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Are most rich people stingy?

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I was walking in the city today and crossed passed a small lane, where I saw a very nice Audi parked (one of those rare city places you could park without buying a ticket). I thought "typical, they can afford a $80,000 car but don't want to pay $6 for parking".

It reminded me of a story my friend told me once - his wife had just started a new job at a large investment bank and was out at drinks with her new colleagues. She was the lowest paid amongst all of them, and yet when it came time to pay the bill, they all disappeared, leaving her with the bill.

I also have a friend who is on six figures and tries to skimp on the rest of us when we're out socially.

These people make a lot of money - do you think that in turn makes them somewhat stingy? What's been your take of rich people you know or have come across in the past?
 

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I was walking in the city today and crossed passed a small lane, where I saw a very nice Audi parked (one of those rare city places you could park without buying a ticket). I thought "typical, they can afford a $80,000 car but don't want to pay $6 for parking".

It reminded me of a story my friend told me once - his wife had just started a new job at a large investment bank and was out at drinks with her new colleagues. She was the lowest paid amongst all of them, and yet when it came time to pay the bill, they all disappeared, leaving her with the bill.

I also have a friend who is on six figures and tries to skimp on the rest of us when we're out socially.

These people make a lot of money - do you think that in turn makes them somewhat stingy? What's been your take of rich people you know or have come across in the past?
The exact opposite is my experience .
 
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I was walking in the city today and crossed passed a small lane, where I saw a very nice Audi parked (one of those rare city places you could park without buying a ticket). I thought "typical, they can afford a $80,000 car but don't want to pay $6 for parking".

It reminded me of a story my friend told me once - his wife had just started a new job at a large investment bank and was out at drinks with her new colleagues. She was the lowest paid amongst all of them, and yet when it came time to pay the bill, they all disappeared, leaving her with the bill.

I also have a friend who is on six figures and tries to skimp on the rest of us when we're out socially.

These people make a lot of money - do you think that in turn makes them somewhat stingy? What's been your take of rich people you know or have come across in the past?
My experience is that so called rich people can be both stingy and generous.
Generally, I find that those who are self made to be a little more carefull when spending, as opposed to those who inherited their wealth.
Also, the poorer I find can be more generous as a percentage of disposable income when donating to charitable causes, whilst the wealthier are more generous with their time ..
Just a personal observation and a bit of an educated guess , as we really don't know everyones financial situation, even if it appears somewhat obvious...
 

Julia

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I was walking in the city today and crossed passed a small lane, where I saw a very nice Audi parked (one of those rare city places you could park without buying a ticket). I thought "typical, they can afford a $80,000 car but don't want to pay $6 for parking".
Why would anyone, regardless of level of wealth, want to pay for parking if they could equally conveniently park for free?
Your reasoning that it's "typical" of the wealthy is imo rather silly.
Have you considered that - long before the owner of the Audi was able to afford such a car - he/she got to be in that position by being sensibly thrifty where appropriate?

I don't see why you'd find it reasonable to extrapolate from a couple of personal anecdotes that all rich people are stingy. I expect it's less to do with level of personal wealth and more to do with basic personality traits.
 

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Why would anyone, regardless of level of wealth, want to pay for parking if they could equally conveniently park for free?
Your reasoning that it's "typical" of the wealthy is imo rather silly.
Have you considered that - long before the owner of the Audi was able to afford such a car - he/she got to be in that position by being sensibly thrifty where appropriate?

I don't see why you'd find it reasonable to extrapolate from a couple of personal anecdotes that all rich people are stingy. I expect it's less to do with level of personal wealth and more to do with basic personality traits.
+1

reminds me of another discussion, where it was suggested solar panels were found in "pov, not posh" suburbs. Quite possibly, the owner of the Audi refuses to pay too much for necessities, so they can afford a little extravagance elsewhere.
I have my eyes on one of those new AMG Gullwing Mercs :D
http://www.emercedesbenz.com/autos/...aunches-mercedes-sls-amg-gullwing-webspecial/
Checked one out on the Freeway yesterday. :cool:
 
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The only reason I can see why a rich person might choose to not take the free parking space is if they thought that by doing so it would enable someone else to benefit. That might apply in a country town but certainly not in a major city.

I can afford to pay for parking just as I can afford to pay parking fines, electricity bills and to buy new clothes. But if there's a free park that doesn't come with the risk of a fine then why wouldn't I take it? Just like I don't leave the lights on all night for the sake of it and I don't tear holes in perfectly good clothes either (and no way am I spending $300 on a pair of sun glasses - that's just ridiculous).
 

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The only reason I can see why a rich person might choose to not take the free parking space is if they thought that by doing so it would enable someone else to benefit. That might apply in a country town but certainly not in a major city.

I can afford to pay for parking just as I can afford to pay parking fines, electricity bills and to buy new clothes. But if there's a free park that doesn't come with the risk of a fine then why wouldn't I take it? Just like I don't leave the lights on all night for the sake of it and I don't tear holes in perfectly good clothes either (and no way am I spending $300 on a pair of sun glasses - that's just ridiculous).
+1 Smurf
But maybe you and I aren't really "rich" - whatever that means :cautious:
 
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Maybe the guy/girl with the Audi, could afford the Audi because they were thrifty.
Does that make them a 'bad' person i.e stingy?
Conversely, if they paid for parking, blew heaps of money gambling, drinking and using social drugs.
Would that make them a rich but socially acceptable person?
If so is that because everyone else can sit back and gloat on their foolhardiness?
 
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I would have to make many multiples of $80,000 before I could contemplate to pay $6 for parking every day. Much cheaper to take a bus.

Anyway, these things are silly generalisations most of the time I feel.

The wealthier I get, my priorities would be to shift my capital towards high-quality businesses that deserve it, and donating to causes that I have supported for a very long time.

Really, it probably has more to do with personality and upbringing than wealth. I'm extremely conservative when it comes to having to expend any sort of resources in all aspects of everything, so I've always been pretty stingy when it comes to spending money on unnecessary things and I will probably always be that way even if I had a billion dollars.
 

Knobby22

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When I was a pizza delivery boy, I found that it was always the renters and the poorer people that gave you a tip. It was rare toget one from the big houses with nice cars.
 
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When I was a pizza delivery boy, I found that it was always the renters and the poorer people that gave you a tip. It was rare toget one from the big houses with nice cars.
That's a good illustration of why these people will always be "renters and poor", and eating junk food.
 

wayneL

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Through circumstance I knew a lot of the WA Inc Corporate cowboys... Bond, Connell, Oats, Beckwith, and a lot you would never have heard of.

A couple of the above were both stingy and generous, depending on the circumstances, but most were very generous.

Almost all knew the value of a dollar and would become very stingy if they knew they were being touched up. IOW, if there was value for what they were getting they would pay, if not, it was as if they were contemplating spending their last dollar.

It's not about the money, it's an attitude... deliver value and they will pay up. :2twocents
 
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When I was a pizza delivery boy, I found that it was always the renters and the poorer people that gave you a tip. It was rare toget one from the big houses with nice cars.
That's a good illustration of why these people will always be "renters and poor", and eating junk food.
I suppose the 'moral difficulty' lies there - share, and you shall be poor; be selfish, and you shall be wealthy.
 
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In my experience there are many people with moderate incomes who RESPECT money, and are rich.

I also have many high income colleagues who do not respect money and struggle to live the lifestyle they want.


So to judge someone who respects money as stingy, can sometimes be a bit unfair..

If everyone respected money, then we would not be so up the creek with world finances etc.
 
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I suppose the 'moral difficulty' lies there - share, and you shall be poor; be selfish, and you shall be wealthy.
How do you work that from your original qoute, that someone with an expensive car should pay for expensive parking.
Or is it that you are selecting qoutes from other people, to support your belief that people with money should throw it away recklessly.
The answer is easy vote for Gillard and the goons and let them throw it away for everyone.
 

Julia

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I suppose the 'moral difficulty' lies there - share, and you shall be poor; be selfish, and you shall be wealthy.
Oh, for heaven's sake, Tyler, that's a pretty silly conclusion to draw.
You've been given plenty of examples of how people might become financially independent. Those people are probably more likely to exercise sensible nutritional choices and are unlikely to be buying in junk food in the first place.

You seem to be making some sort of moral judgment in favour of people who have little understanding of money management or nutritional choices.

Just hope you don't personally adopt such unproductive choices.
 
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In my experience there are many people with moderate incomes who RESPECT money, and are rich.

I also have many high income colleagues who do not respect money and struggle to live the lifestyle they want.


So to judge someone who respects money as stingy, can sometimes be a bit unfair..

If everyone respected money, then we would not be so up the creek with world finances etc.
I use money to enhance my life (and keep me alive) in the same way as I use a seat on a plane to get from A to B.

I don't go around throwing away money, or booking flights I have no intention of taking, for the sake of it. That leads to a surplus of income over expenses which in due course increases my wealth.

Why anyone would throw away their money, on things which are of no value whatsoever, is beyond me.
 

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