannequins in the home. As for the dad, he was likely a regular businessman.” What the hell is a “regular businessman” and how do I become one and make 300k+ 2022 dollars solo or 600k+ total household?
Now you could say “this is what the middle class was in the 80s and 90s, it’s not like that anymore”, to which I’d say, no, it’s not that the middle class has changed, it’s that the middle class is shrinking hard, and most Americans are actually working class now.
Anyway, this is my thoughts about a country I don’t live in and thus heavily skewed based on media. In my own country, the middle class has only started forming over the last decade or 2. We gained independence from the soviet union in 1992 and at first the class system was “hustlers and organized crime vs normal people (poor)”. Nearly all the wealthy businessmen of the 00s either had organized crime ties in the 90s, or deceived people out of their capital vouchers (yes, that was a thing during the privatization of the country). After all, what good is a voucher when you need food money NOW?
A couple of decades later, to me, growing up middle class here means you’re not worried about where the down payment for your first home is coming from after you’ve held a job for a few years. Growing up upper middle class is never having to rent in your life, your parents help make sure of that. Upper class is if your parents didn’t just buy you a home with a loan or fund your down payment, they bought it outright for cash. Now yes, it’s possible that your parents are loaded and don’t help you at all because “damn kids need to learn how to make it on their own”, but most parents do realize that getting started in life is ridiculously hard, so if it’s within their means, they tend want to help their kids get their foot in the home ownership door one way or another. Also noteworthy is that unlike the US, buying an apartment/condo here is a much better deal generally, so most people’s first home is an apartment/condo. I mean we get shafted less when renting too, but most people still want to own (even if with a loan), because otherwise you’re just paying someone else’s mortgage, or funding their holidays.
All in all, middle class is a vibe based definition more than a numbers based one if you ask me.
Millionaires are the middle class now.
At least he’s relatively philanthropic, Mush and Bezilbub don’t even try to make other peoples lives better.
Being a billionaire in a world where most people don’t even early 50k annually is objectively immoral.
Maybe that’s why these 1%ers wealth hoard so hard, maybe they genuinely think they ARE middle class.
They’re either extremely uneducated in current standards of living, or being purposefully deceitful. I’d like to think it’s the former. They should have a class for rich people so they can understand what life is like without family money or high salaries.
In the U.K. there’s a somewhat popular TV series called “Rich House, Poor House”. We still worship the rich.
No class can teach you what it feels like to be a few bucks away from homelessness.
When the class is over the billionaires go back to their worry free lives. The poor worry about ending up on the street.
See now if failure to pass the empathy class results in your forced destitution there might be some incentive to pay attention
Made me think of the Meme: “Who wants to be a millionaire? - but with Billionaires, so it’s more of a threat.”
If we made empathy classes a must with our current governing systems, I cannot imagine them not beeing corrupted and used against the poor within seconds of becoming obligatory.
I remember seeing a clip a long time ago of someone asking Gates how much a box of rice-a-roni is and he was like… 5$?
I’d have the same difficulty tbh. I don’t live in the US so no rice-a-roni here anyway, but there are a lot of premade foods available here too, and… I just don’t really buy them very often, even if I’m alone, I just cook or throw like a frozen pizza in the oven, but I don’t experiment a lot with those boxed meals. I also only ever buy stuff like laundry detergents at discount so I never even think about the normal price. I go to the store, see a detergent at the regular price, go “fuck no” and buy something else that’s on discount and half the price per liter or per pod. There’s nearly always something available for a good price, sometimes it’s a local brand that’s already cheaper than the foreign brands.
I can, however, tell you the prices of different pasta brands (the cheaper ones, not the expensive ones) to within 20 cents. Usually half a kilo of dry pasta is like 1.19, or under 1 euro on discount. Frozen french fries - used to be around 1.20 for 750 grams, jumped to something like 1.79 and hell I think in some stores it’s 2.19 now unless there’s a discount. Pack of mince meat - depends on size and whether it’s pork, moo or a mixture of both, somewhere between 2.50 and 5 euros per package.
being purposefully deceitful
Warren Buffet keeps around the house he bought in Omaha, Nebraska in 1958 and brags about how little it is worth. The man travels on private jets and sleeps in hotel high rises, surrounded by an army of aides and adjuncts and a smattering of medical staff. But he’s still got the title to that old homestead from sixty years ago, so he’s perpetually middle class according to business talking heads.
Well put yourself in their shoes. They ARE the middle class when they are surrounded by only the top 1%.
We are not existant/irrelevant others. That will stay the same as long as their heads remain attached.
In 2018, Bill Gates’ net worth was approximately $90 billion. His estimated income was around $12 billion, according to estimates from Business Insider.
In 2018, the median net worth of an American household was $101,800. I chose median cause these billionaires drastically skew the mean. The median household income was $63,179.
If an average American household gave the same scale of gift in 2018, based on household income, the gift would be $83.29, and based on net worth, it’d be $17.89.
So it’s the equivalent of letting you kid buy a DVD from the discount bin.
At those sums, there’s really no equivalent. That discounted DVD has a real impact on your finances, even though it is a small impact. There’s no purchase that Bill Gates has to forego after spending 16 million on a horse farm, because the money flows in faster than he could ever spend it. He won’t be steaming a ham fewer for it, as we say in upstate New York.
It’s like letting your kid buy a DVD from the discount bin at the store you own?
posting from Yahoo Finance eh
if you are seeing Yahoo Finance in your feed i bet there isn’t a single word of truth in the whole scroll
When you are a billionaire a $16m ranch is middle class.
Remember the difference between 1 million and 1 billion, is 1 billion.
It’s not. It’s 999 million.
Eh, it’s a 0.1% difference
Correct.
It’s well within tolerance. Functionally 1 billion :p
I’ll gladly take the difference.
rounded up
Gates may be one of the better billionaires, but it’s still like comparing prostate cancer to brain cancer.
What makes you think that ? The missing bad headlines in the newspapers ?
My sister and husband were confused when I said its sad Microsoft owns Xbox, one of our favorite past times. And it because of shit like this. Tax the fuckers, tax them one cent I dare u.
I know people want to hate on Bill for being rich, and I can understand that, but I still prefer him to a certain South African billionaire.
Maybe some people will say that’s like comparing a giant douche to a turd sandwich though.
You don’t have to choose a favourite when none should exist
Why are you choosing favorites?
I know what they mean. Id definitely love to see him in some kind of death match.
It’s a nice race to the bottom 🤷♂️
At least Bill gives away a lot of his money, and his stance on politics seems relatively sensible and measured. Whereas the South African billionaire gets a kick out of being stupid and damaging to the US (and beyond the US if you look at his comments on foreign politics).
At least Bill gives away a lot of his money
Does he? If you still control how it is spent, are you really giving it away?
If you still control how it is spent, are you really giving it away?
Actually yeah. You can’t just give a billion to an organization. Most of the organizations that receive money have the capacity to handle millions at most. Anything above that would just sit on their bank accounts because they’d have to scale up massively.
The amount of money the Gates Foundation is handling requires so much managing that they have 2000 employees.
I suggest to read up on what they are actually doing:
- https://en.wikipedia.org/wiki/Gates_Foundation
- https://www.gatesfoundation.org/about/committed-grants
It’s quite altruistic in nature.
Giving it away allows other people to decide what to do with it.
Gates is in full control of what he “gives” away.
I literally explained why it is set up like that. Except for the part where they use money of the foundation to make more money for the foundation.
Gates is in full control of what he “gives” away.
And rightfully so. The foundation is always looking for organizations to give grants to. You can’t just give it all away randomly. To give away so much money you need to put it somewhere where it can be distributed fairly. Which is exactly what the foundation is doing.
The only real argument you can have against Gates is whether or not he should be giving even more. But that is not the best argument because he still is giving away much more than people more wealthy as him.
Not surprising given that Cascade Investments controls both the foundation and Bill’s personal portfolio.
He spends quite big sums on healthcare I think? I’m not saying he’s a perfect guy. Maybe the world would be better if taxes were such that nobody could be a billionaire. I just think I prefer Bill Gates to other billionaires, especially the prominent South African one.
He blocked Oxford university from open sourcing it’s covid vaccine so that his other vaccine investments paid off.
I worry more about the actual rent-seeking oligarchy in my part of the world running for political positions in next month’s elections, purely for feudalistic reasons.
