Is This True That Rich Folks Are Frugal? (property, bill, finance)

[user_id]

Originally Posted by sterlinggirl

I don't know about you, but I'd much rather have Thanksgiving dinner with family and friends in a modest house than to eat alone in a mansion.

Yeah, because there are no other wealthy folks to befriend!? Generally the wealthy associate with the wealthy.

The US is rather stratified, people usually spend their days with people in the same socio-economic class as themselves.

[Cabe09]

I know when I used to work at a bank, we had some pretty well-to-do customers that bought some of their clothes at garage sales. I would consider that frugal.

[Rakin]

Originally Posted by Cabe09

I know when I used to work at a bank, we had some pretty well-to-do customers that bought some of their clothes at garage sales. I would consider that frugal.

We lived in West TX for quite a few years and there were many a multi-Millionaire who was big in Cattle, Ranching & Oil who you would never know had a fortune. These guys would come into town wearing overalls, driving an old pickup and were on the Board of Directors at the local bank.

One thing you learn in small towns is you never talk bad about anyone. They are usually all related or grew up together.

So a little bit determines if they are City or Country people.

[sterlinggirl]

Originally Posted by user_id

Yeah, because there are no other wealthy folks to befriend!? Generally the wealthy associate with the wealthy.

The US is rather stratified, people usually spend their days with people in the same socio-economic class as themselves.

That's a very narrow (and flawed) viewpoint.

If you take the time to study people, you'll find that people typically spend their days with people who have similar interests. Type As will spend time with Type As, and conspiracy theorists will spend time with conspiracy theorists. Sports nuts spend time with sports nuts, and women who love to shop spend time with other women who love to shop. This human trait is the reason that CD forums is set up the way it is rather than grouping posts into folders sorted by socioeconomic stratus.

I'll grant that socioeconomic factors sometimes dictate what you can or cannot do as a hobby, but that isn't always the case. I love to cook (and eat), and I'll happily spend time with somebody from a richer or poorer background in the quest for the perfect recipe, but you couldn't pay me enough money to spend a week with somebody of my own class who can't talk about anything but shoes.

If a rich person happens to be frugal, there's a good chance that they'll choose to associate with another frugal person over the snobs down at the yacht club.

[Texas User]

Originally Posted by sterlinggirl

There are some very wealthy people who live like that.

If you flash your wealth around all the time, its hard to make friends because people will either think you're showing off, be envious, feel insecure, or try to take your wealth away. If you make a conscious effort not to stand above your neighbors, you can avoid those pitfalls and make good friends.

I don't know about you, but I'd much rather have Thanksgiving dinner with family and friends in a modest house than to eat alone in a mansion.

Maybe the average Joe will get intimidated mingling with the show off folks?

You can't really show off your wealth unless you explain the assets - liability equation.

[Texas User]

Originally Posted by Rakin

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 would rather live a 1st generation lifestyle.

[Texas User]

Originally Posted by user_id

Depends what you mean by frugal, but almost everyone I know that is wealthy is not frugal in the sense that people seem to use the word here.

Living below your means.

[Texas User]

Originally Posted by user_id

Yeah, because there are no other wealthy folks to befriend!? Generally the wealthy associate with the wealthy.

The US is rather stratified, people usually spend their days with people in the same socio-economic class as themselves.

That may go for business purposes? What about for fun?

[Texas User]

Originally Posted by Cabe09

I know when I used to work at a bank, we had some pretty well-to-do customers that bought some of their clothes at garage sales. I would consider that frugal.

or Thrift shops.

[MurphyPl1]

It's not what you make, it's what you keep.