What do you do?

Submitted by Loveroffinerthings t3_11wyxka in RhodeIsland

When I drive around RI I see so much difference in the way people are living, and when I do work for some people, around my age, and see them living in massive houses, with 1 or 2 boats it makes me wonder. What do people here do? There seems to be pockets of just high income earners, then people hustling to get by. I own a small business with my wife, and we do ok, making $100k collectively, but I’m curious. What do the fellow redditors or RI do, and do you make lots of money, or are you hustling?

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ynwp t1_jd0w7dj wrote

I dunno, I can’t really tell how well off someone is until they retire.

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bambooboi t1_jd2mzgt wrote

Absolutely. Many individuals live beyond their means and are unable to maintain their quality of life through retirement.

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Rhody1964 t1_jd18itw wrote

There are SO many people that are house poor, car poor, in debt up to their eyeballs yet project that they are doing well in life. Don't be fooled by appearances. My husband and I drive cars that are 19 and 11 years old, live in a non-glamourous neighborhood, and have saved enough that he will retire at 58 and our kids will go to college with no debt. You'd never know it by looking at us and that's exactly how I like it.

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realbadaccountant t1_jd2wyah wrote

That’s how we’re doing it too. House was bought in 2017 for a price well below our means then and even more so now. Cars were bought used and paid off quickly and we hope to ride them into the ground for 10 more years (they’re Lexus so it’s possible). We ditched Whole Foods / Dave’s unless it’s absolutely necessary and shop more at Aldi now than ever before. That has essentially saved us an additional car payment each month.

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deepoutdoors t1_jd37wai wrote

Trader Joe’s is still cheaper than Dave’s and Whole Foods. I use them and Market Basket now. Cut my costs way down.

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realbadaccountant t1_jd39rth wrote

Yup. Trader Joe’s and Aldi have the same ownership but operate a little differently. I love Dave’s and I want to support them but their prices are sometimes even worse than Whole Foods. I can’t justify it.

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[deleted] t1_jd0np0i wrote

I worked with people like that. The image was one of great wealth. The reality was debt up to their eyeballs. One guy had the big house, Corvette, Harley, nice clothes. I work in a union shop. One year we voted to go on strike. That guy was stressing out. He admitted that if he misses one paycheck he could lose everything. That’s more common than you think.

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Distinct-Ad5751 t1_jd0qn2d wrote

We have a few friends like that. They have only The Best but can barely pay their bills.

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Fellatio_Sanzz t1_jd2eqkb wrote

Yea I know someone who makes the same amount my wife and I do but who recently bought an 800k house and then immediately had the already granite kitchen ripped out and updated again for another 30k as well as the deck ripped up and expanded with the trex deck stuff. All super expensive.

In reality, they have massive amounts of debt and retirement won’t happen until much later in life if at all.

You don’t have to keep up with the Jones’s.

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Unique-Public-8594 t1_jd0hbxx wrote

The folks with a mansion and a second home and sailboat - some are successful entrepreneurs but most inherited old money I think.

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Loveroffinerthings OP t1_jd0lz4n wrote

I know New England has lots of old money, but it seems like there is a lot of people living in nice huge houses with water views. Maybe my brain doesn’t want to accept that the older generation hoarded so much wealth, but maybe it’s true.

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Agent_Giraffe t1_jd0suy4 wrote

People probably own really nice houses and rent them out or maybe not even use them for most of the year.

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barsoapguy t1_jd5l8bq wrote

It’s RI , ocean views are everywhere. It’s only what, the past decade that the state has begun to gentrify. Before that it was dying mills and people fleeing for better job opportunities.

If you had gotten here after the Great Recession it’s entirely possible a lower middle class person could have bought a home with ocean views.

Download Zilliow and look at some of the old sales prices.

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Loveroffinerthings OP t1_jdrp14v wrote

I was looking at a house that’s 2 away from me that just went up for sale. In 2017 it was $217,000, now they are asking $655,000, which in this market is insane, especially for my neighborhood. It’s really insane what people think housing is worth in 5-6 years.

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barsoapguy t1_jdrpqpc wrote

HAHAHAHA!!! That’s Aquidic Island prices… that house had better be 12 minutes away from the water.

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Loveroffinerthings OP t1_jdrv6kb wrote

I mean, it’s near a river, but a 3/2 that’s 1088sq ft. I think their real estate agent over promised.

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barsoapguy t1_jdrvtkz wrote

Maybe they’re just living in it and are those types who will move if the price is right…

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tibbon t1_jd1j5r2 wrote

I have a historic mansion in RI. Senior software engineer/security/operations person who is very good at their job. Didn’t buy in fancy neighborhood. No family money, and I don’t care for being entrepreneurial. I could make more likely, but I am lazy and have no hustle these days

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pweedith t1_jd1n4ya wrote

Work smarter, not harder. If you're doing that well then really no true need to burn yourself out and not get to enjoy the non-work aspects of life

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tibbon t1_jd2mubn wrote

Did I answer the question wrong? Not sure I understand the downvotes. Not all money is family money.

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boulevardofdef t1_jd2vems wrote

I always feel weird about this stuff because I'm deeply sympathetic about increasing social stratification in America and how hard it's become to live a secure lifestyle with a working-class job, but I also get so frustrated by how little people understand about this stuff. I feel like I'm on the side of the assholes when I point it out, but it's true.

So many of the comments in this thread are "it's family money" or "they're up to their eyeballs in debt." I've been inside many big, fancy houses in this state and known many people who live in others. The answer has literally never been "it's family money" or "they're up to their eyeballs in debt." The answer has always been "they have jobs that pay a lot, often with a dual income." It's weird to me that people don't seem to understand that a) a lot of these jobs exist, and b) they can buy you a big-ass house. It's such a simple answer, but I guess the logic is "I don't know how to access these jobs so they must not exist"?

Just off the top of my head, here are some jobs held by people I know who live in houses I would characterize as big and fancy, all of which I've been inside:

  • Owner of software development company and attorney
  • CTO of software development company and spouse with unknown job
  • Executive at major corporation and non-working spouse
  • Executive at major corporation and financial adviser
  • Corporate attorney and editor for a national news publication
  • Two executives at a large engineering firm
  • Owner of said engineering firm
  • College basketball coach and hairstylist (cheated a little on this one, it's my wife who knows the hairstylist, and I've never been in the house but they did give us their piano. I just thought it was cool)

These people exist and there are a lot of them. That's who's living in the houses. Remember, these are just houses that I've personally been inside and it's not even all of them. Of course there are some people who watch TV all day and live off their trust funds from their robber-baron great grandfathers, but they're a small minority.

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Mountain_Bill5743 t1_jdbmx5o wrote

To be fair, I used to ask this a lot when I'd meet people here a decade ago and get some wild answers and it was interesting because only really unique situations gave people the chance to live here and own these places. A lot of entrepreneurs, weird creative types, self employed etc. I once had a detailed conversation with the head of the state department of health in a laundromat back in the day-- absolutely fascinating afternoon waiting for my laundry.

These days, though, the answer is generally that someone works for a white collar job for company located in NYC/SF/Boston in Marketing/Advertising/software engineering. I think people get tired of this and the knee jerk reaction is to downvote.

So in their defense, these jobs rarely existed here more than 5 years ago even though there used to be a random VP here or there who had enough seniority to work from this state.

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HotConcrete t1_jd2u74o wrote

Because you left essentially the same comment twice.

“I’m 40. I have a historic mansion in Providence. I didn’t buy in a fancy neighborhood. I’m about 15 years into my software career. I taught myself everything I know about technology and didn’t study it in school.

I don’t have family money. I am maxing out my 401k. I’m also supporting my partner financially while she figures out her next steps. No hustle. No money from a FAANG windfall. I’m making well over 200k on my own.”

Vs

“I have a historic mansion in RI. Senior software engineer/security/operations person who is very good at their job. Didn’t buy in fancy neighborhood. No family money, and I don’t care for being entrepreneurial. I could make more likely, but I am lazy and have no hustle these days”

It’s common to downvote one of these comments.

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tibbon t1_jd59q35 wrote

Incorrect. I was getting downvoted within minutes of posting the first one. I’m still not sure why or how I answered incorrectly

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NachiseThrowaway t1_jd15n7m wrote

Oh, the usual. I bowl. Drive around. The occasional acid flashback.

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Loveroffinerthings OP t1_jd2f7da wrote

Do you drink an unusual amount of White Russians? Has someone soiled a rug that tied your room together?

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ChedwardCoolCat t1_jd2gvlb wrote

Did I pee on your rug sir!?!? I’ll say it again, did I pee on your rig sir?!?!?

Everytime a rug is micturated upon in this fair city some loser comes to me asking for a handout. The Bums lost Lebowski! The Bums will always lose!!!

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JKBone85 t1_jd1ip3x wrote

I build custom trumpets and trombones, am a freelance musician and teach music privately.

My gf and I rent, and aspire to be home owners, and also bring in a little over six figures together, so we’re in the same boat. Well, it’s a kayak. 2 actually. We own 2 kayaks. Economy kayaks, really. Those are, by definition, still boats…

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beauford3641 t1_jd2llob wrote

Sounds just like my situation, especially as a musician. But no kayaks. I'm far too disaster prone to have those.

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pepetheskunk t1_jd3edt6 wrote

Tell me more about these custom trombones. Always wanted myself a dragon head trombone…

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pspetrini t1_jd0szjn wrote

Wedding photographer here. I do fairly well financially because I have a solid business shooting weddings every year and keep a part time photography/design job with a local newspaper.

Last year was the most successful year of my career financially (All told I took home just under six figures) but I worked FAR too much and drove myself well past the point of exhaustion.

I’m scaling back a lot this year and prioritizing my mental health. I’m 38 now. My business is solid but not something I can do forever physically or mentally so the next five years are about building a foundation and safety net and then looking at long terms passive income possibilities (investing, real estate, etc.)

For someone who grew up with nothing, was the first in my family to go to college and up until ten years ago didn’t really have a direction in life, I’m proud of the things I’ve accomplished but still feel like I have a long way to go.

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sumthinserious t1_jd19j7x wrote

Props for realizing your mental health is more important than your financial wealth.

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nathanaz t1_jd175sz wrote

We live in Jamestown - bought the cheapest, run down house on the island almost 20 years ago. Were still working on it to this day. We’re married, both have good jobs.

I can tell you that amongst the full-time residents, MANY were left a house, bought a house from a relative for cheap or inherited/were gifted money to be able to buy their houses. I actually can’t think of a single family who owns a ‘mansion’ that they bought/built with zero help. Most people just have regular houses though.

I really don’t know any of the thousands of seasonal people, so I can’t really speak to that situation.

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growupandblowawayy t1_jd29p98 wrote

Jamestown can’t even staff a full fire department due to how limited the housing there is. They can’t get enough young folks to work there because the rent is too high and the pay off is too low. Eventually you’ll see these areas suffering.

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SmargelingArgarfsner t1_jd2cu36 wrote

Jamestown has had, and will continue to have an all volunteer Fire Department. While it’s true that it is prohibitively expensive to live here and our housing stock is extremely limited and shitty zoning laws are holding us back, none of that has anything to do with staffing the fire department.

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growupandblowawayy t1_jd2di7k wrote

They can’t get enough volunteers. Look I’m not trying to discredit Jamestown, but this problem will become bigger as long as the housing crisis continues. I’m quoting a recent article, not just pulling this out of my ass. It’s going to grow larger, and I don’t think any young people will be able to live on aquineck island in 10 years time.

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SmargelingArgarfsner t1_jd2e064 wrote

Yeah, it’s been a growing problem for volunteer departments throughout the country. It is certainly not unique to Jamestown, and to be honest they do pretty well given their size and geographical isolation. I thought you were blaming the lack of a paid department on housing availability which is simply not the case.

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pweedith t1_jd1oeo8 wrote

Can definitely speak to the truth of passing down homes in many of the close knit communities. I helped sell a home in Bristol last year and the neighbors on either side had both been there for decades and the family who owned the home was on their third generation!

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LustUnlust t1_jd0lvr7 wrote

I’m disabled and live off of less than 9k a year

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maybebullshitmaybe t1_jd0y2vt wrote

40k a yr. Not comfortable saying what just cause it's RI and everyone knows everyone. Clearly not wealthy but could be worse. 🤷‍♀️

No mansion this year

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ReelEscapeRI t1_jd0qzln wrote

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I also do private fishing/sightseeing Charters up to 4 people, from Warwick Safe Harbor marina where Chelo’s on the water is.

Call or Txt Sean for a quote! 401-225-2549

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hyperprettyone t1_jd114et wrote

I'm in property management and while my income is decent I live paycheck to paycheck and admit to using my 401k early to make ends meet. I also am a divorced parent of 2. No child support unfortunately but proud to own a home and live modestly.

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pweedith t1_jd1nhu9 wrote

Owning your own home puts you ahead of most people so congrats!

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hyperprettyone t1_jd2fupg wrote

Thank you so much! I was lucky to purchase in 2018 right before the pricing skyrocketed

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Cold-Fox- t1_jd0z644 wrote

blue collar baby, come from a quahogger and im a homecare nurse. i too go to different homes and sometimes wonder. alot of old money is clustered in certain areas all over not just newport lol

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askme_if_im_a_chair t1_jd0zsoj wrote

A lot of it is old money, but depending on the neighborhood you have pockets of lawyers/doctors

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SeanRobertsFerngully t1_jd17gbi wrote

Nurses, pharmacists, PAs and NPs all make decent salaries too. My friend who's a dental hygienist pulls in 50/hr and 60/hr on Saturdays. Pair these people together and that's a solid 250k a year

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Mountain_Bill5743 t1_jdbk8kd wrote

People in these fields generally are drowning in debt without Dr/big law salaries. For example, the only in-state PA program (JWU) costs over 100k in tuition and URI pharmacy tuition is a lot more for mid-100k salary. The debt and interest accrued during training are really killer and many remote workers make just as much without the debt.

Definitely not mansion money.

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noungning t1_jd1m14x wrote

Growing up seeing my parents struggle financially, it was a big push to not be like that as an adult. I don't own a mansion, but I lucked out and bought a house in my early 20s. Live comfortably, and able to provide my parents a comfortable life as well. I am very good with money and love to maximize credit card rewards. I work in healthcare.

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saveboykings t1_jd1ugs2 wrote

broke as a bitch. asm at a small retail store and earning a master’s degree by night. husband is a blue collar worker. Together we maybe bring in 55k.

we want nothing more than to own a home somewhere far away from everyone and everything and where we can do nothing but lay in the grass by day and game epicly by night

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howsyourlife t1_jdnbepq wrote

Check out usda loans; you can get a loan with 0 down and/or very low interest for buying in a less developed area.

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BitterStatus9 t1_jd0j0k1 wrote

I work part-time as a strategy consultant. I get paid only for the hours I bill to a client, and I work for a big firm based in another state. I am a specialist in a really narrow, obscure area of expertise, so I don't have that much competition for clients. Random, lucky way my career has played out.

As long a I work a certain number of hours (including hours I don't get paid for, like when I'm on an internal training call or, or posting on LinkedIn to make people realize how fucking brilliant and indispensable I am), I get full benefits from the firm – which is what makes all the difference in the world.

We rent a very small house in a rural area of RI.

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ruubduubins t1_jd2l8jl wrote

You see what everyone wears.

You see most people's cars.

You might see their house.

You don't see anyone's retirement accounts lol

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huh_phd t1_jd1c0i1 wrote

I'm a research scientist at a university. I do okay at 130k a year. It's hard work and I live own a reasonable two family home I hoard for myself.

No side hustle here. In my mid 30s

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TheOGJayRussle t1_jd2fj8j wrote

Back in the day when I cleaned fish tanks there were pockets of Italians living like that all in the “jewelry business”, they paid well and recommended me to friends and offered me side jobs.

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theSadboiclub t1_jd1bccp wrote

Both teachers and bring in a little over 100k a year

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waaaman t1_jd1be4d wrote

SO and I are dinkwads. I’m a software engineer, she’s a physicians assistant.

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bottomfeeder_ t1_jd1x2bl wrote

Wtf is a dinkwad?

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racheler29 t1_jd233hb wrote

DINK = double income no kids, I’m assuming WAD = with a dog

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BernedTendies t1_jd36rbn wrote

Lolol that they included a dog as if that’s really cutting into the budget like a kid would

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WineBotBabe t1_jd3qiqx wrote

I own two older dogs and they definitely start to dent your budget.. meds, vet visits, specialty foods, etc. Luckily it’s absorbable since we’re also DINKWADs, but it’s not negligible.

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BernedTendies t1_jd3rdqg wrote

I feel like a dog should be put out of its misery if the cost to keep it alive is large enough to put a dent in a dual income budget. But yeah, I get it people are willing to do a lot for those 4 legged best friends

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boulevardofdef t1_jd1qob3 wrote

I'm a senior product manager for a tech company that was headquartered in Boston when I joined but is now based in DC, with all the former Boston employees fully remote. (I was hired with the understanding that I would never go into Boston more than once or twice a week.) I've got almost 25 years of experience. My wife is a civil engineer for a local company.

We bought a big fancy house a year ago because we wanted it and could afford it, plus both of us work from home most days and dedicated office space for both of us is key. Zero boats. We could maybe afford one but we'd sure be saving a whole lot less, if anything.

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LOFTSALE t1_jd1bkp8 wrote

I’m in sales and make 6 figures, hubby is also in sales. We bought our house in Newport 16 years ago. I would never be able to afford to buy it now. The amount of wealth that has come to Aquidneck island the last few years is incredible. We have a housing crisis here, a million winter/ summer rentals. Not enough yearly rentals, if they are annual, they cost an arm and a leg. It’s a shit show.

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Jack__Squat t1_jd2ssb3 wrote

For what it's worth, there's a boat parked in my yard that doesn't belong to me. It belongs to a friend who doesn't have a good place to keep it and I had space in my driveway. I have zero inclination to own a boat.

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[deleted] t1_jd3l4b5 wrote

Software engineer, 6-figures.

Drowning in debt, living paycheck to paycheck.

Can’t blame economic woes for my situation, this is entirely my own fault.

You wouldn’t be envious of my car or my home, if you saw what % of my income they are.

“Quarter tank of gas, in my new E-class, but that’s alright, because I stay fly”

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[deleted] t1_jd3mhon wrote

My own situation aside….

I know a TON of people my age (30s) that have waterfront houses, $100k+ cars, constant exotic trips, etc.

All of them are daddy’s money. The houses are the parents investment houses, the cars are leased to their parents business, their “jobs” are six-figured at parents business to be “social media managers” not doing anything, etc.

Only know one person who’s in their 30s, and self-made living that lifestyle. She is an OnlyFans content creator.

Know a lot of people in the car scene. Good chance that when you see an exotic, it’s actually an investment. I know one person in particular that still lives at home with his parents, and has a McLaren, which has increased in value similar to the housing market.

Generational wealth is definitely the name of the game around here.

Also know some people who made out like bandits when selling their homes in the past few years. Specifically people who bought an investment property in 2017-2019, and decided to sell it recently. They ended up with an extra 6-figures in their bank account, and a lot of them blew it on fancy cars and stuff, instead of jumping back into real estate market immediately.

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howsyourlife t1_jdncev7 wrote

Just curious man, are these faux wealthy people you know born-and-raised in RI or from other parts of the country? The reason I ask is because outside of a few pockets in RI (Newport, EG, etc), you usually don't see that kind of flashiness. People from Long Island, Dallas, and California on the other hand...

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[deleted] t1_jdnkbcv wrote

They are almost exclusively from those pockets you mentioned.

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[deleted] t1_jd2adl0 wrote

[deleted]

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johnsonutah t1_jd2bvbx wrote

Just curious what banking roles are in Rhodey? I work in IB in CT and would love to find an IB, PE, or private credit role in RI but did not think there were many opps

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bungocheese t1_jd2pwuo wrote

I believe wells fargo still has a decent sized IB office in downtown providence. Also there are a bunch of independent wealth management companies especially in the wealthier areas.

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tcevan t1_jd3vzgj wrote

I used to be curious about this stuff & then I started noticing that I see some of the nicest cars parked in the shittiest areas of this state.

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bungocheese t1_jd0raen wrote

Most friends I had when I was younger that made lots of money and had big houses and boats or multiple houses in other areas were business owners of some sort: contractors, owned electrician businesses, large landscaping companies etc. Also people that have big families where one is a lawyer one is a real estate agent one is a property manager and they set up big real estate ownership groups. Of course all the doctors and such. You also used to be able to live a pretty lavish life with a low 6 figure income you would get by being in management at any company on RI or nearby MA, or a chief of police or fire station... not really possible anymore. At that point you're still upper middle class at best.

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Hanamii- t1_jd11n5k wrote

My uncle who owns a company always lived in 700k+ houses and everyone who lived around him were always doctors/lawyers/surgeons and other business owners

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longislandtoolshed t1_jd11yce wrote

Won't be doing anything pretty soon unless I get a job before then..

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KillCo7 t1_jd16yms wrote

I make whiskey related content on YouTube. However, I'm living mostly on SSDI due to my mental illnesses. I am fortunate enough to live in an apartment by myself thanks to that. Plus I'm in a more rural area which feels best for me.

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Ryland42 t1_jd2rr0n wrote

Software engineer for 25+ years. Bought my house 25 years ago when the market was down. I make enough to pay the bills and have some for occasional vacations.

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Rustygaff t1_jd2vzt6 wrote

There are 3 classes of folks in RI. The wealthy shoreline folks who are mostly from out of state and the locals who service them. The remainder are the interior RI’ers who are blue collar.

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realbadaccountant t1_jd2y8h3 wrote

I do finance for a local municipality. My wife is an NP. Our combined income is 250k. Our house (bought in 2017) and cars are old and cheap. I am all about not having debt / investing whatever we can for our family & retirement. Maybe someday when the mortgage is paid, we’ll splurge on a boat or a vacation house, but right now with a small child that’s a totally unnecessary luxury we would rarely use.

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BrendanGerew t1_jd3htbc wrote

I’m a licensed electrician, started in the trade at 18. Was licensed by 22 making great money. Also have a degree in electrical engineering that I will fall back on later in life. Wife stays home to take care of our child because daycare was more then she makes. I pay all the bills and work extremely hard. We drive 16 and 19 year old vehicles that I maintain mechanically and run excellent. I lucked out and bought our house in Charlestown in 2017 at the perfect time. I have been contributing to my 401k since I was 24, and now work for an ESOP company. At 30 years old I have far more into my retirement then anyone else I know my age. Not gonna life I do have a down east style boat, but again bought at the perfect time and she was a POS and I refit the whole boat.

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NoellaChel t1_jd3t88m wrote

I am semi retired at 48 worked various job, anything to pay the bills, invested, stayed frugal, lived below my means, traveled the world Own modest house downsized.

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QuinnHarbin t1_jd154c9 wrote

The people I know in the big fancy houses have their own businesses or surgeons/speciality docs. We work in mental health (150K) and digital marketing (200K).

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tibbon t1_jd2njmu wrote

I’m 40. I have a historic mansion in Providence. I didn’t buy in a fancy neighborhood. I’m about 15 years into my software career. I taught myself everything I know about technology and didn’t study it in school.

I don’t have family money. I am maxing out my 401k. I’m also supporting my partner financially while she figures out her next steps. No hustle. No money from a FAANG windfall. I’m making well over 200k on my own.

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