The Savings Chart that Made Us Millionaires

malik999

The problem with becoming a millionnaire is your spending habits increase so much a million no longer seems like alot. You get a bigger house, holiday home in dubai, aston martin, travel first class etc etc before you know it you have the same percentage to income bills to pay. I work harder now than i did when I had no money.

Jonbvn

jamesd wrote: »

Viking Man, try The Millionaire Next Door instead. All of your points except 6 are not necessary. What is necessary is not spending all of your money today, but investing a fair chunk for tomorrow. A high income helps, of course, but simply not spending all of your money means that you can become wealthier than normal for those like you who don't do that.

From your link:

PORTRAIT OF A MILLIONAIRE:
Our household's total annual realized (taxable) income is $131,000 (median, or 50th percentile), while our average income is $247,000.

Clearly, the key is to have a BIG income.....

mr_fishbulb

malik999 wrote: »

The problem with becoming a millionnaire is your spending habits increase so much a million no longer seems like alot.

This is the attitude the book is aimed at. You make it sound like your money has control of you, not the other way around.

They call being "frugal" with your money "playing a good defence". Your income is your "offence".

At the end of the day, it's about what is important to you - financial independence, buying all nice stuff & having a fancy lifestyle, or somewhere in between (where I suspect most MSE'ers to be).

bendix

Is anyone else getting bored of frugalmillionaireness !!!!!!!! yet?

I thought it was amusing at first, but now that it's obvious she's from money and has married into money and is basically now so bored at home that she spends her time posting sanctimonious nonsense on random websites around the world, in the vain hope of attracting people to her own blog, it's all getting a bit tedious.

Frugal. We get it. You married well. Congratulations.

Paul_Herring

bendix wrote: »

Is anyone else getting bored of frugalmillionaireness !!!!!!!! yet?

If you're that bothered by it then feel free to use the tools available to you: http://forums.moneysavingexpert.com/profile.html?do=ignorelist

malik999

Paul_Herring wrote: »

If you're that bothered by it then feel free to use the tools available to you: http://forums.moneysavingexpert.com/profile.html?do=ignorelist

oooh thanks for the link, i didn't know you could do that.
fwiw i agee with bendix.

jamesd

Jonbvn wrote: »

PORTRAIT OF A MILLIONAIRE:
Our household's total annual realized (taxable) income is $131,000 (median, or 50th percentile), while our average income is $247,000.

Clearly, the key is to have a BIG income.....

That is about people who already are millionaires and who have investment and other income to top up income from employment or business. With a million at even as little as 5% in investment returns that's an extra $50,000 in income a year.

My post was about how to get to the point of being wealthy or a millionaire, not about what that means about income once you're there. Having a higher income certainly helps but it's far from being the whole story.

bendix wrote: »

Is anyone else getting bored of frugalmillionaireness !!!!!!!! yet? ... posting sanctimonious nonsense on random websites around the world, in the vain hope of attracting people to her own blog ... Frugal. We get it. You married well. Congratulations.

I'm not bored with it, she and her husband have a good plan and this whole site is about money saving, just what she's writing about.

Longer term her intent is probably self-promotion to further her apparent objective of making money from publication of her intended book. So ultimately she'd end up being a spammer but at this stage in her plan she's merely an interesting poster.

Were I to offer her tips they would be to recognise her physical attributes as a competitive advantage in the media business and to read The Economist regularly.

She reminds me of both the lawyer wife of a senior bank lawyer and an appellate advocacy law professor I've been friends of. Including the charming (no irony) verbal skewering technique.

jamesd

greatcrested, she seems to have married her husband when neither of them was rich, instead both probably having large debts from the US education costs. From the look of it and my own experience with US lawyers and how their careers progress they are only fairly recently in the income range where they would be paying higher rate tax here.

LeeSouthEast

This isn't spam - it's quite a well-read blog in the PF arena.

However, I'd advise against including your house in your net worth calculations. It's only worth what someone will pay for it, and that's complete speculation.

Izzy.

Frugal_Millionairess wrote: »

Likewise, the Frugal Millionairess wants to be remembered for the brilliance of her tightwad tips not for her "other assets".

Dare I suggest that your tightwad tips are not brilliant. Nor are they useful to the ''average'' person be they ''Brit'' or American. They could of course be useful to other millionaires.

You have been advised by a friend to use forums to practice your writing skills with the intention of writing a book. May I suggest that rather than force your irrelevant thoughts on us Brits, you should read what is written in the forums, take time to understand the plights of those of us who are not millionaires and use your expertise to help those in need whilst using their posts as food for thought to write something that is applicable to a wide selection of people rather than a selective few who need no advice because they are already millionaires.