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Old 10-31-2009, 05:50 PM
 
Location: Conejo Valley, CA
12,476 posts, read 16,969,159 times
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Quote:
Originally Posted by dazzleman View Post
. As long as you're spending less than you earn by a significant amount, you're frugal.
So a guy with 5 homes, 10 luxury cars, 5 closets of designer clothing, eats out at luxury restaurants every night, etc is frugal so long as he is spending significantly less than he makes?

 
Old 10-31-2009, 06:35 PM
 
12,671 posts, read 20,489,997 times
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Quote:
Originally Posted by virgode View Post
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.
Also, they enjoy earning that money too. So they love what they do for a living.

Why would a Nursing home get it?
 
Old 10-31-2009, 06:37 PM
 
12,671 posts, read 20,489,997 times
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Quote:
Originally Posted by las vegas drunk View Post
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, that is extreme. What kind of house was it?
 
Old 10-31-2009, 06:39 PM
 
12,671 posts, read 20,489,997 times
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Quote:
Originally Posted by dazzleman View Post
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.

Good post.
 
Old 10-31-2009, 06:40 PM
 
12,671 posts, read 20,489,997 times
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Quote:
Originally Posted by slmaol View Post
so true - in fact the bigger the house - its more likely the poorer they are......posers....:d
That is true actually and it shows why this country is in a mess. It all started with banking loaning to the people who did not deserve the credit.
 
Old 10-31-2009, 06:41 PM
 
12,671 posts, read 20,489,997 times
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Quote:
Originally Posted by pghquest View Post
Cool, thanks.
 
Old 10-31-2009, 06:42 PM
 
12,671 posts, read 20,489,997 times
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Quote:
Originally Posted by Charles22 View Post
Rich people save their money. That's why they're still rich.
Yep, its simple math. Actually they invest their money at the right places.
If you are going to Save money in a bank or a mattress, you are still poor.

Assets - Liability = Owner's Equity.
 
Old 10-31-2009, 06:44 PM
 
12,671 posts, read 20,489,997 times
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Quote:
Originally Posted by goodgal View Post
I totally agree. Very wealthy people tend to be good with money, frugal to a point and often don't mind wearing clothes/accessories that are not name brand. They know most people assume it is name brand just like some have faux diamond jewelry because they know the average Joe assumes it is real because they are wealthy. Doesn't make it right or fair but it is what it is! People struggling often strive for the look and spend tons of money un necessarily to look wealthy. They are wannabes that never will be unfortunately because they are always in debt trying to keep up!
Marshalls, TJ Maxx has brand names too but they are lot cheaper then Macy's and other expensive brand name stores. Brand names are overated. Its the type of material that counts and how comfortable you are in it and still can be confident.
 
Old 10-31-2009, 06:46 PM
 
12,671 posts, read 20,489,997 times
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Quote:
Originally Posted by user_id View Post
So a guy with 5 homes, 10 luxury cars, 5 closets of designer clothing, eats out at luxury restaurants every night, etc is frugal so long as he is spending significantly less than he makes?
If he is still spending below his/her means, then yes he/she is Frugal.

Also what is this person doing with the Saved money?
 
Old 10-31-2009, 08:15 PM
 
Location: In America's Heartland
929 posts, read 1,823,735 times
Reputation: 1173
There are many rich people that live simply and are quite frugal. If you live a frugal life, your wealth will grow more quickly. Many people that you see driving new cars, living in large houses and wearing fancy clothes may not be rich at all, just mortgaged up to their eyeballs and living on credit to the max, in reality they are just a few months away from a financial collapse. I would bet that the rich that live a frugal life are your biggest givers.
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