4 ms·

My dad took our family through a rags-to-riches-to-rags arc, so for me... (1) I never want be in 'rags' again (2) I never take for granted what I've got (3) I'm

by glonq 3y ago

My dad took our family through a rags-to-riches-to-rags arc, so for me... (1) I never want be in 'rags' again (2) I never take for granted what I've got (3) I'm guilty of having a 'scarcity mentality' (quick to save, slow to spend or share).

throwaway2037 3y ago
Your list sounds good. #3 is important to have a savings / investing mindset. Don't lose it. It will help you to slowly grind to a multi-millionaire in your 50s with diligent saving and investing. Real question: What was the emotional impact of the "way back down" (riches-to-rags)? Can you share any anecdotes of things that stay with you?
- glonq 3y ago
  Hmm, I'm 51 next week and those multi-millions aren't quite in my grasp yet. But I live happy and comfy, which is great considering that many people don't/can't. We were truly never rags to proper riches, but... - initial "rags" was moving around between shitty towns a lot, changing schools and losing friends, occasional homelessness, occasional food scarcity, and having no role models for sustainable lifestyle, job, and economic practices. - "riches" was living in (renting) a nice house with a pool in a nice upper-middle class neighborhood and attending a good private school. and having a slick-ass 386sx PC with ATI VGA Wonder and Soundblaster Pro ;) I was in college when the house of cards came falling down, so it meant trying to stand on my own two feet while my dad lost his house and got incarcerated and my little sisters had to work at walmart and apply for welfare. I had to take care of my mom at the same time that I was getting married and starting a family. It was a very humbling experience. What stayed with me? Humility. Empathy for people who are less fortunate. A disdain for unrestrained capitalism, and sympathy for its victims. A strong work ethic. An aversion for taking financial risks.
  - throwaway2037 3y ago
    +9000. This is a great post. I like how you are realistic about "rags" vs "riches". Cool. Please post more!

by glonq 3y ago

throwaway2037 3y ago

Your list sounds good. #3 is important to have a savings / investing mindset. Don't lose it. It will help you to slowly grind to a multi-millionaire in your 50s with diligent saving and investing. Real question: What was the emotional impact of the "way back down" (riches-to-rags)? Can you share any anecdotes of things that stay with you?

glonq 3y ago
Hmm, I'm 51 next week and those multi-millions aren't quite in my grasp yet. But I live happy and comfy, which is great considering that many people don't/can't. We were truly never rags to proper riches, but... - initial "rags" was moving around between shitty towns a lot, changing schools and losing friends, occasional homelessness, occasional food scarcity, and having no role models for sustainable lifestyle, job, and economic practices. - "riches" was living in (renting) a nice house with a pool in a nice upper-middle class neighborhood and attending a good private school. and having a slick-ass 386sx PC with ATI VGA Wonder and Soundblaster Pro ;) I was in college when the house of cards came falling down, so it meant trying to stand on my own two feet while my dad lost his house and got incarcerated and my little sisters had to work at walmart and apply for welfare. I had to take care of my mom at the same time that I was getting married and starting a family. It was a very humbling experience. What stayed with me? Humility. Empathy for people who are less fortunate. A disdain for unrestrained capitalism, and sympathy for its victims. A strong work ethic. An aversion for taking financial risks.
- throwaway2037 3y ago
  +9000. This is a great post. I like how you are realistic about "rags" vs "riches". Cool. Please post more!