Free Republic
Browse · Search
Bloggers & Personal
Topics · Post Article

Skip to comments.

Why Many Rich People Are Frugal-Unusual mindset of many rich...and why you might want to adopt it
Psychology Today's How To Do Life Blog ^ | March 6, 2015 | Marty Nemko Ph.D.

Posted on 03/07/2015 3:16:45 PM PST by 2ndDivisionVet

click here to read article


Navigation: use the links below to view more comments.
first 1-2021-39 next last

1 posted on 03/07/2015 3:16:45 PM PST by 2ndDivisionVet
[ Post Reply | Private Reply | View Replies]

To: 2ndDivisionVet

I hope to one day be like her. I bought a lottery ticket.


2 posted on 03/07/2015 3:22:50 PM PST by Lurkina.n.Learnin (It's a shame nobama truly doesn't care about any of this. Our country, our future, he doesn't care)
[ Post Reply | Private Reply | To 1 | View Replies]

To: 2ndDivisionVet
MN: What about the notion that the window dealer is poorer than you and the money is cosmically better off in his pocket than yours.

What a question. The soul of the Left laid bare in one moronic assertion.

3 posted on 03/07/2015 3:24:01 PM PST by Mr. Jeeves (Heteropatriarchal Capitalist)
[ Post Reply | Private Reply | To 1 | View Replies]

To: 2ndDivisionVet
MN: What about the notion that the window dealer is poorer than you and the money is cosmically better off in his pocket than yours.

LL: I don't believe it for a minute. He's probably making a good living. So that extra $600 will probably go toward niceties: jewelry, furniture, vacations, crap like that. I have set up an operating foundation that gives money to people whose lives will really improve as a result of that $600. Just last week, my foundation gave $5,000 to a guy who wants to do by-phone mentoring for kids who are feeling ignored in school and at home.

Actually, this is the way things should be done. Private donations.

4 posted on 03/07/2015 3:26:41 PM PST by Zuben Elgenubi (NOPe to GOPe)
[ Post Reply | Private Reply | To 1 | View Replies]

To: 2ndDivisionVet

Many millionaires are wealthy because they were careful to control spending and invested the rest. They retain those habits, which is why they typically retain their money.


5 posted on 03/07/2015 3:27:49 PM PST by tbw2
[ Post Reply | Private Reply | To 1 | View Replies]

To: 2ndDivisionVet

Hey,I resemble that remark...(stooges)


6 posted on 03/07/2015 3:29:19 PM PST by CGASMIA68
[ Post Reply | Private Reply | To 1 | View Replies]

To: 2ndDivisionVet
MN: What about the notion that the window dealer is poorer than you and the money is cosmically better off in his pocket than yours.

What about the notion that instead of being an interviewer, you could give all of your assets to the poor and light your body on fire to keep them warm? How do you explain your selfishness in this matter? How do you face yourself in the mirror? How do you waste water on a shower when that water could save the planet and your burning flesh could save the life of some poor, homeless, starving, freezing child?

Where do you draw the line between your selfish personal wants, and the needs of the collective masses? Huh? Well?

7 posted on 03/07/2015 3:30:19 PM PST by Talisker (One who commands, must obey.)
[ Post Reply | Private Reply | To 1 | View Replies]

To: 2ndDivisionVet

I think it has less to do with how much you have put aside than how you were raised. My parents were depression people and I learned a lot about the difference between my wants and my needs.


8 posted on 03/07/2015 3:32:20 PM PST by yetidog
[ Post Reply | Private Reply | To 1 | View Replies]

To: Lurkina.n.Learnin

Hey, back off. That’s my retirement plan.


9 posted on 03/07/2015 3:32:26 PM PST by Mason
[ Post Reply | Private Reply | To 2 | View Replies]

To: Mason

LOL. And a fine plan it is.


10 posted on 03/07/2015 3:34:24 PM PST by Lurkina.n.Learnin (It's a shame nobama truly doesn't care about any of this. Our country, our future, he doesn't care)
[ Post Reply | Private Reply | To 9 | View Replies]

To: 2ndDivisionVet
It's really quite simple.

Wealth is nothing more than unspent money.

If you spend every cent you get your hands on and more, you will never have wealth.

And then you will be able to call anyone who doesn't spend every cent and more "the rich" who "didn't make that wealth themselves. Somebody else made that happen."

11 posted on 03/07/2015 3:39:22 PM PST by E. Pluribus Unum (If obama speaks and there is no one there to hear it, is it still a lie?)
[ Post Reply | Private Reply | To 1 | View Replies]

To: 2ndDivisionVet

I’ve always been like this. It’s how we live well on very little.


12 posted on 03/07/2015 3:40:24 PM PST by Trillian
[ Post Reply | Private Reply | To 1 | View Replies]

To: Mr. Jeeves

That “notion” is what is called a “baseless assumption”.


13 posted on 03/07/2015 3:45:43 PM PST by Secret Agent Man (Gone Galt; Not averse to Going Bronson.)
[ Post Reply | Private Reply | To 3 | View Replies]

To: tbw2

Many millionaires are wealthy because they were careful to control spending and invested the rest. They retain those habits, which is why they typically retain their money.

Yes, If we can keep the F’n Government from stealing it from you and re-distribute it to all lazy and shiftless Obamapeople.


14 posted on 03/07/2015 3:46:50 PM PST by wetgundog ("Extremism in the Defense of Liberty is No Vice" -AuH2O)
[ Post Reply | Private Reply | To 5 | View Replies]

To: 2ndDivisionVet

anyone who manages to hold down a steady job (not always easy so I really admire them!).... and is frugal... does not rush out and buy all the latest krap

usually can save something every month.

it may look small.
but just keep doing it!
after awhile, invest a portion of it PRUDENTLY in, say, low cost Total Stock Market index or something like that, it will go up and down in value but over TIME it is likely to go up...
leave the rest of your $ in an insured bank account

and keep saving every month.

you do NOT need the very latest iphone.
you do NOT need a new car every year or two.
you do NOT need expensive vacations (go camping or find a cheaper vacation you will enjoy)
you do NOT need fancy new clothes from expensive stores.

just keep saving what you can each month.


15 posted on 03/07/2015 3:48:37 PM PST by faithhopecharity
[ Post Reply | Private Reply | To 1 | View Replies]

To: 2ndDivisionVet

It was reported that the oil magnate J. Paul Getty, now dead, had a pay telephone in his house.


16 posted on 03/07/2015 3:54:12 PM PST by AEMILIUS PAULUS
[ Post Reply | Private Reply | To 1 | View Replies]

To: 2ndDivisionVet

” I have a client I’ll call Linda Loaded. ”

As soon as I read this sentence, I knew this was going to be a totally unbiased scientific study.


17 posted on 03/07/2015 4:14:29 PM PST by aquila48
[ Post Reply | Private Reply | To 1 | View Replies]

To: faithhopecharity

Advice we follow and also you do not need a home you can not really afford. If you have to take out a 30 year mortgage on a home, you cannot afford that home.

Yes, I know people will tell me they will make double payments, pay it off early, etc...it almost never happens.

Buy within your means, in the end, you will be glad you did. I was given this sound advice and I am glad I took it as it has kept me out of debt!


18 posted on 03/07/2015 4:14:32 PM PST by yellowdoghunter (Welcome to Obamastan! (Mrs. Yellowdoghunter))
[ Post Reply | Private Reply | To 15 | View Replies]

To: yellowdoghunter

I think a person should own their own home, even with a mortgage....if they can safely swing the payments and if they have a meaningful reserve fund safely in the bank so that they won’t lose their home to foreclosure in event they lose their job or whaetver.

I think the mortgage interest is still better than paying rent for years and years and years.
and even with a prudent mortgage, ownership provides more stability in a person’s life, plus some possibility for appreciation (not guaranteed of course).

but anyway I do undersatnd the other point of view about this. CERTAINLY all the other things people borrow money for....are mostly stuff they could, and usually should, wait to acquire when they can actually afford them.
We agree!


19 posted on 03/07/2015 4:18:53 PM PST by faithhopecharity
[ Post Reply | Private Reply | To 18 | View Replies]

To: 2ndDivisionVet

In order to build a fortune one must make higher than average rate of profit and reinvest one’s profits over and over again over a long period of time. The best way to do that is to consume less and save more.


20 posted on 03/07/2015 4:30:04 PM PST by mjp ((pro-{God, reality, reason, egoism, individualism, natural rights, limited government, capitalism}))
[ Post Reply | Private Reply | To 1 | View Replies]


Navigation: use the links below to view more comments.
first 1-2021-39 next last

Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.

Free Republic
Browse · Search
Bloggers & Personal
Topics · Post Article

FreeRepublic, LLC, PO BOX 9771, FRESNO, CA 93794
FreeRepublic.com is powered by software copyright 2000-2008 John Robinson