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Old Yesterday, 12:01 AM
 
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How do you adopt a frugal lifestyle when you're rich? Say like a pro athlete.
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Old Yesterday, 12:34 AM
 
Location: Mid-Atlantic
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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 have no idea. The people I've known who had more than enough money and were thrifty, frugal, lived it or learned how to be when they were young.
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Old Yesterday, 01:10 AM
 
Location: Louisville KY
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Personally I'd live below my means. Most just make more than they spend, even though they buy a bunch of expensive crap.
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Old Yesterday, 01:18 AM
 
Location: We_tside PNW (Columbia Gorge) / CO / SA TX / Thailand
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seems to be a common theme..
very wealthy people are often very thrifty (not sure about pro-athlete, they are often not of the mindset / need / experience to be frugal ).

If you have a desire to live a frugal lifestyle...you just do it.

If too rich.. Give away your wealth if you are having a problem adapting to frugality.

Problem solved.
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Old Yesterday, 02:03 AM
 
Location: Louisville KY
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Quote:
Originally Posted by StealthRabbit View Post
seems to be a common theme..
very wealthy people are often very thrifty (not sure about pro-athlete, they are often not of the mindset / need / experience to be frugal ).

If you have a desire to live a frugal lifestyle...you just do it.

If too rich.. Give away your wealth if you are having a problem adapting to frugality.

Problem solved.
Agreed. Send your extra money to my gofundme, so my poor ass can fix my car.
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Old Yesterday, 04:43 AM
 
Location: The Triad (NC)
26,939 posts, read 58,233,645 times
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Quote:
Originally Posted by Motion View Post
How Does Frugality Work When You're Rich?
The same way that savings work.


Frugality is NOT about being poor... it's about making conscious choices of HOW to spend.
It seems that this distinction needs to be pointed out monthly.
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Old Yesterday, 05:54 AM
 
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The same way it does when you're not.
You can just have own and buy more -- and STILL leave beneath your means. That's all.
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Old Yesterday, 06:08 AM
 
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The people I knew who were rich were either not frugal or if they were it slid in to just plain cheap and not frugal
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Old Yesterday, 06:16 AM
 
Location: Atlanta
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Being frugal is not a rich/poor thing.. its a common sense thing.

Show me a rich pro athlete who is not frugal and i will show you a soon to be NOT RICH former pro athlete.

IMO, being frugal is simply living below you means.. some folks have higher means than others but in order to stay at that high level, they have to be frugal...
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Old Yesterday, 06:24 AM
 
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Living below your means is one of those sayings that are neither meaningful nor actionable .

Means changes through out life . Just because your lifestyle fits today does not mean it fits tomorrow when you need a new car ,temporarily lost a job or need 10k in dental work .

So that term is flung out all the time but it really is a poor guide for setting a lifestyle .

When we set up our retirement lifestyle for the same budget we could have chosen between here in queens or manhattan .both are below our means . But ,and a big but . The ratio between discretionary and non discretionary income would be very different . In manhattan these awe craps would inflict a lot of pain as there is no where to cut from when most of the budget is non discretionary as opposed to queens where most of the budget is discretionary .

So the term live below your means really does not mean much as means is usually variable with markets ,rates ,inflation and life events. In fact being frugal is only good until there is nothing left to be frugal with and expenses keep rising . Cost cutting always has a bottom.

There are quite a few mantras that are always bantered about but really are either incomplete advice, not really an action plan as stated or even poor advice
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