I’m not sure Buffett’s advice to the common man is so genuine. Recall him saying he’s was OK paying a higher tax rate since his current tax rate was lower than his secretary’s, something to that effect. Of course, we know why his rate is lower. Not to mention, nobody is going to run 100 miles eating McDonalds every day!
This pointless "penny-pinching" behavior among men like Buffet who are worth BILLIONS of dollars is not something to be admired. It is not frugality when practiced to this extreme at at their financial station in life, nor is it noble, nor is it logical. Indeed, it is more like a kind of mental illness similar to an obsessive-compulsive disorder. One might argue beyond that, this hyper-extreme behavior is a disease of the soul... quite literally a love of money itself.
There is no fault in being extremely wealthy. However, if you are worth billions of dollars, your daily income from interest, or your DAILY net worth fluctuation from your portfolio, ... often your HOURLY net worth fluctuation... is measured in the multiple millions of dollars. Taking purposeful thought and decisive action to save 25 cents by skipping the cheese on your sandwich, or to save a few dollars by walking a few blocks to get a cheaper breakfast than what is offered in your hotel, is laughably absurd.
In just the few seconds it takes to engage in the thought process leading to saving this pittance, their net worth has moved by more than most people earn in a few weeks... and mental energy expended to practice this extreme behavior is unwarranted for a billionaire. It is like a billionaire only allowing lights to be on in the room they currently occupy in their mansion and keeping all other areas dark, in order to save a few pennies each day on electricity, (a practice followed by Orlando's Time-Share Resort billionaire David Siegel as shown in the documentary movie "The Queen of Versailles"). It is like the late billionaire Sam Walton (of Wal-Mart) driving a decades-old pick-up truck without the latest safety features to protect himself, in order to save an irrelevant amount of money.
Do not confuse this with a billionaire very reasonably choosing to not drive a Rolls Royce or a Ferrari because he does not like the optics of appearing to be out-of-touch, or does not want to attract unwanted attention for personal safety reasons... that is actually quite wise. But the obsessed-with-every-penny behavior we see in many billionaires is something completely different.
This is absolutely the worship of money. It is not respect for the value of money, and it is not self-discipline, and it is not setting a good example, or any other excuse. It is obsessive worship of money, down to the tiniest level... every penny.
Hello dear Jay Martin. I would like to reach you more directly. I got an invitation letter for the VRIC conference January 2024. Please provide me any contacting info; email or direct number. Best regards.
I’m not sure Buffett’s advice to the common man is so genuine. Recall him saying he’s was OK paying a higher tax rate since his current tax rate was lower than his secretary’s, something to that effect. Of course, we know why his rate is lower. Not to mention, nobody is going to run 100 miles eating McDonalds every day!
This pointless "penny-pinching" behavior among men like Buffet who are worth BILLIONS of dollars is not something to be admired. It is not frugality when practiced to this extreme at at their financial station in life, nor is it noble, nor is it logical. Indeed, it is more like a kind of mental illness similar to an obsessive-compulsive disorder. One might argue beyond that, this hyper-extreme behavior is a disease of the soul... quite literally a love of money itself.
There is no fault in being extremely wealthy. However, if you are worth billions of dollars, your daily income from interest, or your DAILY net worth fluctuation from your portfolio, ... often your HOURLY net worth fluctuation... is measured in the multiple millions of dollars. Taking purposeful thought and decisive action to save 25 cents by skipping the cheese on your sandwich, or to save a few dollars by walking a few blocks to get a cheaper breakfast than what is offered in your hotel, is laughably absurd.
In just the few seconds it takes to engage in the thought process leading to saving this pittance, their net worth has moved by more than most people earn in a few weeks... and mental energy expended to practice this extreme behavior is unwarranted for a billionaire. It is like a billionaire only allowing lights to be on in the room they currently occupy in their mansion and keeping all other areas dark, in order to save a few pennies each day on electricity, (a practice followed by Orlando's Time-Share Resort billionaire David Siegel as shown in the documentary movie "The Queen of Versailles"). It is like the late billionaire Sam Walton (of Wal-Mart) driving a decades-old pick-up truck without the latest safety features to protect himself, in order to save an irrelevant amount of money.
Do not confuse this with a billionaire very reasonably choosing to not drive a Rolls Royce or a Ferrari because he does not like the optics of appearing to be out-of-touch, or does not want to attract unwanted attention for personal safety reasons... that is actually quite wise. But the obsessed-with-every-penny behavior we see in many billionaires is something completely different.
This is absolutely the worship of money. It is not respect for the value of money, and it is not self-discipline, and it is not setting a good example, or any other excuse. It is obsessive worship of money, down to the tiniest level... every penny.
Hello dear Jay Martin. I would like to reach you more directly. I got an invitation letter for the VRIC conference January 2024. Please provide me any contacting info; email or direct number. Best regards.
my email: a.darvish.edu@gmail.com
Keep up the great work