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Old 11-24-2009, 04:09 PM
 
16,092 posts, read 35,779,846 times
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I saw Suze Orman on Anderson Cooper's Birthday and she was wearing some rocks.. she had ditched her same earrings and necklace..not sure she knew she was going to be on the air..

 
Old 11-24-2009, 05:12 PM
 
Location: Scottsdale, AZ
4,486 posts, read 14,920,188 times
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Quote:
Spoken like someone who doesn't understand money . It's all in your valuation system, which is highly personal and subjective. You've just got to adapt your fiscal status to your valuation system.
I concur, we all have things that we will spend money on because of our own personal preference.

Your example was great, it illustrated the fact that quality sometimes is in the eye of the buyer. A $30-$40 pair of Wranglers will likely outlast any pair of expensive jeans. If you can buy a pair of jeans that is cheaper and more durable, why would you pay 10X that amount on a pair of jeans that likely won't last nearly as long? Personal Preference and Style.

I never have bought into the argument that just because something is more expensive means it's a better quality.
 
Old 11-24-2009, 05:41 PM
 
25,817 posts, read 49,697,815 times
Reputation: 19259
Quote:
Originally Posted by KT13 View Post
You are referring here to outward appearances and items you can observe - clothing, cars, etc, and you can't judge one's wealth by that. You also can't judge one's lifestyle by that.

You don't know for sure whether these wealthy people such as Sam Walton live in luxurious mansions full of domestic staff and own several residences across the US or the world, you don't know if he belongs to any exclusive golf clubs or yacht clubs where memberships exceed sometimes high 6 figure salaries. He may have 5 race cars in his garage, but you just simply haven't seen him drive them or haven't seen him engage in exotic activities accessible only to the rich. You don't know much about their lifestyle, you simply see what you see - how they dress, what they drive. You don't know what they eat, you don't know how they live, you don't know how they travel, how they vacation and how many people they employ to do basic tasks that you and I must do ourselves. You are making an assumption here that a wealthy person who drives a modest car and wears modest clothing does indeed have a middle class lifestyle and all that goes with it - e.g. modest home (and only one of them) in a modest neighborhood, travels coach on the plane, vacations at more modest accommodations, does most of the housework, doesn't employ personal assistants, sends kids to public schools etc. etc.

There is much much more to lifestyle than clothes one wears or a car one drives.

Outward appearances are deceiving and this goes both ways. there are those who are not rich but buy clothes and cars that scream 'rich' even if they struggle and borrow money to do so. there are also those who are indeed very rich, but prefer to not advertise their wealth to everyone they work with or deal with on day to day basis, yet still spending their fair share and enjoying what wealth gives you.
Of course you're correct... you can't judge a book by it's cover... but it is a good place to start.

I read the book about Sam Waltons life and he did not go in for flash and glitz... he was very frugal in so many ways and at times had to remind his employee's... especially the executives that tended to get carried away...

One example is that he used Turbo Props for corp planes... one of his executives wanted corp jets and old Sam got quite upset and said something like jet-setting is not what wall mart is about... Jets are fast and make a statement and very expensive... Turbo Props are slower and efficient and slower speeds allowed Sam to scout growth patterns...

I still say a person can be very frugal and extremely Rich... especially if that person earned his or her riches...
 
Old 11-24-2009, 08:29 PM
 
12,671 posts, read 20,489,997 times
Reputation: 2618
Quote:
Originally Posted by Ultrarunner View Post
Sam Walton, one of the richest men in the world drove an old Ford Pickup and wore jeans most of the time...

I know several ranchers that are worth millions on paper and you wouldn't be able to tell them from the ranch hands...

Many of the new SUV, Escalades and Expeditions at work were bought by twenty something people making $10 to $12 an hour back in 2006...

I remember because I was chided a few times for still driving my old 72 Plymouth Valiant to work... the one I paid $800 for in high school... I never make payments on depreciating assets.

I still have my valiant and at least one Escalade and one Expedition plus a King Ranch Truck belonging to my co-workers have been repossessed...
How many vehicles did he have? Lol at Jeans. There are also very expensive jeans. I don't beleive in car payments either.
 
Old 11-24-2009, 08:37 PM
 
12,671 posts, read 20,489,997 times
Reputation: 2618
Quote:
Originally Posted by KT13 View Post
You are referring here to outward appearances and items you can observe - clothing, cars, etc, and you can't judge one's wealth by that. You also can't judge one's lifestyle by that.

You don't know for sure whether these wealthy people such as Sam Walton live in luxurious mansions full of domestic staff and own several residences across the US or the world, you don't know if he belongs to any exclusive golf clubs or yacht clubs where memberships exceed sometimes high 6 figure salaries. He may have 5 race cars in his garage, but you just simply haven't seen him drive them or haven't seen him engage in exotic activities accessible only to the rich. You don't know much about their lifestyle, you simply see what you see - how they dress, what they drive. You don't know what they eat, you don't know how they live, you don't know how they travel, how they vacation and how many people they employ to do basic tasks that you and I must do ourselves. You are making an assumption here that a wealthy person who drives a modest car and wears modest clothing does indeed have a middle class lifestyle and all that goes with it - e.g. modest home (and only one of them) in a modest neighborhood, travels coach on the plane, vacations at more modest accommodations, does most of the housework, doesn't employ personal assistants, sends kids to public schools etc. etc.

There is much much more to lifestyle than clothes one wears or a car one drives.

Outward appearances are deceiving and this goes both ways. there are those who are not rich but buy clothes and cars that scream 'rich' even if they struggle and borrow money to do so. there are also those who are indeed very rich, but prefer to not advertise their wealth to everyone they work with or deal with on day to day basis, yet still spending their fair share and enjoying what wealth gives you.
Maybe thats what they want to live a lifestyle so the cars and clothes do not matter to them much.
 
Old 11-24-2009, 08:39 PM
 
12,671 posts, read 20,489,997 times
Reputation: 2618
Quote:
Originally Posted by 3-Oaks View Post
We buy 'em when they've got 60,000-100,000 miles on 'em.

This wasn't a luxury car, but DH bought a really nice LeSabre for $400. Drove it every day to work and anywhere else he needed to go for 5 or maybe 6 years and re-sold it for $350. Put the usual oil changes, etc, and 1 set of tires into it. Drove it on vacation a couple years, too.

We live 3.5-5 hr away from any of either of our families & I have back problems, so the nice comfy ride & extra leg room of some of the higher end cars is almost a MUST.
Right. Let others take the depreciation hit on the first few years.
 
Old 11-24-2009, 08:41 PM
 
12,671 posts, read 20,489,997 times
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Quote:
Originally Posted by ferrarisnowday View Post
When you could get an item of equal quality for a cheaper price and you chose not to then you aren't being frugal. I don't care how much you're making a year, it just isn't frugal to buy a 70 grand car. It many not be irresponsible or stupid to buy it if you're making millions, but it still isn't frugal.
$70,000 car is frugal when it does not effect your current lifestyle. These people will still be doing the same thing and they use to do.
 
Old 11-24-2009, 08:45 PM
 
12,671 posts, read 20,489,997 times
Reputation: 2618
Quote:
Originally Posted by SpeedyAZ View Post
I concur, we all have things that we will spend money on because of our own personal preference.

Your example was great, it illustrated the fact that quality sometimes is in the eye of the buyer. A $30-$40 pair of Wranglers will likely outlast any pair of expensive jeans. If you can buy a pair of jeans that is cheaper and more durable, why would you pay 10X that amount on a pair of jeans that likely won't last nearly as long? Personal Preference and Style.

I never have bought into the argument that just because something is more expensive means it's a better quality.
What you pay is what you get. Not all the time though.
 
Old 11-24-2009, 09:26 PM
 
Location: Scottsdale, AZ
4,486 posts, read 14,920,188 times
Reputation: 3919
Quote:
What you pay is what you get. Not all the time though.
It depends on the item and how often it's going to get used. If I was going to buy a new bed, I would spend as much as I had to in order to buy a high quality mattress. It's something I use every night and is going to last me between 5-10 years so it better be damn good.
 
Old 11-25-2009, 06:55 AM
 
5,610 posts, read 6,480,616 times
Reputation: 3180
Quote:
Originally Posted by karuna95 View Post
Spoken like someone who doesn't understand money . It's all in your valuation system, which is highly personal and subjective. You've just got to adapt your fiscal status to your valuation system.

The concept of "equal quality" depends on your own value. If you see a car's primary purpose as getting from point A to point B, then a Kia = Audi. However, if you also value safety (8 airbags when most cars only had 2 at the time, ABS, rear sensors, etc...), comfort (leather seats, seat warmer), acceleration, performance, handling, etc... then you might say that the Audi is a higher quality car.

Similarly, a McDonald's burger will fill you up as surely as one of my buffalo burgers. However, my burgers feature whole wheat buns (high fiber), avocado (good fats), brocco sprouts (high in anti-oxidants), jalapeno pickles (high in yummy factor), buffalo meat (less fat), fancy mustard, organic ketchup and no mayo. So far, all of my friends prefer my burgers

My personal philosophy about money is that it helps me to achieve my goals, but it doesn't define me. I don't need it to be happy. I've been happy with less, just as I'm happy with more. And no, having money doesn't mean that you worry less. You just worry about different things.
Quote:
Originally Posted by Texas User View Post
$70,000 car is frugal when it does not effect your current lifestyle. These people will still be doing the same thing and they use to do.
Perhaps a car is a bad example because there are never going to be two cars we can have everyone agree are "equal." I'll use an example from this morning.

I was thirsty while walking to work and there is a CVS right next to work, and a gas station two buildings away from that, both of which I walk directly by. Pepsi is only 1.00 at the gas station but is 1.39 at the CVS. I don't think it is financially dumb to buy either of them (though it would be financially smart to bring your own drink!), but it is frugal to go to the gas station. The only possible downside to the gas station is that I have to walk through the gas pump area and that I'll have to carry my drink another 100 feet than if I had bought it at CVS, but I also get it faster and it's a 32oz not a 20oz, so in the end it's a wash. In my opinion, if you can get the same item with virtually the same amount of effort and time taken on your part, then it is not frugal to choose the more expensive one. Of course effort is subjective though, on an extremely cold day with no gloves, some may say it's worth 39 cents to save 30 feet of walking through the gas pump area and 100 feet of holding a cold drink.

I do not believe frugality is salary related. If my salary suddenly doubled, it wouldn't be frugal to suddenly double my living expenses too. I could afford to, but it wouldn't be frugal.
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