We know from our surveys that the majority of millionaires never spent even one-tenth of $5,000 for a watch.
I don't even wear a watch. At work, at home, in the car I have clocks. What would I need a watch for?
I drive a 1997 Mazda 626, which is paid off. It has a little over 50,000 miles on it, and I plan to drive it until it dies. I'm not a big car person, it is just transportation to get from point A to point B. It is cheaper to maintain my car than to pay for a new one.
I dislike having to buy new clothes, so I don't spend much in this area either!
To be well positioned in the PAW category, you should be worth twice the level of wealth expected.
Not to this point yet.
Our kids should consider providing affluent people with some valuable service. Overall, our most trusted financial advisors are our accountants. Our attorneys are also very important. So we recommend accounting and law to our children.
What in heavens for? Their parents became wealthy working in businesses that "could be classified as dull/normal".
What in heavens for? Their parents became wealthy working in businesses that "could be classified as dull/normal".
Accounting and law are NOT dull? LOL. Our business provide's affluent people valuable service, we work the rich neighborhoods in Tulsa, sealing driveways and repairs, we get a premium price from them and they are always looking for someone to do other work for them, we had a guy ask us if we could fix a stone wall for him, I look at it and told him he could fix it himself for very little, he said, I don't do that sort of thing, he asked how much, I said $500, he said do it, he had a wash out in between the wall and his concrete drive, 3 bags of $3 dollar concrete $10 worth of labor = $481 profit. Its a tough life. :)
BigMack