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Old 11-13-2009, 12:24 PM
 
12,671 posts, read 20,493,570 times
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How is that rude if they are asking for where you got it from? I thought that was a compliment.

They are wealthy compare to people who are not close to millionaires.

Most rich folks who don't work are retired and the eldery.

There are only about 1,000 billionaires on the planet according to Forbes.

What is considered down to earth?

Well the people with millionaire's mind are frugal but once they have money, they are probably not so frugal.



Quote:
Originally Posted by kinkytoes View Post
I just had a coworker tell me I always look so nice, and then where did I get my dress. That's SUCH a rude question. Anyway, I got it from the thrift store and I told her! She looked a little shocked, but there's no shame in my game. Yes, I got my dress for less than it costs to dry clean it.

On topic?

Um, I know some multi-millionaires and millionaires. Are they even considered wealthy? Well, the people I know who have millions are pretty down to earth, but I guess it depends. One couple spends a LOT of money on vacations and trips to hippie music shows and they spent a TON of money on their house. Other than that, they don't talk about money a lot or wear fancy diamonds or anything. They do have housekeeper, but some of the middle-class people I know have housekeepers, so that doesn't seem out of line. The difference is that the rich people don't have to work, and the middle class people have to depend on their jobs to continue to afford the housekeeper.

I guess they're like anyone else, but if they want to go to Ireland for a month or something like that, they can. I know one woman who lives in a smaller house, but wears a lot of expensive jewelry. I guess that is just her thing, but other than that she's very down to earth.

So I don't know if rich people are frugal. The people I know are not billionaires, and I think that a few million may not give you a sense of security so they're afraid to spend a lot of money, but I do know a couple of people with fancy cars etc. Again, their attitude is pretty down to earth. I don't know any rich person who is TOTALLY frugal. They just seem to spend money on things they find important. If it's not something flashy like a boxter, then it's a special charity, or collecting something or traveling. (no spell check)

 
Old 11-13-2009, 01:36 PM
 
2,653 posts, read 4,596,540 times
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Quote:
Originally Posted by Rakin View Post
There are 3 generations of rich in a family:

1st Generation is frugal, works hard and builds a great business. Teaches kids the value of a buck.

2nd Generation just tries not to screw it up and lives a pretty nice lifestyle. Raises spoiled kids.

3rd Generation is the spoiled kids who did not earn it, has no concept of how to keep it going, lives lavishly, parties hard, does drugs and files bankruptcy. They blow everything Grand Pa worked to build.

Not all rich folks are frugal but the ones who earned it usually are.
I have met alot of 1st generation types, but most of the offspring I have met are 3rd generation. Does'nt seem to be too many of the 2nd generation types around anymore.
 
Old 11-13-2009, 05:30 PM
 
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What about 4th generation?
 
Old 11-13-2009, 11:53 PM
 
Location: Scottsdale, AZ
4,486 posts, read 14,922,691 times
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Quote:
What about 4th generation?
The 4th generation are probably still too young to know/care about money. In 20 years, we will see how they react to the family fortune (that is, if the 3rd hasn't already blown it).
 
Old 11-14-2009, 01:24 PM
 
Location: Land of Free Johnson-Weld-2016
6,474 posts, read 13,410,318 times
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Quote:
Originally Posted by Texas User View Post
How is that rude if they are asking for where you got it from? I thought that was a compliment.

They are wealthy compare to people who are not close to millionaires.

Most rich folks who don't work are retired and the eldery.

There are only about 1,000 billionaires on the planet according to Forbes.

What is considered down to earth?

Well the people with millionaire's mind are frugal but once they have money, they are probably not so frugal.
Saying "You always look so nice" is a compliment. "Where did you get your [shoes, bag, dress..]" is prying. IMO

I think you're right about a lot of "rich" people being retired/elderly.

When I say "down to earth" I mean they will be polite to me and invite me places even though I am not rich and drive a crappy looking car to boot!
 
Old 11-14-2009, 05:37 PM
 
12,671 posts, read 20,493,570 times
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Quote:
Originally Posted by kinkytoes View Post
Saying "You always look so nice" is a compliment. "Where did you get your [shoes, bag, dress..]" is prying. IMO

I think you're right about a lot of "rich" people being retired/elderly.

When I say "down to earth" I mean they will be polite to me and invite me places even though I am not rich and drive a crappy looking car to boot!
Maybe they want to shop where you shop at?

I think rich folks will be polite and invite you if you return the favor.

There are lot of poor folks who are rude and unorganized but there are the ones that are disciplined also.
 
Old 11-17-2009, 10:43 AM
 
16,092 posts, read 35,784,302 times
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Trusts can be constructed to restrict the next generations from blowing it all (not all at once, anyway).

I am invited to 'seminars' to sell certain funds only available to 'high net worth clients' at a well-known brokerage/investment company - it's amusing how the stock brokers and fund managers are all extremely well-dressed but the clients wear just relaxed, comfortable outfits with little jewelry or fancy watches.
 
Old 11-17-2009, 08:33 PM
 
12,671 posts, read 20,493,570 times
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Quote:
Originally Posted by Lakewooder View Post
Trusts can be constructed to restrict the next generations from blowing it all (not all at once, anyway).

I am invited to 'seminars' to sell certain funds only available to 'high net worth clients' at a well-known brokerage/investment company - it's amusing how the stock brokers and fund managers are all extremely well-dressed but the clients wear just relaxed, comfortable outfits with little jewelry or fancy watches.
Brokers should be well-dressed anyways. They also earn good chunk of money.
 
Old 11-18-2009, 11:58 AM
 
Location: Chapel Hill, NC
8,355 posts, read 12,059,804 times
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All rich folks are not frugal, and all frugal folks are not rich. But many people became rich by being frugal. Some rich do not need to be frugal because they are so rich that what seems luxurious to most people is a drop-in-the-bucket of wealth to them. But many rich folks are not rich enough that they don't need to watch their spending.

I think all people - no matter what level of wealth they have - should try to save money on areas that they don't care about and spend more on things that are important to them. That is, you are frugal in some areas so you can spend luxuriously in others - all within your budget, of course.
 
Old 11-18-2009, 01:49 PM
 
12,671 posts, read 20,493,570 times
Reputation: 2618
Quote:
Originally Posted by michgc View Post
All rich folks are not frugal, and all frugal folks are not rich. But many people became rich by being frugal. Some rich do not need to be frugal because they are so rich that what seems luxurious to most people is a drop-in-the-bucket of wealth to them. But many rich folks are not rich enough that they don't need to watch their spending.

I think all people - no matter what level of wealth they have - should try to save money on areas that they don't care about and spend more on things that are important to them. That is, you are frugal in some areas so you can spend luxuriously in others - all within your budget, of course.
They were frugal at one point to get where they wanted to be.
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