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Old Yesterday, 09:25 AM
 
Location: Paranoid State
12,865 posts, read 9,539,778 times
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Quote:
Originally Posted by Motion View Post
How do you adopt a frugal lifestyle when you're rich? Say like a pro athlete.
In general, pro athletes are not rich. The people who sign their paychecks are rich.
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Old Yesterday, 09:28 AM
 
Location: East Coast of the United States
15,716 posts, read 18,313,292 times
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Quote:
Originally Posted by mshultz View Post
If you are an entertainer, you have to assume that this will be your last movie, your last record sale, etc. If you are an author, you have to assume that this will be your last book sale.
This also applies to people who win the lottery. Most of them lose their money within 5 years.

What's the easiest way to go from rich ----> poor? Spend all of your money! lol
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Old Yesterday, 09:29 AM
 
Location: Brawndo-Thirst-Mutilator-Nation
15,334 posts, read 15,328,850 times
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Smart not to be flashy and stupid with your money, you become a target....many times getting
ripped-off.
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Old Yesterday, 02:16 PM
 
Location: Raleigh
7,109 posts, read 5,270,946 times
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Quote:
Originally Posted by Motion View Post
How do you adopt a frugal lifestyle when you're rich? Say like a pro athlete.
I know of a few of them that made sure not to blow every penny on having fun. They lived in nice, but modest townhomes near the practice facilities; after all, a mansion is great but if you're a single person, a three bedroom place is plenty of room. They drove nice cars, like Suburbans, but not Rolls Royce/Ferraris*.

They didn't live what I would call a frugal lifestyle, they just lived a lifestyle that still allowed for them to invest as much as possible since their careers are ultimately short.

*I found out a lot of front office staff/GM's and agents push their players to buy SUV's so they don't ruin their career wrapping the Porsche around a tree. They can't make them, but they do push them that way.
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Old Yesterday, 02:53 PM
 
Location: NJ
22,823 posts, read 28,709,898 times
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Quote:
Originally Posted by Motion View Post
How do you adopt a frugal lifestyle when you're rich? Say like a pro athlete.
im not sure how you would define a "frugal lifestyle" when it comes to a "rich" person. is it all about satisfying your needs while spending as little as possible or is it about saving a large % of your income and enjoying some luxuries but not as many as you could afford.

a person earning $1 million a year can spend $500,000 and save 50% of their income. that is a relatively healthy savings rate and they certainly can afford to spend more. are they being frugal?
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Old Yesterday, 05:13 PM
 
Location: Louisville KY
4,042 posts, read 3,582,116 times
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I barelly spend money that I make, and still can't get a foothold. I buy used things, don't often buy clothes, some home items like.cleaners and such I get free from my mom, I usually eat once a day, I'm pretty frugal and hate spending money. I just can't do anything and don't understand why. I came close to actually being able to save money with a job I had, money desperately needed for my car and I got laid off. I was finally starting to not live paycheck to paycheck. I'm in a situation where I should be able to save money, especially since I only spend it on what I need.
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Old Yesterday, 07:08 PM
 
7,495 posts, read 4,486,554 times
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Quote:
Originally Posted by Motion View Post
How do you adopt a frugal lifestyle when you're rich? Say like a pro athlete.
There are famous people who have made a lot of money yet still live very frugally. Keaneu Reeves takes the subway regularly. Rachel McAdams boasted in an interview that she owns no car, just rides her bicycle because "it is bad ass". (Wonder if that isn't a tip-off she reads Mr. Money Mustache). Warren Buffett still lives in Omaha in the same house he bought in 1958 for 31.5k.

Money can buy nice stuff and give you options; it cannot buy happiness. Seems like Reeves, McAdams, and Buffett have already figured that out.
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Old Today, 01:18 AM
 
3,529 posts, read 2,019,883 times
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Rich, or very wealthy people like Mr. Warren Buffett live frugally.

He keeps his car, albeit a Cadillac, for 8-10 years, or until his daughter tells him its time for a new one.

He buys his breakfast at the same McDonald's, a bargain breakfast costing just over $2or 3 a day on the way to work, his wife gives him the money.
N
He lives in the same first house he ever bought, and never bought another one. He says a mansion in Malibu would not make him any more comfortable than his current house

He drinks Coke regularly.

He has NEVER spent money on a computer. He doesn't have one.

He owns stock in McDonald's, GM, Coke and Microsoft, among others.

And yet the man is worth BILLIONS of dollars.
His stock at Berkshire Hathaway is way over $100,000 a share!

When it comes to select companies, Mr. B IS BUYING, but when it comes to personal things, hes NOT BUYING.

i do try to emulate him, though im not as successful. Lol

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Old Today, 01:37 AM
 
3,529 posts, read 2,019,883 times
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Quote:
Originally Posted by JaxRhapsody View Post
I barelly spend money that I make, and still can't get a foothold. I buy used things, don't often buy clothes, some home items like.cleaners and such I get free from my mom, I usually eat once a day, I'm pretty frugal and hate spending money. I just can't do anything and don't understand why. I came close to actually being able to save money with a job I had, money desperately needed for my car and I got laid off. I was finally starting to not live paycheck to paycheck. I'm in a situation where I should be able to save money, especially since I only spend it on what I need.
We have been in the same boat.

But, i save even just $10/week, pay yourself first, when times are tight. That alone is $520/year, or 1/2 $1k. It may not be much, but its always a start.

I have it set for automatic deduction from each paycheck to savings account tied to a deposit to the retirement account. (Pay yourself first).

During good times we up the savings rate, automatically.

Duribg the bad times, and we are in one now, at least I've added SOMETHING to retirement savings and investments.

It doesn't have to be all or nothing!

Over 47 years from age 18 to 65, even at only $10/week, with computing compounding itll add up to a tidy sum, and the $10 CAN be increased over time.

How,? Well lets see. Any extra hours you pick up, pay that money directly into savings. Pick up a extra side hustle job, save all that money.
Heck i worked two full tine jobs in my 20s. At 55 today i could work no more than a full time but maybe a part time, but i am also disabled, and that limits me because of difficulty. If i could, id be working a full time and a part time even now. And saving every penny of the part time job.

So start with your $10 pay yourself first.
Heck, even $5.

Best to you...

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Old Today, 11:57 AM
 
Location: Raleigh
7,109 posts, read 5,270,946 times
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Quote:
Originally Posted by Petunia 100 View Post
There are famous people who have made a lot of money yet still live very frugally. Keaneu Reeves takes the subway regularly. Rachel McAdams boasted in an interview that she owns no car, just rides her bicycle because "it is bad ass". (Wonder if that isn't a tip-off she reads Mr. Money Mustache). Warren Buffett still lives in Omaha in the same house he bought in 1958 for 31.5k.

Money can buy nice stuff and give you options; it cannot buy happiness. Seems like Reeves, McAdams, and Buffett have already figured that out.
I'll tell you something...If you live in an area that has a subway/light rail, its oftentimes the best way to get where you're going. I used to work as a Caddy at an expensive Golf Club, almost everyone that worked downtown took the train. It was simply more reliable and relaxing.

Quote:
Originally Posted by galaxyhi View Post
Rich, or very wealthy people like Mr. Warren Buffett live frugally.

He keeps his car, albeit a Cadillac, for 8-10 years, or until his daughter tells him its time for a new one.

He buys his breakfast at the same McDonald's, a bargain breakfast costing just over $2or 3 a day on the way to work, his wife gives him the money.
N
He lives in the same first house he ever bought, and never bought another one. He says a mansion in Malibu would not make him any more comfortable than his current house

He drinks Coke regularly.

He has NEVER spent money on a computer. He doesn't have one.

He owns stock in McDonald's, GM, Coke and Microsoft, among others.

And yet the man is worth BILLIONS of dollars.
His stock at Berkshire Hathaway is way over $100,000 a share!

When it comes to select companies, Mr. B IS BUYING, but when it comes to personal things, hes NOT BUYING.

i do try to emulate him, though im not as successful. Lol

Enough about Buffett.

Seriously, he was born into money, the son of a US Congressman, went to Ivy League schools, and lives in a nearly 7000 square foot home. He also had a place in Laguna beach that he sold last year. He drinks Coca Cola...What's he supposed to drink? Unicorn Milk? He doesn't drive much at all, but he does fly private when he travels.

He's 88...And in charge of a very large company. He supposedly doesn't have a computer at his desk but he also has people that handle those tasks for him. I think he does actually own a computer. And, has CEO, he never had to learn how to operate a computer since he's been at the top of a growing business from the get-go, growing from little to big, rather than starting at the bottom and working his way up. I know that the CEO of my company often has his secretary respond to emails. He reportedly has an old Nokia flip phone...But so did my Grandfather at 88.

Warren Buffet is a billionaire because he's an amazing investor, and his ability to focus on his most important goals. His "frugality" has little to do with it.

People get this idea of CEO's and the Wealthy doing all sorts of things that aren't accessible to the rest of us...But most of them scratch one or two itches that aren't accessible to the 98%, not every itch not accessible to most people.
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