MONEY

Kenster · 09-08-2009, 01:14 PM

My background before internet marketing was in Investment Banking, Financial Planning, and Real Estate Development...quite diverse I know but it involved working and networking with many rich people

One thing I noticed throughout the years is that there is normally an inverse relationship between peoples material possessions and their net worth, at least once you get above the upper-middle class segment.

Most people I knew who drove the most expensive cars and lived in the most expensive houses and purchased the most expensive imported bottles of water were the people who could barely afford it. The richest people I knew (net worth wise) normally didnt show it at all. In most cases, they actually tried to conceal their worth. The wealthiest person I know actually drives a very very used purple minivan with roll up windows...no joke

Do you guys have similar experiences?

4yourwealth · 09-08-2009, 01:35 PM

Kenster,
I totally agree. It seems to me that the true wealthy are not in to impressing others. They do not compare themselves to others. They don't make decisons just to please others. They use financial wisdom.

It's the ones who are looking for approval from other people that end up getting in over their heads. Saying-Look at all I have! Yet, they probably have problems sleeping at night for worry about how to keep the bubble from bursting.

That's my take,

Faye

Jack Chua · 09-08-2009, 08:20 PM

I agree too. I think this is a way of seeing the difference of those who are really rich in nature, I mean since birth they are already blessed with all the wealth and they just get so used to it that they want to live a simple life and there is nothing to brag about. While those that became rich because of so much struggle seem to grab the opportunity and feel it with the material things that before they were not able to enjoy.

BobDolemite · 10-30-2009, 12:59 PM

Bump! I met a guy whose family's net worth was in the billions. He drove a cheap used sedan, which he had outfitted with bulletproof glass. He dressed well but you would never guess that he was rich, never mind a billionaire.

Jack Chua, you bring up a good point. I met a couple that recently became rich. They weren't shy about flaunting all their new purchases (including their custom built mansion). I guess it's their way of telling everyone that they finally "made it."

johnlagoudakis · 10-30-2009, 01:51 PM

The richest man in the world, Warren Buffett, drives his own modest car and has lived in the same modest home in Nebraska for about 25 years or more!

RichPirate · 10-30-2009, 03:34 PM

The richest people are the ones who know that being really rich is about knowing exactly how to get back there if you suddenly lost it all. And the really rich know that at any moment they may have to do it all again and are ready and willing.

There is no guaranteed easy money. And if it happens by accident, chances are you weren't ready for it in the first place. You know the sang about fools and their money :-)

don21stc · 11-01-2009, 01:42 AM

The richest guy I know is worth about $20 million I estimate, maybe more. He's been rich for many years but still works a minimum 6 day week and only takes four weeks vacation a year and probably wouldn't even do that if his wife didn't nag. He's still 'ordinary' - that's why we're still friends after 34 years and his only real extravagance is his helicopter. He's got a big house but he bought it for investment purposes not because he or his wife liked it - in fact she would really hate the house if their eldest daughter didn't live next door in a house that dad had built for her - as an investment of course!
I certainly wouldn't want his life-style nor really all his money but the good thing is that his wealth hasn't changed him greatly - I guess he would still work six days a week come what may. And he's definitely not flashy - in fact you could almost say that money is wasted on him - he just lives to work most of the time almost because he's got nothing else to do (except fly his helicopter).

ebby1 · 11-01-2009, 02:32 AM

if I have to make a logical comment onto this issue...I believe wealthy people have already achieved that comfort and adequacy level of requirement..so they need not show off...but think of those struggling hard to earn,get that comfort out of materials...its new to them and certainly more exciting...so showing comes with the package itself.

Taiyab · 11-01-2009, 12:05 PM

Just look at Warren Buffett, the richest guy in 2008 - he bought an accident damaged re-conditioned car just to save some money when he was worth more than half the GDP of the World.

RichPirate · 11-02-2009, 04:03 PM

If you haven't read The 4 Hour Work Week by Tim Ferriss yet, check it out. It talks a lot about the "New Rich" and gives a spin on this subject saying that being rich has little to do with how much money you actually have, but how you design your life style.

zim · 11-03-2009, 08:52 AM

Hi. I think it is more a question of how the money comes to people. People who have had to work hard to become rich, know its value and tend to be understated. On the other hand, people who have had it easy tend to more flashy.

dgoldie · 11-03-2009, 04:14 PM

I agree with Zim that background is influential, including how one is raised and where one's wealth came from (earned through work vs. inherited). I believe that many of the "moderately wealthy" gained their wealth through hard work and conservative spending habits, and they maintain this lifestyle even after they have money.

misterpines · 11-03-2009, 04:40 PM

I think truly wealthy people just have a more healthy relationship with money. They aren't owned by the fear of having or losing money and recognize it for the illusion that it is. They seem to understand money is a tool to be used, not an end in and of itself. Just one guys opinion though..

Matt D. · 11-03-2009, 05:10 PM

Being rich can mean different thins for people. For some it is just to own money, for somebody else it is to spend it and enjoy it. Some people who are rich simply don't have the desire to spend it on things they could, they also might be afraid. Many people who are poor or middle income and then get rich don't show it that much because of their programming from the past.

But I think that if you have a lot of money you should spend it. Because if you spend it you help the economy. Invest it or spend it. That's my opinion. If you just own it, you're selfish :P

But hey, there is potentially unlimited amount of money, so selfishness does not really exist.

09-08-2009, 01:14 PM	#1
Kenster Advanced Warrior War Room Member Join Date: Jan 2009 Location: United States...NJ Posts: 532 Thanks: 20 Thanked 62 Times in 54 Posts	MONEY - Food for thought My background before internet marketing was in Investment Banking, Financial Planning, and Real Estate Development...quite diverse I know but it involved working and networking with many rich people One thing I noticed throughout the years is that there is normally an inverse relationship between peoples material possessions and their net worth, at least once you get above the upper-middle class segment. Most people I knew who drove the most expensive cars and lived in the most expensive houses and purchased the most expensive imported bottles of water were the people who could barely afford it. The richest people I knew (net worth wise) normally didnt show it at all. In most cases, they actually tried to conceal their worth. The wealthiest person I know actually drives a very very used purple minivan with roll up windows...no joke Do you guys have similar experiences?

09-08-2009, 01:35 PM	#2
4yourwealth Wealth Creator Join Date: Sep 2008 Location: North Carolina Posts: 5 Thanks: 0 Thanked 1 Time in 1 Post Social Networking Contact Info	Re: MONEY - Food for thought Kenster, I totally agree. It seems to me that the true wealthy are not in to impressing others. They do not compare themselves to others. They don't make decisons just to please others. They use financial wisdom. It's the ones who are looking for approval from other people that end up getting in over their heads. Saying-Look at all I have! Yet, they probably have problems sleeping at night for worry about how to keep the bubble from bursting. That's my take, Faye

09-08-2009, 08:20 PM	#3
Jack Chua HyperActive Warrior Join Date: Jul 2009 Posts: 243 Thanks: 19 Thanked 16 Times in 16 Posts	Re: MONEY - Food for thought I agree too. I think this is a way of seeing the difference of those who are really rich in nature, I mean since birth they are already blessed with all the wealth and they just get so used to it that they want to live a simple life and there is nothing to brag about. While those that became rich because of so much struggle seem to grab the opportunity and feel it with the material things that before they were not able to enjoy.
	Jack Chua Professional Appointment Setter

10-30-2009, 12:59 PM	#4
BobDolemite Active Warrior Join Date: Oct 2009 Posts: 39 Thanks: 15 Thanked 0 Times in 0 Posts	Re: MONEY - Food for thought Bump! I met a guy whose family's net worth was in the billions. He drove a cheap used sedan, which he had outfitted with bulletproof glass. He dressed well but you would never guess that he was rich, never mind a billionaire. Jack Chua, you bring up a good point. I met a couple that recently became rich. They weren't shy about flaunting all their new purchases (including their custom built mansion). I guess it's their way of telling everyone that they finally "made it."

10-30-2009, 01:51 PM	#5
johnlagoudakis JohnLagoudakis.com War Room Member Join Date: Jul 2009 Location: Brisbane, Australia Posts: 231 Thanks: 26 Thanked 31 Times in 27 Posts Social Networking	Re: MONEY - Food for thought The richest man in the world, Warren Buffett, drives his own modest car and has lived in the same modest home in Nebraska for about 25 years or more!
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10-30-2009, 03:34 PM	#6
RichPirate Active Warrior War Room Member Join Date: Oct 2009 Posts: 67 Thanks: 6 Thanked 9 Times in 7 Posts	Re: MONEY - Food for thought The richest people are the ones who know that being really rich is about knowing exactly how to get back there if you suddenly lost it all. And the really rich know that at any moment they may have to do it all again and are ready and willing. There is no guaranteed easy money. And if it happens by accident, chances are you weren't ready for it in the first place. You know the sang about fools and their money :-)

11-01-2009, 01:42 AM	#7
don21stc Active Warrior Join Date: Aug 2009 Location: Brighton, England Posts: 80 Thanks: 0 Thanked 3 Times in 3 Posts	Re: MONEY - Food for thought The richest guy I know is worth about $20 million I estimate, maybe more. He's been rich for many years but still works a minimum 6 day week and only takes four weeks vacation a year and probably wouldn't even do that if his wife didn't nag. He's still 'ordinary' - that's why we're still friends after 34 years and his only real extravagance is his helicopter. He's got a big house but he bought it for investment purposes not because he or his wife liked it - in fact she would really hate the house if their eldest daughter didn't live next door in a house that dad had built for her - as an investment of course! I certainly wouldn't want his life-style nor really all his money but the good thing is that his wealth hasn't changed him greatly - I guess he would still work six days a week come what may. And he's definitely not flashy - in fact you could almost say that money is wasted on him - he just lives to work most of the time almost because he's got nothing else to do (except fly his helicopter).
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11-01-2009, 02:32 AM	#8
ebby1 Warrior Member Join Date: Oct 2009 Posts: 1 Thanks: 0 Thanked 0 Times in 0 Posts	Re: MONEY - Food for thought if I have to make a logical comment onto this issue...I believe wealthy people have already achieved that comfort and adequacy level of requirement..so they need not show off...but think of those struggling hard to earn,get that comfort out of materials...its new to them and certainly more exciting...so showing comes with the package itself.
	Josh Delcore Computer technology

11-01-2009, 12:05 PM	#9
Taiyab Warrior Member Join Date: Jul 2007 Location: , , United Kingdom. Posts: 14 Thanks: 0 Thanked 2 Times in 2 Posts	Re: MONEY - Food for thought Just look at Warren Buffett, the richest guy in 2008 - he bought an accident damaged re-conditioned car just to save some money when he was worth more than half the GDP of the World.
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11-02-2009, 04:03 PM	#10
RichPirate Active Warrior War Room Member Join Date: Oct 2009 Posts: 67 Thanks: 6 Thanked 9 Times in 7 Posts	Re: MONEY - Food for thought If you haven't read The 4 Hour Work Week by Tim Ferriss yet, check it out. It talks a lot about the "New Rich" and gives a spin on this subject saying that being rich has little to do with how much money you actually have, but how you design your life style.

11-03-2009, 08:52 AM	#11
zim HyperActive Warrior Join Date: Nov 2009 Posts: 100 Thanks: 0 Thanked 2 Times in 2 Posts	Re: MONEY - Food for thought Hi. I think it is more a question of how the money comes to people. People who have had to work hard to become rich, know its value and tend to be understated. On the other hand, people who have had it easy tend to more flashy.

11-03-2009, 04:14 PM	#12
dgoldie Warrior Member Join Date: Aug 2009 Posts: 12 Thanks: 0 Thanked 0 Times in 0 Posts	Re: MONEY - Food for thought I agree with Zim that background is influential, including how one is raised and where one's wealth came from (earned through work vs. inherited). I believe that many of the "moderately wealthy" gained their wealth through hard work and conservative spending habits, and they maintain this lifestyle even after they have money.
	Independent Financial Advisor \| Certified Financial Planner

11-03-2009, 04:40 PM	#13
misterpines Active Warrior War Room Member Join Date: Nov 2009 Posts: 37 Thanks: 0 Thanked 1 Time in 1 Post	Re: MONEY - Food for thought I think truly wealthy people just have a more healthy relationship with money. They aren't owned by the fear of having or losing money and recognize it for the illusion that it is. They seem to understand money is a tool to be used, not an end in and of itself. Just one guys opinion though..

11-03-2009, 05:10 PM	#14
Matt D. Super Warrior War Room Member Join Date: Aug 2009 Posts: 54 Thanks: 3 Thanked 2 Times in 2 Posts	Re: MONEY - Food for thought Being rich can mean different thins for people. For some it is just to own money, for somebody else it is to spend it and enjoy it. Some people who are rich simply don't have the desire to spend it on things they could, they also might be afraid. Many people who are poor or middle income and then get rich don't show it that much because of their programming from the past. But I think that if you have a lot of money you should spend it. Because if you spend it you help the economy. Invest it or spend it. That's my opinion. If you just own it, you're selfish :P But hey, there is potentially unlimited amount of money, so selfishness does not really exist.
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