Re: I had the same experience. - Posted by GL(ON)
Posted by GL(ON) on April 14, 2002 at 06:25:50:
There is another angle on this. If you see him in his old clothes and old car it is natural to assume he is broke. Yet you know he owns a lot of valuable real estate which he bought years ago. So how could he be broke? Chances are he has a lot more money in the bank than it appears. It is not unusual for people with plenty of money not to show it.
On the other hand we have all seen the guy (or gal) with the $800 suit and the $5000 watch, behind the wheel of their Land Rover or BMW, talking away on a cell phone the size of a match box. They must be rich. Then next year we hear they went bankrupt. How could that be? Well the clothes and watch were bought on credit cards, the car was a lease, they lived right up to the limit of their income and credit all the time and in reality they didn’t have a single dollar behind them.
Read The Millionaire Next Door to find out who really has the dough and who doesn’t. YOu might be surprised to find there are millionaires all over the US who make their money in boring humdrum businesses, who never paid more than $200 for a suit or $100 for a watch, who drive older model American sedans.
The ones who put up the big front usually have little or nothing behind it.