Ten Lessons Learned From “THE MILLIONAIRE NEXT DOOR”

#46
This is really interesting to me. I grew up in an area where many people flaunted what they had. But I know many people who did not. Some people have different standards.

My dad had a hot car for a while, and then traded it in for a Honda. He drives a Honda right now. We all asked him about it and kinda poked fun at him and he simply said "It gets me where I am going and does it well. What else do I need it to do?" It was really interesting to hear, but so true. There are many people who save their money and have their lives and families set before they begin to touch it or really spend it- and by that I don't mean they live in poverty. Rather they seriously do not live up to their means that they could according to their bank account... and I actually now find that BRILLANT

PS Bill Gates drives a Honda :yes:
 
#48
I find it interesting that this book as so many supporters on a purse forum where lv is so common. I agree with their example of the dad who is a millionaire by frugality and wants his son to "have a better life" and his son spends a lot more and isn't a millionaire. But who is more wealthy? I also agree there must be some in between. I want to be financially independent but don't want to be the person who dies having spent none of her money and it gets all left to others.
 
#49
A book I found to be really useful is "Prince Charming Isn't Coming", by Barbara Stanney. It helps women who are new to finance investing by showing them the ropes and helping to overcome any fears or past baggage associated with money.
 
#50
This thread makes me feel nervous in my tummy...I feel like a financial failure!! I, personaly don't have a dollar saved...although DH and I do!! I certainly have a closet of beautiful things, which I guess I could sell if I was in financial woe! I think I need to start acting more responsibly financially :sad:
 
#52
my in laws do a lot of those things- but i think they are absolute sticks in the mud

the last time they went out to eat as a family to a restaurant was five years ago on Thanksgiving!!!!!
 
#54
I too know alot of frugal millionaires. They all live in the midwest! There needs to be a good balance between investing & spending.
In Vegas people want to show off. I've been in mulitmillion $ homes that have crappy junky furniture & posters on the wall! :yucky: :wtf: You'd think they'd be embarrassed, but all they know is to "show it" on the outside. Its all they can do to pya mtg, & PITI.
Most times they do tell you to not figure your house in your assets. If you retire with a million, you can only spend 4% ($40,0000) per year to be able to hold on to that million. I don't think social security will be there for me in 20 years. We aren't counting on it for DH either, he'd collect in 10 @ 70.
 
#55
I think there has to be a happy medium between spending for the sake of spending and being thrifty to obtain such wealth.

I don't understand the point of being so frugal. Okay, so you have millions in the bank, but if you don't spend some of it, you die with millions in the bank and your children and grandchildren piss it all away.

You only get one shot at life, I think you need to have fun while not going crazy.
 
#57
Although I agree there has to be a balance, there's nothing more unattractive than a thight bloke! Somebody who has money, but begrudge spending a penny more than he has to, yack, he wouldn't be going out with me, that's for sure, ha, ha. As long as you don't get yourself in financial difficulty and has some plans for the future, I think money is for spending, who wants to be the richest man (or woman) in the cemetery..?, and a rich bloke in bad shoes, sorry, wouldn't work for me...:lol::lol:
 
#58
Money is spent! You can wear the cheapest clothes, buy the cheapest food, never indulge in vacations etc and you will stack up money but I don't think its an accomplishment to say I have this much in the bank if you never do anything in your life with the money !! Come on!! Life is short!!!
 
#59
A research was conducted in Australia not long ago they found that based on a average persons life we would have earned and spent AUD$4 million.

I believe money should be spent, if that's what makes you happy. My philosphy is spend some, save some.
 
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