Middle-class / upper middle - but without a true understanding of what proper money looks like.
Financially unsophisticated (as a result of being raised in a middle-class household surrounded by middle-class friends with typical limited middle-class knowledge on wealth and finance).
Has the burning desire to 'get ahead' in life and escape the dreaded rat-race but never quite knew how to. Until...
They attended a property investment seminar. Was awe-struck by the motivating and charismatic speaker. Was told that the secret to becoming rich was to buy houses. Lots of houses. This was their guaranteed path to riches. Their key to financial freedom had been unlocked.
They read lots of investment books with titles such as "The Seven Secrets Millionaires Know But You Don't" and "Six Months To Financial Freedom", plus all of the layman-focused Koiosaki publications.
Believes that just because they read those books then that puts them above 98% of people who haven't bothered to do anything about securing their financial freedom - because that's what the book says. Wow, what a start.
Of course, only invests in residential real estate - rental properties. Not commercial or industrial, not businesses. Just the trusty bricks and mortar - because it's something tangible. Buying houses must be a sure thing, because everyone has to live somewhere, hey?
Believes that they, the almighty landlord, is much smarter than their tenants because the tenant is paying off the landlord's mortgage. Silly tenants.
Will openlygloat about their collection of rental properties with friends at BBQ's. Often in a smug and almost condescending tone - because they believe the superior financial knowledge that they possess puts them in a higher social standing among their other upper middle-class friends. Remember all the books they read?
Counts the number of rental properties they 'own' as a measure of their financial success - and judges everyone else accordingly too. This is the top yardstick for the property investor and gives ultimate bragging rights at the next BBQ.
Has probably attended further property seminars since. Because they managed to be one of the first 50 callers to receive free tickets, normally valued at $399. The other 800 people who showed up at the same seminar the following week must have payed a fortune.
Is often a member of an 'investors club' or something similar - because it allows them to interact with other 'like-minded' people. Remember the all-important 'networking' that the property seminar speaker told you about?
Will often dish up unsolicited remarks to others such as "you've really got to get on the ladder before it's too late". They hand out this precious advice with an almost sympathetic tone - because in all honestly, they probably actually believe that this unfortunate person has genuinely missed the boat, such is the sheer level of delusion of the residential property investor.
Also buys investment properties so they can claim a 'tax break', as they put it, so they can pay a bit less tax on their upper middle-class income.
Has never once questioned why perhaps nobody on the Rich 200 list own 10,000 rental homes themselves? Nor did any of them ever start out that way. Want to achieve financial success? Then don't follow what people with proper money do, apparently. After all - that's not what the book or seminar speaker said to do.
All in all, they simply behold a bizarre level of delusion and cult-like certainty toward owing rental homes that can't even be explained - perhaps than to suggest that these people must be very easily led. They clearly learned, through their upbringing, never to question anything or anyone. Oh, except for those who talk down residential property investment - because those people wouldn't have a clue.
