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Old 10-31-2009, 08:59 PM
 
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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?
Old money ,esp in East often is, noveau riche seldom

 
Old 10-31-2009, 11:06 PM
 
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No wonder millions of folks defaulted on their loans. Lot of folks buy high when they get a high paying job but what about the rainy day fund? What if you lose your job?
 
Old 11-03-2009, 06:00 PM
 
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Quote:
Originally Posted by Wingfoot View Post
Old money ,esp in East often is, noveau riche seldom
??????
 
Old 11-06-2009, 04:34 PM
 
24,738 posts, read 26,803,263 times
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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?
Another good book on the subject that is less preachy and more focused is The Difference: How Anyone Can Prosper in Even The Toughest Times , by Jean Chatzky. She zeros in on the most essential financial and non-financial habits that benefit people in their careers as well as money management.



Amazon.com: The Difference: How Anyone Can Prosper in Even The Toughest Times (9780307407139): Jean Chatzky: Books
 
Old 11-06-2009, 04:44 PM
 
24,738 posts, read 26,803,263 times
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Quote:
Originally Posted by user_id View Post
But this idea of the "frugal millionaire" was sold by a particular silly book. Its amazing that so many people think that a book that looks at a handful of people actually would tell you anything about the world in general. There are certainly "frugal millionaires", they are usually people with strong personalities that grew up in prole families that gained wealth later in life. But that is not representative of most rich people.
Your last statement is simply not true. More than 80% of millionaires are 1st generation--didn't inherit money or inherited very little.

Both Millionaire Next Door and the more recent book The Difference by Jean Chatzky say the same thing.
 
Old 11-07-2009, 09:24 PM
Itz
 
714 posts, read 1,860,111 times
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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?
That is VERY true... One family I knew - multi millionaires... lived in a modest middle class neighborhood, didn't live lavishly, drive nice vehicles... another family I know... the husband drove a beat up POS to work every day because he still likes his truck.

on the upper scales of the wealth system.. I have a friend who is a blue collar worker - lives in my nieghborhood - owns 4 houses! - him and his family are not struggling!

The upper wealthy (millionaire or close to it) don't live lavishly, and DO live frugally... but these people aren't "showmen" - they don't have to do the "oh my gosh, you aren't wearing x designer???"...
 
Old 11-07-2009, 09:28 PM
 
9,326 posts, read 18,985,830 times
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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?
Bernie Madoff.. nope
Donald Trump.. nope
many many hollywood stars.. nope...
warren buffet. yes.

some are some aren't. there wont be any definitive answer
what are you trying to determine w/ this thread?
 
Old 11-07-2009, 09:30 PM
 
28,906 posts, read 45,220,684 times
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Nouveau riche? Nope.

Old money? Yep.
 
Old 11-07-2009, 09:51 PM
 
Location: Scottsdale, AZ
4,486 posts, read 14,925,093 times
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It depends on what your priorities are and what you enjoy in life. My parents are quite well off but they don't live extravagantly. They are retired snowbirds who spend 8 months in Iowa and then 4 months in Arizona. Dad drives an F-150 and mom has a Lexus. They're happy, they have nothing to prove to the world so they just enjoy their life.

It seems only people who are insecure about themselves find the need to prove their wealth. You're just asking to get mugged or robbed if you flaunt what you have. Life isn't about "keeping up with the Joneses", as long as you're happy then what else matters?

A neighbor of my parents in Scottsdale is quite wealthy, but very lonely. He's in his 60's and when they met him, he was trying to fill a void in his life with 'stuff'. He had fancy cars, expensive clothing, ate out at upscale restaurants every night because he didn't have any family or real friends to share his life with. This was quite a few years back but after my parents befriended him, he seemed to completely change his life and you could tell he was MUCH happier than he was. He stopped buying buying buying and now enjoys playing cards on a Sunday afternoon with them as well as just stopping over and shooting the breeze with my dad. He sold his 5 or 6 vehicles and now has just a Lexus. He doesn't eat out by himself, he's been at quite a few of our family gatherings over the years because he doesn't have anyone else to share the holidays with. He's a great guy to be around and talk to.

It isn't what you have, it's who you have to share it with. Money can't buy happiness.
 
Old 11-07-2009, 10:25 PM
 
13,713 posts, read 22,838,286 times
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Quote:
Originally Posted by SpeedyAZ View Post
A neighbor of my parents in Scottsdale is quite wealthy, but very lonely. He's in his 60's and when they met him, he was trying to fill a void in his life with 'stuff'. He had fancy cars, expensive clothing, ate out at upscale restaurants every night because he didn't have any family or real friends to share his life with.
I have had a couple of friends who have done that after their wife passed away. It is usually a sign for his friends to step in and help him get help.
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