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Millionaires Who Are Frugal When They Don't Have to Be

nytimes.com

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Re: Millionaires Who Are Frugal When They Don't Have to Be

#131

Post by TeMPOraL »

Nrsolis wrote: post #5
comrade1 wrote: post #3

The farther you are in life in your job, personal life, friends, the easier it is to live enjoyably with spending less money through work trips to fabulous cities, automobile perqs, subsidized meals, work home-buying perqs, etc. I'm not sure how much these people are struggling with their low spending.

As a person who travels regularly for work I can say you have quite a romantic view of business travel. The reality is that I usually see (in this order) an airport, a taxi, a conference room, a hotel dining room and/or bar, a hotel room, a taxi, an airport. The idea that there is much downtime on a business trip is a fantasy of those who don't travel for work.

Just came back from a business trip to Norway; the list of places I managed to see is: an airport, a bus, the office, the metro (and stations), hotel dining room, hotel room, few buildings in the city center during the three or four hours we had free because we arrived too late to start working the first day, the local Hackerspace. Oh, and tons of Teslas on the road, which made the trip really enjoyable ;).

Indeed, I was surprised how little time we had for anything except of working and sleeping.

Re: Millionaires Who Are Frugal When They Don't Have to Be

#132

Post by secretmillion »

I'm a "frugal millionaire" with liquid, investible assets of approx 1.2m USD (does not include my home, car, etc.) I saved and invested my way to this after about about 15 years of working. My highest yearly income was approximately 160K while my lowest was around 50K. I drive a 10 year old car (which I bought new, in cash) and my mortgage is fully paid off.

I still go to work everyday (unfortunately.) I'd rather work part time, 2-3 days a week as a contractor/consultant, then work on my own projects the rest of the time.

I often wonder how many others out there are like me... "working millionaires."

Re: Millionaires Who Are Frugal When They Don't Have to Be

#133

Post by crimsonalucard »

walshemj wrote: post #129
crimsonalucard wrote: post #125

Earlier quoted context omitted.

No I'm not a student, but you publically, immaturely and insultingly stating that my behavior marks me as someone who has not dealt with the real world does not bode well with your claim that you chaired shareholder meetings. I certainly wouldn't want such a person making difficult financial decisions. You realize what would happen if you called someone niave in the real world? Surely you would know that such a state…

Learn to read English. I was inviting you to explain how you would run a company without access to capital. Also look at how your comments on this thread have been treated.

People can vote me down if they think I'm wrong or if they they don't like what they see. What I haven't seen happen is an outright personal attack where I'm called naive and accused of being someone who hasn't "dealt" with the real world.

Your english used the past tense "tried" indicating that it was something you did in the past. I think instead of me learning how to read english you should learn how to write it.

As for forming a company without capital. It's never been done, and I never suggested it was possible. Maybe you're the one who should learn how to read.

Re: Millionaires Who Are Frugal When They Don't Have to Be

#134

Post by allendoerfer »

jasode wrote: post #122
allendoerfer wrote: post #47

Earlier quoted context omitted.

I get your concerns but also think you are better off without $10 million in the bank, if you are scared of spending it because you fear you could lose some and be only worth $9.7 million.

>you are better off without $10 million in the bank, if you are scared of spending it because you fear you could lose some and be only worth $9.7 million. You misunderstood what I'm saying if you think $10 million to $9.7 million is some kind of reduction in self-esteem. That's not the point. It's not the absolute $ amount. It's a subjective sense of the magnitude of payment in relation to what I get in return. The c…

Okay, so you are just not into Ferraris. I would not buy one, either. I saw it as an example for something expensive, that you buy just for fun. A single unhedged angel investment is such a thing, too.

In the first comment you argued differently. You said, that that even most millionaires can not afford to buy a sports car. I would say, that a single startup investment outside of any investment plan is an even higher luxury. It is comparable to spending thousands of dollars in Vegas.

A Ferrari loses some of its value, in exchange you get fun. A startup will most likely fail completely. Additionally a Ferrari is much easier to liquidate again.

Re: Millionaires Who Are Frugal When They Don't Have to Be

#135

Post by toomuchtodo »

cko wrote: post #110
jasode wrote: post #15

The millionaires at $1m to $10m absolutely DO have to be "frugal" if we use define "frugal" to be about "smart spending" as opposed to fishing pennies out of public fountains. The word "million" is deceptive because it is an amount beyond what 99% have. It makes it seem like some mind boggling amount of money but mathematically, it really isn't that much. A person classified as "millionaire" could be tagged that beca…

Do people with millions of dollars in networth even think about T-bills? Genuinely curious.

Yes, they're extremely safe to park semi-liquid funds in.

Re: Millionaires Who Are Frugal When They Don't Have to Be

#136

Post by toomuchtodo »

TeMPOraL wrote: post #131
Nrsolis wrote: post #5

Earlier quoted context omitted.

As a person who travels regularly for work I can say you have quite a romantic view of business travel. The reality is that I usually see (in this order) an airport, a taxi, a conference room, a hotel dining room and/or bar, a hotel room, a taxi, an airport. The idea that there is much downtime on a business trip is a fantasy of those who don't travel for work.

Just came back from a business trip to Norway; the list of places I managed to see is: an airport, a bus, the office, the metro (and stations), hotel dining room, hotel room, few buildings in the city center during the three or four hours we had free because we arrived too late to start working the first day, the local Hackerspace. Oh, and tons of Teslas on the road, which made the trip really enjoyable ;). Indeed, I…

Make the time when you can. Add a day or two if necessary.

Re: Millionaires Who Are Frugal When They Don't Have to Be

#137

Post by dylanjermiah »

crimsonalucard wrote: post #112
dylanjermiah wrote: post #52

Earlier quoted context omitted.

People who have earned great amounts of wealth do not get it by stealing it, they provide a product or service in which others choose to purchase. The more people which the product or service provides value to the more wealth the person will make. Like him or not, Justin Bieber has proved valuable to quite a large sub set of the population.

I never accused rich people of being thieves. I didn't say Justin Bieber stole his wealth. Justin Bieber is not a wise custodian of wealth. Wealth is not magically redirected away from stupid people towards smart people is all I'm saying. Many smart people are not rich, just like how many people who are rich are also stupid. The loaded term "wise custodians" as if rich people are benevolent caretakers of the world's…

My mistake, the parent commenter was incorrect. Wealth goes to those who provide value to other people. (in a free market).

Re: Millionaires Who Are Frugal When They Don't Have to Be

#138

Post by cactusface »

dylanjermiah wrote: post #137
crimsonalucard wrote: post #112

Earlier quoted context omitted.

I never accused rich people of being thieves. I didn't say Justin Bieber stole his wealth. Justin Bieber is not a wise custodian of wealth. Wealth is not magically redirected away from stupid people towards smart people is all I'm saying. Many smart people are not rich, just like how many people who are rich are also stupid. The loaded term "wise custodians" as if rich people are benevolent caretakers of the world's…

My mistake, the parent commenter was incorrect. Wealth goes to those who provide value to other people. (in a free market).

But a person of great value (read: someone who provides great value) depends on many people of lesser value, and so on and so forth, in order to provide that value.

Re: Millionaires Who Are Frugal When They Don't Have to Be

#139

Post by dylanjermiah »

cactusface wrote: post #138
dylanjermiah wrote: post #137

Earlier quoted context omitted.

My mistake, the parent commenter was incorrect. Wealth goes to those who provide value to other people. (in a free market).

But a person of great value (read: someone who provides great value) depends on many people of lesser value, and so on and so forth, in order to provide that value.

>depends on many people of lesser value

They do not. A person of great wealth can purchase a good or service from a person of less relative value.

Otherwise, I don't understand what you're saying?

Re: Millionaires Who Are Frugal When They Don't Have to Be

#140

Post by cactusface »

dylanjermiah wrote: post #139
cactusface wrote: post #138

Earlier quoted context omitted.

But a person of great value (read: someone who provides great value) depends on many people of lesser value, and so on and so forth, in order to provide that value.

>depends on many people of lesser value They do not. A person of great wealth can purchase a good or service from a person of less relative value. Otherwise, I don't understand what you're saying?

The person of lesser value has to provide the value to the person of greater value, in order for the person of greater value to be able to provide their greater value to the world at large. Thus the person of greater value depends on the person of lesser value.

Even in simple terms, it's likely that a person of lesser value than you made your underwear, but you still need that person so that you can make all the the money you do being more valuable to the world than them.

Or from another perspective, all wealth is relative, which means you cannot have great wealth without great poverty.

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