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This is the only justification I've seen for the idea that frugality and increased income are mutually exclusive. And it makes very little sense. Are you seriously arguing that low-income people aren't earning more because they are devoting every ounce of their concentration to cutting coupons?
There's several reasons why low-income people cannot break out of into high income. These include disabilities, communication/language issues, etc. But many can move up if they got in the right mindset and created a path for themselves.
This is the only justification I've seen for the idea that frugality and increased income are mutually exclusive. And it makes very little sense. Are you seriously arguing that low-income people aren't earning more because they are devoting every ounce of their concentration to cutting coupons?
No, my comment is not about time, but rather psychology. The frugality mindset tends produce a sort of sort of defeatist view towards the sorts of things that tend to increase ones income. In terms of time alone, the question is whether one's time is better spent cutting coupons, etc than making more money.
Honestly, a lot of the frugality stuff doesn't even save much money, its really more about a way of thinking. I was raised in such an environment and slowly I had to shed myself from it.
You are incorrect. This thing has hit across all strata. That chart you showed me looks like it came from a college promoting the value of higher education.
FWIW, I have an MBA. I also am over 50. I spend plenty of time on forums with those who are unemployed and, trust me, these people are not lower skilled. Many are having to dumb down their resumes to look lower skilled though.
I have college degree and 30 years work experience. Isn't helping at all.
What statistical sample demonstrates that people can penny-pinch their way to riches? If you are referring to that noxious book, namely the millionaire next door, that doesn't provide examples of penny-pinching their way to riches. The majority of millionaires in that book are business owners.
As I said, you can't become rich by spending everything you make, but you also can't become rich by merely being frugal. That is, spending below your means is a necessary condition to becoming wealthy, but not a sufficient condition.
Degrees don't guarantee anything...
You quoted a source, and denied a reality.
As to the degree, no, but a good GPA, former related career, extracurricular activities, good reviews from internships, WAY more than normal certifications, good recommendations etc...
No, my comment is not about time, but rather psychology. The frugality mindset tends produce a sort of sort of defeatist view towards the sorts of things that tend to increase ones income. In terms of time alone, the question is whether one's time is better spent cutting coupons, etc than making more money.
Honestly, a lot of the frugality stuff doesn't even save much money, its really more about a way of thinking. I was raised in such an environment and slowly I had to shed myself from it.
I only know 2 multimillionaires
(ill define this as over 2 mil not counting the primary residence. A couple others about to retire might be on the cusp, but counting the house)
BOTH are VERY frugal.
One a retired fire fighter, the other retired merchant marine
No, my comment is not about time, but rather psychology. The frugality mindset tends produce a sort of sort of defeatist view towards the sorts of things that tend to increase ones income. In terms of time alone, the question is whether one's time is better spent cutting coupons, etc than making more money.
Honestly, a lot of the frugality stuff doesn't even save much money, its really more about a way of thinking. I was raised in such an environment and slowly I had to shed myself from it.
Cites? I'm not seeing the link between frugal thinking and eternal poverty.
One a retired fire fighter, the other retired merchant marine
Anticdotal, but enough to say your wrong...
I suppose if you're not familiar with elementary logic? I'm claiming that frugality doesn't lead to wealth, that is, its not a sufficient condition for becoming wealthy. Actually, I went further, I suggested its a fetter to achieving serious wealth. But never did I suggest that frugality and wealth are some how logically mutual exclusive, hence pointing out a few examples of people that are both frugal and wealthy doesn't refute anything I've said.
I will get up tomorrow morning (as I did yesterday too, had something I wanted get done) and drive 10 minutes to my office because I enjoy it, if someone dropped $100 million in my bank tonight I'd still get up tomorrow morning and go to my office. If I wanted to take the day off and enjoy the beautiful day, I could. Of course, I really don't have to worry about missing a beautiful spring day because there will be another one tomorrow, the next day, etc.
I'm not in any sense jealous of your lifestyle, not to mention that I could "retire" today with a higher standard of living than you despite being much younger.
Workaholics and alcoholics wear the same clothes, same habits, same excuses.
A workaholic can no more easily quit working than an alcoholic can easily quit drinking or a smoker easily quit smoking.
You enjoy working just like the alcoholic enjoys drinking and the smoker enjoys smoking.
I'm not sure if there's a Workaholic Anonymous group near you, based on the tenets of AA, but you might want to check into it before it's too late: your health one day dictates no more working.
Anyone ever try living with a recuperating or "retired" workaholic?
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