4 ms·

> you can't become wealthy if you make a habit of allowing people to chisel you. I remember a guy rudely criticizing my younger brother, who was a quiet, well-

> you can't become wealthy if you make a habit of allowing people to chisel you. I remember a guy rudely criticizing my younger brother, who was a quiet, well-behaved little kid, for being wasteful because he took two napkins instead of one. Our family were guests on his $5 million yacht. First generation wealth often have a quirky relationship with money. They're mulishly stubborn penny pinchers with some things, but spend money foolishly on other things. Some are completely allergic to all debt, even when it makes objective financial sense to finance a thing instead of paying cash. I think it's just really hard to shake old habits that they worked hard to build and that served them so well in the past before they built their wealth, even if those habits are actually hurting them now.

noduerme 3y ago
Hah. I'm one of those who's allergic to all debt. What I've observed around me is that second- and third-generations almost inevitably slide into financial degeneracy and lose their wealth, because they don't have the habits you're talking about. "A penny saved is a penny earned" is something you can only really grok if you had to earn pennies. Even if that is a psychological kink... it's the kink that generates fortunes, rather than dissolving them. See also Warren Buffett's breakfast menu... https://www.inc.com/jeff-haden/warren-buffett-gets-a-mcmuffin-on-way-to-work-every-morning-but-not-for-reason-you-think.html https://www.inc.com/jeff-haden/warren-buffett-gets-a-mcmuffi...
- Gud 3y ago
  "When I'm not feeling quite so prosperous, I might go with the $2.61: two sausage patties I put together. $3.17 is a bacon, egg, and cheese ... but the market's down this morning, so I think I'll pass up the $3.17 and go with the $2.95." If uber billionaires like Warren Buffet thinks having a McMuffin for breakfast is being frugal, oh boy do I have some advice for them. 1/2 cup oats 1 cup water a pinch of salt. Put it in a microwave, turn on the microwave and let it do its magic. Add som jam(but not too much) on top. For the cost of his cheapest breakfast meal, I can buy at least a kilo of oats. Having a McMuffin for breakfast every day is squandering almost a thousand dollars every year. I bet he also has coffee to go with it, another small fortune wasted.
  - noduerme 3y ago
    I mean, I don't even eat breakfast or lunch, so it's all a bit silly to me. But I say spend money on things that make you happy, as long as you feel it's a fair value.
teddyh 3y ago
> I think it's just really hard to shake old habits Excellently explained in this article: The 5 Stupidest Habits You Develop Growing Up Poor (January 19, 2012) <https://web.archive.org/web/20220607063905/https://www.cracked.com/blog/the-5-stupidest-habits-you-develop-growing-up-poor https://web.archive.org/web/20220607063905/https://www.crack...>

noduerme 3y ago

Hah. I'm one of those who's allergic to all debt. What I've observed around me is that second- and third-generations almost inevitably slide into financial degeneracy and lose their wealth, because they don't have the habits you're talking about. "A penny saved is a penny earned" is something you can only really grok if you had to earn pennies. Even if that is a psychological kink... it's the kink that generates fortunes, rather than dissolving them. See also Warren Buffett's breakfast menu... https://www.inc.com/jeff-haden/warren-buffett-gets-a-mcmuffin-on-way-to-work-every-morning-but-not-for-reason-you-think.html https://www.inc.com/jeff-haden/warren-buffett-gets-a-mcmuffi...

Gud 3y ago
"When I'm not feeling quite so prosperous, I might go with the $2.61: two sausage patties I put together. $3.17 is a bacon, egg, and cheese ... but the market's down this morning, so I think I'll pass up the $3.17 and go with the $2.95." If uber billionaires like Warren Buffet thinks having a McMuffin for breakfast is being frugal, oh boy do I have some advice for them. 1/2 cup oats 1 cup water a pinch of salt. Put it in a microwave, turn on the microwave and let it do its magic. Add som jam(but not too much) on top. For the cost of his cheapest breakfast meal, I can buy at least a kilo of oats. Having a McMuffin for breakfast every day is squandering almost a thousand dollars every year. I bet he also has coffee to go with it, another small fortune wasted.
- noduerme 3y ago
  I mean, I don't even eat breakfast or lunch, so it's all a bit silly to me. But I say spend money on things that make you happy, as long as you feel it's a fair value.

teddyh 3y ago

> I think it's just really hard to shake old habits Excellently explained in this article: The 5 Stupidest Habits You Develop Growing Up Poor (January 19, 2012) <https://web.archive.org/web/20220607063905/https://www.cracked.com/blog/the-5-stupidest-habits-you-develop-growing-up-poor https://web.archive.org/web/20220607063905/https://www.crack...>