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Originally Posted by Benedict1957
Quote:
Originally Posted by BEM-S4
To be honest, everyone who I know who could afford to spend that much never in a million years would even consider it. Probably why they can afford it in the first place  |
Not necessarily. The people who can afford a $2,000,000 watch did not make their money slow and steady over time. These are people who made an exorbitant amount of money in a very short period of time.
Slow and steady saving with frugal expenditures and typical top 1-5% jobs will get you into the $1M-$10M range over a lifetime (usually the lower end of that range). A lot of these people tend to be extremely frugal as you suggest, but no one in this wealth bracket can afford a $2,000,000 watch, not even those worth $10M.
The people who can afford a $2,000,000 watch made a huge windfall very quickly. They need not have lived frugal lifestyles to accumulate their wealth. |
Just speaking for my personal experience with self made folks running mutual funds, hospital systems, biotech geniuses etc. One guy in particular I know is worth half a billion conservative estimate and drives an old Saab. There's no general rule I'm just speaking from my personal experience with people I know, that's all.