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I don't know about you, but I'd much rather have Thanksgiving dinner with family and friends in a modest house than to eat alone in a mansion.
I don't know about you, but I'd rather have thanksgiving dinner with family and friends in a nice house than eat cat food alone in a run down mobile home.
Remember, that judgemental, holier-than-thou attitude can go both ways.
The "rich folks are frugal" myth makes people feel good, it makes them believe that one day they can be wealthy by just being frugal. Not going to happen.
Anyhow, out of all the wealthy folks I know only a small number are frugal, one of them recently died and his kids are now spending his millions on crap. Clearly his frugality paid off...
False. My parents are frugal, they have avg paying jobs, and own 4 properties that they did so on their own. THey are frugal to the max. Meanwhile we know another close family that was making 10x the amount we were, and that ended in $300k in debt.
most of the people i know live well beyond there means but me i do make good money but live very frugal lifestyle i can afford a large apt but live in a small studio and drive a nice car but drive a paid for smart car ..to me live when in my means and have more money put away for retirement ..
do i have vices yes i like shopping for books and dvd movies and tv show set i like along with my peanut butter i like and my rifle shooting i like to do for fun and i have my places i like to eat at a lot so then i am frugal in a lot of areas and yes i will spend money on the things i like also ..
I know exactly what you mean. All this talk on how rich people are cheap and the ones who know rich people. Know they are NOT cheap. Not even close to being cheap. A lot of rich people feel that they are entitled to their lifestyle. This is my own personal belief, but I'll share it.
There are only two people that are really alike and that is people who are dependent on government welfare and born rich. They both need to have someone else footing the bill. A lot of the rich people I know, either have trusts and are not working. Or if they are working they are in executive positions because their father/mother put them there. And they feel that they are so smart and great because of what they are making and their job title. To them it doesn't matter if they were given, they feel like they earned it themselves. So they have this hyper inflated worth of themselves. Its pretty disgusting to associate with them. But they are family.
Have you guys seen these peoples' statements from investments and other stuff? I doubt it. I suspect a lot of the people you're talking about have high incomes, but are not rich.
Those who are rich through inherited money may be rich now, but as was already covered in pervious posts, will tend to blow their fortunes over time.
The percentage of people who can live rich without depleting their fortunes is very small.
Have you guys seen these peoples' statements from investments and other stuff? I doubt it. I suspect a lot of the people you're talking about have high incomes, but are not rich.
Those who are rich through inherited money may be rich now, but as was already covered in pervious posts, will tend to blow their fortunes over time.
The percentage of people who can live rich without depleting their fortunes is very small.
Right. But the people I am talking about are not the same sort of people you are talking about. You are talking about people like my parents who are "rich". Because in investments they have close to 2M. Yeah, that's a lot of money......NOT! There are plenty of those types and the reason they have made their fortune is because they are cheap. There are many cheap people like them. But its a fine and dandy to aspire to be like them. Drive a car until it breaks completely down and buy only used cars, etc. But they do not get to enjoy the most important thing they have. And that is money.
My other family members that are rich. Get to enjoy life to its fullest. They travel around the world and stay in luxury. When my parents travel they stay at the budget hotel and rarely eat food at restaurants that are expensive. When I traveled with my rich cousin he spent 1400 dollars in one meal and the hotel we were staying at cost 300 dollars a night! That is rich and that is the rich most people will never achieve. I am not talking about the investment banker earning a high six figure but that is all that he has aside from his mansion that he is still paying for.
The "rich" you are talking about like my parents. Would never get to live like my cousins. They are high income earners but they do also have a high net worth value. And my father knows a billionaire(not too personal). But he sees that that billionaire and his sons are down to earth. They won't dress up. But the mom? Forget about it. Her husband bought her a private airplane just for herself and she has a lot of jewelry.
False. My parents are frugal, they have avg paying jobs, and own 4 properties that they did so on their own. THey are frugal to the max. Meanwhile we know another close family that was making 10x the amount we were, and that ended in $300k in debt.
What is false, your parents don't refute anything I stated. In fact, they demonstrate what I said, you don't become wealthy by being frugal alone.
I have known folks who live on a fraction of their earned income; and I have known folks who live on credit [spending more than they earn].
In my observation, those who 'show' wealth are generally very poor [but do not show it]. And those who wear older clothes, drive old beaters and rarely spend a dime, they are the ones whose Net Worths are often 20-years worth of their income.
And those who wear older clothes, drive old beaters and rarely spend a dime, they are the ones whose Net Worths are often 20-years worth of their income.
If one does nothing with their money what is the point of having it? You may as well be poor.
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