Why are rich investors so cheap when they can easily afford everything they want?
So why really are rich people so cheap when they could afford basically everything? I have this rich client who really baffles me. He can afford to buy the best cloths and automobiles but he prefers cheap outfits and middle class type cars. When we go out together, it’s hard to tell who the rich client is as I am always mistaken to be richer.
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Think of it this way, they only got wealthy due to their mentality. Pause and think if wealthy people only thought about consumption, they would just spend constantly whatever comes in rather than compound it. For example, I heard two colleagues discuss and one mentioned that another of our colleague who was in business for himself was doing very well and was a millionaire. The other responded that if he ever made that much money he would be off on a 3 year world travel without saving any cost. He probably may be broke in a few years with such mentality.