Monday, February 26, 2007

Rich "vs" Poor

Good article at TCS Daily on the frugality of most millionaires, which contradicts the stereotypical image of the millionaire.

2 comments:

Anonymous said...

True, so true.

Of course, leaving aside the fact that the population of millionaires has been swelling for the past couple of decades for many and various reasons, one wonders how a person might become one of 'em without certain virtues and habits, amongst which frugality would rank high. I know the article makes this point as well - it just seems worth belaboring world without end. I mean, the sense of it is so obvious, and yet out the window goes our sense when resentment and entitlement pose as virtues. For instance, I make a lot of money every week, but I'm also a frivolous spender, and so the likelihood of my becoming a millionaire ain't all that high. If I wanted to be one, this would really bother me...

Seriously, though, even a couple of million dollars in investment and earned income is, in this current economy especially, just enough to give one the illusion of being 'rich' - that is, without the need to plan with prudence and work hard. Of course, by any reasonable standard such a person is indeed wealthy and without the worries that a family with an income of $40k might face. Still, if the millionaire suddenly lost his mind and started buying $100k sports cars and boats and beach houses, that money would vanish in no time at all.

I think the 'stereotypical image of the millionaire' is a better fit with the gazzilionaires, those Fussell calls the 'top out of sights', especially where the fortune is inherited or otherwise 'unearned'. Consider Paris Hilton - if a mere millionaire indulged in such behavior he'd be flipping burgers in a month. She is, admittedly, an extreme case and an easy, if hilarious, target, but you get the point I dare say. Well, back to work I go - I've got to pay for all the books I ordered earlier today.

Like I said, not gonna be a millionaire any time soon...

Peace out.

Anonymous said...

Oops - 'Anonymous' is really Thomas of Endlessly Rocking - forgot to sign my comment.