Self-made millionaires — the real deal, not the wannabes — are much more likely to be frugal
I have seen this first hand with old school Yankees / Boston Brahmins. While not having earned their money first hand their ancestors certainly did and these people were frugal.
When I was in my twenties one of them taught me to extend the life of a button down shirt once the collar wore out.
Have a tailor remove the collar, flip it over and sew it back on. The worn section of the collar is now in the inside. The gent who taught me this was worth a fortune, old family money, yet was frugal and a real gentleman.
He was always kind to me.
On the other hand I would often see the ‘ new money ‘ wearing flashy clothing, watches and driving expensive cars. I think the most expensive car I ever saw one of these Brahmins drive was a Volvo. Heck, one of them who’s family is worth billions and is still active in fianace used to show up in an old Volvo, worn comfortable jeans and an old Polo shirt. Clean - but worn. Also a very down to earth kind person.
Old Brahmin saying:
“Use it up, wear it out, make do, do without.”
Or,
“Cape Cod girls, they have no combs, they comb their hair with codfish bones.”
“Cape Cod doctors, they have no pills, they give their patients codfish gills.”
“Cape Cod children, they have no sleds, they slide down hills on codfish heads.”