Are there a lot of Rich BITOGers?

[SirTanon]

Someone I knew many years ago once put a very wise spin on the meaning of being financially"Rich" and it has stuck with me since.

He said something to the tune of: "Being rich means that you can buy whatever you want, whenever you want" My personal takeaway on that has always been that if you have what you need, and your 'wants' are reasonably modest, then it doesn't take all that much to actually be 'rich'.

Now, 'fabulously wealthy'... that's a whole different ball of wax.

 

[Mr Nice]

Money doesn't buy happiness but it definitely reduces stress from financial obligations (mortgage, taxes, living expenses, ...etc...).

Lots of wealthy folks look middle class when you see them at the grocery store.

 

[JeffKeryk]

Money can help with a lotta things.
But credit card therapy is a path to misery.
Working with others is the best feeling I have ever had.

 

[ad244]

Originally Posted by SirTanon
Someone I knew many years ago once put a very wise spin on the meaning of being financially"Rich" and it has stuck with me since.

He said something to the tune of: "Being rich means that you can buy whatever you want, whenever you want" My personal takeaway on that has always been that if you have what you need, and your 'wants' are reasonably modest, then it doesn't take all that much to actually be 'rich'.

Now, 'fabulously wealthy'... that's a whole different ball of wax.


I'd just like to have a 200+ quart oil stash is that too much to ask!

 

[ad244]

Originally Posted by WylieCoyote
Kudos to those out there who have serious bank. They say money can't buy happiness, but I think those people just aren't shopping in the right places.


Lot's of money doesn't buy true happiness, but it certainly takes any headaches and stress off situations caused by financial problems. Lack of financial problems is certainly a happier time, but it's not true long term happiness that counts.

Thats a good point.

 

[Job]

What is the saying, money is the root of all evil? I believe it more and more. It’s not an easy concept when we are raised to love money. OK there is starvation and poverty and stress about having no money, because everything costs money. That’s no good. But having enough and being satisfied seems to be a disappearing value. A life chasing more and more money is what? A hobby? I see my grandparents, my parents, myself, and younger people. It seems the further back the more they were satisfied with what they had, even if was meager.

 

[Slow Car Sport Mode]

You can be rich in spirit, like me, but poor financially.

 

[Astro14]

The saying is, “For the love of money is the root of all evil.” It’s ancient. A couple millennia, in fact.

A much more nuanced and sophisticated saying than just “money is the root of all evil”.

Love of money is a problem. It replaces more important things in life. It becomes an end instead of a means.

Money itself is a simple tool. It can be wielded wisely, or stupidly.

Jealousy was also cautioned against, while we’re on the subject of things that are bad for you. Jealousy clouds your judgment, makes you feel bad when you shouldn’t, and leads to division and pettiness.

Gratitude, thankfulness, appreciation for what you have and what you’ve been given is a far better approach than being jealous of people’s wealth.

As far as BITOGers being ”wealthy” - be careful of that stereotyping and coveting as well. Many BITOG folks are older. They’ve had a lifetime to plan and make good decisions. Having money later in life isn’t “lucky” - it’s more the result of discipline and planning, and the power of decades of compounding.

 

[aquariuscsm]

I think life in general is a mix of good decision making and luck of the draw. There are definitely lots of things that are and always will be out of our control.

 

[CKN]

What is the saying, money is the root of all evil? I believe it more and more. It’s not an easy concept when we are raised to love money. OK there is starvation and poverty and stress about having no money, because everything costs money. That’s no good. But having enough and being satisfied seems to be a disappearing value. A life chasing more and more money is what? A hobby? I see my grandparents, my parents, myself, and younger people. It seems the further back the more they were satisfied with what they had, even if was meager.

Usually this is said by people who don't have any.......

 

[CKN]

The saying is, “For the love of money is the root of all evil.” It’s ancient. A couple millennia, in fact.

A much more nuanced and sophisticated saying than just “money is the root of all evil”.

Love of money is a problem. It replaces more important things in life. It becomes an end instead of a means.

Money itself is a simple tool. It can be wielded wisely, or stupidly.

Jealousy was also cautioned against, while we’re on the subject of things that are bad for you. Jealousy clouds your judgment, makes you feel bad when you shouldn’t, and leads to division and pettiness.

Gratitude, thankfulness, appreciation for what you have and what you’ve been given is a far better approach than being jealous of people’s wealth.

As far as BITOGers being ”wealthy” - be careful of that stereotyping and coveting as well. Many BITOG folks are older. They’ve had a lifetime to plan and make good decisions. Having money later in life isn’t “lucky” - it’s more the result of discipline and planning, and the power of decades of compounding.

I would say you assessment is correct. This forums probably skews to well over 50-on average.

 

[kschachn]

The saying is, “For the love of money is the root of all evil.” It’s ancient. A couple millennia, in fact.

Actually a better translation would be: "The love of money is the root of all sorts of evil", which puts it in the proper place. Neither is money the root in and of itself (as you note), nor is it the exclusive root of evil

 

[manicrodder]

Afternoon everybody... The more and more older threads I read through (and new threads) I see some people on here with some impressive rides. Corvettes, Porsches, Buicks etc and I cant help but get the feeling that the BITOG forum has a lot of well to do members. Plus Ill see the stashes of 200+ quarts of oil and all the money it takes to buy that much oil and store it.... you guys must have some big houses.

Maybe its just the members are more frugal or maybe we just have some oil tycoons on here?

My brother has a lot of money but he always claims to be broke. Always has. Doesn't make sense by all he owns But he likes to claim it is so. Lotta others are like that too. No, I don't ask him for money but others may.

 

[Chris142]

Not me. I drive a 20 year old jeep with 190k on it. If you listen to people here just keeping the jeep running will put me in the poor house

 

[ecotourist]

A good friend of mine (recently deceased) said, "I've been rich and happy, and poor and happy. And rich and happy is better".

 

[Andrew1972]

People are all over the map. Vehicles owned and oil stash are not great indicators of wealth. My parents are multi millionaires but drive 20 year old year old base cars but own a few average looking paid for homes and condos.

My brother is broke and in heavy debt driving a Brand new Lexus SUV and Audi SQ5 both $70k vehicles and has 25 years left on refinanced mortgage(again) age 55.

 

[Astro14]

Not me. I drive a 20 year old jeep with 190k on it. If you listen to people here just keeping the jeep running will put me in the poor house

“People here”?

Seriously?

We have over 70,000 members.

Every time I hear “BITOG thinks” or “the site consensus” I know that post is full of it.

There’s no consensus, more
likely, there are a couple people whose opinions you didn’t like, and to whom you’ve ascribed group think when none exists.

 

[Astro14]

Let me add that having 50+ jugs of oil, bought on sale, sitting on the floor of a modest apartment or house, is hardly correlated with wealth.

Posting that stuff is a display of something, but it sure isn’t a display of wealth.

Having a nice car is also not correlated at all with wealth.

Many wealthy people have nice cars. Many of them have older cars.

Many people with no wealth drive very nice cars (they are foolish, but fools abound).

I encourage everyone to give “The Millionaire Next Door” a read.

The wealthy aren’t what most people think.

 

[ecotourist]

My brother has a lot of money but he always claims to be broke. Always has. Doesn't make sense by all he owns But he likes to claim it is so. Lotta others are like that too. No, I don't ask him for money but others may.

It's important to distinguish "being rich" from "can make the payments." They're not the same thing.

In the book "The Millionaire Next Door", the author describes the confusion that occurred when a group of millionaires were invited to an event. The objective was to meet with the moneyed folk to find out what they wanted. But none of them looked like millionaires. They were uncomfortable with the fancy food and drink laid out for them and consumed almost none of it. In exasperation one of the staff wondered, "Where are the millionaires who look like millionaires?"

The truth is that most millionaires are people who live simply and have been wise with their money. That's the origin of the classic western put down, "big hat, no cattle". The millionaire is that guy who lives next door.

 

[cb_13]

I feel rich but mostly because I don’t need much in the way of material things. Our family vehicles are paid for and reliable. Only debt is a house payment which we bought under market value and have made improvements to as we have lived here.

It’s not as much about income as perceived needs.