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Home > Smart Spending > Archives > 2009 > January > 05 > Entry
DEL.ICIO.USHow To Become A Millionaire — Our Way
The Atlanta Journal-Constitution
It warmed my heart the other day to be reminded that most millionaires in the U.S. are … cheapskates.
They drive American-made cars. They buy clothes off the rack. They fill up at fast-food restaurants. Yes, they even clip coupons.
Not all rich folks use those tactics to erect a staircase to wealth, but many do. Donald Trump is hardly the role model.
We know this from “The Millionaire Next Door,” a book by Thomas J. Stanley and William D. Danko. Check out the first chapter.
Their survey of people with seven-figure bank accounts, conducted in the 1990s, determined that the average income then was $247,000 and the average home value was $320,000. (Both figures probably have not climbed much, if at all.) But a sizable number earned less than $100,000 annually.
Are you surprised?
While a good portion are entrepreneurs, plenty of millionaires hail from the ranks of employees with household-name companies. They invest one-fifth of their income and spend the rest cautiously. They commonly describe themselves as tightwads.
The findings offer us hope that there is a purpose to cheapskatin’. The road to affluence is paved with … coupons, as well as Costco and Sam’s Club membership cards.
Feel better now about your frugal ways?
To find ways to help make you way through a bumpy economy check out Your Money.
Comments
By AlbertoD
January 5, 2009 3:05 PM | Link to this
It’s okay to be thrifty, but it is not okay to be CHEAP. The difference is if it your “tightwad” behavior affects somebody else. For example, taking extra napkins from a fast food restaurant or refusing to turn on your HVAC when you have guest over. Also, buying cheap gifts or re-gifting.
By Jim Shorts
January 5, 2009 3:16 PM | Link to this
Hey AlbertoD,
I would not turn on my HVAC if I was having you over. You should try re-gifting it’s the Spirit that counts Bigshot.
By Peter Fitzintite
January 5, 2009 3:20 PM | Link to this
Frugal living means not waisting money on junk that ends up in next years garage sale. Buy American
By cheapette
January 5, 2009 3:25 PM | Link to this
Let’s clarify re-gifting rules here: It’s not OK to re-gift CHEAP GIFTS! It’s only OK when it’s something of value to anyone but you. [doesn’t match your decor/doesn’t fit/you already have 5/etc.] PS. THANK YOU DEAR SIENFELD for giving us the word “re-gift.”
By STYLE NETWORK
January 5, 2009 3:57 PM | Link to this
STYLE NETWORK SEEKS THE MESSIEST HOUSE IN THE ATLANTA AREA!
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By lovelyliz
January 5, 2009 4:41 PM | Link to this
A member of my family is a cheap tightwad.
She lives in a very nice house with her husband, drive nice vehicles and always dresses well. They have no credit card debt, no children and she doesn’t work yet she’s alway complaining about being poor. She gives out stocking stuffer quality, dollar store gift if she gives anything at all, but don’t you dare do the same to her even if you really are in the financial bind she convinces others she is in. For weeks in advance of her birthday she drops those not so subtle hints of the rather high end gifts she expects you to give her. You haven’t seen a passive agrssive hissy fit until you’ve given her less than what she expects.
By Mike D
January 5, 2009 5:17 PM | Link to this
I reuse condoms. I’m not worried about any of the women I meet getting pregnant since they are usually one night stands where either of us remembers the others names. I just don’t want any of their diseases. Back in college, I learned how to reroll the condom to make it look like new.
By Opinionated one
January 5, 2009 6:55 PM | Link to this
It is great to be THRIFTY. It is NOT OK to be CHEAP. Thrifty, you pay your way in whatever, CHEAP, you expect other people to pay your part, leave the tip for you, ect. I know some cheap people, I don’t go out to eat with them A lot of the time, the person with the most money, is the real cheapskate.
By DJ
January 5, 2009 7:22 PM | Link to this
It is definitely okay to be frugal, but nobody wants to be around a cheapskate. My sister is a cheapskate…. she never ever picks up the tab at a restaurant , she never even offers to pay the tip. Once she had a flat tire and a guy stopped to help her, he actually had to take her spare and get it filled with air , my brother showed up and asked her to offer the guy 10 bucks for helping her. She actually got indignent and was offended. My brother gave the guy 10 bucks for helping her out…and refuses to deal with her on any level. Being cheap at the expense of others is not a admirable quality.
By CJ
January 5, 2009 7:45 PM | Link to this
I’d never date a guy who was a dollar menu-naire! I don’t eat anything off the dollar or 99 cent menu… 4 Real.
LOL…If it don’t cost dollars then it does not makes cents!
Holla, to all my home girls in Duluth…Who Rock? We Rock!
Class of ‘06
By Death the great Coupon
January 5, 2009 7:53 PM | Link to this
women love me cause i spend and make love like their is know tomorrow! Class ‘o6, you need to crawl back in the learnin’ oven, honey your brain ain’t cooked enough yet.
By Julz
January 5, 2009 8:06 PM | Link to this
here is too all the people looking to save money
Free movies!!! LOL
watch all the new movies in the theatre right now on www.defSpot.com
By I No Forbes
January 5, 2009 8:38 PM | Link to this
Laugh all you want….I had a chance to sit next to Steve Forbes at a bar about 12 years ago….As a joke I asked him if he used coupons…he said, “Yes”! We both laughed, but he was serious!!
By lovelyliz
January 6, 2009 8:37 AM | Link to this
By jrateliff
January 6, 2009 9:31 AM | Link to this
GOOD STUFF AIN’T CHEAP, AND CHEAP STUFF AIN’T GOOD
By Lee
January 7, 2009 8:33 PM | Link to this
My wife and I started taking ideas from this article about this article on associated content:
www.associatedcontent.com/article/1320582/2009newyearsresolutionmaking_and.html
It refers to a blog www.realwomenrealmoneyworkfromhome.blogspot.com
We have made $400 since Dec 19th doing this for only four hours (focus groups) - check it out, anyone like us - we are finally not one payment away from losing everything! Good luck to you!