Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
The rich tell others that because living modestly helped them become wealthy. But the rich had the distinct advantage of higher incomes than the vast majority of others.
For those earning $10 per hour, living modestly is a necessity but won't make you wealthy.
This is ignorant and silly. The rich would benefit if everyone else spent every dollar they made
Location: East of Seattle since 1992, 615' Elevation, Zone 8b - originally from SF Bay Area
44,585 posts, read 81,186,228 times
Reputation: 57820
If the rich (or anyone else) advises people to be frugal and live within their means, it's good advice that should be followed.
I don't see how the rich could benefit from the less wealthy spending less, in fact as Lowexpectations said, it's contrary to their continued profits.
The currently affluent became and continue to be affluent because they have the capacity to allocate their resources differently than those lower on the ladder.
Last edited by randomparent; 01-26-2015 at 10:24 AM..
Time and again? Can you please show me exactly where a billionaire has said that. Because I don't recall that at all.
Now, millionaire politicians, like our president, often speak of sacrifice, but don't seem to practice that.
Why are you inciting violence and class warfare?
That is my question also. I have not read articles from billionaires telling me that. I have read that some billionaires like Warren Buffett live fairly modest lives.
Time and time again I keep reading articles by Billionaires telling us to live modestly and donate to charity. They tell the middle class don't live beyond their means and that keeping up with the Jones is what will get you in trouble.
From time to time, the mega-wealthy DO give out advice like this. They do it because that's how many of them go to be wealthy. An excellent book to read: The Millionaire Next Door.
I have read of innumerable accounts of ordinary, working-class people who amass a huge fortune while earning barely over minimum wage. They lived very frugally, and invested their pay (beyond minimal expenses). It often takes them until their 50s, 60s, even 70s before they are really wealthy.
Unfortunately, most folks are unwilling to 'do without' for any time at all, to raise a surplus to invest. They are in love with "the good life" and "living large". Their lifestyles expand to fill the money available. Ever hear of people living "paycheck to paycheck"? Ever wonder why the paycheck-when it comes in - exactly covers the amount needed? There ya go - expanding lifestyle to fit the income (just barely).
Time and time again I keep reading articles by Billionaires telling us to live modestly and donate to charity. They tell the middle class don't live beyond their means and that keeping up with the Jones is what will get you in trouble. Then I read all the cool toys like mansions, yachts, fast cars, and stuff these rich keep buying while telling us not to emulate them. I really hope the pitch forks show up at their country club and mansions. The rich has the world under their control far far too long and all this rhetoric they keep talking is just to tell the poor and the middle class not to compete with them or get jealous of their lifestyles.
/yawn
I can't afford something, so other people who can should feel guilty for making me feel jealous.
That is my question also. I have not read articles from billionaires telling me that. I have read that some billionaires like Warren Buffett live fairly modest lives.
Relative to his wealth. Although how you could not live modestly relative to as much money as he has, I really don't know. Warren Buffet was famous for driving that old Town Car for years. Then he bought a 2006 Cadillac, and then just recently bought another new Cadillac XTS.
That probably upsets Vission that Warren would say live within your means and then have the audacity to buy a $50-70k car. He should be more compassionate and realize what a hypocrite he is for telling people to live within their means while buying a $50k car he knows full well are out of most people's grasp. How insensitive of him.
Pretty much lets say you graduated College Spring 2000 and started investing the 1,000 bucks a month in the S&P you blew on cable, data plans, car loans or leases, cigaretes, vacations and going out.
Well with two huge huge bear markets between Spring 2000 and Spring 2003 and Fall 2007 and Spring 2009 and dollar average in you would have a huge sum of cash. Maybe 400K if you kept reinvesting dividends and cap gains etc. Instead most folks have nothing.
You're never really going to save yourself into becoming truly rich. Warren Buffet isn't rich because his tastes are modest. He's rich because of his excellent business acumen/earning potential. If you take a typical high salary in the normal range and live modestly, you'll never really get wealthy. You'd probably become a small time millionare, but you're not going to have a ~$25 million private jet like Warren Buffet does, live in the same neighborhood as Bill Gates.
Still the alternative of being financially secure as a small-time millionaire is much more preferable than the other alternative. Supercars might be out, but you could stretch into a Porsche 911. Likewise Bill Gates neighborhood might be out but that doesn't mean you couldn't stretch there too.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
