How Do You Tell a Man Worth $200 Million?

[Gene K]

How do you tell a man worth $200 million in the woods? He's the guy in the 20 year old Ford Truck with a 40 year old rifle.

 

[Astro14]

You're closer than many folks realize...for a great read, I recommend, "The Millionaire Next Door" by Thomas Stanley and William Danko... He'll be wearing a Timex watch...and wearing a JC Penney suit when he gets dressed up...

 

[Boomer]

I remember reading also in the WSJ some time back that another characteristic of folks worth a million or more was that they had almost no electronic devices or subscriptions. Cell phones, expensive cable packages, hand held devices etc. were not on their list.

 

[Bluestream]

Originally Posted By: Gene K

How do you tell a man worth $200 million in the woods? He's the guy in the 20 year old Ford Truck with a 40 year old rifle.

He also has the wife 20 years younger than he....

 

[SteveSRT8]

Absolutely! But mine is only seventeen years younger. I have many clients who are quite wealthy, one has the biggest yacht in the Saint Petersburg Marina. About 160 feet plus! He has nice cars in his garage but he drives a Silverado and is always smiling. We've talked about his wealth (he's actually a billionaire) and he feels it's quite a burden to manage it all correctly. But of course he has help with that.

 

[cchase]

Half of the assumed modesty is because look at what would happen to anyone who shows any kind of real wealth (beyond "outdoing the Joneses") in todays society...

 

[Pop_Rivit]

Originally Posted By: cchase

Half of the assumed modesty is because look at what would happen to anyone who shows any kind of real wealth (beyond "outdoing the Joneses") in todays society...

That statement makes virtually no sense. The reason people have accumulated wealth is due to one simple fact-they've lived within their means. They are the ones smart enough not to get wrapped up into car payments, a house they can't afford, and loads of credit card debt. They've accumulated their wealth because they've worked hard, invested wisely and not gotten suckered into buying the latest gadgets and spending large amounts of their income on things that don't offer a return on their money.

Originally Posted By: Astro14

He'll be wearing a Timex watch...and wearing a JC Penney suit when he gets dressed up...

Mine is a 1965 Timex Marlin that has taken a licking and still keeps on ticking. Although I decided years ago I'd never again wear a suit and don't own one.

 

[Cutehumor]

Originally Posted By: Boomer

I remember reading also in the WSJ some time back that another characteristic of folks worth a million or more was that they had almost no electronic devices or subscriptions. Cell phones, expensive cable packages, hand held devices etc. were not on their list.

he probably doesn't own a computer or pay for broadband internet! so I guess no one on bitog is a millionaire.

 

[JHZR2]

I cant say that it is all that hard for someone with a reasonable income and a reasonable level of frugality. Given that the US stock indices great at what? 11% per year on average since the great depression? Lots of 40s/50s era folks still alive and kicking who learned early the basis of frugality, let it stick, saved, invested, and grew their funds. People who live cheap and save to me arent really impressive, they rode the wave. It is those who truly converted an idea and grew it into wealth with leadership and care that interest me. Sure, elements of frugality, organic growth, etc. are all critical there too, of course. Now $200M is likely a bit much for the average workerbee/saver. But there are still tons of millionaires driving used cars and meager existances that did it through the thrift route. The trend is true though... And it makes it more funny when you consider how many folks put on a show entirely based upon debt and spending their income completely and then some...

 

[Kestas]

Originally Posted By: JHZR2

... Given that the US stock indices great at what? 11% per year on average since the great depression? Lots of 40s/50s era folks still alive and kicking who learned early the basis of frugality, let it stick, saved, invested, and grew their funds...

Unfortunately, recently we've been "taught" differently. Excessive corporate greed and cronyism has given us two bailouts - basically resulting in having our hard-earned money snatched from the hardest working folks, and... well, you know the story. Plus, my investments have gone absolutely nowhere in the past 10 years. You can't argue with recent history and results (or lack of). The message to kids today is not investment and frugality, but to spend like there's no tomorrow. Saving is not rewarded like it once was.

 

[cchase]

Originally Posted By: Pop_Rivit

Originally Posted By: cchase

Half of the assumed modesty is because look at what would happen to anyone who shows any kind of real wealth (beyond "outdoing the Joneses") in todays society...

That statement makes virtually no sense. The reason people have accumulated wealth is due to one simple fact-they've lived within their means. They are the ones smart enough not to get wrapped up into car payments, a house they can't afford, and loads of credit card debt. They've accumulated their wealth because they've worked hard, invested wisely and not gotten suckered into buying the latest gadgets and spending large amounts of their income on things that don't offer a return on their money.

My point is that a LOT of people don't look kindly on people who have done well and look like they have done well these days. Somehow being wealthy is a vice in todays society. That was my point.

 

[JHZR2]

Originally Posted By: Kestas

Originally Posted By: JHZR2

... Given that the US stock indices great at what? 11% per year on average since the great depression? Lots of 40s/50s era folks still alive and kicking who learned early the basis of frugality, let it stick, saved, invested, and grew their funds...

Unfortunately, recently we've been "taught" differently. Excessive corporate greed and cronyism has given us two bailouts - basically resulting in having our hard-earned money snatched from the hardest working folks, and... well, you know the story. Plus, my investments have gone absolutely nowhere in the past 10 years. You can't argue with recent history and results (or lack of). The message to kids today is not investment and frugality, but to spend like there's no tomorrow. Saving is not rewarded like it once was.

Agree 100%. But last 10 years does not a millionaire make if they're systemmatically saving and living frugally... Well, maybe some.

 

[Cutehumor]

Originally Posted By: Kestas

[ Plus, my investments have gone absolutely nowhere in the past 10 years.

+1000%. I started investing in 1999 when I was 22 years old. I haven't made anything. I read the brochurse, start investing, at age 65, you will have millions to live off of in retirement! what a joke! dot com bust, oil bust, real estate/banks bust, and this great depression part 2 we are in now! we were also in a recession in 2001 too. so how am I supposed to become a millionaire through investing if the stock market keeps going up/down?

 

[Drew99GT]

Use an ETF and set up a brokerage account that trades the 200 day moving average for an index. That's essentially one strategy I'm using today! It's not fancy, but it works better than paying some MBA a butt load to manage a mutual fund, only for it to be a complete turd. You miss a lot of dividends this way and it's not tax advantages (outside of an IRA or 401K) but it beats having your pants around your ankles when the market dumps.

 

[Tom NJ]

Originally Posted By: Pop_Rivit

The reason people have accumulated wealth is due to one simple fact-they've lived within their means. They are the ones smart enough not to get wrapped up into car payments, a house they can't afford, and loads of credit card debt. They've accumulated their wealth because they've worked hard, invested wisely and not gotten suckered into buying the latest gadgets and spending large amounts of their income on things that don't offer a return on their money.

Very well stated, and I agree fully. Tom NJ

 

[urchin]

Originally Posted By: Gene K

How do you tell a man worth $200 million in the woods? He's the guy in the 20 year old Ford Truck with a 40 year old rifle.

This scenario might have been likely 30 years ago. Today it is just as likely if not much more likely that person is a scam artist, corporate crook, or hedge fund artist.... Which has three large houses, a yacht, 5 expensive cars, and dresses in designer labels that cost tens of thousands of dollars. oh and he doesn't have a personal rifle or gun , he has highly paid personal security handlers.

 

[JHZR2]

Originally Posted By: Cutehumor

Originally Posted By: Kestas

[ Plus, my investments have gone absolutely nowhere in the past 10 years.

+1000%. I started investing in 1999 when I was 22 years old. I haven't made anything. I read the brochurse, start investing, at age 65, you will have millions to live off of in retirement! what a joke! dot com bust, oil bust, real estate/banks bust, and this great depression part 2 we are in now! we were also in a recession in 2001 too. so how am I supposed to become a millionaire through investing if the stock market keeps going up/down?

You need to reread my post. I said folks starting in the 40s/50s that are alive and kicking. Way different than someone starting out in 1999. Even if you started at the absolute bottom of the dot com bubble (2001?) and there was no 2008 bust, just continuous rise, it just isnt enough for compounding to really do its magic.

 

[LS2JSTS]

I don't know how you spot the man worth 200 million... But I can usually spot the men that will never be worth even one million. At the head of that list are the people who sit around and whine about the greed and wealth of others instead of doing something for themselves. Those among us filled with envy and jealousy are doomed to be employees their entire lives, always grumbling at those who make their meager existence possible.

 

[Boomer]

One of my favorite investing stories goes back to the early 1980's. If I was teaching economics, this would have been posted on the front wall of the classroom. At the time, utilities were allowed to issue new stock in PA for building new generation capacity and the dividends to purchasers were tax free. At the time, interest rates were still high, around 14-16% and that is about what the dividend was on Pennsylvania Power and Light stock. A letter appeared in the local paper, claiming that shareholders were taking money to the bank in wheelbarrows and that this just wasn't fair! A second letter appeared telling the first writer to go out and by some of the stock himself and fill his own wheelbarrow. The first writer then responded that he would not do that as there was too much risk. I always loved that exchange of thoughts about risk/reward.

 

[SteveSRT8]

Originally Posted By: LS2JSTS

I don't know how you spot the man worth 200 million... But I can usually spot the men that will never be worth even one million. At the head of that list are the people who sit around and whine about the greed and wealth of others instead of doing something for themselves. Those among us filled with envy and jealousy are doomed to be employees their entire lives, always grumbling at those who make their meager existence possible.

This is ever so true. We should all be inspired by these people, many of them have a great story behind their success. The man I mentioned earlier is a retired Marine who started a company in his house. The bottom line is it won't happen any other way... you have to change YOU! It's really hard for some folks.