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Tuesday, April 26, 2005

Frugal, cheap, thrifty and the millionaire next door

My father is the millionaire next door. I know that a couple of people at work are, too. I'm going to be a millionaire, for sure. You would never know that a lot of people are worth 1 million+. They mostly don't drive new cars, don't have large screen tvs, and don't live in humungous new houses. Millionaires I know took advantage of all employer stock option and retirement plans, spent less than they earned, and never bought more house than they needed. I've checked salaries of some of the people at work. They do make a lot of money (relative to me), in the $100,000+ range. You would never know it. Their clothes are pretty boring, their houses tend to be traditional and comfortable, but not mansions, although they live in great neighborhoods with good public schools, where they send their children. Their college age kids go to state universities, not ivy league schools.

It's pretty funny that one of the biggest stumbling blocks to accumulating wealth is the desire to look wealthy, while those who are wealthy, don't look it!

From MONEY magazine: "Making it to the top"
From the Motley Fool: "Don't Hate Me Because I'm Fabulous"

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