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Politics : Politics for Pros- moderated -- Ignore unavailable to you. Want to Upgrade?

To: TimF who wrote (366363)	5/27/2010 11:44:25 PM
From: ManyMoose	1 Recommendation Respond to of 793843

That characterizes my Mom pretty well. She is as tight as a drum, still clips coupons and buys cheap.

To: TimF who wrote (366363)	5/29/2010 4:03:13 AM
From: Elroy	1 Recommendation Respond to of 793843

Dr. Thomas Stanley (his most famous book is "Millionaire Next Door") estimates that 85% of wealthy people (net worth > $1 million) got their wealth by growing a business over 30 years. Hmmmm, maybe the ran a business, but I'd bet many millionaires bought a home for $200k decades ago, stayed in it, paid off the mortgage, and it's worth a million now. I have a friend who dropped out of college after one year and bought an old feed mill by borrowing from his parents, his in-laws and the seller. He raised a family and lived very modestly for the next 30 years while gradually improving his business and slowly paying off the debt. He recently sold it for a couple million. No he is one of the bad guys because he has money. And the state wants to take it all away in taxes. I wonder if the business was worth a few million or the business was worth $100k and the property became worth a few million.