The Millionaire next door

grizzly1911

ozzage wrote: »

So it's basically using an evidenced based approach to prove that frugality is what has actually made the rich people rich.

On top of that, it shows that those with the outward appearance of wealth are not generally the actual rich ones.

.

I think being sensible with money and actually having money in the first place, to allow you to make those choices, is key.

"Frugalism" alone won't make you wealthy.

Totally agree with the last point seen it many times in friends, relatives and through work.

Fur coat and no knickers.

black_taxi_2

why is pension age more valued than other years

I enjoy my starbucks,frugal is just wrong

set a budget,avoid debt,set amount savings,invest

the rest enjoy

bigadaj

black_taxi wrote: »

why is pension age more valued than other years

I enjoy my starbucks,frugal is just wrong

set a budget,avoid debt,set amount savings,invest

the rest enjoy

Good points, everyone should be sensible with their money but my opinion is that you will generally enjoy spending it more when you're younger, which is a problem for most people as you often tend to get more of it when you're slightly older.

Many things are assessed in hindsight but sensibly spending money you can afford, and avoiding borrowing, whilst managing to save for the future and unforeseen events will rarely be criticised.

gadgetmind

black_taxi wrote: »

I enjoy my starbucks,frugal is just wrong

It's a fine balance but I prefer to err on the side of frugality, which is why more goes into my pension each month (by sal sac) than goes into my bank account.

Those who prefer to live for now and let the future take care of itself might like this.

http://en.wikipedia.org/wiki/The_Lotus_Eater

black_taxi_2

or this--opposite of lotus

A few years ago, a very rich businessman decides to take a vacation to a small tropical island in the South Pacific. He has worked hard all his life and has decided that now is the time to enjoy the fruits of his labor. He is excited about visiting the island because he’s heard that there is incredible fishing there. He loved fishing as a young boy, but hasn’t gone in years because he has been so busy working to save for his retirement.
So on the first day, he has his breakfast and heads to the beach. It’s around 9:30 am. There he spots a fisherman coming in with a large bucket full of fish!
How long did you fish for? he asks. The fisherman looks at the businessman with a wide grin across his face and explains that the fishes for about three hours every day. The businessman then asks him why he returned so quickly.
Don’t worry, says the fisherman, There’s still plenty of fish out there.
Dumbfounded, the businessman asks the fisherman why he didn’t continue catching more fish. The fisherman patiently explains that what he caught is all he needs. I’ll spend the rest of the day playing with my family, talking with my friends and maybe drinking a little wine. After that I’ll relax on the beach.”
Now the rich businessman figures he needs to teach this peasant fisherman a thing or two. So he explains to him that he should stay out all day and catch more fish. Then he could save up the extra money he makes and buy and even bigger boats to catch even more fish. The he could keep reinvesting his profits in even more boats and hire many other fisherman to work for him. If he works really hard, in 20 or 30 years he’ll be a very rich man indeed.
The businessman feels pleased that he’s helped teach this simple fellow how to become rich. Then the fisherman looks at the businessman with a puzzled look on his face and asks what he’ll do after he becomes very rich.
The businessman responds quickly You can spend time with your family, talk with your friends, and maybe drink a little wine. Or you could just relax on the beach.

gadgetmind

Ask yourself how well each would weather a storm. Ask yourself which could survive a serious injury or illness. Ask yourself which will be able to eat when too old to work.

Yes, perhaps some people do work too hard, and invest too much of themselves in trying to make their company world class, but some of us just aren't beach people.

black_taxi_2

when I hit 50 I started asking

paying off mortgage
full tax isa yearly once paid off next year

I'm late but doing something about ir

black_taxi_2

it

p.s. 1k to 3k yearly bank loans were my downfall

bigadaj

gadgetmind wrote: »

Ask yourself how well each would weather a storm. Ask yourself which could survive a serious injury or illness. Ask yourself which will be able to eat when too old to work.

Yes, perhaps some people do work too hard, and invest too much of themselves in trying to make their company world class, but some of us just aren't beach people.

I bet you're in your element at Filey though.

gadgetmind

bigadaj wrote: »

I bet you're in your element at Filey though.

The fish and chips is too expensive there so I go to Bridlington instead.

Mind you, I was recently scuba diving in Egypt ...