Why are some well off people so frugal?

[Y4BBZY]

OP are they frugal or cheap (in your eyes) in every aspect of their lives? Do they spend their money on a quality education for themselves or their kids? Because if they are, they are deciding to invest their money in either the well-being of themselves or their children through education. I know a lot of people that sacrifice a lot so that their kids get a quality education and don't end up in a pile of debt like the rest of grads now a days. I know some members don't follow the hoop lah of going to an expensive school or college but sometimes you need that diploma and connections to get your foot in the door.

 

[Platinum State]

OP are they frugal or cheap (in your eyes) in every aspect of their lives? Do they spend their money on a quality education for themselves or their kids? Because if they are, they are deciding to invest their money in either the well-being of themselves or their children through education. I know a lot of people that sacrifice a lot so that their kids get a quality education and don't end up in a pile of debt like the rest of grads now a days. I know some members don't follow the hoop lah of going to an expensive school or college but sometimes you need that diploma and connections to get your foot in the door.

Both sons already finished college and are working. Family and their sons still cheap as hell in every aspect of their lives.
I get the fact that thats the way they are but its mind boggling to me.

 

[genefraizer]

Why are you counting their money playa? Is it wrong that people that can afford numerous material items choose to not place value on them?
You're thinking with the thought process of those that are broke.


Why buy a Benz when this 15 yr old car still runs fine? Ultimately all you need is to get from point A to point B, correct? 15 years of performance has more than paid for itself.

Why buy gucci and givenchy, alexander wang clothing when this T from the sale rack at macys cover the same body parts for less? Whom are you dressing for? If you just dress for the necessity of being covered, the clothing section at Target will do just fine and you can invest those ducats in into some that may actually deliver a return..




Think bigger my man.

best thing i have read on this thread!

 

[eiddyfouw]

Annoyed that people wealthy people look poor?

BAN problems

 

[DCAllAfrican]

Because you short sighted fool.

Yup

 

[will0827]

They value things different then others, its the same answer for all different types of people. Just how their wired.

 

[Betonblck]

I see my thread didnt come across well.
The question I wanted to ask is basically "is life worth living if youre gonna be cheap till the day you die"?
These people I talked about in my post are ultra cheap. Im telling yall this dudes own brother wore god knows how old shoes with holes in them with the sole partially glued off to a basketball game we went to. Stuff like buying the cheapest phone, cheapest camera.............
Im not saying they should be buying like someone said Versace, Givenchy clothes, driving Beamers, buying jewelry left & right.
Im not saying that. Im just wondering why they gotta buy the cheapest possible stuff and never buy a nice item when they have money and are well off.
I couldnt live like that, whats the point if they plan on earning money for future generations? The future generations should work for their money.
Again........no Im not saying they should blow their money. Just asking how can someone be so damn cheap?
Anyone can do what they wish with their money. I just find that behavior odd.

I'm with you man. People need to take some pride in how they present themselves, especially if you obviously can afford shoes without holes in them. They can get their whole outfit from Target or Walmart for like $40 including shoes and look fresh.

I can understand them driving an old car though. No excuse for holes in your clothes and/or shoes and probably dirty underwear too. There's no need to look homeless.

 

[jordan23dotcom]

Why do broke people waste money on shoes and rims?

 

[meek meals]

For some, money is a means to control your immediate environment, rather than a means to stunt for people who are under a hyperconsumerist spell.

i like this

repped

 

[meek meals]

I see my thread didnt come across well.
The question I wanted to ask is basically "is life worth living if youre gonna be cheap till the day you die"?

i also can see it from this point of view . . . on your death bed, it's gonna be real pointless that you went through life without enjoying it because you were always saving money

at the end of your life, it's just paper

 

[lazy]

seems like most responses to op was to the extreme. there is a such thing as balance in life, its cool if you want to be frugal or whatever but no adult should be wearing holey, glued up shoes when you are well off.

 

[Hank Scorpio]

seems like most responses to op was to the extreme. there is a such thing as balance in life, its cool if you want to be frugal or whatever but no adult should be wearing holey, glued up shoes when you are well off.

That's what i'm saying!!

IDK why all these people took it to an extreme.

 

[fresh out dabox]

I'LL just leave this here
 

 

[younghollywood]

life is too short to pinch pennies

 

[AZwildcats]

IMO, more people should live well below there means. 

I learned this the hard way. I'm in college and tried balling on a minimum wage budget. Watches, more shirts then I could wear, kicks, etc. Lets just say I was snapped back into reality real quick 

. I could afford all the stuff I bought, its not like I was taking out loans or maxing out credit cards, but I saved virtually nothing. I spent all that money trying to impress people, and the only thing I have to show for it today is a hole in my wallet

 

[whoshotcha]

Being frugal is why they're well off

 

[nipxd]

It's funny

Cuz my boys always act amazed when they see me constantly traveling wishing they can live that life

When in fact, they can! If they quit those weekly sneaker pick ups for just a month, that's enough for them to go on these trips they deemed myself lucky to have

How many new shoes do you need anyways? When the world is out there for u to see, with endless possibilities

Let me put it this way

The feeling of knowing I can buy this, that and the third, plus everything my broke friends want but can't afford, is satisfactory enough for me to put the items down, walk away and realize 99% of what I want isn't what I need, and most of what I need, already had.

And I continue saving and being called "cheap" while I splurge myself away at these "extravagant" experiences in life

But you're talking cheap cheap ppl who don't live it up, well, that's their money to begin with. Plus you don't know their personal reasons for doing it. As long as they don't have their hands in your pockets (making you pay for the whole meal cuz "oh I forgot my wallet" ), you shouldn't worry too much.

 

[nychiphophippo]

some people are actually just low maintenance, so they just appear cheap, but it has no effect on their happiness.

but to me, i can never understand when rich people who are high maintenance deep down don't spend any money on travel or nice things that they really do want. gotta enjoy your time here while you can.

 

[law3001]

Having a house paid off ain't bummy. Being able to pay for your childrens college tuition ain't bummy. Having the means to provide for you family for generations ain't bummy.

I live here in Dubai and you see millionaires wearing the same ******g white rope 7 days a week, who gives up **** about how you look to other people.

 

[rexanglorum]

As someone who is a product of old money, let me shed some light on this issue. We do spend money, a lot of money in fact, but much of the spending is on things that are not particularly visible.

Wine collections, country club dues, high quality clothing vacation homes, farms, vineyards, boats, horses, kayaks, camping gear, advanced degrees, alumni donations, charitable givings, political influence and long trips abroad are not visible to the casual observer. Those aforementioned purchases are either intangibles, experiences, credentials, kept in or under one's home or they are tangible but are not made to impress outside observers and they are made to last.

A lot of our outerwear, sweaters, suits, dress shoes and watches are expensive and we want them to not look dated after just a year or two so we opt for clean lines, little ornamentation and generally timeless cut and colors. From a distance and at first blush, a dark tan pea coat, a blue sweater and a watch sans gold and diamonds do not look impressive but if you ask or and/or have a very sharp eye, you will see that the watch is a century in age and that the coat and sweater were custom made, for my late great-grand father who was also 6'3, long armed and wide at the chest and shoulders. When we want novelty and/or bright colors, we get that through polos, linen pants, boat shoes, golf apparel and work out gear. Robin Williams was correct when he said that golf is popular among old, white men because it lets them dress like young, black pimps. Sailing and camping and cycling are similar outlets for patricians to show off new and flashy apparel.

Sneakers, cars, the latest fashion, the latest electronic gear, a giant mansion, your own private jet and popping bottles at the club are meant to display wealth just as much as to bring genuine utility to the buyer.

Some old money types look down on conspicuous consumption but I respect new money people because they made the money themselves and they did it despite not starting life with money, connections and easy access to a great education. If you grew up poor or even middle class, you wear constrained by a budget. Even if you came from a solidly middle class household, money limited what you could do so when you become rich, I can see why you may never tire of shopping sprees for clothes and shoes and electronics and jewels and I can imagine the satisfaction that comes from knowing that other people are envious of your car.

If you made that money, go out and enjoy it. All I would say is that a new or old money person is foolish if he or she fails to save or worse yet, goes into debt. The best part of being rich, be it first or tenth generation rich is the joy of knowing that your descendants will be free from want and in capitalist economic system, complete with sophisticated financial markets, a few million unspent and wisely invested dollars can provide a comfortable lifestyle for your children and your children's children forever.

 

[eiddyfouw]

I see my thread didnt come across well.

The question I wanted to ask is basically "is life worth living if youre gonna be cheap till the day you die"?

i also can see it from this point of view . . . on your death bed, it's gonna be real pointless that you went through life without enjoying it because you were always saving money​

at the end of your life, it's just paper​

People have different definitions of enjoying their money. Stunting and buying whips and luxury goods doesn't appeal to everyone. Some folks have other interests

Who's to say they're not enjoying their money in a way you can't see?

 

[Betonblck]

Having a house paid off ain't bummy. Being able to pay for your childrens college tuition ain't bummy. Having the means to provide for you family for generations ain't bummy.

I live here in Dubai and you see millionaires wearing the same ******g white rope 7 days a week, who gives up **** about how you look to other people.

I bet them Dubai dudes are clean though and don't got a bunch of holes in their robes. Now if you mean they are actually wearing the exact same dirty one that obviously would smell by the 4th day in a row, that's a problem.

No excuse to be wearing dirty clothes.

If you just mean they wear the same thing but it's fresh, like how AI wears fresh white T's, nothing wrong with that and I don't think OP is complaining about that type of thing.

 

[law3001]

I bet them Dubai dudes are clean though and don't got a bunch of holes in their robes. Now if you mean they are actually wearing the exact same dirty one that obviously would smell by the 4th day in a row, that's a problem.

No excuse to be wearing dirty clothes.

If you just mean they wear the same thing but it's fresh, like how AI wears fresh white T's, nothing wrong with that and I don't think OP is complaining about that type of thing.

I know a Sudanese guy here worth a couple mill easy and dude rocks the same dusty *** sandals everyday. ***** are worn the HELL out. No one says anything.

No excuse to be wearing dirty clothes.

Why give a **** what someone else is wearing whats it got to do with you?

My issue with OP and other like him is the sideline criticisms. How could someone else dressing annoy you? Especially if you know they have money how the hell does what they wear bother you?

BAN problems like I said people just want to justify hating somebody doing better.

 

[knowledgebones72]

As someone who is a product of old money, let me shed some light on this issue. We do spend money, a lot of money in fact, but much of the spending is on things that are not particularly visible.

Wine collections, country club dues, high quality clothing vacation homes, farms, vineyards, boats, horses, kayaks, camping gear, advanced degrees, alumni donations, charitable givings, political influence and long trips abroad are not visible to the casual observer. Those aforementioned purchases are either intangibles, experiences, credentials, kept in or under one's home or they are tangible but are not made to impress outside observers and they are made to last.

A lot of our outerwear, sweaters, suits, dress shoes and watches are expensive and we want them to not look dated after just a year or two so we opt for clean lines, little ornamentation and generally timeless cut and colors. From a distance and at first blush, a dark tan pea coat, a blue sweater and a watch sans gold and diamonds do not look impressive but if you ask or and/or have a very sharp eye, you will see that the watch is a century in age and that the coat and sweater were custom made, for my late great-grand father who was also 6'3, long armed and wide at the chest and shoulders. When we want novelty and/or bright colors, we get that through polos, linen pants, boat shoes, golf apparel and work out gear. Robin Williams was correct when he said that golf is popular among old, white men because it lets them dress like young, black pimps. Sailing and camping and cycling are similar outlets for patricians to show off new and flashy apparel.

Sneakers, cars, the latest fashion, the latest electronic gear, a giant mansion, your own private jet and popping bottles at the club are meant to display wealth just as much as to bring genuine utility to the buyer.

Some old money types look down on conspicuous consumption but I respect new money people because they made the money themselves and they did it despite not starting life with money, connections and easy access to a great education. If you grew up poor or even middle class, you wear constrained by a budget. Even if you came from a solidly middle class household, money limited what you could do so when you become rich, I can see why you may never tire of shopping sprees for clothes and shoes and electronics and jewels and I can imagine the satisfaction that comes from knowing that other people are envious of your car.

If you made that money, go out and enjoy it. All I would say is that a new or old money person is foolish if he or she fails to save or worse yet, goes into debt. The best part of being rich, be it first or tenth generation rich is the joy of knowing that your descendants will be free from want and in capitalist economic system, complete with sophisticated financial markets, a few million unspent and wisely invested dollars can provide a comfortable lifestyle for your children and your children's children forever.

Just had to quote this so it's repeated in this thread. This needs to be its own thread."The Official Old Money Thread: vol. Talking Heads - Once In a Lifetime"

 

[Betonblck]

What does someone else's dirty or smelly clothes have to do with me? Is that a serious question?

Being around someone that smells or their clothes are an eyesore? Seriously?