Is it true that the reason rich people are rich is because they are cheap?

Question

i notice the richest people i know dress the most simple and less extravagant.
and the poor ones i know have all these luxury goods that they are trying hard to pay off.

Answer 1

They are rich because they know how to use the money wisely

Answer 2

I think that is too general as a statement. I don't think they are rich because they are cheap, however, I can tell you that my husband used to work in the Hamptons & the people with the most money were the ones that usually did not tip, but when they did, he got a HUGE tip. But he would more often get a tip from the "caretaker" at a rich person's house, then he would from the owner themself. The middle class were most likely to tip. My guess is because they know what it's like to really work for a living.

Answer 3

No..not cheap. Unless born into a wealthy family (in which ancestors worked hard/smart) they worked hard, took risks, and not waste their money. They spend on a "perceived value" basis, not the cost of an item. Having a need for luxury goods and inability to wear non-designer clothes is what keeps people from being rich. These folk have a need to prove something to people who see them walking down the street

Answer 4

Sometimes this is true ... it's sad but true that middle class and poor folks try to pretend they're not poor by buying items that are too expensive for them; this just gets them into debt.

However, people like Bill Gates and Donald Trump are rich with all the trimmings that go along with being rich.

Answer 5

Yes it is true. Most rich people are rich because they don't spend the money they have. And they know not to spend money on things that lose value. Poor people or people up to their neck in debt are that way because they are acting rich.

Answer 6

Wrong ligic.A rich man could afford to pay his servant but a servant could not afford to pay his master who is rich, therefor there is need to be rich and the need to be poor. No servant is equal to his master.
jtm.