Frugal millionaires.

[Puke]

Probably how they made money in the first place.

http://abcnews.go.com/Business/PersonalFinance/story?id=3904672&page=1

[error]

Indeed. You don't get rich by wasting money.

[porcupine kate]

I seriously need to get way more frugal.  I'll never be a millionaire but I could take a few lessons from these guys.  I'm discovering that there is so much to do in New Hampshire and fuel is so expansive that I'm spending way to much money.

This forum would be a great place to share great deals and ways to live more frugal lifestyle.

I think I'm going to start a few new threads.

[Puke]

I bet Ian could write a shit-load on this subject.
The car thing I find very interesting.
I have had my truck for 7 years now. It has never had any major problems. I see no reason to buy a new car for years to come.
Not buying crap I don't really need is something I need to work on more.

[porcupine kate]

The crap I don't need is a big problem too.

[KBCraig]

Probably how they made money in the first place.

Very true. I don't recall the exact figures, but the average millionaire in America is first-generation wealthy, usually from a lower income background, and made money through careful saving and frugal living.

The Millionaire Next Door.

[porcupine kate]

I love the book the millionaire next door.  It is a fascinating look at self made wealthy people.  I just need to take more of the advice in the book.

[kola]

I think the secret to being "rich" is to learn to live on LESS and survive (happily) on very little (if any) income/money.

IMO,  I am very rich, ...not in the fact that I have thousands of dollars, fancy cars etc but that my heart is RICH, therefore my life is RICH and I have everything I need.

I think learning to "TRUELY LIVE" without money or fancy crap is the definition of RICH.

Seperate yourself from money and you might find true richness.

Rich Kola 

[kola]

btw, the "millioniaires" I have met are uptight, short-sighted, narrow minded, hypocritics who are liars, narcisstic, neurotic, anal retentive, and wouldn't buy a homeless guy a cup of coffee even if it was their father. They are out of touch, out of mind, arrogant, snobby and completely disengaged from all the beautiful things in this world.

Some of the poorest people I have ever met were the most "richest", loving, honest hard working people one could ever imagine.

off the saopbox,
Kola

[porcupine kate]

I just want to put my money toward better things than I am now. 

I would like to get to the situation that my Aunt and Uncle are in.  They are sixty years old with low maintenance,and inexpensive to run house that is paid for.  The only reason My uncle is still working is because he likes his job and they are working on putting solar power in.  They are on 8 acres that they bought thirty years ago and love it. 

Money is a tool like any other.  It should be used carefully toward your goals and dreams.  It is just so easy to fritter it away.

[MaineShark]

I've done work for millionaires before, and they tend to be extremely cheap.  Cheaper than "normal" folks.  Of course, that's how they got to be millionaires, and they know that they can lose it all if they aren't careful.

Billionaires, on the other hand, tend to be the opposite.  They are living on the interest, and know that going broke would involve a concerted effort at intentionally bad management.  They can often be generous to a fault, since they are more free to enjoy spending for the sake of spending.

Joe

[kola]

Yeah Kate, most folks are trying to just keep up with their 30 year home mortgage payment.

I say let "them" have it all and start over!!!!!!!!!!!!!!!!!!!!

only if you dare to;;;;

take a walk on the wildside... (an old Lou  Reed song).

and just in case you need a motivational speaker..seek out this man:
( I love this LOL): http://www.youtube.com/watch?v=YZ_CTpeW2gc

Kola

[ThePug]

Probably how they made money in the first place.

Very true. I don't recall the exact figures, but the average millionaire in America is first-generation wealthy, usually from a lower income background, and made money through careful saving and frugal living.

The Millionaire Next Door.

That's one of the favorite myths of the socialists- that America's wealthy constitute a hereditary aristocracy. There's nothing "hereditary" about it- the majority of the American wealthy are self-made. Just as an example, 3 out of the past 5 Presidents weren't born into wealth, though of course all were independently wealthy by the time they sought political office. (woops! The p-word!  ).

That doesn't negate the very real problem of some of the super-wealthy hiding some of their own violence under the state's cloak of legitimacy, which is where most of the complaints about the "aristocracy" come from.

[KBCraig]

Just as an example, 3 out of the past 5 Presidents weren't born into wealth, though of course all were independently wealthy by the time they sought political office.

LBJ didn't have a dime until he held public office. It's amazing how someone who never held a private sector job higher than elevator operator, can then become a low-paid public school teacher, run for  (even lower-paying) state office, move into federal office, and retire a multi-millionaire. 

As for hereditary wealth, that's a common argument in favor of inheritance tax (most famously argued by Warren Buffet, who claims to favor 100% inheritance tax -- confiscate it all upon death). Truth is, the idle wealthy seldom retain significant wealth more than one generation.

[error]

Warren Buffett should assuage his guilt some other way than by pointing guns in my face.