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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 !!!
Those people shouldn't have married and this illustrates why conversations about things like money and lifestyle need to happen before the ring goes on the finger.
Thats why they are rich. Because they are smart in spending.
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!
1st Generation is frugal, works hard and builds a great business. Teaches kids the value of a buck.
2nd Generation just tries not to screw it up and lives a pretty nice lifestyle. Raises spoiled kids.
3rd Generation is the spoiled kids who did not earn it, has no concept of how to keep it going, lives lavishly, parties hard, does drugs and files bankruptcy. They blow everything Grand Pa worked to build.
Not all rich folks are frugal but the ones who earned it usually are.
If you take the time to study people, you'll find that people typically spend their days with people who have similar interests.
And if you took the time to study people you'd know that what interests people have are highly correlated with their socio-economic status. People surround themselves with people of similar socio-economic status, in the case of the lower classes they are often not even aware of the higher social classes. They never encounter them! That was certainly the case of myself when I was growing up.
Quote:
Originally Posted by sterlinggirl
I love to cook (and eat), and I'll happily spend time with somebody from a richer or poorer background in the quest for the perfect recipe, but you couldn't pay me enough money to spend a week with somebody of my own class who can't talk about anything but shoes.
Most people that cook are in lower socio-economic classes, there are of course exceptions in high cuisine though.
Quote:
Originally Posted by sterlinggirl
If a rich person happens to be frugal, there's a good chance that they'll choose to associate with another frugal person over the snobs down at the yacht club.
Perhaps, but it depends on what people mean by frugal. If one simply means that they live "below their means" then many rich people are frugal, including those at the yacht club.
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.
Another example of someone with lots of $$$ but lives more like a 'normal' person....
Warren Buffet lives in an early 1900s neighborhood in Omaha, in a house he bought in 1958.
Warren Buffet lives nothing like an average person, yeah it still owes his home in Omaha.....along with a number of other homes! He recently sold his beach house here in Southern California for a few million.
Warren Buffet lives nothing like an average person, yeah it still owes his home in Omaha.....along with a number of other homes! He recently sold his beach house here in Southern California for a few million.
With wealth, all things are relative. He lives modestly for his income and level of wealth. As others have said, the key to wealth is spending less than you earn, by a significant amount over time. As long as you're spending less than you earn by a significant amount, you're frugal.
1st Generation is frugal, works hard and builds a great business. Teaches kids the value of a buck.
2nd Generation just tries not to screw it up and lives a pretty nice lifestyle. Raises spoiled kids.
3rd Generation is the spoiled kids who did not earn it, has no concept of how to keep it going, lives lavishly, parties hard, does drugs and files bankruptcy. They blow everything Grand Pa worked to build.
Not all rich folks are frugal but the ones who earned it usually are.
Seen this exact scenario happen several times over.
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