U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > General Forums > Economics > Frugal Living
 [Register]
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.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
Reply Start New Thread
 
Old 09-05-2010, 11:04 AM
 
Location: Planet Eaarth
8,957 posts, read 16,997,019 times
Reputation: 7193

Advertisements

Spending Tips From Frugal Billionaires..............

tips-from-frugal-billionaires: Personal Finance News from Yahoo! Finance
Reply With Quote Quick reply to this message

 
Old 09-06-2010, 01:36 PM
 
1,492 posts, read 6,775,071 times
Reputation: 1419
Read the article earlier today. And they just say the same things they've always have said... makes you wonder when people will start paying attention as years down the road they are going to be saying the same things.

Don't spend alot for your home.... get one and STAY PUT. Starter homes are a waste of money and are a financial trap. Don't have enough for a home- then don't start a family. Back in the day a man saved money until he could afford to marry....so in today's time people should prepare and plan for a family...not just let it be, "oops".

Don't spend alot for your car. Get one that does the job and keep it as long as you can. Those who keep getting new cars to keep up with the Jones' or their peers are in a never ending battle.

I'm poor, or consider myself poor. I own my home and car outright and have only one credit card. And my home and car are humble, to say the least. Yet I travel when I want pretty much when those around me who have "nice things" are so broke or taking their whole paychecks just to pay the bank for their house or car.

"riches" are an illusion. Real wealth often goes unnoticed.
Reply With Quote Quick reply to this message
 
Old 09-06-2010, 01:41 PM
 
165 posts, read 474,893 times
Reputation: 166
Hmmmm, I bought a starter home, paid $65,000 for it, put $20, 000 in it, sold it for $121,000 a year later..........hmmmm starter homes are a waste of money......WHO KNEW?????? It really sucked having that extra $31,000 to put down on my next house. Great advice from the frugal billionaire.
Reply With Quote Quick reply to this message
 
Old 09-06-2010, 02:23 PM
 
Location: Pittsburgh
1,142 posts, read 2,450,869 times
Reputation: 1138
Quote:
Originally Posted by Joy333 View Post
Hmmmm, I bought a starter home, paid $65,000 for it, put $20, 000 in it, sold it for $121,000 a year later..........hmmmm starter homes are a waste of money......WHO KNEW?????? It really sucked having that extra $31,000 to put down on my next house. Great advice from the frugal billionaire.
We did the same thing. Bought a house in a lower income neighborhood in the city when we first married, fixed it up and sold it ourselves 7 years later. Now we live in a older home in an up and coming middle class neigborhood. Couldn't have afforded that without the "starter home". Now we are fixing this one up and if we ever get to move (hopefully home to Va!), then it'll sell for almost 60 to 70,000 more than we paid for it (according to the appraiser). Not bad for under 10 years time. And our next home will not be one of those McMansions. Staying within your means is the best way to save and become comfortable in life, IMHO.
Reply With Quote Quick reply to this message
 
Old 09-06-2010, 04:27 PM
 
Location: Planet Eaarth
8,957 posts, read 16,997,019 times
Reputation: 7193
Quote:
Originally Posted by Joy333 View Post
Hmmmm, I bought a starter home, paid $65,000 for it, put $20, 000 in it, sold it for $121,000 a year later..........hmmmm starter homes are a waste of money......WHO KNEW?????? It really sucked having that extra $31,000 to put down on my next house. Great advice from the frugal billionaire.
Quote:
Originally Posted by highway29south View Post
We did the same thing. Bought a house in a lower income neighborhood in the city when we first married, fixed it up and sold it ourselves 7 years later. Now we live in a older home in an up and coming middle class neigborhood. Couldn't have afforded that without the "starter home". Now we are fixing this one up and if we ever get to move (hopefully home to Va!), then it'll sell for almost 60 to 70,000 more than we paid for it (according to the appraiser). Not bad for under 10 years time. And our next home will not be one of those McMansions. Staying within your means is the best way to save and become comfortable in life, IMHO.
Chuckle !! You folk's are talking about that brief period when home prices started to climb when everybody was a house flipper. Look where all that flipping has us now!!

The old thinking that you bought a home to LIVE IN is still the best most sustainable of all.
Reply With Quote Quick reply to this message
 
Old 09-06-2010, 06:10 PM
 
Location: Kailua Kona, HI
3,199 posts, read 10,959,643 times
Reputation: 3378
I think that this article illustrates that wealthy people have a general philosophy that is depicted in these few examples: Be a good steward of what you have, or you not only will not get any more, you will likely lose what you do have. Good advice for anyone.
Reply With Quote Quick reply to this message
 
Old 09-06-2010, 06:15 PM
 
10,485 posts, read 22,547,424 times
Reputation: 6611
Quote:
Originally Posted by VegasGrace View Post
I'm poor, or consider myself poor. I own my home and car outright and have only one credit card. And my home and car are humble, to say the least. Yet I travel when I want pretty much when those around me who have "nice things" are so broke or taking their whole paychecks just to pay the bank for their house or car.
You are far, far away from being poor. Poor people do not own a paid for house and vacation as much as they want to.
Reply With Quote Quick reply to this message
 
Old 09-06-2010, 06:48 PM
 
3,806 posts, read 4,997,057 times
Reputation: 3284
The average haircut costs $45?
Reply With Quote Quick reply to this message
 
Old 09-06-2010, 06:58 PM
 
10,452 posts, read 10,224,950 times
Reputation: 12496
Quote:
Originally Posted by las vegas drunk View Post
You are far, far away from being poor. Poor people do not own a paid for house and vacation as much as they want to.
tell me about it. poor is not having a car, renting, and spending vacations catching up on sleep.
Reply With Quote Quick reply to this message
 
Old 09-06-2010, 08:32 PM
 
Location: St. Louis, Missouri
9,285 posts, read 16,120,780 times
Reputation: 11269
Quote:
Originally Posted by Tightwad View Post
Chuckle !! You folk's are talking about that brief period when home prices started to climb when everybody was a house flipper. Look where all that flipping has us now!!

The old thinking that you bought a home to LIVE IN is still the best most sustainable of all.
i did just that in november, 2004 .... bought a modest house to live in when my ex and i split and have still lost every bit of equity i had ......

never had the idea of keeping it for a couple of years and then selling it for a huge profit.... didn't buy in that kind of neighborhood and st. louis is not that kind of market.... i knew that then and i know it now....

but when my mom finally passed 2 years later, i began to want to move back to south texas.... too bad i was stuck by 9 months unemployment......

sometimes, it's not just one disaster..... it is a cascade of small disasters......

timing can be everything.....
Reply With Quote Quick reply to this message
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.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:


Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > General Forums > Economics > Frugal Living
Follow City-Data.com founder on our Forum or

All times are GMT -6.

2005-2018, Advameg, Inc.

City-Data.com - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35 - Top