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Old 04-25-2010, 02:19 PM
 
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David : That still not mean they aren't Frugal. This can mean they are still living below their means by not spending more on vacation and/or having quaduple huge houses.

 
Old 04-25-2010, 02:58 PM
 
Location: Eureka CA
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I had friends who worked in the Social Security office in Palm Springs. They got a visit from Bob Hope whenever there was a discrepancy in his social security payment. He was always pleasant but wanted what he was entitled to. So yes,some of the rich are frugal in the extreme..
 
Old 05-01-2010, 07:33 AM
 
Location: Los Angeles area
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The following quote from Knight Kiplinger bears somewhat on this thread: "The biggest impediment to being rich is living like you're rich before you are".
 
Old 06-01-2010, 08:51 PM
 
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Dave Ramsey says "Live like no other so later you can live like no other'
 
Old 06-02-2010, 05:03 PM
 
Location: Victoria TX
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Some billionaires actually live in a house that costs less than 30% of their income. Nothing more frugal than that. And they spend less than 10% on food.
 
Old 06-02-2010, 09:48 PM
 
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I've filed many people tax returns and I can tell you without a doubt its true for the most part. The people who would technically be classified as rich are living in middle class areas and driving middle class cars. The reason they are rich is because aren't blowing their money on expensive cars, homes and the such they instead put their money into business ventures, stocks, and other such stuff. Meanwhile, the vast majority living in the upper class area are simply the, "big hat but no cattle" type of people. The only reason they live there is because they have a high income (from working). At the end of the month, they spend every dime they have without investing anything.

Just because someone drives a nice car or lives in a nice home doesn't mean they are rich, most likely the opposite! Its ironic I know, but its true!
 
Old 06-02-2010, 10:57 PM
 
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Quote:
Originally Posted by jtur88 View Post
Some billionaires actually live in a house that costs less than 30% of their income. Nothing more frugal than that. And they spend less than 10% on food.
Thats why they are billionaires.
 
Old 06-02-2010, 10:59 PM
 
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Quote:
Originally Posted by killer2021 View Post
I've filed many people tax returns and I can tell you without a doubt its true for the most part. The people who would technically be classified as rich are living in middle class areas and driving middle class cars. The reason they are rich is because aren't blowing their money on expensive cars, homes and the such they instead put their money into business ventures, stocks, and other such stuff. Meanwhile, the vast majority living in the upper class area are simply the, "big hat but no cattle" type of people. The only reason they live there is because they have a high income (from working). At the end of the month, they spend every dime they have without investing anything.

Just because someone drives a nice car or lives in a nice home doesn't mean they are rich, most likely the opposite! Its ironic I know, but its true!
Good source of information there. What is their income like and what do they do for a living? So you have done taxes for upper class areas also?

If they are going to paycheck to paycheck then what happens when retirement comes?
 
Old 06-03-2010, 07:33 AM
 
Location: Victoria TX
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Quote:
Originally Posted by Texas User View Post
Thats why they are billionaires.
Then, how come living frugally didn't make ME a billionaire? There must be some other reason why they are billionaires. Something I'm not doing.
 
Old 06-03-2010, 12:24 PM
 
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Quote:
Originally Posted by jtur88 View Post
Then, how come living frugally didn't make ME a billionaire? There must be some other reason why they are billionaires. Something I'm not doing.
I was speaking in general terms of ratio.

The point is that you will always have a lot more money if you spend a lot then what you make. You may not be a Billionaire but you will be a Millionaire and/or financially independant.
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