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Thread: Millionaire Next Door

  1. #41
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    Seems like once again, we are the oddballs on our street. Have only one car and none of our kitchen appliances match Our neighbors, many retired, have multiple vehicles, expensive 4 x 4 trucks and lots of toys to play in the mountains - ATVs, RVs, expensive bikes. I sometimes wonder if they are all in debt or how they can afford all of these things and the insurance it must take to cover them. Although I am thinking we might buy a tiny camper and do some traveling...

  2. #42
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    PT, if you buy a camper get it used. Tons of good deals on them because people find out they don’t like them, want a bigger one, etc. Also have to make sure your vehicle can tow it.

  3. #43
    Senior Member bae's Avatar
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    My camper is a hammock. I suspect I am living below my means.

  4. #44
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    Quote Originally Posted by bae View Post
    My camper is a hammock. I suspect I am living below my means.
    Unless its a really nice hammock.

  5. #45
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    I'd really like a van of some sort - like the old Vanagans. My friend here bought one for just a few thousand and fixed it up as she likes to go camping in it. And coincidentally...she is a millionaire next door and mostly retired. She is in her early 50s and owns a dozen rent houses now. Her boyfriend keeps them maintained and she has paid them off one by one.

  6. #46
    Senior Member Ultralight's Avatar
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    Quote Originally Posted by bae View Post
    My camper is a hammock. I suspect I am living below my means.
    This is sheer bad assery!
    I came from a real tough neighborhood. I put my hand in some cement and felt another hand." -- Rodney Dangerfield

  7. #47
    Senior Member Ultralight's Avatar
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    Reading MND has made me think of women differently. The authors said that men often were married to women more frugal than themselves. Very cool.

    He also spoke how first generation Americans make up a surprising number of millionaires. Apparently they work really hard, sometimes own their own businesses, and are froogs to the Nth degree.

    I just went to the neighborhood low-end Asian restaurant for dinner (Queue up the "not very frugal, UL!" comments). While I was there I saw many of the women working there were fresh off the boat, in their 20s or 30s and hardworkin' as all hell. I thought: "One of these women could be a MND in ten or 15 years."
    I came from a real tough neighborhood. I put my hand in some cement and felt another hand." -- Rodney Dangerfield

  8. #48
    Senior Member Ultralight's Avatar
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    I was reviewing the authors' 7 common traits of MNDs and assessing whether or not I could acquire them.

    They are:

    1. Live well below your means.

    I could do this. This is a lever I have pulled hard before, for long periods of time. I have let up on this level at times too, but I can pull it.

    2. Allocate time, energy, and money efficiently in ways conducive to building wealth.

    This is a maybe. I need to learn more about it.

    3. They believe financial independence is more important that displaying high status.

    I do believe this. Status symbols don't do it for me.

    4. Their parents did not provide financial outpatient care.

    I am not entirely sure what they other means by this, I think it will be in a later chapter. But I will say my parents did very little for me. They paid for two community college classes I took when I was 19. And they gave me $3,000 for an IRA a few years ago. They would give me between $50 and $200 on my birthdays.

    5. Their adult children are economically self sufficient.

    I hope I never have children so hopefully this is a non-issue to me.

    6. They are proficient in targeting marketing opportunities.

    I have no idea what this means. I don't know what I would marker to someone. Though I do have a damn good food truck idea!

    7. They chose the right occupation.

    I certainly flubbed this one up. The only things I was ever much good at were graduate school and labor agitating. I suppose working for the gubmint is probably one of the more tolerable routes I could have taken.
    I came from a real tough neighborhood. I put my hand in some cement and felt another hand." -- Rodney Dangerfield

  9. #49
    Senior Member Ultralight's Avatar
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    When I think these MNDs live what I would consider boring lives, I will say I kinda dig how they defy both convention and the expectations of others. The book so far is peppered with little bios of MNDs. Very neat!
    I came from a real tough neighborhood. I put my hand in some cement and felt another hand." -- Rodney Dangerfield

  10. #50
    Senior Member iris lilies's Avatar
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    Quote Originally Posted by Ultralight View Post
    When I think these MNDs live what I would consider boring lives, I will say I kinda dig how they defy both convention and the expectations of others. The book so far is peppered with little bios of MNDs. Very neat!
    I know, that why it is my favorite simple living book. The stories sre great!

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