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Old 10-28-2009, 06:09 PM
 
12,671 posts, read 21,025,763 times
Reputation: 2625

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Quote:
Originally Posted by MurphyPl1 View Post
It's not what you make, it's what you keep.

True, you can be making million a year but still be in debt.

Its really how you manage your finances.

Assets - Liability = Owners Equity.

 
Old 10-29-2009, 02:48 AM
 
16 posts, read 49,000 times
Reputation: 22
Quote:
Originally Posted by Texas User View Post
True, you can be making million a year but still be in debt.

Its really how you manage your finances.

Assets - Liability = Owners Equity.
Exactly. If only most people would actually understand it.
 
Old 10-29-2009, 02:13 PM
 
12,671 posts, read 21,025,763 times
Reputation: 2625
Quote:
Originally Posted by marcusj245 View Post
Exactly. If only most people would actually understand it.
Right. I notice people like to show off thier luxury vehicles. What good is it when your are in debt?
 
Old 10-29-2009, 06:16 PM
 
Location: Valley City, ND
625 posts, read 1,653,146 times
Reputation: 546
Basically, do you want to 'LOOK' rich w/the fancy house, clothes, cars, etc, or do you want to 'BE' rich w/a high net worth and few liabilities.


When we were kids in the 60s, we were always amazed that if we needed propane for the grain dryers on a weekend or holiday, it was always the company owner (who was a multi millionaire) who brought out the truck...never an employee. He told Dad he didn't like to pay overtime (and I'm sure his employees appreciated being able to plan on holidays with their families)


A few years ago I read somewhere about a survey where they studied things such as coupod use, cashing of rebate checks, etc, and the results were surprising....the upper class and upper middle class used these 2 'penny pinching' tools as often or more often as the lower classes whom you'd normally suspect....in fact Donald Trump even cashed a $5.00 rebate check (or his secretary, accountant, or someone).

A lot is the 1st generation lifestyle, tho, where a little saved here & there eventually adds up to a nice sum of $$$.


Quote:
Originally Posted by Texas User View Post
True, you can be making million a year but still be in debt.

Its really how you manage your finances.

Assets - Liability = Owners Equity.
 
Old 10-29-2009, 07:50 PM
 
12,671 posts, read 21,025,763 times
Reputation: 2625
Quote:
Originally Posted by 3-Oaks View Post
Basically, do you want to 'LOOK' rich w/the fancy house, clothes, cars, etc, or do you want to 'BE' rich w/a high net worth and few liabilities.


When we were kids in the 60s, we were always amazed that if we needed propane for the grain dryers on a weekend or holiday, it was always the company owner (who was a multi millionaire) who brought out the truck...never an employee. He told Dad he didn't like to pay overtime (and I'm sure his employees appreciated being able to plan on holidays with their families)


A few years ago I read somewhere about a survey where they studied things such as coupod use, cashing of rebate checks, etc, and the results were surprising....the upper class and upper middle class used these 2 'penny pinching' tools as often or more often as the lower classes whom you'd normally suspect....in fact Donald Trump even cashed a $5.00 rebate check (or his secretary, accountant, or someone).

A lot is the 1st generation lifestyle, tho, where a little saved here & there eventually adds up to a nice sum of $$$.
Right, I rather BE rich then LOOK rich.
 
Old 10-29-2009, 10:22 PM
 
Location: NE Oklahoma
1,036 posts, read 2,648,804 times
Reputation: 1081
In my home town there is a very rich rancher. About 10 years ago they drilled for and hit a Natural Gas well on his property and he owns all the mineral rights, ect. He drives around in a Ford 150 pick up truck that is about 15 years old, wears bib overalls, his wife drives a bit newer car..but still over 10 years old. She is a wonderful cook and bakes from scratch and sews most of their clothing still (just like she will tell you she did when they first got married and didn't have 2 pennies to rub together after they made the land payment).
They could afford to move to Tulsa and have a cook, maid, driver, and butler too...but then he wouldn't be able to take hay out to HIS cows with HIS tractor. Oh I do have to say they just built a Very nice barn... fairly state of the art, for the cows. I think that is the first thing they have splurged on in a really long time. Frugal? Pretty much I would say. You don't get rich by SPENDING all your money.
 
Old 10-29-2009, 11:14 PM
 
2,038 posts, read 3,738,396 times
Reputation: 3180
Quote:
Originally Posted by Texas User View Post
Right, I rather BE rich then LOOK rich.

I would much rather realize the tranquility that comes with having a paid for house, savings in the bank and a nice three year old car thats paid for than running a front trying to keep up with the jonses.

I like stuff and get bit by the new car bug and I sometimes get new home fever. Then I remind myself of just how lucky I am with what I do have and stay the course.

Reading this thread just might have made me realize no I dont need a new car right now.
 
Old 10-29-2009, 11:18 PM
 
Location: SW Missouri
15,847 posts, read 30,297,055 times
Reputation: 22343
Quote:
Originally Posted by Texas User View Post
and they do live in a middle to middle-upper class neighborhoods and drive a modest vehicle?
Just like anything else it depends on the person.

I don't know many rich people personally. I do know one that is very rich and lives in a modest home. You would never know of his financial status by his appearance or lifestyle.

On the other hand, I know a lot of people who are living paycheck to paycheck and are living "very large", who are far from being rich. Even though they give you the appearances that they are.

But then again....there's that Bill Gates thing, you know?

20yrsinBranson
 
Old 10-29-2009, 11:49 PM
 
12,671 posts, read 21,025,763 times
Reputation: 2625
Quote:
Originally Posted by okpondlady View Post
In my home town there is a very rich rancher. About 10 years ago they drilled for and hit a Natural Gas well on his property and he owns all the mineral rights, ect. He drives around in a Ford 150 pick up truck that is about 15 years old, wears bib overalls, his wife drives a bit newer car..but still over 10 years old. She is a wonderful cook and bakes from scratch and sews most of their clothing still (just like she will tell you she did when they first got married and didn't have 2 pennies to rub together after they made the land payment).
They could afford to move to Tulsa and have a cook, maid, driver, and butler too...but then he wouldn't be able to take hay out to HIS cows with HIS tractor. Oh I do have to say they just built a Very nice barn... fairly state of the art, for the cows. I think that is the first thing they have splurged on in a really long time. Frugal? Pretty much I would say. You don't get rich by SPENDING all your money.
You can take the boy out of the farm but you can't take the farm out of the boy.

You can get rich spending it and earning it even more.
 
Old 10-29-2009, 11:49 PM
 
2,038 posts, read 3,738,396 times
Reputation: 3180
Quote:
Originally Posted by 20yrsinBranson View Post
Just like anything else it depends on the person.

I don't know many rich people personally. I do know one that is very rich and lives in a modest home. You would never know of his financial status by his appearance or lifestyle.

On the other hand, I know a lot of people who are living paycheck to paycheck and are living "very large", who are far from being rich. Even though they give you the appearances that they are.

But then again....there's that Bill Gates thing, you know?

20yrsinBranson
Interesting to note is that Bill Gates ran Microsoft debt free. I dont always care for his operating systems but his philanthropy is admirable.
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