"if you want to be rich, study rich people..."

[ladykemma2]

i am on spring break, and bored in a good way.

today i was reflecting on how can i be more wealthy... what are they doing that I'm not.

i did a bunch of searches. i learned about classism.

i learned about the subtle distinction of clothes. "tweedy" "preppy" "toff" "bespoke clothing" (in london) is a huge class distinction. I also learned that truly rich people wear their clothes regardless of fashion trends. i learned that there was a class distinction in gentlemen wearing khakis until worn at the hem. hmmm. interesting.

i learned about the subtle distinctions of manners.

when i lived in england i could spot the rich, they were easy to spot. but what made them easy to notice/ not sure. they certainly wouldn't talk to you. (random chit chat is not a smart move in london)

i learned that there is a class snobbery about people "who have to BUY their furniture" meaning not inherited. now this is something that i witnessed myself when i lived in england i got to visit and spend a lovely day in a country home with english nobility. all the furniture was antique and slipcovered. nothing was new or matchy matchy. it was an eye openng experience for me to realize that rich people don't waste money on new stuff like middle class americans do, buying a new couch every year...

but i did not learn about what are rich people are doing with their money. i guess ? that they focus on keeping it and investing it.

i want to learn more about rich people. and class distinctions. and money.

[Jilly]

I too have pondered that same subject because I want to understand their mindset as much as possible. Sort of "if they can do it, why can't I?", know what I mean?? You should read a book Dave Ramsey recommends often. It's called "The Millionaire Next Door", by Thomas Stanley. The author did a study on the behaviors, much like your comments, and the differences between the spending habits of the average person versus those who build wealth.

The Millionaire Next Door; the Surprising Secrets of America's Wealthy (Hardcover)
~ William D. Danko; Thomas J. Stanley (Author)

[larabelle]

i learned that there is a class snobbery about people "who have to BUY their furniture" meaning not inherited. now this is something that i witnessed myself when i lived in england i got to visit and spend a lovely day in a country home with english nobility. all the furniture was antique and slipcovered. nothing was new or matchy matchy. it was an eye openng experience for me to realize that rich people don't waste money on new stuff like middle class americans do, buying a new couch every year...

Well that is good to know ..now when people ask me why I still have the couch I purchased in the 80's I can say that I am copying English Nobility!!!

[Englishlady]

The Class system is alive and well in the UK!

The Aristocracy ( Lord and Lady posh-accent) are the ones that have a "don't-care-what-people-think-attitude".

This is because they have been brought up to believe they are superior, as in more intelligent, better bred etc.

THESE are the people who have the raggedy old (once uber expensive curtains) at the windows and the very old antique furniture.
The irony is they HAVE to open up their big old houses in the country in order to carry on living there, because the cost of the upkeep ( maintenance and repair costs are prohibative) so in order that future generations can reside in the same surroundings they have to open the house to paying visitors and they really don't like that, but put on a brave face and say things like " we want to share the history of the place with other people" ( yeah right!)

The Middle class's vary, they seem to be in one of two camps:

Older ( middle aged now)Lawyers/Doctors live in big ( for UK) houses but have raggedy furnishings that are maybe old but not priceless antiques, their curtains were well made and expensive when new but now are shabby, they wear good, well made sturdy clothes and quite frankly they don't care if they are in fashion.
These people spent their money on educating their kids and putting them through University, in later years they have found their investments have not done well ( credit crunch etc) but they may still have a cottage in the country and do take a couple of holidays abroad each year.
Their biggest worry is how to fun their retirement.
They don't waste energy wondering what other people think of them.
They drive an older model reliable car and keep it until it's no longer cost effective.

The OTHER middle class ( Managerial level) are 35-45 years old ( ish) and CARE VERY MUCH what other people think
The buy big houses and do them up like some thing out of a magazine, call their children flowery but posh names and of course it matters very much where they go to school.
They drive big (new)4 wheel drive cars and buy organic food and go on as many holidays abroad as they can, to(trendy but) off the beaten track places.
These people are in SERIOUS DEBT.

The above is a sweeping generalisation ( for illustration) but it is true.

The Working class is mortgaged up to the hilt and trying very hard to just keep up the payments on their house and car and because they are frustrated and can't seem to be able to save any money ( interest rates of half of 1 % up to 3% max if you tie up the money) they say the H£!! with that and go on holiday to a foreign country once a year, stretching the budget even further.
They are just one job loss away from loosing their home.

The lower classes, well, this covers quite a spectrum of humanity, the worst of which is three generations of the same family, who have never worked ( by choice) and have no intention to do so!
They manage very well on the UK benefits system which is generous enough that they can afford to eat and drink and smoke without fear of ever having to do any work. ( They get their rent paid too!)
They breed at a young age and there are many cases of children having children ( 14 & 15 years old).
Sadly we have the highest rate of teenage pregnancies in Europe, not something to be proud of
Hope that is of interest.

[ladykemma2]

The Class system is alive and well in the UK!

The Aristocracy ( Lord and Lady posh-accent) are the ones that have a "don't-care-what-people-think-attitude".

This is because they have been brought up to believe they are superior, as in more intelligent, better bred etc.

THESE are the people who have the raggedy old (once uber expensive curtains) at the windows and the very old antique furniture.
The irony is they HAVE to open up their big old houses in the country in order to carry on living there, because the cost of the upkeep ( maintenance and repair costs are prohibative) so in order that future generations can reside in the same surroundings they have to open the house to paying visitors and they really don't like that, but put on a brave face and say things like " we want to share the history of the place with other people" ( yeah right!)i got to spend a day at one of these houses. Lord "bob" had to work for a living as an engineer, shared an office with my ex-husband. his lady ran the place.

The Middle class's vary, they seem to be in one of two camps:

Older ( middle aged now)Lawyers/Doctors live in big ( for UK) houses but have raggedy furnishings that are maybe old but not priceless antiques, their curtains were well made and expensive when new but now are shabby, they wear good, well made sturdy clothes and quite frankly they don't care if they are in fashion.
These people spent their money on educating their kids and putting them through University, in later years they have found their investments have not done well ( credit crunch etc) but they may still have a cottage in the country and do take a couple of holidays abroad each year.
Their biggest worry is how to fun their retirement.
They don't waste energy wondering what other people think of them.
They drive an older model reliable car and keep it until it's no longer cost effective.

The OTHER middle class ( Managerial level) are 35-45 years old ( ish) and CARE VERY MUCH what other people think
The buy big houses and do them up like some thing out of a magazine, call their children flowery but posh names and of course it matters very much where they go to school.
They drive big (new)4 wheel drive cars and buy organic food and go on as many holidays abroad as they can, to(trendy but) off the beaten track places.
These people are in SERIOUS DEBT.

The above is a sweeping generalisation ( for illustration) but it is true.

The Working class is mortgaged up to the hilt and trying very hard to just keep up the payments on their house and car and because they are frustrated and can't seem to be able to save any money ( interest rates of half of 1 % up to 3% max if you tie up the money) they say the H£!! with that and go on holiday to a foreign country once a year, stretching the budget even further.
They are just one job loss away from loosing their home.

The lower classes, well, this covers quite a spectrum of humanity, the worst of which is three generations of the same family, who have never worked ( by choice) and have no intention to do so!
They manage very well on the UK benefits system which is generous enough that they can afford to eat and drink and smoke without fear of ever having to do any work. ( They get their rent paid too!)
They breed at a young age and there are many cases of children having children ( 14 & 15 years old).
Sadly we have the highest rate of teenage pregnancies in Europe, not something to be proud of
Hope that is of interest.

i met the "in debt" middle class when i lived there, the working class one mis-step away from losing everything. also the generational welfare people. this was interesting. thanks!

[ladykemma2]

I too have pondered that same subject because I want to understand their mindset as much as possible. Sort of "if they can do it, why can't I?", know what I mean?? You should read a book Dave Ramsey recommends often. It's called "The Millionaire Next Door", by Thomas Stanley. The author did a study on the behaviors, much like your comments, and the differences between the spending habits of the average person versus those who build wealth.

The Millionaire Next Door; the Surprising Secrets of America's Wealthy (Hardcover)
~ William D. Danko; Thomas J. Stanley (Author)

yes. also in my searches yesterday a book by aldrich about the upper class.

Old money : the mythology of America's upper class / Nelson W. Aldrich, Jr
Book Bib ID 311128
Format Book, Online - Google Books
Author Aldrich, Nelson W


Edition 1st Vintage Books ed.

Description New York : Vintage Books, 1989, c1988.
xvi, 309 p. ; 21 cm.

ISBN 0679722246 :

Notes Includes bibliographical references and index.

Subjects Upper class - United States. | Wealth - United States. | United States - Social life and customs.

[ladykemma2]

you guys have heard this before but i was blessed to know a millionaire named dominique de menil in houston texas, old "River Oaks" money. she funded a museum.

she drove a beater toyota.

[ladykemma2]

here is an interesting link
Old Money Investing

this one too
http://hugoboy.typepad.com/hugo_schw...nd_nokop_.html

[Lora88]

Interesting thread I worked for awhile in the tax collectors office of Princeton Nj Lots of old money there German bankers. This is a place where the property taxes can be 50,000.00 per year As my old boss was quick to point out The very rich are not like us. So true they wore subtle jewelery that was inherited no Bling lots of conservative tweed clothing comfortable shoes and quite honestly did not care about what was in style. I was invited to a few homes that were decorated with antiques and tapestries They talked about their investments world issues and academia Note Princeton is a university town. They tended to look down on everyone except themselves They were however quite charitable to the enviorment. They live in a different world than the rest of us. They still have household help live in. But the funniest quirk was they got annoyed each year because the quarterluy property tax bills are due Aug 1st They would call and say dont we realize they are on Holiday then and doing the continenent what was wrong with us lol

[joyofsix]

All of which, I suppose, explains why even though dh and I have made it into the middle class we still feel and act 'lower class'. Not manners but fear of losing money, never splurge, used everything and everything used until it absolutely dies. Things don't occur to us ie. vacations, cars, lessons for kids, etc.

[ladykemma2]

All of which, I suppose, explains why even though dh and I have made it into the middle class we still feel and act 'lower class'. Not manners but fear of losing money, never splurge, used everything and everything used until it absolutely dies. Things don't occur to us ie. vacations, cars, lessons for kids, etc.

a lot of this is upper class values, too? according to my reserach yesterday it's the middle class wasting thier money on this stuff. argue back.

[Nada.Leona]

I have never desired to be rich or wealthy. I desire to be debt free and financially stable.

Here in Canada, I have noticed that our wealthier folk wear classy but expensive clothing, have well groomed, neat appearances (nice haircuts and dye jobs, nails done, good shoes, etc.), drive pricier cars but very few luxury vehicles and live in slightly larger houses. In our city, the majority of them live in sections of town that all have the same style yard, and outward appearance.

They vacation in February and March to places like Mexico and the Dominican Republic, but dont often go to places like Europe or the Mediterranian. Their children have to work for a living, but don't be surprised if they show up with a new car or vacation plans -- mommy and daddy like to treat them once in a while.

[ladykemma2]

ok, just skimmed the millionaire next door. us frugalites will fit in perfectly with the ideas of this book.

live below your means, frugality, no expensive cars or watches or stuff, no conspicuous consumption, base all decisions on your net worth.

it was interesting that this was not about "old money" but about "new money". i want to know about "old money".

[Greebo]

ok, just skimmed the millionaire next door. us frugalites will fit in perfectly with the ideas of this book.

live below your means, frugality, no expensive cars or watches or stuff, no conspicuous consumption, base all decisions on your net worth. invest 20 percent.

it was interesting that this was not about "old money" but about "new money". i want to know about "old money".

In the United States, there isn't that much "old money".

Ever hear the phrase, 3 generations from shirt-sleeves to shirt-sleeves?

[ladykemma2]

In the United States, there isn't that much "old money".

Ever hear the phrase, 3 generations from shirt-sleeves to shirt-sleeves?

i've never heard this. what does it mean?