Do you think majority of millionaire has a modest spending habits?
By kingparker
@kingparker (9673)
United States
November 2, 2010 3:45pm CST
What has to take a person to become a millionaire? Would a millionaire like we all imagine to be, spending money like they were nothing? They living in a luxurious mansion, and driving a Mercedes Benz; or tip a wait person in restaurant with a $100 bill something like that?
In Some articles, that is quite a contrary. Most millionaires have a frugal living style. They don't drive expensive cars, or buy expensive clothing. They would just like us, find every single way to save money, and do things in smart way, and not to overspend their money to show off who they are. It will take a lot of discipline to save that much money rather than spend them all right? That is what I have to learn.
1 person likes this
10 responses
@2004cqui (2812)
• United States
2 Nov 10
I speak from the experience of helping millionaires manage their money. They are very careful with their money. After earning it they are cautious about other people getting it without something of value in return. They will fight to keep a nickle that went somewhere needlessly. They designate a percentage to go to charity to give back. They stick with that. They give an allowance to those dependent on them. They may decide to do something lavish, but believe me its based on the income they have already made.
@kingparker (9673)
• United States
3 Nov 10
But they are frugal too, don't they? They randomly spend some thousands for something that is not necessary, out of impulse or something like that, right?
@keshia2007r (2880)
• United States
3 Nov 10
from what i see on television. my answer to this question would smipily be
NO.
they buy very expensive things.
from cars, to houses, to vacations.
but i do know there is a difference between new rich. and old rich.
the new rich. (meaning, they just became a millionarie) spend big.
but the old rich (meaning they've been rich for a long time)spend money, i guess you can say in a modest way.
must of what i've seen on reality shows are new rich. and they spend like crazy.
don't care of the price, just want that ever they can get.
@calebknox (149)
• Philippines
3 Nov 10
i think that is point of the entire ''being rich'' scenario.. buy stuffs that you can enjoy while they have the time to enjoy it.. you cant possibly enjoy a lambourgini if you are 85 years old right?.. so why not not spend for the stuffs that would make you feel good, and by the way feeling good all the time increases the the man's life expectancy..
@yellowhipon (793)
• Philippines
3 Nov 10
Actually, millionaires stay millionaires because they know how to spend money wisely. They don't necessarily have to be very thrifty, they just know how to spend and invest their money. If they buy huge properties or expensive cars, they don't just splurge their money on it just like that. They save up for it. Thats why they manage to stay wealthy. They don't just blow all their cash on one spending spree.
@sender621 (14894)
• United States
3 Nov 10
I don't think that millionaires seldom have to worry about how much money they have. I can't see a millionaire having modest spending habits. They probably buy what they want when they want.@calebknox (149)
• Philippines
3 Nov 10
it's true!,, they buy thing that they want went they want it. but most of the time. they only spend on things that are useful to them, which i think is wise.
@louis6161 (92)
• China
3 Nov 10
In last century , millionaire has a lot of money , but now , in 21 century , it is very rich if you have one million , it can only buy one house ,maybe ,so there is no reason that the millionarie will have luxury life,the millionaire will work hard to increse their saves , it is my opinion
@calebknox (149)
• Philippines
3 Nov 10
we should understand that money is designed to loose value yearly it's a fact.. so even if you save up millions,, it's not the same millions after 10 years, that is also a fact, like what you said, for me I think the best option would have to be coping up with trends on how money flows where it flows, you should be there when it flows,
@calebknox (149)
• Philippines
3 Nov 10
for me i think, they are millionaires because of their business skill and not because of their money, money cant make you rich, your business skills would,saving money isn't the key to being a millionaire, it's how they allow their money to work for them. they are considering 2 columns in their lives the assets columns and the liabilities columns, they can spend as much as they want as long as their asset column is 10 times the size of their liability column.. meaning in month they have an income 10 times of their expenses. i mean who doesn't want to buy luxury items huh?.
all of us here if given a chance would do the same., i mean i would feel good in a Dodge Viper.
@greenline (14838)
• Canada
3 Nov 10
The majority of the millionaires are living in the ways they certainly deserve. And, at the same time, I think they are managing their wealth, and expenditures, in a very systematic way. They certainly would be very conscious that keeping the weath needs to know the value of the wealth.
@Andyvil (793)
• Philippines
3 Nov 10
Their are some billionaires who are misers and even count there money to the penny. I think living a frugal lifestyle is really dependent on a person. There are also a lot of millionaires who enjoy there money and spend it. I see nothing wrong with those millionaires who enjoy their hard earned money. I think most of us want to do that but only a few reach it.
@mhypie03 (683)
• Philippines
3 Nov 10
Yes, they are frugal millionaires. LOL! Basically, they do not want to go back of being poor again if they are stories of rags to riches or born from a rich family, of course, they have been taught carefully of a lot about life, money and business making them to think twice before spending. But they are still stories of those who really live in luxury especially those in Hollywood. =)
