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Old May 24, 2003, 06:22 PM
Michael Ross (Qld, Aust)
Posts: n/a
Default That's your POV

> I agree with you, in regard to living
> beneath/below your means. However, the
> following is ridiculous:

Know a guy worth about $15mil. Drives an old
battered F150, gets around in old shorts and
a T, does his own garden work and lives in a
non-descript house.

> I know a lot of people like this, too. But
> it begs the question: If you're just going
> to schluff around like that, then why bother
> hassling with getting "rich" in
> the first place?

> I also know a lot of very wealthy people who
> also have the finest cars, houses, clothes
> and toys. Which would rather be?

If you knew the guy you would not think it was ridiculous at all. In fact, you would think it odd if he did buy the new car and show his wealth.

So why bother getting rich just to schluff around? So you at least have a choice.

From your Point of View it doesn't make sense. From his Point of View, the new car, furniture, etc., doesn't make sense.

To each their own. You wouldn't do it. He does.

Warren Buffett drives second hand cars - and the man is a billionaire. His reason makes perfect sense to him, and me...

If I took the amount spent on the new car and invested it, what would it be worth in X years? THAT is what I am really paying for the new car.

Let someone else wear the massive depreciation from new to second hand.

I even apply similar logic to my car registration... why pay one year for $600, when for $310 I get to use $290 I wouldn't otherwise have had, to make more money. And I should be able to turn it into more than $290 in six months.

Next time your electricity bill comes in, call them and inform them you will pay half by the due date and the other half one month later - give a reason if you feel it will help. They will agree and you get to use your money to make more money for an additional six weeks. Better in your hands than theirs, right?

Of course, this only works if you actually do invest the money in some enterprise which makes money - even if it is just ads for your business. Buying a do-dad defeats the purpose.

We each have different points of view. Some like to show off their wealth. Some like to look wealthy even if they aren't. Some prefer to lead a simple life secure in the knowledge they are wealthy.

Other than walking further between rooms, what does having a large house give?

The answer is an individual one.

Why do people buy a new Holden or Ford when for the same money - or even less - they can get a second hand BMW or Merc?

Again, an individual reason.

Millionaire Next Door was mentioned. Not sure if it was that one or the follow up - Millionaire Mind - that mentioned the fireman. Earns $30k a year as a fireman, makes $300k a year from his investments. Keeps being a fireman because he enjoys it.

Many people could not understand that. Many would quit their job. But many people don't like their job. He does. Different POV.

Michael Ross

What's it take

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