Millionaires Who Are Frugal When They Don't Have to Be
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Re: Millionaires Who Are Frugal When They Don't Have to Be
#2The Millionaire Next Door is a good read related to this although it is getting a bid dated.
Re: Millionaires Who Are Frugal When They Don't Have to Be
#3The 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.
Re: Millionaires Who Are Frugal When They Don't Have to Be
#4Is this a surprise?
People who have lots of money, are good with spending money? and knowing the value of things?
I don't think they're cheapskates, they just know what ACUTALLY brings value to their life's. They probably wouldn't mind spending, if they get more or equal value from the thing they are purchasing.
Fancy Cars in general are terrible value, for the enjoyment they bring you. Unless say its your hobby.
Re: Millionaires Who Are Frugal When They Don't Have to Be
#5The 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.
Re: Millionaires Who Are Frugal When They Don't Have to Be
#6The 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.
This is absolutely true. Then again do you ever schedule a day or two off before or after a business trip? Mini-vacation with free airfare!
Re: Millionaires Who Are Frugal When They Don't Have to Be
#7Sometimes I wonder if people do things like darn their own socks just to show off how frugal they are. I have a hard time believing that a multi millionaire values his time low enough to darn socks to save sock money.
Re: Millionaires Who Are Frugal When They Don't Have to Be
#8The article is decent, though the headline is a little silly. In the sort of cases described in the article, it's the frugality of these millionaires that was a major contributor to how they got to be millionaires in the first place.
Rather than letting falling to the all-too-common temptation to let luxury spending grow wildly with income, it's possible to set clear goals of financial independence, build habits that keep you on that path, and arrest the tendency to keep going on the hedonic treadmill.
I've found value in resources like Mr Money Mustache's blog for quantifying what actions are helpful to work toward financial independence: http://www.mrmoneymustache.com/2012/01/13/the-shockingly-sim...
Re: Millionaires Who Are Frugal When They Don't Have to Be
#9The Millionaire Next Door is a good read related to this although it is getting a bid dated.
I highly recommend How Much is Enough? by Robert & Edward Skidelsky.
Re: Millionaires Who Are Frugal When They Don't Have to Be
#10Its important to have a spouse who has a similar desire for sensible frugality. The level of income is less important than simply living below your means for your whole life. With prudent financial planning, compound interest and the passage of time achieves the level of wealth described in the article. Indeed car purchases are a good indicator.
An omission of the article is that often frugal persons are generous to their loved ones and causes they care about.