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Posted on 1/7/17 at 3:09 pm to Reservoir dawg
Locally it's fishermen who invested in the processing side or bought land and turned it into a huge profit. Most are unassuming. You'd never know they had wealth.
Posted on 1/7/17 at 3:19 pm to volod
I heard about this guy who invented a duck call, y'see....and well
Posted on 1/7/17 at 3:37 pm to volod
Posted on 1/7/17 at 3:48 pm to volod
Worked at a small town bank one summer in the early 1970s. In those days the local bank handle checking, loans, and investment s for most people. CDs ad reasonable rates sand that is where most money was parked. I quickly notice the families most assumed were well off seemed to have meager account balances and a lot of loans, and many just average people had substantial amounts of money. The leaders in debt were the local farmers, but this was the era of increasing property value and farmers were borrowing against their land value, investing the money and trying to pocket the spread, most lost their shirt.
Posted on 1/7/17 at 3:49 pm to volod
In Mississippi, we have a saying. "Don't judge a man's wealth until you've seen the shoes on his feet and the tires on his truck."
Posted on 1/7/17 at 4:10 pm to volod
quote:
Is there any truth to this. Outside the medical professions, I don't really see how this would work.
There's a ton of truth to this. It usually refers to people with: A. successful small businesses, B. oil money, C. land wealth (ag, rental property, or timber), or D. a lucrative professional career.
Small towns often have people who aren't show-offs with their wealth. For example, one of my distant relatives lived in a modified trailer home on family land surrounded by his cousins, children, and grandchildren. He had worked his way up in the local chemical plants and now was in upper management at one. He was secretly worth millions, but he still lived a simple life. There are tons of people like that.
My wife's grandmother was one of the richest people in her town, but she lived in a very normal house and drove a regular used car, so few people knew about it. Her wealth was in rental properties, owning several buildings in the town's downtown.
Just because one has the money doesn't mean they need a gold-plated private jet, an expensive sports car, or a giant house. His house was all him and his wife needed since their children were all grown and had their own families and careers. His truck got him to and from work and the deer stand, so he didn't need a sports car. He contributed lots of money to the local church and schools, but never would put his name on it. There's only so much money a man needs, the rest is just for showing off.
I think our public schools do a very very bad job of explaining to children where wealth comes from. One can only earn so much money from their own time and labor. In order to become truly wealthy, one needs to earn money passively. True wealth is built from owning producing land, inventing something, or building a successful business that produces even when you're not in the office.
Most people my age think that the only ways to make money are to work jobs, and the only way to become rich is to somehow make it as a professional athlete or entertainer.
This post was edited on 1/7/17 at 4:44 pm
Posted on 1/7/17 at 4:22 pm to Oddibe
quote:
Posted by Oddibe on 1/7/17 at 1:25 pm to volod 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.
TRUTH: It's amazing how many smart people don't realize that this is the key to acquiring wealth.
Posted on 1/7/17 at 4:24 pm to kingbob
Most people don't recognize wealth.
Every town has a couple of guys with a million dollars worth of trucks or bull dozers or buildings or retail inventory etc. that are millionaires.
Anyone can be a millionaire too if they really want too. Get up, go to work, live cheap, invest all your cash flow in the business, borrow money only for the business and stay in business.
The staying in business part is the hardest because it takes perseverance.
Every town has a couple of guys with a million dollars worth of trucks or bull dozers or buildings or retail inventory etc. that are millionaires.
Anyone can be a millionaire too if they really want too. Get up, go to work, live cheap, invest all your cash flow in the business, borrow money only for the business and stay in business.
The staying in business part is the hardest because it takes perseverance.
Posted on 1/7/17 at 4:24 pm to EA6B
quote:
The leaders in debt were the local farmers, but this was the era of increasing property value and farmers were borrowing against their land value, investing the money and trying to pocket the spread, most lost their shirt.
sounds to me like the farmers were borrowing against their land for the next season's operating funds....pretty typical in that business.
Posted on 1/7/17 at 4:31 pm to kingbob
quote:"showing off" is a very dumb way to put it.
There's only so much money a man needs, the rest is just for showing off.
Posted on 1/7/17 at 4:36 pm to GreatLakesTiger24
You all forget. This is the OT. We're all millionaires.
Seriously though - how could anybody retire if they didn't have a million somewhere? A mil ain't what it used to be.
Seriously though - how could anybody retire if they didn't have a million somewhere? A mil ain't what it used to be.
Posted on 1/7/17 at 4:53 pm to latech15
Million dollars does not go very far. Cost of living in small towns pretty low. $300,000 in Mamou would probably get you a mansion. In the midfle of BR it gets you a 1500 sf house.
My grandfather worked for the phone company for 35 years died with $4 mil in the bank lived a miserable life. Never spent a dime.
Moderation.
My grandfather worked for the phone company for 35 years died with $4 mil in the bank lived a miserable life. Never spent a dime.
Moderation.
Posted on 1/7/17 at 4:58 pm to volod
The millionaires are generally the people who live well within their means.
Debt is the biggest money sucker you can get into. My husband and I both hate debt and have none of it. We live in a nice but modest house that is paid for, drive two cars that are paid for. I cook almost every day at home, so no money is wasted eating out. We cut our own grass, clean our own house, do our own additions and repairs. We fish in kayaks. I am not a material girl and will NEVER be found at the mall. He was 47 years old before he bought his first brand new car. We walked into the Cadillac dealership in shorts, T-shirts and flip flops and wrote a check for a brand new Caddy. It feels fabulous to be able to do that.
frick the Joneses. Let them dig their way out of their mountain of debt while we sleep peacefully at night. Life is good, but it is because we were not self-indulgent all of our lives. A simple life is not necessarily a boring life.
Debt is the biggest money sucker you can get into. My husband and I both hate debt and have none of it. We live in a nice but modest house that is paid for, drive two cars that are paid for. I cook almost every day at home, so no money is wasted eating out. We cut our own grass, clean our own house, do our own additions and repairs. We fish in kayaks. I am not a material girl and will NEVER be found at the mall. He was 47 years old before he bought his first brand new car. We walked into the Cadillac dealership in shorts, T-shirts and flip flops and wrote a check for a brand new Caddy. It feels fabulous to be able to do that.
frick the Joneses. Let them dig their way out of their mountain of debt while we sleep peacefully at night. Life is good, but it is because we were not self-indulgent all of our lives. A simple life is not necessarily a boring life.
Posted on 1/7/17 at 5:17 pm to upgrayedd
quote:
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.
Dolf Williams?
Posted on 1/7/17 at 5:18 pm to volod
Johnny Depp is building his house here, population ~7,000
I met Andie MacDowell 2 weeks ago
and get the chance to meet John Lithgow in a few weeks.
I met Andie MacDowell 2 weeks ago
and get the chance to meet John Lithgow in a few weeks.
This post was edited on 1/7/17 at 5:21 pm
Posted on 1/7/17 at 5:20 pm to volod
They are the people who usually own most of the land or is associated with several businesses (the family who owns the funeral home is usually that family).
Posted on 1/7/17 at 5:23 pm to ChenierauTigre
quote:that's awfully simplistic
Debt is the biggest money sucker you can get into.
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