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There’s also a difference in the way people handle money once they improve their financial situation. They tend to be cautious, and save money instead of spendi
by bezout 6y ago
There’s also a difference in the way people handle money once they improve their financial situation. They tend to be cautious, and save money instead of spending it. There are exceptions, of course.
- TulliusCicero 6y agoI've heard just as many people express the opposite. That because they were used to "having extra money to spend" being a fleeting thing, they threw caution to the wind and overspent after attaining a substantially higher income. That they had never learned about saving before (because they didn't consistently have extra to save), so it never became a habit. It'd be interesting to see real data on which outcome is actually more common.
- dagw 6y agoAnecdotally it seems to depend a lot on how they got the money. Based purely on people I've known; people who become rich after working long hours for 20+ years building up company or similar tended to be very frugal for the rest of their lives despite retiring millionaires. People who 'lucked' into a lot of money tended to wildly overspend and never achieve financial stability.