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

Post by limeyx » Tue, Jun 09, 2015, 11:57 PM UTC

dsugarman wrote: post #94

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…

From everything I've heard, the cutoff is around $25MM to really not have to ever worry about money

Possibly but that amount will barely buy you a decent penthouse pad in Manhattan ....

Post by secretmillion » Sat, Jun 20, 2015, 3:23 AM UTC

ckib16 wrote: post #150

secretmillion wrote: post #132

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 wor…

I'm curious - how did you amass your 1.2m USD? I have a similar background and have done well but have not reached your level. Was it thru regular investing? Or did you have some "high payout" one-time events like making a lot of money on house appreciation, sale of a company, etc. In any case, nice work!

It was through regular savings and investing. I never had a high payout event.

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

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