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re: Who are the "Hidden Millionaires" in small towns
Posted on 1/7/17 at 1:10 pm to volod
Posted on 1/7/17 at 1:10 pm to volod
quote:
Who are the "Hidden Millionaires" in small towns
Millionaire Nextdoor
This is a great book if youve never read it
Posted on 1/7/17 at 1:13 pm to notiger1997
quote:
Yep, my uncle retired from a refinery with a few million. Dude never let on that he had money. Lived in the same smaller house for 40 years. Browned bag his lunches and rarely went out to eat or took nice trips.
I hope he's not planning on taking it with him when he dies.
Posted on 1/7/17 at 1:14 pm to volod
Dave Ramsey says lots of people are millionaires and invest in things you don't see, like stocks.
Posted on 1/7/17 at 1:14 pm to JJBTiger2012
quote:
Farmers are loaded and always will be because the government takes special care of them.
I could name plenty in my area who are struggling mightily right now with commodities depressed like they are. And government payments/subsidies aren't nearly as ubiquitous as you think.
Posted on 1/7/17 at 1:14 pm to LakeViewLSU
quote:
I hope he's not planning on taking it with him when he dies.
Some folks don't want to spend much because they're happy with what they have and want to ensure prosperity for their family.
Posted on 1/7/17 at 1:15 pm to volod
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 on 1/7/17 at 1:16 pm to JJBTiger2012
quote:
Farmers are loaded and always will be because the government takes special care of them.
The U.S. government doesn't take nearly as good of care of their farmers as Western Europe, Japan, etc. Because those governments learned in WW2 what it's like to see your citizens starve. Yes, the U.S. does provide some subsidies to farmers but it's all to assure it's citizens have a safe and abundant food supply.
Posted on 1/7/17 at 1:19 pm to Modern
quote:
Many plant workers can retire millionaires if they play their cards right with stocks, 401ks and pensions.
I'm in construction and know a few guys that are around 40 that have a couple hundred K in liquid assets alone. I don't know how they're doing with retirement and such but I'd imagine they're putting something away if they're disciplined enough to have that much in short term savings alone
Posted on 1/7/17 at 1:22 pm to JJBTiger2012
quote:uuuuuuhh you must be mistaken. My dad farms, worked all of last year and literally lost money. The insurance he has won't even put him at break even.
Farmers are loaded and always will be because the government takes special care of them
Farmers ain't "loaded" unless they have old family land and/or have oil
Posted on 1/7/17 at 1:23 pm to volod
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.
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 on 1/7/17 at 1:24 pm to LakeViewLSU
Nah, he's only 63. Plenty of time to spend some and make the grand kids happy.
Posted on 1/7/17 at 1:24 pm to jimbeam
quote:
Farmers ain't "loaded" unless they have old family land and/or have oil
You can several million dollars worth of land assets and equipment, but that's obviously not liquid and while some may technically be 'millionaires', they can't spend money in the manner that we usually associate with that term.
Posted on 1/7/17 at 1:24 pm to Spankum
Yes. Also if you see one with a new shop, equipment, storage, it's likely they're under right now. Markets the past few years are going to put a lot of people out of business.
Posted on 1/7/17 at 1:25 pm to volod
quote:Yes. Research "The Millionaire Next Door".
Is there any truth to this
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.
Posted on 1/7/17 at 1:31 pm to volod
Some of the richest people I know you would never suspect.
Drive 10 yr old trucks, wear worn down clothes, nice but modest houses.
That's part of how they got and stayed rich
Drive 10 yr old trucks, wear worn down clothes, nice but modest houses.
That's part of how they got and stayed rich
Posted on 1/7/17 at 1:33 pm to jimbeam
quote:
Markets the past few years are going to put a lot of people out of business.
Yep. And it's going to be a slow death, too. Sure, they'll buy a little time by selling their higher priced equipment (at a loss) and leasing, but then all of the other debt they can't get out from under will eventually catch up. Many are in situations where one or two good years won't make a difference.
Posted on 1/7/17 at 1:35 pm to BowlJackson
Yup. My dad who's done really well for himself retired 4 years ago and sold his "work truck" that he would use to drive to the heliport. He hasn't bought another vehicle since. Now I think that a little TOO frugal but he and my mom share the SUV.
Posted on 1/7/17 at 1:40 pm to volod
quote:
real money (70K+)
I hate to be the one to break this to you, but....
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