Low consumption lifestyles create more wealth than acting "rich"

http://www.washingtonpost.com/wp-srv/style/longterm/books/chap1/millionairenextdoor.htm

by sleepingbot • 16 years ago

3 3 16 years ago

washingtonpost.com

mooism2• 16 years ago

No.

The article describes wealth accumulation. Not wealth creation. Wealth creation is what pays for their income.

sleepingbot• 16 years ago

Are you sure? If you have time, re-read the article.

kbob• 16 years ago

So. Millionaires save like crazy. They devote their lives to hoarding money (bad connotation unintended), to the exclusion of a lot of other material goods.

This sounds like a compulsive behaviour. Should we regard excessive frugality as a sickness and millionaires as pitiable? Serious question.

(Full disclosure. I am a first generation millionaire by this article's criteria. But I don't fit the profile very well -- not an entrepreneur, my wife earns about as much as me, we've bought "foreign luxury cars" and an expensive house. And most important, we have no kids (which explains why we have money - we're DINKs).)

Low consumption lifestyles create more wealth than acting "rich"

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