NYT: "Millionaires Who Are Frugal When They Don’t Have to Be"

[nushagak]

Interesting read in the NYT (http://www.nytimes.com/2015/06/06/your-money/skimping-on-the-splurges-even-as-a-millionaire.html?_r=0) - happy to see the radical notion of living below your means getting a little mass press.

The following bits will sound familiar:

"One of the big choices was what they spent money on. A common thread was frugality about cars. Not only did they buy modestly priced vehicles, they kept them for a long time."

and

“Whether or not they realize it, they pay attention to what makes them happy,” Ms. Cygan said. “They have selective ways to spend on extravagances.”

But fancy cars were more of a proxy for unnecessary purchases. Steve Ingram, a real estate and oil and gas lawyer in Albuquerque, said he and his wife simply didn’t care that much about material possessions.

“We have some nice things, but I drive a car for 10 years and then trade it in and get another car for 10 years,” he said. “We like to travel, and we’ll spend the money for that because it’s worth it having a real experience together.”

[Retired To Win]

I'm not surprised that at least some people have some common sense.  That's probably part of how they ended up becoming millionaires.

[iamlindoro]

I'm not surprised that at least some people have some common sense.  That's probably part of how they ended up becoming millionaires.

Indeed!  Classic The Millionaire Next Door behavior quoted above!

[surfhb]

Small hat....... lots of cattle

[Mika M]

Michael Schumacher (the retired Formula One racing driver and millionaire many times over) confessed on Top Gear that his preferred car make is Fiat for everyday road driving.

Granted he also has a 7K-sq foot lakeside mansion in Switzerland that houses its own gas station, but I imagine that's partly because he's known to shy away from the celebrity spotlight and fervently protect his family's privacy. (On the flipside of that he's also given away millions to relatively obscure charities around the world.)

But I thought of that interview after reading the latest blog entry mentioning the naysayer and his ambition for a 'much cooler car than MMM'...

[nobodyspecial]

Michael Schumacher (the retired Formula One racing driver and millionaire many times over) confessed on Top Gear that his preferred car make is Fiat for everyday road driving.

He is employed by Ferrari who are owned by fiat - he is hardly likely to say that he prefers Volkswagon.

[StockBeard]

Yup, that's inspiring in a way, very in line with "The Millionaire next door" book, and I want to believe my wife and I will stay frugal, if we ever become millionaires :)

This kind of article really shows that it's more about using money wisely than making insane amounts of money overnight

[Mika M]

He raced for Ferrari who are owned by fiat - he is hardly likely to say that he prefers Volkswagon.
[/quote]

True... but point is he chose Fiat over something more fancypants (like a Ferrari).

[mozar]

Yet they are still working...I don't understand articles like this. They don't seem frugal to me.

[arcangel911]

Yet they are still working...I don't understand articles like this. They don't seem frugal to me.

But are they happy? That remains the question.

[mozar]

They seem stressed with working full time and managing three houses.