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URL:  https://boards.fool.com/quot-the-above-statistics-also-suggest-that-the-14507520.aspx

Subject:  Re: CASH MONEY MILLIONAIRES Date:  3/8/2001  9:53 PM
Author:  telegraph Number:  99 of 220

"
The above statistics also suggest that the wealthier
one becomes, the more "frugality" he can afford. So
much for the theory of "Lifestyles of the Rich and Not
So Smart".



That does not compute

If you have a net worth of 1 -2.5 million and live in a $200,000 house, that is already a decent size house in most places.

If you have net worth of 20m, and only live in a house worth 1 million, that is probably because you haven't got a clue how to use 15 bedrooms, 10 car garage, maid and gardener and chaffuer quarters, live in maid apt, guest house (not cottage), etc....... you reach a point where you can't live in a 5 million dollar house in most places...they don't build them......you would have a hard time spending over a million in Dallas.....over that, you get 20-30 acres of land, horse stables, private runway for your plane, and entire lake, etc....... and could it be that most 20m plus millionaires don't want to live in a Bill GAtes style house?

If we also use that as a guideline, 20m net worth people should be driving $200,000 cars....I'm sure a few do own Rolls Royces, but I'd bet most haven't spent more than $55 or $60K, since that is about all you can possibly spend on a car!!!!!! (unless you go 'exotic').....

That argument falls apart quickly.....

They just can't 'spend' that much money in proportion to their net wealth on a home or car...


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