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What are the misconceptions people have about being rich?
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That all rich people are visibly rich…some can keep it on the down low.
I know a guy (good friend's father) that retired from GE. He was making around a half mil a year, has several mil in GE stock. The dude will pay for everything when we go out. He'll randomly walk into local establishments and pay for everyone's bills. Genuinely one of the nicest guys I've ever met.
But he looks like a bum. Disheveled, t-shirt and paint covered shorts, grass stained New Balance, drives a 20+ year old Chevy S10. Most people would think he's homeless by his appearance.
As a newly rich someone... Old habits die hard. My grass stained new balances are damn comfortable. Shopping isn't fun for me. I would rather mow the lawn myself than get on the phone to get someone else to do it. I'll prob always look like a bum.
I still shop the clearance rack.
Same. I have plenty of money but old habits die hard: my favorite four letter word is "sale" lol
Occasionally someone will compliment a shirt or something I am wearing and ask where I got it- I usually can’t recall where but I can guarantee them I bought it on sale! Lol
Wealthy and wise people are still typically frugal.
I don't think you can generalize. Anecdotally, the wealthiest people I know closely live with no flash in their cars, clothes, jewelry, or possessions in general. When they pay for vacations, renovations, education, charity, or a service that makes life more convenient, no expense is spared. They look frugal because they're not driving something flashy or vacationing for instagram likes, but they still spend their money. They just don't have anything to "show" for it.
I should say the wealthy and wise people I know are frugal. There.