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Old 06-09-2010, 09:45 AM
 
1,501 posts, read 5,095,251 times
Reputation: 1115

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Quote:
Originally Posted by Mister WeightLoss View Post
I'd say that self-made millionaires, the ones who had to work hard to get themselves at that status, have strong values in money and don't believe in throwing money away because they have it.
Right on!

I had the pleasure (yes pleasure) of dealing with some of the wealthiest people alive -- people whose names you see on trucks, clothing, in shopping centers. I'm talking "Swimming in It!!"

However the first thing I heard from people was that the people with the most money on Earth were rich because, well, they didn't part with it.

One example: these "hoity-toities", the "Blueblood" set, and Doctors had a rap for being cheap tippers.

Know what I noticed on a consistent basis over the years? (And this includes Doctors):

Yup! Crappy service was lucky if it received a 10% tip.
If they saw somebody slacking, guess what? The tip reflected that -- no matter how fancy the place- dinner was, or how long it took to fill their order; deliver their furniture; cater their party....
Problem was: people serving them assumed it was automatic, that they were entitled, merely because these people had the money to burn.

BUT if these same Doctors, and "hoity-toities" who could afford the Rolls Royces and homes in three countries received treatment reciprocal of how they treat others (mere courtesy; conscientiousness; thoughtfulness; work ethic which got/keeps them the fortune in the first place), the same "cheapskates" will overwhelm. They will hear "Oh, that's not necessary, Sir/M'aam."

In my years of dealing with these people, I found that they were most obsessed with what charity was going to be their "project" this week, than what they were going to buy for themselves, to flaunt to everybody who was looking.

They buy smart or they don't buy at all.

True, they take care of their families, their friends -- best of the best -- top of the line, but what they do for strangers and especially charitable organisations (I saw mostly children, disease, & animal related) would make one's head spin. They WORK at it - don't just write checks.
And the most generous -- they insist on NO publicity. (The hospitals & schools I've seen some of their names on -- guess there's no way around that getting out I guess.)

The neurvo riche (however you spell that) -- they are the ones giving the "Rich" a bad rap and stereotype -- but them, they're not "rich" -- just over-maxed.

Just wanted to "stick up" for the Rich of the rich in this thread.
So much is misconception, regarding them.
They are the ones you've never, ever heard of anywhere in the Worthless Mainstream media, yet you may see their names everywhere when shopping and, in the case of several, movies already made about them!

Last edited by Travel'r; 06-09-2010 at 10:14 AM.. Reason: forgot about Doctors

 
Old 06-09-2010, 12:51 PM
 
12,671 posts, read 20,487,421 times
Reputation: 2618
Quote:
Originally Posted by Huckleberry3911948 View Post
i never cease to laugh at how many millionaires i personally know that shop at salvation army and 99c store. the losers love to be seen at neiman marcus. they are so attracted to the smell of burning money.
How do you know they are millionaires?
 
Old 06-09-2010, 12:53 PM
 
Location: southern california
55,237 posts, read 72,392,137 times
Reputation: 47449
if you are from texas you know that rich folk hide their money-- old truck and old clothes only way to go.
 
Old 06-09-2010, 12:53 PM
 
12,671 posts, read 20,487,421 times
Reputation: 2618
Quote:
Originally Posted by jtur88 View Post
Well, being frugal didn't make me a millionaire, either. Nor anybody else that I know. I still think there is some other factor you are overlooking, in your prediction of who will become a millionaire.

Since the average wage-earner makes about a million dollars in a lifetime, take home pay, there is just barely the possibility of becoming a millionaire, if a person did not spend a single penny during his lifetime. Merely being frugal is not the path to riches.

I'm sorry, I think I have to disagree with you, and say that to become a millionare, you first have to figure out how to get a million dollars. Once you have the million, you would need to make a frugal adjustment of $20,000 a year in spending habits for 50 years, in order for your frugality to have a million-dollar difference in your net wealth.
What about investing that money that you earn for long term whether its stocks, real estate and/or a small business?
 
Old 06-09-2010, 12:56 PM
 
12,671 posts, read 20,487,421 times
Reputation: 2618
Quote:
Originally Posted by Huckleberry3911948 View Post
if you are from texas you know that rich folk hide their money-- old truck and old clothes only way to go.
Some guy I heard on this site is wearing the same jeans for over 30 years, classic.
 
Old 06-09-2010, 04:11 PM
 
13 posts, read 25,882 times
Reputation: 16
Quote:
but for a multi-millionaire buying a 1st class ticket is similar to buying a bus ticket for the middle class person.
really? I guess that would be true. Who is living in buying the Ferrari's, Bentleys? The homes on fifth ave, Palm Beach?

Quote:
The point Stanley and many others have made is that it's extremely difficult to both live rich and actually be rich at the same time.
What?

All this is really good reading for me when I become rich

[LEFT]

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Old 06-09-2010, 07:39 PM
 
12,671 posts, read 20,487,421 times
Reputation: 2618
Staley's sources are correct?
 
Old 06-09-2010, 07:50 PM
 
Location: Texas
42,203 posts, read 49,740,662 times
Reputation: 66975
Dude, it's hard to be rich if you spend all your money.
 
Old 06-09-2010, 08:20 PM
 
16,700 posts, read 18,909,509 times
Reputation: 6795
I am pretty frugal (although my family and friends call me "cheap") because I choose not to waste money that offers nothing in return... my wife on the otherhand is the antithesis of frugal... I hate it when she asks why we can't have the finer things in life, its because she blew all the money on the other finer things in life... its quite a chore to make her save for retirement even though I am funding her retirement with my money... oppss I meant "our" money... I do plan on building a retirement home (a very expensive one) cause what's the point of making all the money if I am not going to blow through it at the very end...
 
Old 06-09-2010, 08:31 PM
 
Location: SoCal desert
8,095 posts, read 12,738,022 times
Reputation: 14832
Quote:
Originally Posted by Texas User View Post
Well there are women who go for guys that make and/or have lot of money so what happens if she starts to spend a lot so how does that work in a marriage life? Women like to spend money on disposable items. I have been laughed at and been called a cheapskate.
And men don't ??

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