Is This True That Rich Folks Are Frugal? (income, interest, save)

[slmaol]

Many people would be 'rich' or at least have alot more $$$ than they do if they lived within their means and stop trying to live it up.....it doesn't hurt to tighten your belt and live in an ugly apartment and save for something better than living in a Post property and can never leave because the rent is darn expensive....

Rich people watch their spending - poor and sometimes stupid people call them MEAN and STINGY - but who has more money ?? lmao -it is hilarious...to be rich u have to give up alot of stuff until u can enough to even be able to donate some to charity....

If u smoke - smoke less....if u drink coffe - cut down your coffee store visits...use cold water to wash your hands than run the water for 3 mins to get it warm for a few seconds...cut home phone if u can use a cell...use coupons...rich people do and then save their money for bigger and better stuff...and lastly rich people are usually slim - EAT LESS !!!!

[Texas User]

Originally Posted by Ultrarunner

Yes...

I was thinking of Larry Ellison of Oracle... he is listed as one of the worlds richest men and even with all his money, he is restricted on when his plane can land at San Jose' International Airport...

The San Jose's Mercury News runs stories about many of the Valleys Uber Wealthy and the problems they run into with zoning regulations... so just having money, or lots of it... doesn't equate with having the freedom to do what you want... at least not All of the time

I grew up in San Jose.

[Texas User]

Originally Posted by slmaol

Many people would be 'rich' or at least have alot more $$$ than they do if they lived within their means and stop trying to live it up.....it doesn't hurt to tighten your belt and live in an ugly apartment and save for something better than living in a Post property and can never leave because the rent is darn expensive....

Rich people watch their spending - poor and sometimes stupid people call them MEAN and STINGY - but who has more money ?? lmao -it is hilarious...to be rich u have to give up alot of stuff until u can enough to even be able to donate some to charity....

If u smoke - smoke less....if u drink coffe - cut down your coffee store visits...use cold water to wash your hands than run the water for 3 mins to get it warm for a few seconds...cut home phone if u can use a cell...use coupons...rich people do and then save their money for bigger and better stuff...and lastly rich people are usually slim - EAT LESS !!!!

I love getting called cheapskate and stingy. I tell them I am frugal.

Thats right, you have make a few sacrifices to have a lot more money in the future and that does not mean you have to be frugal the rest of your life. Lot of people just don't know money works in the investing world when it come to taking calculated risks. How about don't smoke. Buy a coffee maker and buy coffee in bulk from a wholesale store. Well how about cook at home and eat it but you don't have to eat less and starve.

[virgode]

The well off, spend there life earning$$$ and trying to figure out
how to keep it, I've known a few you'd think were street ppl.
Depression era kids, like my parents generation can be the worst.
Then try to figure out how there going to hide $$ so a nursing home
doesn't get it.

[las vegas drunk]

I was watching Dominick Dunne's power, privilege, and justice show on TruTV the other day. They were telling the story of this rich millionaire guy who was extremely cheap. In his house, he would pee in bottles, and empty them out the window to save water from using the toilet.

[slmaol]

Originally Posted by las vegas drunk

I was watching Dominick Dunne's power, privilege, and justice show on TruTV the other day. They were telling the story of this rich millionaire guy who was extremely cheap. In his house, he would pee in bottles, and empty them out the window to save water from using the toilet.

LOL LOL LOL - I am on the phone telling my Mom about it - she says that is good - so long as it doesn't affect anyone else - LOL....I say that is taking things too far.....watering the plants that way is NASTY - LOL ....how about flushing after every 2 pee-pee....lol....that was a good one...

[slmaol]

Another arm to this topic could be - what happens when in a marriage - one person is FRUGAL - and the other is the total OPPOSITE ? one save so the other can live in luxury ! BS !!!

[dazzleman]

Truly rich people are generally frugal relative to their level of income. You don't become rich by spending at a level higher than what you're taking in. Rich people generally will be people who have spent less than they have made.

This should not be confused with people who are high income, but don't have a lot of assets. Many of these people will never be rich, because they spend at least as much as they take in in order to give the illusion of wealth. There's a big difference between that and being truly rich.

Before the mortgage madness of the past decade, the sort of house a person lived in used to be a decent indicator of wealth, to some degree, but that's no longer true. People could live in a beautiful house and not even be able to afford the payments.

BTW, my definition is rich is not the one that scurrilous politicians use. To me, a person is rich if his money works for him, not the other way around. If you have to get up every day and go to a miserable high stress job, even if it pays a lot, you're not rich. You're rich when you can live the life you want WITHOUT going to that job.

[slmaol]

Originally Posted by dazzleman

truly rich people are generally frugal relative to their level of income. You don't become rich by spending at a level higher than what you're taking in. Rich people generally will be people who have spent less than they have made.

This should not be confused with people who are high income, but don't have a lot of assets. Many of these people will never be rich, because they spend at least as much as they take in in order to give the illusion of wealth. There's a big difference between that and being truly rich.

Before the mortgage madness of the past decade, the sort of house a person lived in used to be a decent indicator of wealth, to some degree, but that's no longer true. People could live in a beautiful house and not even be able to afford the payments.

Btw, my definition is rich is not the one that scurrilous politicians use. To me, a person is rich if his money works for him, not the other way around. If you have to get up every day and go to a miserable high stress job, even if it pays a lot, you're not rich. You're rich when you can live the life you want without going to that job.

so true - in fact the bigger the house - its more likely the poorer they are......posers....:d

[stan4]

Is This True That Rich Folks Are Frugal?
and they do live in a middle to middle-upper class neighborhoods and drive a modest vehicle?




I think what the book is saying or what they mean by this is that there are some people who live this way and become rich because of it. Not that they were already rich and then they decided to move to some middle class neighborhood.