In what ways is it accurate or inaccurate that millionaires (or even billionaires) have minimal money in bank accounts or in their wallets or debit?

[paledreams]

I mean you hear all the time about millionaires, CEOs, net worth versus actual 'salary' versus how much money they actually have 'on hand' like the rest of us ordinary working class or poorer folks. Aka a few thousand in cash savings on hand via a card or a few notes in the wallet or coins.
Does this question make sense what I'm asking? That most rich people actually are "money wise, dirt poor"? Like the rest of us lol.

Inaccurate

Accurate

[Anonymous]

It begins even much earlier than with only milionairs upwards. If you have a substantial positive income its better to invest and not to save the money. Interests from bank accounts is minimal. So spending and even taking loans pays of in the long run. That knowledge and how to do it is the more iportant part. You dont learn it by working and saving money so having rich parents, relatives or friehds, helps getting that knowledge in the first place.

[paledreams]

I don't think you got my question while your answer is impeccable it's, I was asking: few rich people actually have cash in hand or debit in hand in their card anymore than me or the average Joe with only a few bucks in their wallet or debit card and more in the savings account which isn't debit. True? Again ignoring credit cards 💳 yet debit is different. Different plastic

[Opinion Owner]

Well, yes true I didn't specifically answer your question. I explained the reason behind it.
Yes they probably don't have much more on hand than the average person. Having a good valued credit card at hand you can ignore most problems that would occur with not having a full account or cash at hand.
Ignoring credit cards here is hard because it probably is the reason they can do it that way in the first place.

[paledreams]

And so then that means, why bother striving to be a millionaire, lol, if most aren't any "cash richer for shopping sprees lol" than you or I as ordinary average working folk? True? Ah well 😃 they're only "asset rich" - aka a guy lives in a house or property average size and town and is worth "1 million land" get the guy himself or woman herself works full time, barely on 100k a year, and is nowhere near rich. True? Yet technically... get it?

[paledreams]

I'm just throwing those out there is all shrugs huh 😯

[paledreams]

Shrugs I meant lol aye or eh 😯😃😑👌🏻

[paledreams]

Yet technically the man or woman is " a millionaire" lol yet no cash to go spending on X Y Z at the mall or at the car dealer or boat sales ⛵😁👀👌🏻🤑💰🤑💰

[paledreams]

🛍️🛒🛍️🛒 lol

[Opinion Owner]

The big difference is never to worry about monthly expenses. Having a higher living standard that is included with a lot of monthly expenses and if you need the money you can easily take a loan, which is cheaper in the long run.

[DishLady]

It's often possible that "ready money" is minimal because the majority of their funds are tied into major assets. (It's not always the case, though, and depends entirely on the person's situation in life.)

[paledreams]

My point exactly so realistically right , the rich actually doesn't have any more in their wallet or debit (not credit) card than an average worker? 💳

[paledreams]

@DishLady or am I wrong again? Or half right lol 😆

[DishLady]

I'd say closer to 1/2 right bc some rich folks do maintain a salary that's at the ready -- they work even though they don't "need to" in the financial sense. (Particularly "trust fund babies" or folks who inherit wealth rather than earning it on their own.)

On that note, there ARE those who keep A LOT in their checking just to show off. I was in a car with a fella one time who "accidentally" left his account app open just so I could see he had 1M sitting there from real estate properties he was managing at the time. I personally thought it was a ridiculous move -- I'm not motivated to like or dislike a guy based on his salary, but the move ACTUALLY WORKED on the woman he ended up marrying. Go figure...

[TommyMountainFigure]

Have you heard the term 'money makes money' or 'speculate to accumulate?'

Rich people realise that having money in the bank isn't earning a great deal, so they invest either in property, or investment bonds., etc.

[paledreams]

Tommy, your right: all I'm asking is: they don't actually have "more cash on hand or at a shopping spree whim, compared to someone with an ordinary transaction account or wallet?" True? Aka - they literally dont have millions they keep in a savings or transaction debit card account. Or do they lol. in other words, asset rich. Money, lol unachievable lol

[paledreams]

Hell some banks may even limit max acct Balances for all I could guess hahahaha 😂😆 out there

[paledreams]

Keyword "max acct balances" ym

[paledreams]

Ignore ym, typo

[TommyMountainFigure]

It's ok I knew what you meant.. lol.. The way I see it is, yes the money is invested in to high yield projects, but with huge loss should they wish to make an early withdrawal. So whilst you are correct, they wouldn't have more than you or I on hand, they COULD if they needed to as a matter of urgency, cash in a bond that will negate a huge chunk of their interest, but means they could have access to some of their wealth.

[MikeyObrien]

It's both. The richest people don't have the money in their personal bank account d because they can pay less taxes if it's under their company. So they will buy jets and suits with "company money" to avoid taxes.

[paledreams]

So they don't tap or insert or even PIN? Beep lol 💳

[paledreams]

Or pull out notes and coins 🎶 🎵 👛🪙 lol 😆

[AviatorTom]

It's probably pretty accurate. They most likely have their platinum credit cards in their wallet, and if they need cash, their bodyguard takes care of it.

[strateguy632]

it is tied up in investment stocks etc.

[SoJust]

Hello I'd like ask question