Wealthy misers

Ever thought he's managed to stay wealthy by spending money on cheap stuff, thereby saving loads over the long term, contributing into his pension?
 
Telecaster said:
*Long waffle post alert*

paid into a final salary pension for the best part of 50 years.

Not only was the house paid off ages ago.
large lump sum with a reduced monthly pension rather than just the full monthly amount.
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Sounds like he has been really good with his money over the last 50 years,habit of a lifetime i suppose and he dos not want to spend any due to him being good with cash over the years.

I'll probably be the same if i was good with money,perhaps he needs to spend some to realize how good spending money is :)
 
The idea that spending your entire life on borrowing is the correct way of living is a relatively new one. The old man is living as his generation always tried to - frugally. And as a fairly old man myself, I'll say that I agree with him. In theory. Not on buying computer bits though...
 
One of my ex's Dad was pretty loaded, huge house in a posh area, about 5 cars, a second house in london, MD of a company on about £100k a year. His TV went faulty and I fixed it for him, a few months later it went again and he said he'd buy a new one. Fair enough I though, expecting him to buy a high end Sony or something, he bought a Black Diamond or something, Bush/Alba/Goodmans internals, horrible thing.
 
Telecaster said:
*Long waffle post alert*

I know you don't accumulate money with frivolous spending habits, but why are people with a few bob often reluctant, nay, down right stubborn when it comes to buying a quality product just because you can get a mickey mouse equivalent for about 1/4 the cost?
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I encounter this a lot. It is usually holier-than-thou attitudes who think that they are holding a personal/group protest.
 
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They've got money because they don't spend it excessively on things they don't see as important.
 
So long as he doesn't end up spending more in the long run then he should be commended for being frugal / managing his resources sensibly, rather than criticised for being miserly.
 
Cosimo said:
Count yourself lucky that he hasn't blown most of it already.
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This.

FishFluff said:
I'm constantly raging at my parents for spending my inheritance.
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Made me chuckle a lot :D

On a relative note, my Dad once 'refused' point blank to spend 15 pence on some screws at a local store...a lot from the previous generation are very frugal by nature as they had to be when growing up.

Although he did teach me an important way of living, and be smart with money and not just necessarily 'tight' - IE, don't buy cheap and buy twice, spend the pennies on something of a good quality which will last and last, but be clever about it.

Quite ironic coming from him to be honest as he normally buys the cheap one, realises he shouldn't have done, then goes back and buys the expensive one :p
 
Phate said:
Although he did teach me an important way of living, and be smart with money and not just necessarily 'tight' - IE, don't buy cheap and buy twice, spend the pennies on something of a good quality which will last and last, but be clever about it.
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That's the same thing my dad has always said to me, he doesn't mind spending the extra if it means it's going to last.
 
tom_e said:
That's the same thing my dad has always said to me, he doesn't mind spending the extra if it means it's going to last.
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Yep, but at the same time don't pay for the big brands...because they're the big brands. IE still rubbish quality but expensive tag. :)
 
I am tight with money and won't buy purely because of a name or to pay for the opportunity to advertise for the manufacturer. I will though spend what is needed if the extra will work out over the longhaul because I am getting noticeably superior quality.
 
This is not about him going out and blowing all his cash, neither is it about him not doing what I would do.

He does it with lots of things, he's like someone mentioned above, thinks the cheapest option is the best.

He's gone through about five kettles in five years because he always replaces them with a £5 ebay special when they pack up, I told him mine cost £25 and he nearly collapsed, but I've had it 8 years...

I don't really mind how he spends, or doesn't, I just want him to get good value from stuff and the cheapest option isn't always the best when it comes to that.

He's also the only person I know with all his documents OFF his PC, the computer room is just full with reams of paper notes that he makes whilst working on it, I have told him that PCs are quite capable of holding information without the need for paper and pen but he won't have it.
 
I might only be young but i'm pretty frugal. I don't need or want the latest and greatest tech. I always haggle on insurance and things like phone contracts. I do all my shopping online and always use things like quidco / hotukdeals etc.

To me, its just common sense. All my mates say I must be loaded. Truth is, they are probably on more money than me, but they just blow it on iphones / £100 nights out, and then wonder why they are skint!
 
I am all with saving the pounds and spending wisely, but people who are tight with money drive me crazy.... especially when they can't part with their money for something/say they are skint but then spend a shed load on a holiday or new toy. :confused:

I suppose people have their priorities but sometimes it is frustrating. I guess I find that more as I try to do as much as I can and not let people down - but people are different and you can't always do everything.

BB x
 
It's not even like he's in rude health and looking at a long innings, the bloke takes more pills than a branch of Lloyds chemist sells in a week, so he's surely not thinking of the future, he'll be lucky to go further than 75 at the rate he's going.
 
Meh i cant stand tight assed people myself, my dad when we were growing up was pretty tight with money even though he had a very good job in Canada. But we didnt get the latest toys or clothes etc, my poor mum had to work and whatever money she had...she spent it on us only to get it in the neck from my dad.

I suppose thats why me and my 2 younger brothers arent that way inclined ie if we have the money we spend and dont buy cheap. My mums side of the family are like that ie very open hearted when it comes to buying stuff especially my oldest uncle who just had one of those new 85" Samsung LED TV shipped over from Dubai...was around his place for Eid and wow what a TV...bloody expensive but then hes a self made multi millioniare who owns 5 Mercs, all AMG with low mileage lol.

But definitely my middle brother spends a lot of money on his 2 kids, my niece who is 14 got a brand new iphone 5s the other day...$700 in Canada and my nephew who is 10 is getting the new xbox one and ps4 even though he already has the 360 and ps3.

As for me??, i like to spend my money on good quality things and thankfully my missus is the same as me ie not tight with her money. And unlike my dad, when i have kids i will spoil them rotten as long as i can afford it ie after bills and mortgage is paid of course.
 
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