2006-07-07 13:51:00 · 19 answers · asked by rodmod 3 in Business & Finance ➔ Personal Finance
because saving is what got them rich to begin with and in most people's minds you can never be too rich.
2006-07-07 13:55:17 · answer #1 · answered by angel 2 · 0⤊ 0⤋
Rich and poor are both states of minds. Broke is a condition that results in poor choices; sometimes being stuck on stupid way too long. Rich people amass wealth and success by saving. If it works, then do it. Recommended reading: "Rich Dad-Poor Dad", and "The Millionaire Mind".
Poor people buy what they want and beg for what they need.
Dave Ramsey; a syndicated radio show host, twice millionaire, once bankrupt teaches a course (lifestyle changing) called Financial Peace University. He says, "If you live like no one else, then you will be able to live like no one else." He's talking about saving and investing wisely.
2006-07-07 21:32:54 · answer #2 · answered by Wise ol' owl 6 · 0⤊ 0⤋
Why the rich stay rich and the poor stay poor.
Give a poor person 500 dollars and they spend 495 and save 5.
Give a rich person 500 dollars and they spend 5 dollars and save 495.
2006-07-07 21:23:09 · answer #3 · answered by Silly2002 4 · 0⤊ 0⤋
If 'rich people', as you call them, didn't save more money than they 'need', they would not have the funds to invest in new businesses and you would not have a job.
2006-07-08 07:39:07 · answer #4 · answered by andrew f 3 · 0⤊ 0⤋
Because that is why they are rich. I worked with a chief engineer who drove really inexpensive cars and has a MBA in fiance and management who is most likely a millionaire. He lives in a modest house and has a modest lifestyle and he is happy. Most rich people do the same thing.
2006-07-08 00:08:22 · answer #5 · answered by andy 7 · 0⤊ 0⤋
Two reasons:
1. They don't want to end up broke (and not keeping good reserves makes it really easy to go broke), and
2. They got rich by developing the good habits of saving and investing, so those solid habits are second nature.
2006-07-07 20:56:52 · answer #6 · answered by Lori A 6 · 0⤊ 0⤋
u can never be 2 rich. i have 50 million and im still saving. pretty soon ill be able to give up work and live off the interest. thats why we save
2006-07-08 12:11:25 · answer #7 · answered by motown 5 · 0⤊ 0⤋
I wrote, and then taught, a college course entitled Family Financial Security. One of the overriding thesis is: save and invest. What you perceive as 'rich' are people who learned and implemented this philosophy and made it a way of life. It is, in fact, a way of life.
2006-07-07 22:57:07 · answer #8 · answered by homerunhitter 4 · 0⤊ 0⤋
because they gets left with some extra money after their basic needs, some decided to live with basics and invest the rest which makes them rich,others decides to live in luxury and inevest less/none the rest of left over,
2006-07-08 08:38:39 · answer #9 · answered by a khan 2 · 0⤊ 0⤋
When they have money, they dont need to take out loans and overdrafts, so they are not paying interest.
They have loads of money in the bank, so they are actually gaining more money from interest, as well as their earnings, so are contiually earning more money than the poorer people.
2006-07-08 09:34:08 · answer #10 · answered by Allen 2 · 0⤊ 0⤋