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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]I went to a preppy New England boarding school and the biggest difference I noticed is that people who are rich don't need to prove to anyone they are rich. If anything, they competed over who lived a simpler life. There were no BMWs on campus, though I'm sure at least some parents could afford to buy a new car for their high school kid. People wore a lot of LLBean and JCrew (durable but not flashy). I really liked this laidback approach and it rubbed off on me. I was not ashamed of getting hand-me-down baby clothes--I thought it was practical. I don't want to drive a fancy car, because I feel like it's in poor taste/flaunting one's money. And this approach for the most part does keep you from going overboard. We don't spend our whole pay check, but without that much conscious effort.

Also, my DH is good with finances, which has set us way ahead. Again, it's not something easy to replicate, because I for one can't force myself to care, but I do recognize that it works. He thinks about best ways of handling money, does some research, and acts accordingly. I can spend hours reading child care forums, but financial stuff is boring to me, and would be hard to do on my own.

I think this is really why rich people want their kids to be surrounded by the other rich, so that these good habits stick.[/quote]

That's probably the local culture and is not representative of all rich or wealthy people, or even a majority thereof. You do what you want and what makes you happy, while at the same time don't ridicule others who choose to behave differently with their money. It just as inane for you to find it in poor taste for others to spend their money as others may shun your thrifty lifestyle. There is no right or wrong answer in this, as it falls down to subjective preference. As long as the spending is within their means, there is no negative lesson to be learned from rich people spending their money in ways that pleases them. [/quote]

In many ways, I identify with LL Bean poster, but I see what you're saying here, too. The ultimate irony of LL Bean poster is the fact that these kids and families are all so eager to brag about how simple they are within the context of a $50k per year private boarding school. That's like buying a brand new BMW every year (and then driving it off a cliff uninsured).[/quote]

PP here, yes the irony is there, plain as day. People all have areas where they prefer their money to go into, because it makes them happy - that's their goal. The most common place to put money is to spend it and buy material things. Some people do this on the daily things they use, such as houses, cars, clothing, jewelry, and etc. Others spend it on things that people do not see - vacation homes, vacations, expensive meals, exclusive education, an extensive library, various indulgent hobbies, and etc. There are also of course some people who put money away in investments as an interest - they like seeing that number increase faster and faster. I've been very careful to point out to my kids to not ridicule others for their subjective preferences and choices - this is what turns people into mean and jealous individuals. [/quote]

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