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Wanna be rich? Avoid this...
08-26-2015, 03:47 PM
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#1
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Gone but not forgotten
Join Date: Jul 2012
Location: Peru
Posts: 6,335
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Wanna be rich? Avoid this...
Just discovered why DW and I are not wealthy, and think it's important to share with you.
Quote:
"The great ones know there's a price to pay for getting rich, but if they have the mental toughness to endure temporary pain, they can reap the harvest of abundant wealth for the rest of their lives,"
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Rich people aren't nostalgic - Business Insider
The secret is explained in the article.
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08-26-2015, 06:55 PM
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#3
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Feb 2013
Posts: 9,358
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Quote:
Originally Posted by imoldernu
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The article describes many who post here - "And they don't just dream — they spend years tirelessly and patiently planning in order to realize their dreams."
__________________
Even clouds seem bright and breezy, 'Cause the livin' is free and easy, See the rat race in a new way, Like you're wakin' up to a new day (Dr. Tarr and Professor Fether lyrics, Alan Parsons Project, based on an EA Poe story)
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08-27-2015, 06:24 AM
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#4
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Feb 2006
Location: Washington, DC
Posts: 11,317
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Here is the rest of the summary:
"People who believe their best days are behind them rarely get rich, and often struggle with unhappiness and depression," Siebold writes in "How Rich People Think."
"Self-made millionaires get rich because they're willing to bet on themselves and project their dreams, goals, and ideas into an unknown future."
But what about us ERers who are done piling it up? What keeps us rich?
__________________
Idleness is fatal only to the mediocre -- Albert Camus
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08-27-2015, 06:49 AM
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#5
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Thinks s/he gets paid by the post
Join Date: Aug 2011
Posts: 3,594
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@doneff - Agreed... There is more than one path to life success.
Probably best if you can adopt a plan based on your own personality rather than blindly following someone's (ie Steve Siedbold) formula.
-gauss
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08-28-2015, 07:18 AM
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#6
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Full time employment: Posting here.
Join Date: Apr 2015
Posts: 903
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I think the article is mostly in reference to big risk takers who get rich quickly.
Personally, I'm fine going the slow and steady route to FI.
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08-28-2015, 12:46 PM
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#7
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Recycles dryer sheets
Join Date: Jul 2014
Posts: 153
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I would offer that most on here and in FIRE are "rich" not RICH. There is a difference in mindset and approach.
It clearly manifests, to me, in the delta between Tom Stanley's "glittering rich" and "MNDs". Glittering rich are really RICH (truly wealthy) people who can afford the very high lifestyles to which they ascribe based on their accumulated net worth. They really can spend $300k-$1M dollars per year and not touch their capital, or in fact add to it.
I think MNDs and those of us in between the poles are...in between...in our mindsets and approaches as well on many of the attributes listed in the reference. I certainly am some of each, even if I want to be less middle class in tackling certain of them. Hard to escape some aspect of roots and societal conditioning.
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08-28-2015, 01:50 PM
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#8
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Full time employment: Posting here.
Join Date: Apr 2015
Posts: 903
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MND?
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08-28-2015, 02:11 PM
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#9
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Thinks s/he gets paid by the post
Join Date: Apr 2012
Location: Nashville
Posts: 2,504
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Quote:
Originally Posted by hnzw_rui
MND?
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Millionaires Next Door (I believe)
__________________
OMY * 3 2ish Done 7.28.17
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08-28-2015, 02:12 PM
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#10
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Thinks s/he gets paid by the post
Join Date: May 2014
Location: Utrecht
Posts: 2,650
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Guessing Millionaire Next Door.
That or motor neurone disease
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08-28-2015, 02:17 PM
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#11
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Full time employment: Posting here.
Join Date: Apr 2015
Posts: 903
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Quote:
Originally Posted by 2017ish
Millionaires Next Door (I believe)
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Ah, yes. Alas, I didn't find that here:
MND - What does MND stand for? The Free Dictionary
Although "Makes No Difference" probably works just as well in the above context.
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08-28-2015, 09:01 PM
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#12
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Recycles dryer sheets
Join Date: Jul 2013
Posts: 123
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Quote:
Originally Posted by donheff
"People who believe their best days are behind them rarely get rich, and often struggle with unhappiness and depression," Siebold writes in "How Rich People Think."
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Interesting, that pretty much describes me, though I have had no problem saving money. Maybe they are talking about Rich (tens of millions) instead of rich (a million or two).
I've just been in a funk for the last 5 years or so - ironically right around the time when I started seriously saving for FIRE. It seems like nothing will ever get better than it was yesterday. Every day is a little worse than the one before.
Even though my net worth goes up every year and I get closer to FIRE, it seems to matter less and less.
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08-28-2015, 09:11 PM
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#13
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jul 2008
Posts: 35,712
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Quote:
"And they don't just dream — they spend years tirelessly and patiently planning in order to realize their dreams."
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I spent years working, not planning, and one day I felt tired so I stopped work. And I am not rich.
Quote:
"People who believe their best days are behind them rarely get rich, and often struggle with unhappiness and depression"...
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I am not unhappy or depressed. I do not know if my upcoming days will be better or not. But I am quite certain that I have fewer days ahead of me than in my back. And I am going to pour myself a shot of my favorite spirit now, as I was denied that cocktail in the other thread.
__________________
"Old age is the most unexpected of all things that happen to a man" -- Leon Trotsky (1879-1940)
"Those Who Can Make You Believe Absurdities Can Make You Commit Atrocities" - Voltaire (1694-1778)
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MND is millionaire next door, as you guessed
08-28-2015, 09:29 PM
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#14
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Recycles dryer sheets
Join Date: Jul 2014
Posts: 153
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MND is millionaire next door, as you guessed
Apologies - I don't even think to decode that shorthand, it comes up so frequently in conversation in and around these topics.
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08-29-2015, 08:56 AM
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#15
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Recycles dryer sheets
Join Date: Jul 2014
Posts: 92
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And we shouldn't underestimate the power of being happy where we are.
Good feelings can help you feel rich.
__________________
I find this early retirement topic sooo very overwhelming.
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09-06-2015, 07:36 AM
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#17
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Thinks s/he gets paid by the post
Join Date: Dec 2009
Location: Alberta/Ontario/ Arizona
Posts: 3,393
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I find it a little ironic that most people who discuss the topic of "rich people" don't think they are "rich". Maybe it's an elusive goal that keeps moving away as you get closer? I think there must be "rich" people on this forum. Maybe they don't post much because they have more interesting things to do, ie with all that money. Or don't want to expose themselves to the LBYM'ers?
As far as the article goes. Makes sense, as the author is really describing a characteristic that would help someone become successful at whatever they set out to do, eg athlete, teacher, clergyman, etc. whether or not they get "rich". Seems somewhat self evident to me.
I certainly agree that once you are ER'ed you should accept that whatever your level of wealth is, it is the perfect amount and be happy about it. The thought that our best days are behind us is terrible, even if it may true. I certainly don't feel this way. So many interesting and fun things to do. Cheers.
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09-06-2015, 09:01 AM
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#18
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Thinks s/he gets paid by the post
Join Date: Sep 2013
Location: Cincinnati, OH
Posts: 4,353
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The funny thing is Rich ($10+ Million) are something like the top 0.1% of population, and even rich ($1-2 Million) are still in the top approx. 5% of population. So while the article seems to be for the Rich definition, most in the rich level do not see themselves as being top 5%. I am sure they all recognize they are in the top half and probably in the comfortable range of middle to top of that half. But for those that got to the top 5% by LBYM, sacrificing and saving over a working life, it does not seem the people in the rich category would define themselves as that. They may be financially independent, but that does not meet their criteria for being rich, or especially for being Rich.
My feeling is that good financial sense, hard work, positive outlook and personality have as much to do with getting to rich level than anything else.
__________________
The problem isn't artificial intelligence, it's natural stupidity.
You can't spend yourself to prosperity.
Semi-Retired 7/1/16: working part-time (60%) for now [4/24/17 changed to 80%]
Retired Aug 2, 2017; age 53
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09-06-2015, 09:04 AM
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#19
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jul 2006
Location: Pacific latitude 20/49
Posts: 7,677
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We on the ER Board tend to be planners. So we LBYM until we have "enough". When we are confident, then we could be described as "independently wealthy" because we no longer need to work to sustain our chosen lifestyle. This may involve millions or not.
A healthy COLAd pension with a nice nest-egg might suffice. How much that nest egg amounts to is largely irrelevant.
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For the fun of it...Keith
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09-06-2015, 11:40 AM
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#20
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Thinks s/he gets paid by the post
Join Date: Dec 2009
Location: Alberta/Ontario/ Arizona
Posts: 3,393
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Quote:
Originally Posted by kcowan
We on the ER Board tend to be planners. So we LBYM until we have "enough". When we are confident, then we could be described as "independently wealthy" because we no longer need to work to sustain our chosen lifestyle. This may involve millions or not.
A healthy COLAd pension with a nice nest-egg might suffice. How much that nest egg amounts to is largely irrelevant.
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Agree. Many people don't work too long after reaching their definition of FI. But some do. For some who enjoy their jobs, they keep going and perhaps end up with more than they really need. For others, the markets might take them higher than they thought or needed. Others are self employed and may suddenly find themselves "rich". In any event, some just end up with a lot. I think many of these adjust their lifestyles to fit their means in retirement. Others of course, might be too set in their ways and keep building their net worth's right to the end. To each their own.
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