This Is Why The Rich Look Poor! (We Wish We Knew This Earlier)
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- čas přidán 11. 12. 2022
- This Is Why The Rich Look Poor! (We Wish We Knew This Earlier)
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I’d rather look poor but financially secure. Than to look wealthy but wallet is empty.
A quote by George Carlin: "Don't buy stuff that you don't need, with money that you don't have, to impress people that you don't like"
Easier said than done for most people obviously, but this is probably the world’s most potent financial advice concentrated into a single sentence for the average person.
@@eedre4864 I feel like it’s for everybody .. and I add one phrase for myself : .. don’t need .. don’t have .. don’t like, and truth be told, most times they don’t care
I cut my hair myself. I pay 10 dollars for a bottle of wine and 2000 for my car... Maybe not a millionnaire but shurely a cheap guy and proud of it.
@@fabricechoquet3887
What are you driving and whats the mpg?
@@chinaboss6683 an old lexus.
My grandfather always told me never let anyone know what you have
My late father in law was a very successful Yale educated corporate lawyer. He never wore expensive clothes and drove a 1997 ford minivan. First time I went into the parking garage where he and his wife lived. I joked that his minivan didn’t fit the demographic. He responded by saying. ‘’I don’t need to fit a demographic. I just need to get my groceries home.”
@@GrnChli ditto for u if u don't understand he does understand he didn't live in the parking garage. please try to keep up smh...
Was out with my brother somewhere and we ran into some guy in a parking lot he worked with. H was showing us this new Audi he was driving and what a great car it was. The he joked with my brother about the Chevy he drove (it was a friendly ribbing) . When I asked my brother about him later he stated that the guy was all "flash" and really did not make that kind of money to have that Audi. When I asked how he knew he just said 'I know his salary because I am his boss at the bank and I approve his raises"
Did you inherit his $$$?
We were going out to dinner at an upscale restaurant with my multi millionaire aunt. She was wearing two different tennis shoes. I thought she didn’t realize it so I said, “Aunt Grace, you have on two different style tennis shoes!” Her reply. . . “I have a large bunion on my left foot and this tennis shoe (as she put her left foot out) is more comfortable than (she then put her right foot out) this tennis shoe.” She continued, “being comfortable is much more important than style at my age!” She bought us all dinner. That made her happy😊
There is a solid difference between wanting to look rich by buying luxury clothing and being rich but still being presentable.
@@hb7030 Oh, Aunt Grace was always presentable! Two different shoes didn’t define her. She lit up the room with her bubbly personality. We were out shopping one day and the lady helping us complimented her purse and said she always wanted one like it but couldn’t afford it. Aunt Grace continued to shop in the store and when the lady was checking us out Aunt Grace asked if she could put the items she bought in separate bags. The clerk proceeded to put her dress in one bag, her sweater in another and her scarf she bought in another. I thought that was a little weird to want individual bags for each item bought. Oh no, it wasn’t strange at all. You see, Aunt grace took the sweater and put it in the scarf bag. She then emptied out her purse in the now empty bag and said, “Thank you so much for helping us today.” She gave her purse to the clerk who helped us and said, “I’m sure I have another bag just like this one but in a different color! I hope you like this color!” She walked out with the contents of her purse in the shopping bag. I’m pretty sure the clerk (and Aunt Grace) didn’t care that Aunt Grace’s shopping bag, now her purse, was not presentable.
Stories like this really inspire me! For my age( in the 20's) I don't dress up as well as my other peers do, they spent hundreds and thousands on clothing and I'm always with sportswear or something comfortable 🤣...really hope I could meet someone like aunt grace in the future !
Aunt Grace is one wise person, and a real character to boot. That is a treasure worth more than any amount of gold. Spend all the time with family that you can. It's the best investment you'll ever make.
Love your aunt I don't even no her , some people I know got money set up a business I am for that people doing well,but it changed them as person. Look down on people who ain't got money now and they never was like that, was very down to earth before .
that’s because the more money you have or the more wealthier you become, the more you feel there’s no point in showing it off because you know you have nothing to prove😊
As a kid I used to think it was flex to show off your wealth. As an adult, I realize that the best flex is to knowing how to properly handle that wealth
The way to tell a rich person? They're the ones that look relaxed. They don't have to worry about bills, health insurance, rent, etc.
Rich people stay rich by living like they’re poor; Poor people stay poor by living like they’re rich…
My 30 Something nephew showed me his new watch that he purchased himself. He said it cost him $560.00. He then looked at my watch and stated that he thought my watch looked really nice. I then told him that It came from Walmart and costs me $25.00. Both his watch and mine do the same thing, they both tell the time.
Cassio team :)
Your watch tells you the time, his watch tells others his times....
I have a Timex watch from Walmart. It’s cheaper to replace than an expensive watch is to have cleaned. No worries about loss or theft.
@@philipgerry5228 absolutely agree!
with watches its different cause they are great hobbies and collections. as long as he paid cash of this thats ok with me.
As a multi-millionaire, I used to have my hair cut at a local Vietnamese barber homeshop for only $10. Now that I'm married and don't need to look that good, I cut my own hair.
I NEVER buy wine because I don't drink. And I bought my wife a Toyota hybrid for $21K.
No fancy cars to worry about getting scratches or damages. And no one knows how much money I have 😁
that's nice. LOL....the multi-millionaires that I know don't have to tell anyone they are that! LOL
@@ronbonora7872 The only reason why I am saying this is to disprove what this video is saying. I’m not showing off.
But I guess you missed the point. 🙄
@@ronbonora7872 You have CZcams confused with real life and since you didn't tell us you had millions, we're quite sure that you don't.
I know how much money you have because I am your kind!😉
I enjoy the feeling of having money and at the same time appearing kinda poor, feels like undercover and nobody wants to borrow money or overcharge me for services. I’m super frugal, so I also naturally say things like “$5 for that? That’s so much money” 😂 and usually get discounts.
I absolutely love the thought “your car payment should not exceed the amount you save each month.” That is fantastic! I think that is something everyone can understand better than a percentage. I love the content of your show! Keep up the good work!
Your car payment should be the amount of money each month that you can afford to pizz away.... if you're rich you can afford a lot. If you consider yourself poor, you'd be wise to buy a modest economy car and not the "fly whip".
I’ve never in my life made payments on a car. I’ve only purchased cars that I could afford to pay in full when purchasing. If that means purchasing a $500.00 used car off the end of someone driveway, we’ll so be it!
My father always said if you cant afford it you don’t need it. I’ve been mortgage free for more then 20 years and owe nothing to no buddy.
Bills and credit cards payed in full each month.
Another trick is. If you’re paying $500 a month for a car payment, continue making payments to yourself even after paying the car off. You will save over 6,000 dollars a year and you will always be in a better position than if you just keep borrowing when you need to replace with a new one.
Oh nice … I get to buy a 911
@@edkrstic6423Yep, that's what we do. We have a second savings account that has an automatic $500/month transfer. When we had car payments, the payments came out of that account, but now it just accumulates. I haven't gotten around to making it an investment account to put it in some (conservative) investments.
My neighborhood in New York had a lot of “Millionaire Next Door” types. They never looked poor. What I did notice was that they had good impulse control and were high income at the same time. They were either self-employed or business owners (or both), so they knew the value of a dollar and they didn’t spend recklessly. Their house was paid off, they leased nice cars, but not ones that were several times their annual income. One family I knew would lease a Lincoln that was often offered at a discount and they kept an up to date midsize SUV. They took a couple of vacations a year, cut coupons, bought off-brand, cleaned their own home and sent their kids to public school. They always had cash on hand for an emergency and lived below their means. Money didn’t control them, they controlled their money. Today, far more people are interested in looking rich than actually BEING rich.
I love the saying (Money didn't control them , they controlled their money)
"Today, far more people are interested in looking rich than actually BEING rich." Perhaps becasue begin middle class is out of reach for so many, let alone being rich.
>>IMPULSE CONTROL
Exception, probably were really self made. Real wealthy people spend a lot.
@@stefanisilva2493 They usually were first generation American or were on a situation that made them strive for financial independence. These are usually the “Millionaire Next Door” types. Ridiculously wealthy people usually do spend a lot because their money begets money.
Car loans are a great way to stay poor. No garbage about a certain amount being OK, paying interest on a depreciating object is financial suicide. Drive what you can afford to pay cash for.
And then you have the ‘van life’ or ‘yacht life’ idiots who sold their homes for ‘the carefree lifestyle’. People, you’re homeless and living in your vehicle. Where you going to get the money from for the next one??
Do NOT give up a capital investment for a depreciating asset.
@@whatifschrodingersboxwasacofin Yes, this van life movement is nuts. That is not sustainable long term. People need a paid off house for their retirement years, not a vehicle that requires maintenance and has to be moved from place to place constantly. Might be okay to do when you're 25, but not gonna fly at 75.
I have always lived on half what I earned, so able to retire at 55. My single biggest discretionary expense every year has been charity.
My gross household income in 2022 was $700,000. My net worth in 8 figures. I secretly get the greatest kick in appearing “poor!” I actually work hard in making people think that I have NO money!! Wear clothes bought at Costco, the Navy Exchange or AAFES stores. We still use coupons when we shop at the military commissary.
Nah, you need a brand new Mercedes-Benz
I'm a millionaire and I wear cheap clothes, lol.
@@martinramirezmi5457 but you wear a Rolex watch 😄
@@dongmingzhu666 That's right, but not everyday lol.
But you probably drive a Lamborghini…it’s all about what you’re prioritize
I remember one quote from "The Millionaire Next Door" which is "I don't have a big hat...but I have a lot of cattle". This literally means "I don't showoff but I have significant stealth funds"
When actually wealthy, there is no more need to impress others.
I came from a humble beginning. I am happy and thankful where I am now. I maintain to live in humble and simple life.
I spent some time in a high end resort town, and there were high net worth people everywhere. The thing is though, there were almost no fur coats or Ferraris. When someone rolled like that, people would snicker under their breath. The official billionaire outfit in a ski town, is Levi's and a Patagonia vest. Maybe a button down flannel, too.
Wealth is silent
Money doesn't change the person, it just reveals who the person is.
The same applies to time/age as well. People become more like themselves with time, while money frees up inhibitions.
My wealthy ancestors lost their fortune (temporarily) in the Great Depression. They got it back, but never lost their desire to get the most for the least. My mother told me that one of her aunts used to wear stockings with ladders in them (holes) when she went shopping to fool the salesperson into thinking she was poor. Then she pulled out the cash from her stock dividends to buy whatever she wanted.
I love that story. Your aunt was smart!
One of the episodes of the TV show Fargo has a fictional account of the invention of credit cards. Banks didn't understand what credit cards would be used for, and the inventor explained they would be wildly popular because "Most people care more about looking wealthy than actually being wealthy"
My neighbor has 3 cars and always has financial difficulties. He has a full time job but also has to drive for Door Dash on his days off to pay for his vehicles and other bills. I make considerably more than him and max out all of my retirement funds (401k, HSA, Roth). When I first moved in he saw my old Jeep out front and came over to shoo me off the property. He said he thought I was a maintenance man working on the property and squatting. LOL My Jeep may not look like much, but it's paid for and I don't have to drive for Door Dash on my days off.
Most of this is habit. People who end up rich, got that way by being very frugal with their money and investing everything that is left over (which is typically more than 50% of what they make). By the time they get rich, those low cost habits have become engrained in them and they simply don't change. I should know.
I am frugal most of the time but splurge on my hobbies. I bought an expensive mountain bike, spend money on gym memberships, golfing and tennis. I like cars and tend to modify them to my satisfaction. The cars are not overly expensive and are typically used, but new to me.
I drive around in my (mechanically restored) 1994 Suburban, with rusted out body parts and carpets that need to be replaced, knowing that it meets all my needs despite the looks I get from some folks. I don't care if someone else drives a vehicle that's almost 30 years newer, what I care about is cost-effective transportation. The zeros at the end of my balance sheet have nothing to do with it.
My girl and I just had the discussion yesterday of why we love our 2001 Toyota Camry with 114k miles on it.
Was on this idea until I had a kid. After my daughter was born, I easily made the decision to pick up a Tesla. Can't put a price on health and safety for the most important people in your life.
@@Eyeahmdarck66 Yeah, car safety has improved so much in the last 21 years, and the giant SUV that will be hitting you in 2022 is way beyond what the 2001 Camry was designed for. Nobody thinks a 2022 Camry is a wild extravagance either
@@JDMism Look up fatalities per 100m miles driven rate in the US. What do you think causes the rate to substantially decrease over time? Could it... be... innovative safety technology...? Yeah, you'd probably be statistically safer in a 2022 vs 2001 Camry.
@@Eyeahmdarck66 lol you didn't need a Tesla to be safe. Just say you wanted a Tesla, it's okay lol
@@droid2D2C3P0 100%
I’ve always felt better being able to stick money into savings and investing than buying the latest and greatest to impress other people. One of the reasons my wife and I were able to retire at 50 and move to Thailand. Even here I love finding a cheap, local noodle shop instead of a super fancy restaurant at a resort or buying an expensive imported car like a BMW or Benz. My Toyota Yaris gets me around just fine.
I grew up working class. I got an education, saved, and invested. I'm now a decamillionaire. I still shop at Walmart- still wearing tshirt and shorts. Why the HELL would I spend $1k+ on an Armani suit? The people who wear that expensive, uncomfortable crap are poor people trying to look rich, or trying to impress people like me so they can get my money. In other words, they are the "help." I'm the one with the money, I'll dress as I damn well please!
Better to be stealth rich from security standpoint. People won't regonize you as wealthy and therefore won't try to bs you or at least less. You also can blend in perfectly with the crowd and the chosen ones who know, they know. (wife, family).
In short: you're doing good!
Going to slightly disagree. I do jeans and flannel almost all of the time. But when it is time to put on a suit, a good one is worth it because they just fit right and as long as you dont go trendy or get fat, they last. When I was poor, I wore off the rack. They suck. Figured that out when I was fitted for dress blues. That said, I have one (1) that I got in 96.
@@grega2362 Not working with me. In every bull I get fat AF, because of the hard work xD
Money does not buy class, elegance and good taste...
@@foulapaix1915 It does allow us the privilege of not having to care what you, or anyone else, thinks.
I know a lot of wealthy women who are frugal with their money, but they spend $100 on their hair. Women’s hair just costs more.
As my net worth increased, I absolutely spent less money on clothes.
Being rich is not from the money matters is from the kindness, and being good person to the others...❤❤❤
Keep telling yourself that.
It always cracks me up when I drive by a dumpy apartment building and see $80,000 trucks parked in the parking lot. That night there must be a traffic jam of repo tow trucks getting ready to do business every night.
Yes always makes me scratch my head when the people that live in low income housing projects around the corner from me, drive nicer cars then me.
Exactly. I was returning tools to my brother at his work where there was a newly built "low income" apartment complex next door. Turning at an intersection, I was behind a Cadillac Escalade with all the bling. Sure enough, they pulled into the low income apartments.
Subsequently the shop owner had to build a fence around the property to keep the hood rats out.
@@timsilva1944 yes very pathetic state of affairs.
May well be Drug money.... Ya can't put drug dealer on a mortgage application.
If you are the kind of person who think others only deserve respect if the 'earn it' from you then that mindset can contribute to you trying to look more financially successful than you are. When you accept that everyone deserves your respect, you'll start to understand it isn't necessary for you to earn it from others. You can live a happier life accepting who you are and be accepting of others. Sadly many never understand this simple truth.
I find it disturbing that this even needs to be said. Thanks for this!
I'm raising a teenager. Young men need to be taught to be nice to young ladies. Both of these things are filed under common sense, which should be common enough to not need to be said. But the truth is that they need to be said, if only for emphasis.
Keep up with the Joneses is big in some communities
Class: A Guide through the American Status System by Paul Fussell is a great book. He dubs the wealthiest people “Top Out-of-Sights” because they’re invisible. They wear shabby clothes and drive old Chevys. They skulk and hide. They live in houses secluded at the end of long driveways. Why would they want anyone bothering or endangering them?
Yes, it was a great book. In fact, thinking of re-reading it again!
I am going to purchase the book-sounds like a great educational tool for family.
Thank you for the recommendation
I find it to be entertaining when I walk onto a car lot. Salespeople don’t come around if you look poor.
Whats even funnier is the look on their face when they ask about what kind of financing you secured and you say "checkbook"
@@grega2362 I bought a luxury SUV last year, (my car at the time was 17 years old) paid with a personal check. Had been doing gardening all day before going to the dealership I was approached straightaway, and later I did jokingly ask the salesman why he approached a woman covered in dirt. He said it was not my attire or the dirt, but the way I carried myself. I found that quite interesting.
So the actual lesson is just "live within your means". I work for a lot of rich people... and some of them wear expensive watches, drive expensive cars, and go on expensive holidays. Some of them don't. Also Jay-Z is just getting older (53) so he doesn't dress like he's 25 any more
I think it’s more like live below your means. You’ll gain wealth so much faster.
I was sitting with a group of people and I made the comment never spend less than $4 for a bottle of wine and never spend more than $20 for a bottle of champagne. People looked at me like I was crazy until the richest man in the room (and he was legitimately wealthy) said absolutely. At the end of the day it’s still just a drink. Don’t go crazy.
Disagree. Cheap champagne gives me headaches. Even one glass. I tried real champagne once and I expected the headache but it didn't happen. Sometimes it's worthwhile. But I don't really drink. So if I was to I wouldn't mind spending.
Wearing flashy stuff is a walking invitation to get mugged, especially when traveling internationally. So I’d rather blend in with the crowd. Besides, I don’t care about the opinions of people I don’t know.
This is so true and I've said it for many years. I had the pleasure of working side by side with a very wonderful gentleman some years ago who was a millionaire several times over but neither looked the part nor acted or talked that way. After he retired, we all found out that he in-fact was a multi-millionaire and it was very clear that even though there are those that want you to know exactly that they have money, it's usually the ones that have worked for and earned their wealth that you don't know about. Truer words were never spoken.
This video needs to be shown yearly in every high school... especially the poor ones.
90% would tune out. You can't teach people what they don't want to hear. Financial security is not sexy. Try telling that to a 16 year old
I think back to all the money my wife and I wasted when we had none. We struggled for years to get by. Now that I have plenty of money, I never want to spend it. We save and invest for our future. We find ourselves more and more at garage sales and thrift stores. Why couldn't we have been that smart when we had less?
You don’t get it until you get it!
You don’t get it until you get it.
I saw a lifetime of savings go down the shitter when the saver died on his second week of retirement!!! Spend and enjoy while you can!!
Same story as my husband and me, and his name is Kevin, too!
@maxsmart8954 That works if you die early.. but what if you live to see 90+??? Bottom line.. balance is the key.
Bun B is a WEALTH of knowledge, pun intended. He and Killa Mike have been trying to educate the rap community about how looking rich does not equate to being rich. It's okay to flex as long as you have everything else in place.
If you wanted to "show off" your wealth.....give a big tip to the senior citizen who is still working as a waitress at the local coffee shop
Why? My retired husband and I have plenty of money. I was a lawyer and he was an accountant. He hates sitting around, so he works part-time at the local hardware store; his first career was as a millwright. He first got a job in fast-food, but we wanted the staff discount on hardware and lumber for our garage addition. He didn’t need all the extra fries anyway.
You don’t know that she’s not filthy rich while looking poor. Did you not watch the video?? Go to a food bank and make a donation if you want to help people who *need* help.
@@whatifschrodingersboxwasacofin A food bank? So, undercover wealthy people can’t use a food bank? I mean if they can be a waitress like you say…hmmmm.
Yes, maybe the waitress could be uber wealthy, but I highly doubt it. I mean, what is with her yellow, crooked teeth and the sores on her arms? Surely a wealthy person would at least take care of the basics. And, we can not change your life as a lawyer. That is your problem and you will have to live with the guilt of choosing that profession. I can just imagine how you turned family members against each other to gain a little extra money.
Shame on you.
Yes...I agree...I am debt free..no car notes..no mortgage...no credit cards...I am the first in family to have 7 figures in assets/investments...I drive a 09 Toyota Corolla...wear classic clothes....diy my nails and hair color...do enjoy the pedis..do go to the hair salon to get my hair done ..have my shoes/handbags repaired when needed, the same with my clothes and jewelry...I am not a flashy person but I do like to look presentable and comfortable....I know what I have and I have no need to show it to the world ...I have my money working for me instead!
I am willing to pay for quality, but not brand name. Sometimes they overlap, but not always.
I cut my hair at home, buy Aldi $4 bottles of wine, and have a base model Subaru... retiring in my early 50s from being frugal
My dentist is located in one of the wealthiest communities in Los Angeles. The average annual income is over $250,000/year. Most of the houses in this area have modest automobiles parked in front and you'll see hundreds of Toyotas and Hondas before you'll see Mercedes-Benz or Porsches or Bentleys...
Thank you so much guys to keep me motivated. So many people around find that it's a mistake for me to not spend my money, like I didn't get that I could die tomorrow or get sick. I never felt like I was missing anything by not buying expensive clothes and going to fancy restaurants.
Of course if you were to get sick, you won’t be desperate because you’ve saved for a rainy day 👏🏻 And you can help out others which is more meaningful & fulfilling than fancy meals & stuff!
I’ve been preaching this for decades!! A coworker looked at me funny while unpacking my newly cleaned plastic forks first thing in the morning. I called him out and said “Hey, this paid for the bike outside in cash!” He shook his head and “yes, I know, I know!”
Are you talking about reusing single use plastic? That stuff leaks chemicals if used over and over.
Tripping over dollars to save pennies.
@@hb7030Reusing plastic ware is indicative of a much more broad commitment to financial intentionality.
Not tripping over anything.
@@Rew123, no time really. I put them in the washer. If it doesn’t break, it gets used again.
I’m comfortably retired at 60 and loving every minute. Never HAD to make $100/hr.
thats too far bro, stop it lol
We have to chat about how they're calculating hair cuts. No millionaire woman is getting a $22 haircut. Now if it's averaged in with the men in the household and averaged across the year, maybe. Men with short hair need their hair cut more often than women, but it costs more for a woman to get styled. This data point just needs more information. I don't believe for a second that millionaire women are getting $22 haircuts. It's just not reality. Maybe this survey was done with mostly men and they have no clue how much their wives are spending on hairstyles, but a $22 haircut for a millionaire woman is not happening.
Not true. I know several multimillionaire women who don’t care to spend more than $22 for a haircut. It’s about individual choice.
@@marymichalak8792 - In PA, you can't even get a women's cut at Supercuts for $22. It's $24 for just the cut with no blow dry. Just a cut and blow dry is $35. And Supercuts is pretty much the lowest you can get. So maybe we're just in different areas.
Yeah - it also probably depends on the woman's profession. My wife is in sales and I am in consulting... it is actually important to look presentable. I don't buy luxury goods, but having nice things that last is fine in my mind.
My wife gets her hair done twice a year, and it’s $175 each time ( full cut, hair dye, whatever else she gets) 3 million dollar net worth. So yeah, no $22 haircut for any woman. I pay 22 for my haircut as a man every 6 weeks.
@@reaper-sz5tm I'm going to assume they are referring to men's haircuts in this blurb.
Also, you dont want everyone to know you are wealthy. People start to change the way they act around you when they find out you have stuff they want.
My household income is well above the 1% line, and I drive an 8 year old minivan 😅. We are saving about 50%, living on 15%, and giving FJB 35% in taxes.
It’s probably not a sustainable income, so we are trying to build our investments as much as possible while the gravy is flowing.
Liar
@@pensacola321 Why?
But its also a matter of respecting others. If Im at a business meeting or a conference, people have come to meet with me, im going to make the effort to look smart. Im not gonna come dressed in a hoodie and sneakers, like a 15 year old! In fact, you are always representing yourself. But smart/formal does not necessarily mean wealthy looking, its two different things. A two piece suit and pair of proper shoes does the job. Warren Buffet does not flaunt his wealth with his clothing, but he does dress smart and dignified, showing respect for others.
Better no wine, mom haircuts, DIY everything, exercise, eat healthy, drive new cars all the way to the grave.
100% on this and I follow this as much as we are comfortable. We live in a shared parking garage and easily has the oldest/cheapest car in the parking lot. Won't get stolen either lol. But also avoid lifestyle creep unless you are hitting your financial goals.
My definition of monetary wealth: owning my car and the (nice) house I live in and not worrying about paying the bills. My definition of being rich: having more money than I will need to satisfy both my future legitimate needs (housing, food, clothes) and wants. My definition of stupid: needing to show the whole world what you have. Needing to always tell those around you what you paid for something. Namedropping incessantly. Needing to be "cool." My definition of being smart: knowing that I am far from an expert in all things - which is why I have both a financial adviser and an estate attorney that I've worked with for 20+ years. Add-on to being wealthy or rich: a really good, solid education, being multilingual, being well read and well informed, being well travelled, being able to put a really good meal together - both on a budget and with unlimited money to spend, having a library that far outstrips your shoe collection, being able to talk to people from all walks of life - as opposed to just talking to their wallets, being able and willing to invest in yourself and your lifelong learning. Being generous and kind.
Best thing you can do to get rich is work smart, and don't finance a depreciating asset, unless it's making you money! That pretty much means if you can't pay for it in cash, wait until you can. Never buy a car that cost more than your house, unless you don't care about your retirement.
I am single guy. Income of 125K a year. Mortgage paid off. My monthly expenses is only $500-$700. I still drive a 2003 Toyota Corolla. Invest 3K a month and have 5K left over sitting in High Yield savings account and not sure what to do with all that money.
Get a life, for starters. Savings is good. Living a well-lived life is better. Get to know people, fall in love, marry, develop hobbies, take care of your soul, be generous. Trust me, you will know what to do with life when love takes residence in your soul. Best of luck. 😊
@@soniaperez2417I was told to not get married. You will end up getting hurt at the end. I have a house and a good savings. Women till take half of that when divorce. I have worked to hard so be where I am, and will not throw it away. I am happy being single. I can travel, wake up when I want, and eat what I want.
Find a wife and have some kids. Family is what's important. Without family. Money is just a piece of paper.
Unfortunately I’m not very good looking and women don’t really want me. So marriage let alone a Gf is not going to happen. Please don’t mention it’s the inside that counts… I have a great personality, calm, and loving. Just don’t get to show it.
The whole millionaire flex driving a carolla makes no sense, If you are wealthy at least buy a car that's going to protect you and have the best safety/technology features. Living frugal just means you can afford a very nice gold coffin
I remember hearing this years ago: « Living large…and growing poor. » (Not my goal!)
For decades the most common vehicle millionaires in America drove was the Chevy Suburban which is in the price range you list for what they spend on a vehicle.
If you are rich, you can do as you like. If you are into cars, you might want to drive and expensive car. On the other hand, you might chose to spend your money on clothes, or art, or fancy electronics.
This is it, I’m a car guy, so I’m willing to put down an extra $10-$15,000 to get a car loaded up, but I don’t care about clothing or fancy stuff, just a nice home and my vehicles/ vacations. It’s about what matters to you
You are never really wealthy when you work for someone else.
Who are you to judge what you want to do with your money.
People that are flashiest are usually the brokest.
We earn almost 500 k a year. We live in an area where the average income is 1/5 of that. Nobody has a clue how well off we are. 4 million in assets and zero debt. I don’t need to impress anyone.
HOW TO GET RICH QUICK - build wealth slowly.
on the flip side its easy to spot whose poor by the clothes they wear and car they drive
When i can have it i don't even want it anymore. I don't go hog wild on status symbols even though I can afford it. I'm sure I'm not the only one who is like that.
I retired at 62 (refused the vax so had to go). I was luckier than most. I had saved money during working years, always lived within my means, drive a 2004 Caravan which pulls my boat, hauls my trash to the landfill, and carries furniture I buy at auctions to restore and resell. Also have a 2014 Honda CRV that's my every day car. Getting ready to buy a tiny house to "age in place" on my property and rent my house to daughter and son-in-law. Get my hair cut maybe twice a year, no manicures or pedicures, have clothes, coats, shoes I've had for 20+ years that I still wear because they're classics. Someone told me many years ago, "Don't expect or plan for a man to take care of you, take care of yourself". Best advice I ever got.
I really hope this is true!
Because:
My Wife cuts my Hair (and: on the sidewalk out front-don’t want the hair in the house!)
I wear shorts every day!
The list goes on and on!
Oh, my Wife works at a Winery and most of the Wine we drink, the Winery Gave us!
Oh, Tuesday and Thursday I eat the Kids meal at Chipotle for lunch!
Man, I’m gonna be Rich if this works!
Do people ever ask her if she will cut their hair?
Wealth is all relative. Personally, I have no debt and can sleep well at night. If I don't need something, I don't buy it. If I do need something, I buy it outright, be it a car or property and no-one knows as I don't want others less fortunate to feel bad, despite this post, but relevant to the topic. My best advice is live within your means and follow the 3rd rule. A 3rd on expenses, 3rd on living and save a 3rd.
I make about $300k. My net worth is in the millions with about 1 million in cash. I drive a 2005 Honda Civic I paid $1300 for. I actually have 2 and paid $1800 for the other one.
I wear T-shirt’s and jeans daily.
Because they live by the following.... If you can't afford to buy it in cash you can't afford it and if you can't be bothered to save for it you don't need it. They don't spend money on stuff they don't need.
Thank you for adjusting millionaire card expenses for inflation.
Nobody should be making payments on a car and also paying for maintenance. Pick one or the other. Translation: Never make payments on a car that's out of warranty.
We were having supper with several couples a few years ago. A doctor, lawyer. A banker and a couple engineers. We had the smallest house, but the only one paid for. I worked retail for 34 years and was the only one retired. They were all saying what they were going to do with the “Biden Bucks” stimulus checks. Some gave to kids, others to charity. We didn’t get one, because my retirement income from investments was too high. We kinda omitted 8n Fo, and said we had gotten an inheritance that kept us from getting stimulus money. It was only $100k, but they didn’t need to know that.
I look poor. I have a beard. I was flying the other day and got into the first class line. The lady agent yelled at me
“SIR DO U KNOW YOURE IN THE FIRST CLASS LINE?” I said yes I know. LoL
I'd like to add a little on this idea of cars.... one of the number one wealth killers is cars IMHO. seriously, a carefully picked used car with a budget toward repairs will often be less expensive than a new car in terms of total cost of ownership. You only need reliability in transit. not flashy new features. Find a really well cared for, decked out Toyota from 10 years ago, budget for repairs, and save the rest for the 70 year old version of yourself. or 40 year old depending how much you value early retirement!!!
Honestly, financing cars is very expensive. If you can stand starting off with a cheap car, I'd say get one cash and save up those payments you would have been spending for a car you actually want.
Then you're never burning money on interest and you can even make interest on that car fund you're saving up.
The best reason for having money is not to have to worry about money. Externalities are bull shit.
money makes you cool on the inside and you done care what anyone thinks
I worry about young people these days.... I probably am as old as I sound. I do not like that everything is shifting to subscriptions. If you stop paying all your monthly fees, what are you left with? Have you actually gained anything for all that money shelled out? Therefore, people are stuck paying forever, and that doesn't seem sustainable. I heard recently of a baby monitor that came with a monthly fee and also, BMW wanted to charge a monthly fee for heated seats in their vehicle. I think this is setting people up for failure. Add on to that expensive cars, manicures, hair appointments, $7 coffees and tipping everyone you meet and how does anyone have anything left over to save for retirement?
I think that the US has succumbed to keeping up with the Jones-itus to our detriment.
I drive a 2008 Mercedes SLK350 with 65,000kms on the clock. Only two previous owners and they babied the car so it looks like new. Origical cost would have been $150k-ish, I bought it for $19k, so I'm driving a fantastic supercar for pennies on the dollar and look rich to outsiders. Not that I give a sht about looking rich, but it's nice to get complements on your car.
SO, lets make a distinction between posing and enjoying what you have earned, there IS a difference. For example, we enjoy driving BMW vehicles, could be Mercedes, Lexus or any other luxury car, the trick is to not buy them new. A 2-3 year old car, still under factory warranty, with 30000-35000 miles is 30-40-50% cheaper than buying the car brand new and we do BUY - with cash! and drive them until they cost more to maintain than what the monthly payment would be if we had a loan. It's worked out amazingly well and we get what we want without the insane depreciation that hits after the first few years.
Millionaires don't spend money on their personal cars... Its under their business that somehow needs a Ferrari to be successful.
exactly I own 3 Ferraris all free
You do not get rich by spending money, but by saving it.
Never buy anything other than a house on credit.
I'm one of those. I am a millionaire four times over. My car is a Ford Escape that I use very little. The vast majority of my intown travel is by bicycle.
Thank you for this !!!
I don't see eye to eye with them on that. wealthy people don't look poor whatsoever.
I want to know where I can get a 22 dollar hair cut
Came here to say that. The only decent haircut I found was 30$. The best haircut I get is in a poorer country for 1$, and the service is worth 100.
5:00 Mortgage Payment : 25% Gross Income, Vehicle 238 : 20% Down Payment, 3 years Loan Tenure, Payment 8% Gross Income.
If you are retiring how should you determine what you should spend on a vehicle? I plan on retiring in 3-4 years, I’ll be buying my next vehicle for cash at that time. How do figure out what’s a safe amount to spend? I go for reliable cars like Subaru or Honda and keep 20 years.
If you're retiring, you wouldn't need a vehicle anymore...
@@amireallythatgrumpy6508 Sounds like a pretty lousy retirement to me...
I like to do it as 10% of my monthly income ( just for the payment ) or if that doesn’t work, 2.5%-4% of my net worth. So if your worth 3 million, you can drive a 120k car for 10 years without any real risk to your overall finances. Always try to keep a vehicle for 10 years, it spreads out your cost basis significantly beyond the life of any car loan
Good question. Personally I'd buy the car I want and figure out when I could retire from there. Depending on what age you're retiring, and how long you keep cars, it could be your last car. May as well make it one you can enjoy. But maybe not something too expensive, because at some point it's not worth working that much extra. Only you know where that intersection is. Someone else may have a more financial mathy answer.
@@amireallythatgrumpy6508 Depends on what kind of retirement you have. In the city, perhaps you don't need a vehicle. Out here in the middle of nowhere, you better have transportation. And reliable transportation at that. The nearest grocery store is 75 miles away.
This why I don’t judge ppl by their appearance like most ppl do. Yes appearances do matter, but I seen rich ppl looking like bums and bums look like millionaires. Yes most ppl won’t take the bum rich person seriously over the homeless well put together, but when it time to check their credit scores, finance, etc that’s a whole different story
Think and Grow Rich was such a great book !....Oops, I mean The Millionaire Next Door ! Get both !!
Almost everyone owns a single bottle of wine under $14
I so agree with the athleisure comment, that's me half of my day. I don't do it for meetings, but if you see me in the supermarket, you would never know what the real deal was haha :D Love the show as always fellas, big thoughts, wishes and love from the U.K.
I have cut my own hair for at least 35 years. Eventually it looks good enough.
What size bowl 🥣 do you use?