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  1. #101
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    Yes | No

    Food for thought.

    As I was enjoying my morning drive to work in my soon to be lease end E46, I couldn't help but think about a comment I read about the rear of the E92 being too long.

    Could it be that the rear is long so as to make room for the eventual folding hard top or is it just the fact that it IS a bigger car which translates into a bigger roof which requires more storage space?

    just a thought. I'll run along now and get back to work, after my coffee.

    03' ZHP , Sapphire Black, Black Leather, Xenons , Moonroof


  2. #102
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    Yes | No

    Did u read the book?

    The author lives in Atlanta, and I briefly met one of the people he cited in the book. There's a lot to be said about saving money, and even more to be said about spending beyond your means. Trust me, these people HAVE fun, but do it in different (no better/no worse) ways.

    We'll see with the Baby Boomer generation if their consumption paid off.


    03' ZHP , Sapphire Black, Black Leather, Xenons , Moonroof

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    Yes | No

    No, Once I found out that they drive the same

    I knew that the book wouldn't do crap for me. There could be parts in the book that could be beneficial, but I beleive that who dies with the most toys wins, not who dies with the most money.

  4. #104
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    Yes | No

    Just keep in mind, many people with lots of toys

    sometimes find themselves with no money. Conservatively I'd guess there might be a few million people who could give you some first hand examples how.

    You know what happens then? Yep, you sell your toys. And you might even find yourself walking WalMart parking lots collecting carts. :)

    Being able to balance things gains importance the older you get.

    Rusty
    '05 330i ZHP in Imola

  5. #105
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    Yes | No

    I agree

    Balance is the key. But I doubt that any one of the "millionaires" in that book owns a "05 330i ZHP in Imola":-)

    I haven’t read the book but from what I heard, the Millionaires next door don’t spend money on anything beyond what is necessary to survive. That almost sounds like "cult" behavior to me. Having millions is one thing, having to live like I’m Amish just to attain that million is crazy IMO.

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    Yes | No

    I follow an 80/20 rule- 80% of my financial life

    is responsible with the rest for fun & toys.

  7. #107
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    Yes | No

    I'll give u a quick synopsis.

    First off the $1MM is in new worth, not in cash.


    It speaks of differents types of people who rely on their parents for extra cash, and who spend what they make.

    Most of the do not shop at designer stores (JCPENNY was big)
    Most have never paid more than $29k for a car (includes new and used car purchases)
    Most bought American then Asian.
    Most own a small/medium size company or in a Sr. Mgmt position
    Most have lived in their homes for a very long time (this is key)
    Most are savy with their finances and consequently pay very little taxes when compared to people who earn 1/2 as much.
    They don't blow money on stupid stuff like the lottery.


    It's really quite easy actually. Especially if you buy a house that you intent to live in for a long time and don't get caught up in "keeping with the Jones". To them, owning a BMW isn't a big deal. They're more than happy driving their explore to work. Hell,
    I know a CPA who's NW is over $5MM, and he drives a 20 yr old Honda Accord. His splurge? Aside from Falcons/Hawks tickets he's owned season tickets to the Braves for 20 yrs which are at the lower level one section off homeplate.

    I have a relative who sold his engineering company for $60MM and drives a 15 yr old C-class MB. His son,a self-made man, has a NW over $6MM @ 38yrs old and he's happy driving a VW Golf.

    It's interesting how people with tremendous net worth don't get caught with owning expensive toys.




    03' ZHP , Sapphire Black, Black Leather, Xenons , Moonroof

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    Yes | No

    You are right- and those w/ that kind of net worth

    are few and far between. However, I prefer what to me is a more balanced approach. I really don't want to drive an old car and enjoy things like my 60" Sony TV. Yes, a luxury car and big screen TV are unnecessary "luxuries", but then again I could also get by on PB&J sanwiches and Ramen noodles and never eat steak, etc. As long as 80% of my finances are done the "right" way I'd like to have a little fun as well. Do those people you know have any "vices" like BMWs, or is driving their 15 yr old cars to Wal Mart the high point of their day?

  9. #109
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    Yes | No

    hmm..

    The CPA who owns Braves tickets..Those tickets are about $10k/yr I think.

    As for the other people..hmm.. Not really, they basically enjoy what they do for a living.



    03' ZHP , Sapphire Black, Black Leather, Xenons , Moonroof

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    Yes | No

    I have no interest in tickets like that, which

    illustrates my point. What is a waste of money to me (tickets) is not to others, just like my car which I enjoy is a total waste to them. Still, with a net worth in the millions, 10K for tix isn't much.

    As long as my retirement is being fully funded, I am saving money elsewhere and have no debts other then a modest mortgage & car payments then I am happy. Although I could make much more in my profession were I to work in the City, I prefer where I am now as it gives me time, flexibility and, best of all, my kids actually know who I am. I know many who say things like "look at me- I'm only "x" years old and I already make 150K per year", but when asked how many hours they work say "oh, about 70+ per week". They don't get that they are really only making HALF of what they claim since they are, in essence, working 2 jobs.

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    Yes | No

    Exactly

    "illustrates my point. What is a waste of money to me (tickets) is not to others, just like my car which I enjoy is a total waste to them. "

    - Sounds a little hypocritical, doesn’t it? I doubt that the person who’s spending the $10k on season tickets did so before he earned the millions. And if he did, then why is it okay for him to spend $10K on season tickets, but not okay for a person to spend $7k a year on a BMW?

    I think that my original comment was drawn out of proportion a bit. My understanding of the book “The millionaire next door” is that it isn’t a book about folks who earn over $100K+ a year and managed to save over a million, but about the average Joe who makes about half of that and still somehow managed to save a million dollars. Hence the name “the millionaire next door” (correct me if I’m wrong). I save just like everyone else, I’m just not willing to sacrifice the things I enjoy just so I can die with a few more dollars in the bank.


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    Yes | No

    Re: I'll give u a quick synopsis.

    "It's interesting how people with tremendous net worth don't get caught with owning expensive toys. "


    - So who's buying the Lambo's, Ferraris, Maybachs, and Multimillion dollar homes? If a person likes toys they are going to get them. It doesn't matter if they are rich or poor.

  13. #113
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    Yes | No

    That's easy..

    For the most part, it's new money that buys such things, and those people usually spend as much as they make. They make lots of money, but have no net worth.

    03' ZHP , Sapphire Black, Black Leather, Xenons , Moonroof

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    Yes | No

    The question is ????

    How long do you wish to continue working ? Many claim to "love" their jobs only to reply that if they won the lottery they would quit.
    Older folks who are retired love the ability to NOT work but most of the elderly are quite frugal and take more time to evaluate spending . As younger folks pehaps thry ate in fancy resturants and now they opt for an "early bird" special . Is there something to be learned by observing the acquired wisdom ? I think so.
    Perhaps a younger person simply isn't ready to tighten that spending belt . Perhaps ones emotional perceptions towards material possesions evolve with maturity .
    So yes --we can all be a "toys are us kid" for awhile but I do feel at some point we realize that saving can be as rewarding as spending. In fact --for many -- simply NOT hearing an AM wake up alarm clock combined with a larger account value might just be enough to refrain from many car purchases as well as other unnecessary luxuries .

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    Yes | No

    Good question. My plan is to have the ability

    to retire by the time I am 60. Not realistic to do so earlier, as my youngest daughter, now 5, won't be out of college till I'm 58 or so. While I may chose to work, I'd like to have what I not so politely call "F*** You" money, meaning if I ever get too much BS I can say "FU" and walk away. More likely, I'd like to do something in retirement I want to do and not necessarily for the money. Maybe it'll be automotive related as cars are obviously a big interest for me. Ha- maybe I'll sell cars or learn to be a mechanic!

    Like many, I wasted some money when I was a kid, but have always been more responsible than not. Both my wife and I fully fund our 401ks, save/invest elsewhere as well and have a mortgage well under half our home's value. Not "bragging", since I am sure others here are doing even better, but this works for us. We try to strike a balance between saving and living, while being there for our kids. Like I said above, I could easily earn more should I work in the city, but in my profession (lawyer) that comes at a price: 70+ hour weeks and more. Not worth it. My youngest has a T-ball game tonight and I intend to be there. While I value & take pride in my career, my kids come first.

  16. #116
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    Yes | No

    Sounds like we admire and likely respect the

    same type of person. The quiet millionaire. I don't want to sound like I'm boasting because that just sounds wrong. I am proud, extremely so, of my father. But I want to emphasize that I've never been given any special treatment and nobody ever mistook me for a rich kid. But the truth is, dad was an exec and on board of directors of oil companies all his life. Suffice to say he retired very comfortably, and yes the folks net worth is definitely into 7 digits. But while he's not stingy with money, he's frugal. They drive their cars almost until the wheels fall off, or 10 years whichever comes first. And oh yea, they're typically Americun cars save for mom's "CPO'd" Lexus. lol They live in an affluent neighborhood, but they don't have all sorts of lawn men and such always scurrying about. He still mows his own yard. He belongs to Colonial Country Club in Ft. Worth, but most of the time he prefers the muni's because that's where most of his friends like to play. He loves to fish, but he's still using the same bass boat he's had for probably the last dozen years. Etc etc. He recognizes he came from meager beginnings. He knows how hard he worked for what he's got and he recognizes that luck played as big a part in everything as effort and hard work. He's seen others squander it all away, so it helps him keep things in perspective.

    Then I look the other way and I see the young guy in the BMW, living in an apartment, living payday to payday, partying at all the right places and eating at the finest restaurants. No need to worry about the bill until the credit card comes in, right? lol

    I'm rambling again, so I'll shut up. But Socom you nailed it. Good work. I so much more admire the quiet millionaire than some idjit just trying to act the part. Superficial just doesn't wear right on me.

    Rusty
    '05 330i ZHP in Imola

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    Yes | No

    Re: Sounds like we admire and likely respect the

    "Then I look the other way and I see the young guy in the BMW, living in an apartment, living payday to payday, partying at all the right places and eating at the finest restaurants. No need to worry about the bill until the credit card comes in, right? lol"

    - That's who you are comparing to your father? You ever think for one second that the "Young Guy" probably isn't an exec on the board of directors of an oil company (for all his life, like your father)? That doesn't seem like a fair comparison IMO.

    "Oil Executive... all his life."? How can you compare your father's finances with someone who will probably never earn what he has? My original comment was about the average Joe who managed to save over a million and what he had to sacrifice in order to do so, not an "Oil exec" where 7 figure portfolios are the norm. Your father didn’t have to sacrifice anything. If he did can you please tell me? Judging from the salary that your father made (his whole life), owning a BMW when he was young wouldn’t have had any real impact on his current portfolio (correct me if I’m wrong). He would still have a 7 figure portfolio either way.


  18. #118
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    Yes | No

    Re: Sounds like we admire and likely respect the

    I really wasn't responding to anything you said, honest. In fact, I've read very few of the posts in this thread to tell you the truth. There was just something about what Socom said that hit a nerve and I responded in a knee jerk kind of way, and just about as soon as I hit [send] I was trying to kill the browser in hopes it wouldn't post, because I shared more than I should have shared.

    So consider my post, as many of mine are, completely off-topic. Sometimes I don't follow along especially well. :)

    Rusty
    '05 330i ZHP in Imola

  19. #119
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    Re: Sounds like we admire and likely respect the

    "Judging from the salary that your father made (his whole life), owning a BMW when he was young wouldn’t have had any real impact on his current portfolio (correct me if I’m wrong). He would still have a 7 figure portfolio either way"

    Ok, I failed to clarify this in the first response. Dad wasn't born into into riches or management. That's what I meant to alude to when I said he recognizes it took a lot of hard work, such as long hours, cancelled vacations, low-man-on-the-totem-pole type positions to get to where he got. But coming from a family of little means where sometimes it was his duty to go out back and slaughter a pig so they could eat, he learned what hard work and lack of money was first hand. Yea, the last 30 years of his career were financially rewarding, but I didn't mean to imply his path was paved in gold from day one. If I said it that way I worded it poorly.

    Rusty
    '05 330i ZHP in Imola

  20. #120
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    Re: Sounds like we admire and likely respect the

    You didn't share too much. Seems to me that you were raised in a very good household. Nothing to be ashamed of there. My mother came to New-York in 1967 from Jamaica with 138 dollars in her pocket and two suitcases. Now she's retired and just bought a home after paying off the home that me and my 3 sisters were raised in. She's living goog along with my father and they don't have any financial problems. I just wish I were like them, when they were my age they were 8 years in on a mortgage instead of renting for 9 years like myself.

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