Cheap Entrepreneurs

oceans11 · Feb 24, 2009

Originally Posted by DarkNWorn

I'd hate to have a friend like him. Cheap bastards.

Well, at least when we go out for lunch he's not always looking for the "lunch specials."

Uhhh, that's another friend of mine........man.......maybe I need to meet more friends who indulge a little!

oceans11 · Feb 24, 2009

Originally Posted by makushin

I think a lot of entrepreneurs and small business owners are cheap. One thing I've learned is that the people you think have money, are never the ones with money, and vice versa. You have to be able to save capital, and entrepreneurs are also responsible for a potentially rocky future with no pensions or anything, so there is more impetus to save. I used to be like your friend, and had more money in the bank than anyone I knew my age without a trustfund. Unfortunately I did some stupid ****, like buy a house, and my tastes got expensive, and now my overhead is too high.

When I make my next move I'm going low overhead again.

On a related note, anyone know what the hell to do with money in this economy? I don't know what to invest in. Maybe it is better to just spend it.

At least your honest dude, I appreciate that!
But you're right I live in California where's theres a lot of credit card millionaires & fake wealth. Of course a lot of 20 somethings driving $60K cars & still living at home with mommy & daddy. As far as buying stupid **** like buying a house & taste got expensive that's a normal trap & a lot of us fall for that. I know I did! Maybe that's why I'm trying to figure out my buddy & see if his goals & dreams are compatible with mine & ensure I'm not wasting his or my time.

oceans11 · Feb 24, 2009

Originally Posted by ComboOrgan

Being cheap is fine, but at what age is it no longer ok to live with one's parents? (I ask this not knowing how old this fellow is, but I assume he is too old to be living with his folks from the OP's use of "still").

Asuming he has the ability to move out, and simply chooses not to do so, I wouldn't call that thriftiness....I'd call it mooching

Good point! Well, I know he doesn't mooch because when it comes to "divvy up" on bills he's there. But he's 30 & lives at home....still!

My thing is at what is the motivation to succeed at such a high level with nothing "driving" or should I say, "Pushing" you to do so. Some say a little debt is a great motivator but others say debt will wear you down in the end & will only make you word hard enough to pay off that debt.

But if you have nothing forcing you or kicking you out on the street to succeed & strive for those millions you'll end up with a mindset of...."I can just take care of it tomorrow".

randallr · Feb 24, 2009

Originally Posted by oceans11

Really? So as an entreprenuer we're all suppose to just sock all the money under our mattress. Live in a box, walk or ride a bike & then die? I'm not saying your idea is wrong I just don't see the enjoyment of becoming self made & having an abundance of money & not using it "once in a while".

I know this may sound marsupialed but IMO lavishness, abundance, opulence & overtop things like mansions, Lambo's, yachts, Rolex etc. etc. are here for a reason. Those companies are surviving somehow aren't they?

I mean, I do see your point & it appears the majority who responded back all have the same frame of mind or thinking but it just seems a bit boring. Make money......save it.....die.

Yeah, because living in a box is really all anyone can live in if they are living within their means. You're an idiot.

fredfred · Feb 24, 2009

One man's cheap is another man's "Frugal".

In "The Millionaire Next Door" they conducted a study of millionaires in the U.S. The findings, if you believe them, were/are that most millionaires would probably be considered "cheap" by upscale style standards. They don't have the flashy car. They don't drink expensive wines. Etc.

It's easy to spend lavishly. It's harder to be cheap and find/make good deals. If it's not your money (either on credit or government spending .. or corporate spending when it's not actually YOUR corporation, it's somebody else's money) then it's easy to spend. So having extra money, or spending lavishly is actually counter to becoming a millionaire.

Obviously you have to invest. Both money and time.

oceans11 · Feb 24, 2009

Originally Posted by randallr

Yeah, because living in a box is really all anyone can live in if they are living within their means. You're an idiot.

What's with the cheap freakin childish comeback?? Go play Halo kid!

oceans11 · Feb 24, 2009

Originally Posted by fredfred

One man's cheap is another man's "Frugal".

In "The Millionaire Next Door" they conducted a study of millionaires in the U.S. The findings, if you believe them, were/are that most millionaires would probably be considered "cheap" by upscale style standards. They don't have the flashy car. They don't drink expensive wines. Etc.

It's easy to spend lavishly. It's harder to be cheap and find/make good deals. If it's not your money (either on credit or government spending .. or corporate spending when it's not actually YOUR corporation, it's somebody else's money) then it's easy to spend. So having extra money, or spending lavishly is actually counter to becoming a millionaire.

Obviously you have to invest. Both money and time.

Good points!

VKK3450 · Feb 24, 2009

^^^ Plz to learn use of multiquote tool

K

whusurdadi · Feb 24, 2009

When I was an intern while at law school, I worked for a sole practitioner who was doing very well for himself ($600+K a year and working ~20 hours a week) - and he shared office space with another 2 attorneys - each worked 50-60 hour weeks and were making >$200k!
So I asked him what his secret was -
"You gotta spend money to make money"
If you cheap out on advertising, experts, etc, you're ultimately hurting your bottom line!

oceans11 · Feb 24, 2009

Now that's what I'm talking about!!

Originally Posted by whusurdadi

When I was an intern while at law school, I worked for a sole practitioner who was doing very well for himself ($600+K a year and working ~20 hours a week) - and he shared office space with another 2 attorneys - each worked 50-60 hour weeks and were making >$200k!
So I asked him what his secret was -
"You gotta spend money to make money"
If you cheap out on advertising, experts, etc, you're ultimately hurting your bottom line!

j · Feb 24, 2009

Originally Posted by oceans11

Maybe that's why I'm trying to figure out my buddy & see if his goals & dreams are compatible with mine & ensure I'm not wasting his or my time.

Huh? You want us to tell you whether you should be friends with someone who is smart about money when you think he should be at least planning to waste a whole bunch of it on showy crap he doesn't need? Please clarify the point of the thread.

Piobaire · Feb 24, 2009

Does anyone else remember Perot's old Buick, and him having to do something under the hood once, to get it started on camera?

jpeirpont · Feb 24, 2009

I call this being from New England.

oceans11 · Feb 24, 2009

Originally Posted by j

Huh? You want us to tell you whether you should be friends with someone who is smart about money when you think he should be at least planning to waste a whole bunch of it on showy crap he doesn't need? Please clarify the point of the thread.

Well, kid you've already made up your opinion of my thread by your smart ass comment back. So stop trying to sound like some who gives a fat rats ass.

YOU don't believe in being able to show some fruit for your labor that's cool, that's your opinion. Others who didn't agree with me came at me like an adult & added their honest mature opinion which I respectfully appreciated. I'm not asking anyone to agree with me just give me some insight. That's what forums are for right? And I never stated I wanted opinions on whether I should be friends with the guy jack ass.

But school me, because frankly I'm not young enough.....to think I know everything like you.

Go & play Halo or World of Warcraft like the other kid.

j · Feb 24, 2009

are you for real?

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