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I just found out the other day that one of my friends has a business on the side that effectively doubles his money. He's able to put away about $3,500/month in savings and investment. I had NO idea he was doing that well. I was thinking he was doing a little bit better than average but I would never have guessed he was banking so much. He drives a 10 year old Lexus, wears average clothes, isn't really flashy. I know he's not lying because I know the guy he partnered up with for the side business. Kind of makes me wonder how many other people who I think are doing OK are really making some good coin. Anybody else know any people like this?
I just found out the other day that one of my friends...
He's able to put away about $3,500/month in savings and investment.
Anybody else know any people like this?
Is this what you consider rich?
psst: In about twenty years he'll begin to approach being rich.
I know a number of people who are quite wealthy (millions). Not one of them is ostentatious about their wealth; ... all of them actually go out of their way to avoid trying to set themselves apart from others by 'making a big deal about their money.' In most cases, you would never know they were wealthy if you met them for the first time. Frankly, who really wants to have 'friends' who will treat you differently because you have money?
I just found out the other day that one of my friends has a business on the side that effectively doubles his money. He's able to put away about $3,500/month in savings and investment. I had NO idea he was doing that well. I was thinking he was doing a little bit better than average but I would never have guessed he was banking so much. He drives a 10 year old Lexus, wears average clothes, isn't really flashy. I know he's not lying because I know the guy he partnered up with for the side business. Kind of makes me wonder how many other people who I think are doing OK are really making some good coin. Anybody else know any people like this?
Yes, I know several people like this. They generally fit your description of living a decent, but not flashy lifestyle.
I notice engineers, in particular, tend to be very good with money and at saving and investing. The personal finance blogosphere is dominated by them.
It wasn't smart to tell you about it. There is a reason people prefer to keep their financial business to themselves. Flaunting it impresses the wrong people, causes other friends to ask you for loans and expect you to pay for everything.
Yes, I know several people like this. They generally fit your description of living a decent, but not flashy lifestyle.
I notice engineers, in particular, tend to be very good with money and at saving and investing. The personal finance blogosphere is dominated by them.
There is so many things that engineers can do in and outside the field that I can believe it is profitable. Engineering field wasn't popping out many graduates in the late 70s/early 80s. The ones who did enter the field during that time seem to be the ones who are the wealthiest right now. They started at a time when technology began to gain momentum
Define "rich". One way people get that way is by living frugally, buying only used cars, plain clothes or even used clothes, not spending money on gadgets and so forth. That's why you don't know which ones have a million or two socked away.
There are so many things that engineers can do in and outside the field that I can believe it is profitable. Engineering field wasn't popping out many graduates in the late 70s/early 80s. The ones who did enter the field during that time seem to be the ones who are the wealthiest right now. They started at a time when technology began to gain momentum
I don't think those are the main reasons why engineers are more likely to become wealthy than the population at large, or even the population of other professionals who earn similar or higher incomes.
The main reason is the INTJ personality type (and most engineers are INTJs). INTJs tend to understand the difference between needs and wants and don't care what other people think. They tend to not go for flashy stuff. They are also good at math, so they fully understand the snowball effect of compounding in a way that most other people just don't. INTJs tend to be unemotional, which also makes them better than average investors. People in other high income professions, notably doctors and lawyers, tend not to be as good at accumulating wealth as engineers because doctors and lawyers tend to be big spenders, whereas engineers aren't. It also helps that a bachelor's in engineering can get you a good paying job and career, whereas for other professions you need to get a graduate degree, which not only requires giving up several more years in the work force but also usually involves acquiring a lot of student loan debt...all of which inhibits wealth building.
I just found out the other day that one of my friends has a business on the side that effectively doubles his money. He's able to put away about $3,500/month in savings and investment. I had NO idea he was doing that well. I was thinking he was doing a little bit better than average but I would never have guessed he was banking so much. He drives a 10 year old Lexus, wears average clothes, isn't really flashy. I know he's not lying because I know the guy he partnered up with for the side business. Kind of makes me wonder how many other people who I think are doing OK are really making some good coin. Anybody else know any people like this?
One never knows. For example, I have no idea about my cousins, some with businesses of their own, and they are freakin related to me unlike friends. Also, it's not appropriate to ask, esp. now that they are married with joint incomes. You only find out when you find out their weakness, that is where they spend their money likely on one big thing or in one area (like a house that costs a fortune, or the schools they are sending their kids to), and then you have to connect the dots and do some research or inquiry without seeming as on to them.
Last edited by avg12; 06-24-2012 at 09:51 AM..
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