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Who are the "Hidden Millionaires" in small towns

Posted on 1/7/17 at 12:50 pm
Posted by volod
Leesville, LA
Member since Jun 2014
5392 posts
Posted on 1/7/17 at 12:50 pm

Growing up, I was convinced that the only way you could make real money (70K+) was if you worked in a bigger city.

However, while in school I heard about these people called "hidden millionaires". Apparently, some small town people more money than they let on.

Is there any truth to this. Outside the medical professions, I don't really see how this would work.
Posted by SanFranTiger
Dallas, TX
Member since Sep 2003
4908 posts
Posted on 1/7/17 at 12:51 pm to
In Louisiana, its usually people with oil.
Posted by CommunityCollegeFTW
Member since Apr 2011
19144 posts
Posted on 1/7/17 at 12:51 pm to
Farming
Posted by LSU fan 246
Member since Oct 2005
90567 posts
Posted on 1/7/17 at 12:51 pm to
quote:

Apparently, some small town people more money than they let on.


Wait, there's people that don't flaunt their money and spend it like drunken sailors?


Posted by Chazzy McRamzee
Member since Jun 2014
2681 posts
Posted on 1/7/17 at 12:52 pm to
quote:

Apparently, some small town people more money than they let on.

Is there any truth to this. Outside the medical professions, I don't really see how this would work.



Yes, they do exist. They own their own business.
Posted by TypoKnig
Member since Aug 2011
8928 posts
Posted on 1/7/17 at 12:52 pm to
any small town millionaire I came across was from a family who owned a bunch of land in the area
Posted by HempHead
Big Sky Country
Member since Mar 2011
55518 posts
Posted on 1/7/17 at 12:52 pm to
quote:

Is there any truth to this. Outside the medical professions, I don't really see how this would work.



Inheritance and an upbringing that denigrates flashiness.
Posted by BigAppleTiger
New York City
Member since Dec 2008
10390 posts
Posted on 1/7/17 at 12:53 pm to
There are many of them. Not everyone who has money thinks that spending it lavishly on mansions and cars are the key to happiness. I know people that wear 20 year old sweaters and drive a Mercury Marquis that have millions in the bank.
Posted by NIH
Member since Aug 2008
112740 posts
Posted on 1/7/17 at 12:57 pm to
There are plenty of engineers, doctors, lawyers, etc. who make good money in small towns.
Posted by Decisions
Member since Mar 2015
1490 posts
Posted on 1/7/17 at 12:57 pm to
Even the poorest parishes are going to have at least 3-4 land barons, whether in ag, oil, or timber.
Posted by OhMy
Member since Jan 2016
834 posts
Posted on 1/7/17 at 12:59 pm to
There are tons of hidden millionaires.

My mother was a teacher.
She died in May with a net worth over a million dollars.

It shocked me.

Posted by Modern
Fiddy Men
Member since May 2011
16880 posts
Posted on 1/7/17 at 1:00 pm to
Many plant workers can retire millionaires if they play their cards right with stocks, 401ks and pensions.
Posted by DAbully
Syria
Member since Dec 2016
1028 posts
Posted on 1/7/17 at 1:01 pm to
People with land. They tend to own a lot of it and all think it's worth twice what it actually is. But yeah they got money.
Posted by LakeViewLSU
Baton Rouge
Member since Jun 2009
17730 posts
Posted on 1/7/17 at 1:02 pm to
quote:

Who are the "Hidden Millionaires" in small towns



Posted by upgrayedd
Lifting at Tobin's house
Member since Mar 2013
134887 posts
Posted on 1/7/17 at 1:09 pm to
There was a guy in Ruston that I used to see cruising around in a Viper. He looked like a hobo but he was loaded. I think he made his money with daiquiri machines.
Posted by Paedin
Tampa, Florida
Member since Apr 2012
2290 posts
Posted on 1/7/17 at 1:10 pm to
quote:

Who are the "Hidden Millionaires" in small towns


Millionaire Nextdoor

This is a great book if youve never read it
Posted by Minnesota Tiger
Member since Oct 2005
4414 posts
Posted on 1/7/17 at 1:14 pm to
Dave Ramsey says lots of people are millionaires and invest in things you don't see, like stocks.
Posted by roguetiger15
Member since Jan 2013
16188 posts
Posted on 1/7/17 at 1:15 pm to
My dad is a multimillionaire and he was just a company man for Shell. Came from nothing and was very frugal his entire life because of his past. If you save and be smart with your money it's not hard to earn "millionaire" status.
Posted by Spankum
Miss-sippi
Member since Jan 2007
56113 posts
Posted on 1/7/17 at 1:23 pm to
sure...pretty much anyone can become a millionaire over the course of a lifetime. just have to get a decent job and save aggressively. this allows you to avoid buying on credit, which eats up a hell of a lot of your lifetime earnings.

fwiw, those saying that farmers are all rich obviously don't know much about how that profession works. most farmers borrow inordinate amounts of operating cash every year with the goal of profiting what most of us would consider to be a pretty average paycheck when it is all said and done.
Posted by Oddibe
Close to some, further from others
Member since Sep 2015
6568 posts
Posted on 1/7/17 at 1:25 pm to
quote:

Is there any truth to this
Yes. Research "The Millionaire Next Door".

Lot's of very simple choices in life that can lead to accumulating wealth. "Keeping up with Jones'" is a big no no. Don't get divorced. Don't buy a new house every 5 years. Don't buy expensive cars. Save what you can.

Discipline being the key.
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