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Here's a statement of the obvious: The opinions expressed here are those of the participants, not those of the Mutual Fund Observer. We cannot vouch for the accuracy or appropriateness of any of it, though we do encourage civility and good humor.

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The Everyday Lives Of Frugal Billionaires

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  • edited December 2019
    My god, what a lot of nonsense. The author concludes:
    The uber-wealthy don't always live the high life, which helps them stay rich. The frugal billionaires listed above all came from modest means, where frugality was learned and practiced by their families. They carried these lessons with them in business and, one hopes, they will pass them on to their children.
    And in the previous paragraphs he states:
    John Caudwell, now retired from the British cellphone empire—Phones 4u—he built from scratch, owns many rich toys including a helicopter, yacht, and a car worth more than most people's homes.
    Oh, here's just one of the homes the "frugal" Carlos Slim has owned, the fifth most expensive property in New York: https://independent.co.uk/news/business/news/inside-the-home-of-the-second-richest-man-in-the-world-a6676881.html

    Moreover, Zuckerberg's parents were a dentist and a psychiatrist and he grew up in Westchester, New York, not exactly "modest means." Here's some of the "frugal" homes he owns, including a "$100 million splurge on two properties on Kauai Island in Hawaii.":https://businessinsider.com/mark-zuckerberg-real-estate-lake-tahoe-palo-alto-hawaii-2019-5

    This is the lie of the Horatio Alger-esque "self-made" individual and the Protestant work ethic metastasized to a degree it's not even a nice fairytale anymore, but toxic propaganda.
  • very nicely put
  • Yeah, but other than that, very inspirational!
  • edited December 2019

    This is the lie of the Horatio Alger-esque "self-made" individual and the Protestant work ethic metastasized to a degree it's not even a nice fairytale anymore, but toxic propaganda.

    Yes - nicely put.

    Can’t help thinking of the other night’s debate. One accused the other of hosting a fund raising “wine cave” (whatever that is) where $900 bottles of wine were served. My first thought is that I think the $9-$10 dollar stuff tastes pretty good. That extra $890 could go to a lot of good causes.

    I’m having trouble seeing any similarities between Buffett and Zuckerberg (John’s linked article) - aside from wealth. The two shouldn’t be mentioned on the same page or in the same paragraph as far as I’m concerned.
  • "the $9-$10 dollar stuff tastes pretty good"

    No argument. There are quite a number of decent wines at Trader Joe's in that price range.
  • Or you can pay $2.99 for Two-Buck Chuck.:)
  • I said decent !!
  • It was a step up from Boone's Farm Apple Wine in my younger days.:):)
  • :) OK, hard to argue that one...
  • edited December 2019
    $9-$10 level reflects a little bit of class.

    Sure, as a kid I’d buy what today would sell for $2-$3 and than often mix it with 7-up or something.:)
  • Not me personally but the author of the article was.

    "About Pete Buttigieg’s wine cave dinner? I was there."
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