Came across this and found it interesting.

Game show winners, athletes and lottery winners represent just 1/20th of one percent of the millionaires in the U.S. Almost all of the rest earned it by hard work and living comfortably, but not extravangantly.

Interestingly, you remember those smart kids in high school or voted most likely to succeed, etc? Well, turns out the average grade point average for U.S. millionaires is 2.92.

From this same study: 70% regularly have their shoes resoled and repaired. Almost half reported eating in a fast food restaurant within the past 30-days. Most bought an older house, rather than having one built to order.

Chances are excellent you know one or more people with a net worth of over one million dollars, yet don't suspect it.

-- Ken S. in WC TN (scharabo@aol.com), November 25, 2000

Answers

I know a fella who gave his entire fortune to his kids along with his business. All he wanted was a small house, be able to go to the flea market and fish in his ponds. He told us his kids asked why he gave it all to them, his response was so that they couldn't come running to him to bail em out when they squandered everything, which they did.

-- Jay Blair (jayblair678@yahoo.com), November 25, 2000.

I have known people worth considerably more than a million that don't seem all that happy. When I sit down to a meal where everything on the table has been grown and prepared right here on my farm, I have a feeling of contentment and satisfaction that no amount of money could by. happy homesteading!!!

-- diane (gardiacaprines@yahoo.com), November 25, 2000.

Jay, that man was wise. Too bad he didn't raise his children with some wisdom!! I think anyone that is free of debt, has reasonably good health, and is able to raise most of their own food and otherwise spend their time pretty much as they wish, is rich. Poor isn't having little money, it's having too little money to buy what you need (or want, depending on your attitude!). Rich is not having lots of money, it's having everything you need (or want, again, depending on your attitude!).

-- Kathleen Sanderson (stonycft@worldpath.net), November 25, 2000.

Ken, must be you just read "The Millionaire Mind" by Thomas Stanley or maybe his earlier book "The Millionaire Next Door". Both are very interesting.

Most also drive Ford F-150's.

Those in this area who are millionaires but live simply are called "quiet wealth".

-- Sandy (smd2@netzero.net), November 25, 2000.

I can attest to what wealth does. My sister and her husband are rich. They have four children who have each been divorced at least once, have homes all over the country which they never get time to use because it take so much time and energy to manage the money. They are into Freisen horses, the expensive ones, and have three people working for them to take care of them. Neither one of them drives or rides, they are scared of the horses and pay a young man plenty to drive, don't show them either. The kids and grandkids could care less about them, sister spends most of her time worrying if they (the horses) are health and happy, and hubby goes off on hunting trips. The animals stand in the pasture and look pretty, next to the expensive barn, which has to be spotless all the time in case someone comes to visit, overlooked at from the fancy log home on the hill. My sister is unbelieveable unhappy, her kids are really messed up, her grandkids are spoiled rotten and have no sense of value of anything. I love her dearly, and agonize for her because she is not a happy person. Husband found entertainment elsewhere a few years ago and she has chosen to bite the bullet and remain married because of how it would look.

Wealth, no thank you. I've seen money undue more hopes and dreams, cause more heartache and ruin more families that I care to think. The sad part is sis was raised like I was, to be frugel and conservative and it's a real fight inside for her to balance her lifestyle with her deep morale feeling regarding wealth.

-- Betsy K (betsyk@pathwaynet.com), November 25, 2000.

This is so true, Ken, we can never know for sure who they are.

In the forties when my granparents bought their homestead, it came with squatters. An older couple living in a pole cabin with no running water or electricity. They had a hand dug well, oil lamps and wood cookstove. They kept chickens, a nanny goat a cat and a dog. Real hermit types, too.

The wife died in the early sixties. My grandma always made pies for us to take to the "Hermit" and we loved visiting with him, he was such a jolly old fellow. He always had something to give us, usually jewelry that belonged to his wife. I still have the box of millinery notions, (hat decorations) and coral beads he gave me when I was 5 years old.

In his last years, he started giving my Grandma jewelry to pay his "rent." She just thought he was getting goofy, as she had never asked for rent and thought this was just costume jewelry. After he died in 1970, she found out that he was a very wealthy man who dropped out right before the depression and didn't tell their families where they went, and never touched their accumilated wealth. When they needed money, they would sell some of his wife's jewelry at a pawn shop in a different shop every year.

My grandma had her rent jewelry appraised and was able to see her way through some vey tough times with that wonderful gift from the old man.

-- Laura (gsend@hotmail.com), November 25, 2000.

My Mom's family had money ,grew up never needing anything almost expected it.The sad thing is my Grandfather was never thanked for all his hard work and for all the things he missed,and when my Grandmother died this year my Mom and Aunt had her cremated{i know she did not want this done but no one would listen}so they would save money on buring her. A different side of people shows when money is involved,My uncle died because he would not ask for help w/ taxes,he was to proud,now he is to dead. Funny money can really screw you up,always wanting more.To all those who go through life never letting others know what you have 3 cheers.

-- renee oneill (oneillsr@home.com), November 25, 2000.

My father's uncle was a multi-millionaire, and a nicer guy you couldn't ever know. He wore mis-matched socks, if one got a hole in it and the other was still good, well, he would wear it with one from another pair. Didn't matter if one was blue and the other brown. He thought McDonalds was the best food value on the planet for a senior citizen (you know, you get the drink free!). His wife had more money than he did, and when they got older, their children took over everything and dad and mom ended up living out their days in a retirement home in Indiana. The kids blew every last cent, and fought with each other the whole time. Of course, none of them would ever consider wearing mis-matched anything! Rich is more than money! Jan

-- Jan in Colorado (Janice12@aol.com), November 25, 2000.

I'm not rich in cash but am kinda "tight". As Jan said, I wear mismatched socks. That's why I always buy WHITE socks! I wouldn't care but it just absolutely drives Lil Dumplin nuts!!! If I really want to get her goin--I turn ONE sock INSIDE OUT! No wonder she kinda looks at me funny when we are packin for a trip. I still would love havin the amount of wealth of Billy boy GAtes. The farmland I've wanted for awhile is still there--just waitin for the Ministry of Helps. A school, church and outreach, home for unwed mothers wanting to keep their baby. I think I'll not wait on Billy Gates but will instead apply for a non profit ministry tax exempt status. Matt. 24:44

-- hoot (hoot@pcinetwork.com), November 25, 2000.

Saying: "Those who say money can't buy happiness simply don't know where to shop."

-- Ken S. in WC TN (scharabo@aol.com), November 26, 2000.

One of my dearest friends, is an elderly woman with a 'weekend' home that I used to clean 2x a month. I knew she was 'loaded', but apparently no one else did. She dressed like a bag person, and was picked up as a vagrant, in a town not far from home- a woman who sits on the board of directors for a major NYC museum! Don't judge a book by it's cover.

-- Kathy (catfish@bestweb.net), November 26, 2000.

Quote from today's paper: "The easiest way for your children to learn about money is for you not to have any." - Katharine Whitehorn.

Some of the above stories about children squandering the accumulated wealth of their parents supports the need for estate planning.

Apparently most just gave their accumulated wealth to their children with the assumption they will take care of their parents in their old age.

What the parents might have done is to pay off a home for themselves and then put enough money in some type of investments to provide a comfortable income for them for the rest of their lives. For the children, establish a trust fund which would pay them say $2,000 a month. Enough to help out, but probably not enough for them to live exclusively on.

For passing on a business, perhaps it be incorporated with, at first, the parents holding the most share of stock, but each year shares are transferred to their children to where the parents are eventually phased out of the business.

General advice: That care of yourself first.

Old story: One day a son visits his father to find him washing a brand new Caddy in the driveway. Son says, "Boy, that must have really set you back a pretty penny." Father said, "No, actually it didn't cost me anything." Son asked how that could be. Father said, "It was simple, your mom and I took it out of your inheritance."

-- Ken S. in WC TN (scharabo@aol.com), November 27, 2000.

Ken, the quote is so true! This is the way I personally have learned to value what we have and stretch it as far as it will go, trying to not waste anything. My parents were both alcoholics and drank up everything they made and spent the rest of the time criticizing those "displaced persons" who scrimped and saved to buy a home, a car, schooling for their children. Retirement funds? Why worry about that was their philosophy. Drink it up now and forget about later. Borrow money which, even in the early fifties was 24-25% interest, for useless junk just to impress the neighbors. They never owned a home. If I do sound bitter, yes, I still am. They had such a wasted life. So unnecessary. I am so thankful my spouse and I have learned on our own (and through Countryside) that what really matters in life is not monetary. We really need so little. It's all in your personal state of mind. Yes, I feel very rich now! I have such inner peace that no amount of money could ever buy.

-- Sandy (smd2@netzero.net), November 27, 2000.

I must relay what happend yesterday. I had to make a phone call to the bank. The person I needed to talk to was busy with a client so I left my number for him to call back. After awhile when he finally did call, he apologized for the delay. Seems he was with a retired couple and they were complaining to him about the CD rates falling. He told me he was very happy the rates were dropping. I said I agreed with the couple and he says "Why? Don't you borrow money?" I said no, we prefer to live within our means, free from all debt. He then told me how poor he felt working this banking job as he was always borrowing money because he doesn't make $100,000 a year which he thinks is absolutely necessary in today's world. He kept reinterating how poor he was and then mentioned that if he made $250,000 a year he would be comfortable. WHOA! I was glad that I was sitting down! I asked him how old he was and he said 39. He then added that he was newly engaged and that his girlfriend was marrying him because she liked his house. Can you imagine that? He then said he would be glad when they were married because then, with her added income, they could afford to borrow more money and he could then get an even bigger, better house because he personally didn't think this current one was up to his standards.

What is this country coming to? What happens when he is downsized? I was in shock for the rest of the day, but then again, not much surprises me anymore in this crazy world.

-- Sandy (smd2@netzero.net), November 28, 2000.

Quote from today's paper: "Make money you god and it will plague you like the devil. - Henry Fielding.

I suspect a large majority of people who are millionaires today didn't have it as a goal. You buy a house in the suburbs and 40 years later it is not only paid for, but has risen substantially in value. You live well within your means and put away extra money for the future. Likely lived pretty well on a cash basis, rather than credit cards. If they have them, likely the balance was paid off each month. Sensible investments. Good work ethic. Probably didn't have many children, nor did those children have their parents pay for any college. A little bit often adds up.

-- Ken S. in WC TN (scharabo@aol.com), December 01, 2000.

Ken, you mentioned wise investing -- investing in money is only useful during the time that God gives us here on earth. Investing in children is for eternity. So given the choice between lots of money and lots of children, I would take the children any day!!

And, Sandy, wasn't that fellow at the bank foolish?!? I was dumbfounded just reading about him! I figure that with no debts, we could live comfortably on about $6,000 a year, raising most of our food (which, not coincidentally, is also the most you can earn and not have to pay federal income taxes, I believe). And we would have the time to do things we enjoy doing -- gardening, canoeing, hiking, camping, reading books, sewing, carpentry, etc. Money from a wage- slave job just is no substitute for time to do the things we want to be doing. And how foolish of that man to be even considering marrying a woman who only cares about his house -- and all he cares about is how her income will elevate his standard of living!! (Maybe send the poor fellow a subscription to Countryside?!?)

-- Kathleen Sanderson (stonycft@worldpath.net), December 01, 2000.

Kathleen: I quietly mentioned to him that we (2) live VERY comfortably on less than $8,000 a year and have been doing so for over 16 years now. He just laughed and kept on talking about how poor he was. I only hope that maybe (but not likely) I have planted a seed of thought for him. I don't think his type will ever change, though. Hmmm, I just might have to bring him my extra Countryside! What a good idea!

-- Sandy Davis (smd2@netzero.net), December 01, 2000.