4 ms·

I believe he's talking about acquiring wealth, not about how to act once you already have it.

coldtea 7y ago
Well, do you think that people who go acquiring wealth don't "buy new" or "don't lease"? Nobody ever acquired wealth by thrift (or very few cases, and with a low cap on that wealth, like those cases occasionally finding out that some guy sleeping on a slum and working as a clerk had saved all his life and had 10 million dollars in the bank when they died and were found half-eaten by their cats).
- thinkingemote 7y ago
  One aquires wealth by not losing it.
  - coldtea 7y ago
    That's just a basic precondition, not enough to acquire wealth. You could "not lose wealth" all your life, spend the least you can, save money in the bank whenever you can, work your ass off until your 70s, and still be pretty poor. Wealth is created by creating new businesses and spending wisely to invest in opportunities, not by being frugal.
    - perl4ever 7y ago
      People I have known who "worked their ass off" all their life and ended up poor, if they weren't handicapped, it was because they could not give up running a struggling business or change it to make more money. It's my impression that because of the sense of pride and ownership, people will end up worse off sometimes when they have their own business than if they were an employee being exploited by someone else. That kind of seems like the foundation of the system of franchising, now that I think of it.
- inlined 7y ago
  Saving to become rich is both reasonable and practical for the HENRY[0] and FIRE[1] camps. [0] https://www.investopedia.com/terms/h/high-earners-not-yet-rich-henrys.asp https://www.investopedia.com/terms/h/high-earners-not-yet-ri... [1] https://www.investopedia.com/terms/f/financial-independence-retire-early-fire.asp https://www.investopedia.com/terms/f/financial-independence-...
segmondy 7y ago
Yeah, if your income is little. If your income is tons, you can still buy new and acquire wealth. It's much easier to acquire wealth by making tons more than by saving alone.

Well, do you think that people who go acquiring wealth don't "buy new" or "don't lease"? Nobody ever acquired wealth by thrift (or very few cases, and with a low cap on that wealth, like those cases occasionally finding out that some guy sleeping on a slum and working as a clerk had saved all his life and had 10 million dollars in the bank when they died and were found half-eaten by their cats).

thinkingemote 7y ago
One aquires wealth by not losing it.
- coldtea 7y ago
  That's just a basic precondition, not enough to acquire wealth. You could "not lose wealth" all your life, spend the least you can, save money in the bank whenever you can, work your ass off until your 70s, and still be pretty poor. Wealth is created by creating new businesses and spending wisely to invest in opportunities, not by being frugal.
  - perl4ever 7y ago
    People I have known who "worked their ass off" all their life and ended up poor, if they weren't handicapped, it was because they could not give up running a struggling business or change it to make more money. It's my impression that because of the sense of pride and ownership, people will end up worse off sometimes when they have their own business than if they were an employee being exploited by someone else. That kind of seems like the foundation of the system of franchising, now that I think of it.
inlined 7y ago
Saving to become rich is both reasonable and practical for the HENRY[0] and FIRE[1] camps. [0] https://www.investopedia.com/terms/h/high-earners-not-yet-rich-henrys.asp https://www.investopedia.com/terms/h/high-earners-not-yet-ri... [1] https://www.investopedia.com/terms/f/financial-independence-retire-early-fire.asp https://www.investopedia.com/terms/f/financial-independence-...

segmondy 7y ago

Yeah, if your income is little. If your income is tons, you can still buy new and acquire wealth. It's much easier to acquire wealth by making tons more than by saving alone.