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| How the rich stay that way; words to live by. | |
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| Tweet Topic Started: Mar 5 2013, 12:15 AM (376 Views) | |
| Sea Dog | Mar 5 2013, 12:15 AM Post #1 |
Fire & Ice Senior Diplomat
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Link: http://business.financialpost.com/2013/03/02/five-ways-the-rich-stay-frugal/ |
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| Brewster | Mar 5 2013, 12:37 AM Post #2 |
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Fire & Ice Senior Diplomat
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What's the point of being rich if you don't spend the money? I already know what it's like to live on "average" quality stuff. It's the truly high end stuff I'd like to experience. |
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| Pat | Mar 5 2013, 12:52 AM Post #3 |
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Fire & Ice Senior Diplomat
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Last night there was a program on Dateline that centered on lottery winners. As we sat watching, I predicted exactly to a t how those recently rich would find ways to let it slip away. The host involved Donald Trump, his son and daughter in counseling and helping these people along. One lady had $6 million in 2006 and it had dwindled to $3.5 million before the broadcast. During the course of the show, she claimed fraud took most of it. Forensic accountants were called to review her books and the result---she had spent it on cars, boats and foolish crap she could not remember buying. And to top it off, her new venture was going to be starting a company to produce a line of women's shoes, because she likes shoes. It was pointed out after Trump investigated her plan that she had no plan and the entire plan was doomed from the start. Shoes are a cut throat business as I suspect ahead of time. Another couple thought it grand to invest in South Florida real estate, if you can imagine that idiotic idea. One guy on the shoe was there as an example of a guy who pissed all of his money away and was living on $1000 a mo social security in a trailer. Another guy that came dressed like a 60 year old pimp and pissed his away too. Again, flat broke. People who have accumulated and grown large bank accounts and portfolios generally preserve and avoid the pitfalls, because they learned how to work money and assets while attaining their wealth. Almost every rich person got there the hard way and stay there. When the read or hear others telling them or commenting that they should do this or that with their money, they laugh at them behind their backs. It should be obvious why they do so. As far as long lost relatives and stranger sob stories designed to extract a portion, ignore them, they are like moths, and flys, you can't exist without them continually lining up to bug you. Tell them to get lost, nicely. |
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| Neutral | Mar 5 2013, 12:55 AM Post #4 |
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Fire & Ice Senior Diplomat
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I watched that too, sad. I predict the black woman will be broke in a few short years. The couple wanting to buy in FL will probably be okay. |
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| Pat | Mar 5 2013, 01:09 AM Post #5 |
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Fire & Ice Senior Diplomat
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I said the same thing to the wife, despite Donald's and the she experts advice. I also noticed how quiet the boy friend was in the interview. Boat? Cars? Toys? I can just guess who has a shiny new caddie or two. She was over her head and it was obvious.
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| Neutral | Mar 5 2013, 01:11 AM Post #6 |
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Fire & Ice Senior Diplomat
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I thought the most interesting part of that show was how Trump continues to promote himself. lol |
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| Pat | Mar 5 2013, 01:36 AM Post #7 |
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Fire & Ice Senior Diplomat
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The guy is no dummy. Maybe his skill in life is constantly seeking new opportunities. I remember when he held a financial gun to the banks as they tried taking over his empire when he hit bad times. Out of that disaster, he has clawed his way back to being a billionaire. And his kids are doing great too.
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| Brewster | Mar 5 2013, 01:41 AM Post #8 |
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Fire & Ice Senior Diplomat
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My favourite story was of a Halifax dockworker many years ago who won $500,000, when that was one of the biggest prizes ever offered. He rented a luxury cruise ship and invited all his dockworker friends on a massive 'round the world party. By the time he got back,he had just enough money to buy himself a nicely equipped car,and the next day he was back working the docks. When he was asked didn't he feel bad about wasting all that money, he denied it was a waste. He had memories for a lifetime, and was the happiest man alive. |
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| Pat | Mar 5 2013, 01:46 AM Post #9 |
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Fire & Ice Senior Diplomat
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It can't be said he didn't use his money the way he wanted to. Generally, despite all the warnings and counseling--yes lottery officials counsel new winner on the pitfalls of sudden wealth. They blow it like a spoiled sports star and end up owing taxes on top of being flat broke. |
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| Neutral | Mar 5 2013, 03:08 AM Post #10 |
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Fire & Ice Senior Diplomat
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Pat, what is the first thing you would tell someone who suddenly has millions? |
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I said the same thing to the wife, despite Donald's and the she experts advice. I also noticed how quiet the boy friend was in the interview. Boat? Cars? Toys? I can just guess who has a shiny new caddie or two. She was over her head and it was obvious.

3:12 AM Jul 12
