Reply to Nickel and dimed everywhere these days

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[quote=Anonymous][quote=Anonymous][quote=Anonymous]My wealthy friends have always been cheap - multimillionaires buying used clothing on Primark or going on holiday to a beautiful place in Africa, but staying at a local hotel with no amenities rather than the expat-oriented luxury hotel cheap. I loved them for it but always was happy to shell out for the expensive hotel ... now, I am embracing their lifestyle.

When you suck billions out of the economy overnight, it sucks even more money out of the economy. It's called the money multiplier effect - every dollar the USG spends creates 5 or 6 dollars in the economy. And if the government stops spending, and the money supply goes down, people like us have less to spend so my family will spend nothing. The good news is that it turns out my family likes curried lentils. [/quote]

Being careful with spending is how they became wealthy in the first place.  It's tempting to spend up to one's income, but that results in little net worth.  Accumulation of wealth requires spending well below income, which can be done by anyone at any income level, if they have the discipline and don't yield to indulgence in wants over needs.  [/quote]

That is how most do it.  Hard work, risks and living below your means (whatever they currently are)
The perks of doing that is by time you are 40/50, you typically can focus more on spending because you are well set for life. 
[/quote]

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