| I was listening to a podcast and the host had | | | | fact, when I first started on my wealth journey, I |
| made the statement "The Wealthy Hate Waste". | | | | used to think that I was being cheap because of |
| This struck a chord because I realized that | | | | my not wanting to spend a lot on certain things. |
| wealthy people don't spend money frivolously. | | | | As my net worth grew, I started considering |
| You might be thinking, "what about those athletes | | | | myself "selectively frugal". But hearing that |
| or entertainers who buy 20 cars, or inground fish | | | | statement on the podcast summed it all up in a |
| tanks, etc.?" I don't count them in the group I'm | | | | nutshell for me: I truly hate waste. |
| referring to because it wasn't true wealth | | | | Now I can't say that what you and I consider |
| accumulation that made them their money. | | | | waste is going to be the same exact things, but |
| They're actually just highly paid for their talent or | | | | here are some examples for me: |
| skill, which is rightfully deserved, but to me it is | | | | - Clothing - I can easily find good quality clothing at |
| not an indication of a person who has really built | | | | a discount retailer spending less than $200 for 2-3 |
| wealth. For a lot of those folks, they are for the | | | | ensembles, whereas I know people that might |
| first time in their lives getting some money, and | | | | only buy a shirt and/or pants for that much. Are |
| their lack of discipline and the euphoria of it all | | | | they wrong? I won't necessarily say that, but for |
| causes them to spend it unwisely. | | | | me, I do consider it wasteful. |
| When talking about wealth, I'm referring to the | | | | - Groceries - We will pay more for the healthy |
| man or woman, who through practical financial | | | | and organic items, but for everday staples, we |
| discipline, has done the things necessary to | | | | don't mind going for generic or store brands. I |
| accumulate a significant net worth (business | | | | know people who, for image sakes, will only buy |
| building and ownership, wise investment decisions, | | | | the leading advertised brand, paying the premium |
| asset portfolios, and the like). Think of the people | | | | to do so. Are they wrong? I won't necessarily |
| that William Danko and Thomas Stanley profiled in | | | | that, but for me, I do consider it wasteful. |
| their financial classic, "The Millionaire Next Door". | | | | - Auto - We drive older model cars and refuse to |
| They spoke of how millionaires drive older model | | | | have a car note. Once again, I know people who |
| cars, live in modest size houses, and just manage | | | | must have the latest model and choose to lease |
| their money wisely. Although they could probably | | | | it so that they can get a new car every one to |
| afford to buy more, expensive items, they | | | | two years. Are they wrong? I won't necessarily |
| choose not to. This is definitely true for myself. In | | | | say that, but for me... |