(sorry long)
I am reading a book (not extremely new) called "The Millionaire Next Door". It talks about the majority of Millionaires not the small percentage you see on their Yachts on TV. It says most live in lower to middle income houses, don't drive this years model car, etc, etc.
In the beginning of the book, what I found most interesting is per percentage of ethnic groups there was a higher percentage of persons from Russian and Scottish decent then any other. Even more interesting was the yearly income of the Scottish Americans was lower then the other groups, yet they still became Millionaires living more frugally then the rest of the groups. In other words "living well below their means".
So what kind of values do you think were instilled in the Scottish Americans that the other groups don't have?
I'm so curious as I struggle with frugality, a trait not instilled to me by my parents. Society doesn't want me to build a safety net. This was all spurred by another comment on the vehicle I drive. Since I am a business owner, I guess they assume I should be driving the latest and greatest....whatever, as a status symbol. So everyone can see/assume I am successful. I prefer to drive my 9-year-old vehicle; it runs great, looks just fine, and most of all its PAID FOR! I do not see the logic in picking up a car payment, or tossing out my old vehicle. Why should what I drive be important to them?
On another note, my Great Grandmother was very frugal. She saved all her food (even scraps) to eat later or use in her garden, she saved everything (stacks of paper ect) and you couldn't convince her the light went off in the fridge when you closed it so she took the light bulb out to save electricity. Her daughter my Grandmother was good with bookkeeping and numbers but lived more extravagantly with her husband's newest cars and lots of clothing and shoes, they did however have a savings. My mother spends at an unbelievable rate and now has no money for retirement. I have to wonder how my family got so far away from living within our means, from saving for the future. It saddens me that I have to teach myself, and learn new habits with no family role model to help.
I am reading a book (not extremely new) called "The Millionaire Next Door". It talks about the majority of Millionaires not the small percentage you see on their Yachts on TV. It says most live in lower to middle income houses, don't drive this years model car, etc, etc.
In the beginning of the book, what I found most interesting is per percentage of ethnic groups there was a higher percentage of persons from Russian and Scottish decent then any other. Even more interesting was the yearly income of the Scottish Americans was lower then the other groups, yet they still became Millionaires living more frugally then the rest of the groups. In other words "living well below their means".
So what kind of values do you think were instilled in the Scottish Americans that the other groups don't have?
I'm so curious as I struggle with frugality, a trait not instilled to me by my parents. Society doesn't want me to build a safety net. This was all spurred by another comment on the vehicle I drive. Since I am a business owner, I guess they assume I should be driving the latest and greatest....whatever, as a status symbol. So everyone can see/assume I am successful. I prefer to drive my 9-year-old vehicle; it runs great, looks just fine, and most of all its PAID FOR! I do not see the logic in picking up a car payment, or tossing out my old vehicle. Why should what I drive be important to them?

On another note, my Great Grandmother was very frugal. She saved all her food (even scraps) to eat later or use in her garden, she saved everything (stacks of paper ect) and you couldn't convince her the light went off in the fridge when you closed it so she took the light bulb out to save electricity. Her daughter my Grandmother was good with bookkeeping and numbers but lived more extravagantly with her husband's newest cars and lots of clothing and shoes, they did however have a savings. My mother spends at an unbelievable rate and now has no money for retirement. I have to wonder how my family got so far away from living within our means, from saving for the future. It saddens me that I have to teach myself, and learn new habits with no family role model to help.
