MasterBlaster
Thinks s/he gets paid by the post
- Joined
- Jun 23, 2005
- Messages
- 4,391
Frugality for peace of mind versus wealth for buying a bunch of stuff
Free Money Finance: The Joy of Wealth
Free Money Finance: The Joy of Wealth
While I was promoting The Millionaire Next Door on the Oprah Winfrey Show, a rather well dressed woman from the audience asked me the same question I had heard a thousand times before: "What good does it do to have all this money if you don't spend it?" The woman was agitated, even indignant, that I was touting frugality. She further indicated that "these people couldn't possibly be happy." She, like most people who are not wealthy, believed that the more one spends, the more satisfying life is. Thus, more money translates into more spending and therefore more happiness. But she does not completely understand the benefits of being wealthy. It has much more to do with being financially independent and secure than owning prestige brands. High self-esteem is related to achieving financial independence. Both the sense of achievement that comes from success and financial independence lead to happiness and life satisfaction, not meaningless badges.
What percentage of the millionaires who live in homes valued at under $400,000 are happy? More than 9 in 10 (91%) indicate that they are extremely satisfied with life.