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Reminds me of the book, "The Millionaire Next Door". Seems like many of the people who have accumulated wealth tend to be fairly frugal.
by graton 7y ago
Reminds me of the book, "The Millionaire Next Door". Seems like many of the people who have accumulated wealth tend to be fairly frugal.
- jorvi 7y agoReminds me of a German saying I can't quite remember (something like 'erber, gerber, versterber'). Basically the first rich generation is very frugal because they had to work hard to attain it. The second generation maintains it, not really adding more but not frittering it away either, and the third generation throws it away on ski resorts and fancy cars. That's also one of the few things I do respect about 'old money': they really drill it into their kids to not be ostentatious and wasteful with the familial wealth, thus escaping the aforementioned trap.
- 0xcafecafe 7y agoI have heard it in english too: First generation earns it, second learns it, third burns it.
- kamyarg 7y agoIs it this one: > Die erste Generation schafft Vermögen, die zweite verwaltet Vermögen, die dritte studiert Kunstgeschichte, und die vierte verkommt. > Bismarck (1815–1898) EN: > The first generation creates wealth, the second manages wealth, the third studies art history, and the fourth degenerates.
- scrumbledober 7y ago“My grandfather rode a camel, my father rode a camel, I drive a Mercedes, my son drives a Land Rover, his son will drive a Land Rover, but his son will ride a camel” - Sheikh Rashid bin Saeed Al Maktoum