Quote:
Originally Posted by kmdguy
In general I've personally known and been friends with many millionaires (not that I am one or ever have been). Most of these people are from Wall Street, independent investors, private business people and software industry (I've never known any from 'adult').
From what I've learned over the last 15 years, is that when payday hits, one needs to be as frugal as possible during that cycle. Probably 90% of these folks who were rolling in it 10 years ago, are dry and barely making it today, or at a GREATLY reduced rate. My observation is when you're on top, live like nobody would know it, then when the cycle turns against you, you'll have enough to hopefully continue living at close to the same conservative level. Because the 'up' cycle NEVER lasts indefinitely.
When I see people obviously living large, putting on bling, limos everywhere, leasing big houses, etc... well I know that probably in 5 years or less they will be in for a big fall. I also know that folks who are REALLY doing well financially typically don't go around trying to convince people that they are... there's no internal need for it. They are among the most quite and unsuspecting.
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I agree and what you described is about 99% of the people here who actually did make a substantial amount of money over several years and then have had the gravy train stop.... they go broke.
Basically it's living nig-ga rich. They don't have any money, one day they start making a lot so right fucking away they have to go buy all the nice shit they could never afford. At the end of the month they not only do not have any savings left over but they didn't invest any of their income into making them more, passive income. The phrase " let your money work for you and not you work for your money" is an alien language phrase to them that they can not read much less comprehend. As the money was pouring in it was about trying to show off, live large and just assume it would last for ever.
Some say "easy come, easy go" but I am sure some of these people did work hard, they just had no clue of how to manage their money. The more they made, the more they spent and they didn't have the foresight to understand about investing or that it may not last for ever.
Who here has accomplished that? Who made millions, invested it wisely and is now making tons of money, passively from their investments and would still be a "millionaire" if their online income stopped tomorrow ?