"So When You're Rich, You Won't Have To Be Frugal," He Told Me

I was on a street corner, when a reader stopped and offered kind words about one of my newspaper columns in the home & design section of the Miami Herald. Very nice man! But he concluded his praise with the comment: "What are you going to write about when you're rich and don't have to be frugal anymore?"


I laughed and tried to explain that even if I were very wealthy, I would still live frugally. In fact, many of the wealth management books that I've read -- including the The Millionaire Next Door: The Surprising Secrets of America's Wealthy (1996, ISBN 0-671-01520-6) by Thomas J. Stanley and William D. Danko-- are filled with examples of very frugal millionaires. Here's a snippet from The Millionaire Next Door.

Here are the reasons why I'd still be frugal even if were a millionaire:

1. My children. Quite frankly, I don't want my kids to be brats. If we spent, spent spent, I'd worry about the message that I would be sending to my children. I also worry about affluenza--a financial illness that strikes spoiled kids from affluent homes. As a banking reporter, I once interviewed a very wealthy man who sold his bank for about $300 million in cash. He spoke about the issue of affluenza in harsh tones.

This is the advice he gave me. He told me that it is important to raise your kids with good thrifty values. "You can spend money to fix everything: their teeth, nose, skin. But you can't fix their personalities if they're brats." I really took that advice to heart.


What's more, I've noticed that some of my very, very high-net worth friends are very serious about making sure their kids work for a living. They find part-time jobs, internships and other money-earning enterprises for their kids or they encourage their kids to find those opportunities on their own. It's not about the money; it's about character.


2. My Children: I want to leave them with the means to live comfortably after I've gone to the next world. But if I spend it all now, I won't have anything to leave them later.

I've heard horror stories about families who have lived a luxurious life, but have been reduced to low-income status after a main wage earner suddenly died. Why? The family was living above its means and the lofty lifestyle was really only a fat paycheck-to-fat paycheck existence.

Also, if I were very wealthy, I'd live frugally in order to have enough money to share with my extended family and to pay them back for all of the years of hard work and support.

3. My own sanity. I've gone on marathon shopping sprees that have filled my arms with packages, but have depleted my heart and bank account. The worst shopping trip: In Manhattan during my late 20s, I once went went to every Ann Taylor store on the island (from the Upper West Side to the Lower Manhattan). I was searching for one shirt that was on sale for $20. I found the shirt and purchased one in every color.


Obviously, something was really missing from my life. But definitely, that missing piece of my heart was not in my shopping bag. And clearly, I was clueless. Frugal living, in contrast, keeps me more honest about what's really going on in my life.

4. Environment: When I live very frugally, I conserve energy, money and other resources. I just pay more attention to the world around me.


5. Good Karma: Now this logic may not apply to everyone: but in my heart of hearts, I think that if I save and spend money wisely, I'll have more funds to donate to charities, cultural organizations and to the homeless. And that cycle of giving will enhance the quality of my life.


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Digg!

The Frugal Duchess Booktique
The Frugal Duchess of Beauty Store

Book Shop of Fear
The Poetry & Drama Queen
Frugal Jazz & Blues
Frugal Comic Book Connection
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Britney Steals Lighter: Other Items the Rest of Us "Borrow"

Britney Spears has allegedly stolen a lighter from a Chevron gas station store, according to People magazine. She's not alone: Many of us, aware or not aware, have tapped into the five-finger discount. Here's how:



1. Borrowed, but did not return a pen or pencil at a bank, customer service desk or grocery store. For me, this little theft works like this: "May I borrow that for a minute?" I sign the card, check or document and then mindlessly slip the pen or pencil into my pocket. Oooops. I am now making a big effort to return a pen right after I've used it.



2. Buffet extras: Sure it's all you can eat, but not all you can take away. Taking a to-go platter from a buffet is stealing unless you've asked the manager for permission or have paid for take-out. Amy Dacyczyn addresses this issue in the Tightwad Gazette.



3. Condiments and sugar to go. A few restaurants in Florida have a lock-down on their Splenda. When the yellow packets are out on the table, people swipe Splenda by the fistfuls. Putting lots of sugar/sweetener in your coffee is fine, but preparing a sweet take-out package may also qualify as a five-finger discount.



4. Unfair use of children's discounts: It's so expensive to go to out. For example, at Disney, adult prices kick in at age 10 or 11, which means that I pay adult fares for my sons, including my 12-year-old, who still looks very young. But it's wrong to pass kids, teens and tweens off as younger in order to qualify for cheaper tickets for theme parks, movies or other events.



5. Under the radar cable hook-ups or electric connections. A few families were busted in South Florida a few years ago for using a bypass connection for their electricity. Somehow, they were able to rig-up some connection or fix the meter so that they could light up their homes without paying for the juice. Ditto with cable connections. Personally, I prefer to watch tv on the Internet. (How I Get Cable Shows For Free)



6. Jumping the line: When we cut into any line: at a theme park, bank or movie, we are actually stealing time from the people behind us.



7. Goldbricking. Okay, most of us have done this. But if you're shopping on company time or writing the Great American Novel when you should be proofreading a company report, you are stealing time from the company.

Here is another version, with photos, of the alleged lighter theft:
Britney Spears Steals A Lighter From The Gas Station

Here are links to my other Britney stories:



Britney & Celebrity Economics: The Perfume & Cents of Fame

Britney's DIY Haircut & $500 Emergency Funds: My Weird & Frugal News Wrap

Advice for Britney Spears: Go Frugal; Cover Your Assets & Learn from JLo

Off Topic Rant: Leave Britney Alone



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Digg!

The Frugal Duchess Booktique
The Frugal Duchess of Beauty Store

Book Shop of Fear
The Poetry & Drama Queen
Frugal Jazz & Blues
Frugal Comic Book Connection
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