Unexpected Habits Of A Frugal Millionaire

Unexpected Habits Of A Frugal Millionaire

jeff@debtfreedr.com

When you hear about someone being a millionaire, you typically don’t picture them as being frugal. The phrase, “Frugal millionaire” is not something that typically goes together such as a peanut butter and jelly sandwich does. But, if you’ve read books such as “The Millionaire Next Door” and Chris Hogan’s new book, “Everyday Millionaires,” you’d have a different outlook on how millionaires actually live.

Occasionally, when someone hears that a person is frugal, they automatically think that they’re cheap. Being frugal and cheap are two different things. So, before we discuss the habits of a frugal millionaire, let’s look at the difference of being frugal versus cheap.

What Is Frugal Living?

Frugal living is simply being intentional with your money. It’s mainly practiced by those who aim to:

cut expenses

have more money

get the most they possibly can from their money

Frugal people understand that paying more doesn’t necessarily mean better value. Again, just because someone is frugal, doesn’t mean they’re cheap.

Are Frugal People Cheap?

I know cheap people and I can tell you firsthand that they’re NOT fun to be around. Cheap people think that EVERYTHING is overpriced.

The bottom line is that these are people who don’t like to spend money. They complain to everybody about how much stuff costs.

Unfortunately, many cheap people I know also lack honesty and moral principles.

The reason I wanted to differentiate between being frugal and cheap is that the majority of research on millionaires concludes that they’re frugal. They put people above money and are known to give to worthy causes.

If you’re not yet a millionaire (keep reading the DFD posts and you’ll soon be one!) and want to know just how many exist out there, let’s move on to some stats…

Millionaire Statistics

Here’s a few millionaire stats you may not know about from millionairefoundry.com: 

There are 42.2 million millionaires worldwide, up 2.3 million over the last 12 months.

Of those, 41% or 17.3 million individuals are in the United States

This means that 7% of the U.S. adult population are millionaires

Approximately 14% of U.S. households are in the millionaire club

If you’re a millionaire, you’re in the top 0.6% of wealth for the world’s population

The nine cities with the most millionaires, in decreasing order are Tokyo, New York City, London, Paris, Frankfurt, Beijing, Osaka, Hong Kong, and Shanghai

Current projections are that 1,700 new U.S. millionaires are made every day

Let’s find out what it takes to become a frugal millionaire…

7 Unexpected Habits Of A Frugal Millionaire

To continue reading, please go to the original article here:

https://www.debtfreedr.com/frugal-millionaire-2/

Wealth & Income Are Not The Same

Wealth & Income Are Not The Same

Hillary Hoffower

 A woman who studied 600 millionaires says there's a misconception about wealth that just won't die

Wealth does not equal income, but people often mistakenly think they're the same thing.

Wealth is the net worth of a household, whereas income is what's reported on an income tax return.

Being rich isn't about how much money you make or spend — it's about how much money you keep. ...

There are a lot of myths about wealth, but one seems to strongly persist: The idea that income equals wealth.

"It continues to be the assumption of those who increase consumption as their income increases that they are the same," wrote Sarah Stanley Fallaw, director of research for the Affluent Market Institute, in her book, "The Next Millionaire Next Door: Enduring Strategies for Building Wealth, in which she surveyed more than 600 millionaires in America.

She added: "And believing this myth gives the false perception that those who appear to be rich (neighbors driving luxury cars or friends in $200-plus jeans) are wealthy when in fact it only means they spent more than real millionaires on these purchases."

Point blank, income and wealth are not the same thing.

Wealth refers to the net worth of a household, i.e. all of its assets minus of all its liabilities, Stanley Fallaw explained. Household income is merely realized income to be reported on one's personal income tax return.

Even the Tax Foundation gets it wrong, referring to "millionaires" in terms of their income tax returns versus their net worth, Stanley Fallaw said. In reality, a millionaire's income is only 8.2% of their wealth, she found through her research.

This myth is problematic, Stanley Fallaw added, because it "distorts" the numbers people focus on when trying to achieve financial independence.

Wealth isn't about how much money you make or spend — it's about how much money you keep

To continue reading, please go to the original article here:

https://www.businessinsider.com/difference-between-wealth-net-worth-income-2019-1

Three Presidents Die on July 4th: Just a Coincidence?

Three Presidents Die on July 4th: Just a Coincidence?

July 4, 2022 | by NCC Staff

It is a fact of American history that three of the five Founding Father Presidents died on the Independence Day anniversary. But was it just a coincidence?

It is a fact of American history that three Founding Father Presidents—John Adams, Thomas Jefferson, and James Monroe—died on July 4, the Independence Day anniversary. But was it just a coincidence?

On July 4, 1831, James Monroe, the fifth President, died at the age of 73 at his son-in-law’s home in New York City. Monroe had been ill for some time and newspapers had reported on Monroe’s illness before his passing.

Local and national newspapers were also quick to report after Monroe’s death that they thought his July 4 passing was a “remarkable” coincidence, at the least, since Thomas Jefferson and John Adams had both also died on July 4, 1826 – the 50th anniversary of the Declaration of Independence.

The oddness of the events wasn’t lost on the New York Evening Post in 1831, when the newspaper founded by Alexander Hamilton called it a “coincidence that has no parallel”:  “Three of the four presidents who have left the scene of their usefulness and glory expired on the anniversary of the national birthday, a day which of all others, had it been permitted them to choose [they] would probably had selected for the termination of their careers,” the Post reported on July 5, 1831.

The New York Commercial Advertiser wrote on July 5, 1831:  “It would be difficult to find a parallel in history, three of them have been called away in a good all age, on the same proud anniversary."

And then the Boston Traveler wondered about the coincidence on July 8. “Again our national anniversary has been marked by one of those events, which it may be scarcely permitted to ascribe the chance.”

Then the Frederick, Maryland Town Herald marked Monroe’s passing on July 9, 1831 by also noting the “presidential coincidence”:  “This have three of our revolutionary presidents departed this life on the anniversary of our independence; presenting the most remarkable tissue of coincidences that have marked the history of nations,” the newspaper said.

The death of these three presidents on the same day of the year was a long shot. There is an interesting blog post at the Boston University’s History Society that excerpts Margaret P. Battin’s research on the coincidental deaths of Adams and Jefferson.

“Given the insufficient historical evidence available, we can’t know the truth about why Adams and Jefferson died on the same day,” Battin said. (She didn’t include Monroe in her study.) Battin evaluated the circumstances under six different criteria, ranging from mere coincidence and divine intervention, to the men’s willingness or desire to die on the anniversary day.

To continue reading, please go to the original article here:

https://constitutioncenter.org/blog/three-presidents-die-on-july-4th-just-a-coincidence

10 Fascinating Facts About The Declaration Of Independence

10 Fascinating Facts About The Declaration Of Independence

July 4, 2022 by NCC Staff

July 4th marks the annual holiday that celebrates the adoption of the Declaration of Independence. So how much do you know about this famous document?

1. Is Independence Day really July 2?

Officially, the Continental Congress declared its freedom from Britain on July 2, 1776, when it approved a resolution and delegates from New York were permitted to make it a unanimous vote. John Adams thought July 2 would be marked as a national holiday for generations to come.

2. July 4 is when the Declaration was adopted

After voting on independence, the Continental Congress needed to finalize a document explaining the move to the public. It had been proposed in draft form by the Committee of Five (John Adams, Roger Sherman, Robert Livingston, Benjamin Franklin, and Thomas Jefferson) and it took two days for the Congress to agree on the edits.

3. Six people signed the Declaration and also the Constitution

Franklin was among a handful of people who signed both historical documents. The others were George Read, Roger Sherman, Robert Morris, George Clymer and James Wilson.

4. But they didn’t sign the Declaration on July 4th!

Once the Congress approved the actual Declaration of Independence document on July 4, it ordered that it be sent to a printer named John Dunlap. About 200 copies of the Dunlap Broadside were printed, with John Hancock’s name printed at the bottom. Today, 26 copies remain.

5. So what if I stumble upon a lost version of the Dunlap Broadside at a flea market?

That’s what happened in 1989 in Adamstown, Pa. It was tucked behind an old picture in a frame and it cost the buyer $4. That version of the Declaration was eventually acquired by TV producer Norman Lear for $8.1 million.

6. OK – when was the Declaration actually signed?

Most of the members of the Continental Congress signed a version of the Declaration in early August 1776 in Philadelphia. The names of the signers were released publicly in early 1777. So that famous painting showing the signing of the Declaration on July 4, 1776, is a bit of an exaggeration.

To continue reading, please go to the original article here:

https://constitutioncenter.org/blog/10-fascinating-facts-about-the-declaration-of-independence

These $100 Bills Are Worth Way More Than a Standard Benjamin

These $100 Bills Are Worth Way More Than a Standard Benjamin

Andrew Lisa   Mon, Jun 19, 2023 

In 1969, the federal government retired the $500, $1,000, $5,000 and $10,000 bills, leaving $100 as the largest denomination of currency in circulation. However, the C-note had more than a century of history under its belt before that.

The first national banknotes were issued in 1862 as part of a Civil War funding effort, and later that year, they became legal tender known as greenbacks. That initial run included $100 notes featuring a portrait of Gen. Winfield Scott.

In 1914, the government issued the first Federal Reserve notes, including $100 bills emblazoned with a portrait of the Founding Father whose name is now synonymous with big bucks — Benjamin Franklin. They coexisted with the previous Treasury notes to become the official currency of the United States.

Fast-forward nearly 110 years, and some Benjamins are worth a whole lot more than a hundred bucks.

1863 $100 Gold Certificate     $2.12 million

This special C-note was among the first in a series known as gold certificates — and they’re not just called that because they were printed with black ink on gold-tinted paper. The phrase “One Hundred Dollars in Gold Coin” appears on the back.

Originally issued in 1863, there are only three known examples in inexistence. Two are in the Smithsonian, which leaves just one in private hands.

On April 26, 2013, the unique and highly graded non-Benjamin Benjamin sold for $2,115,000 at a Heritage Auctions sale.

1882 $100 Gold Certificate   $822,500

Also part of the gold certificate series, an 1882 example featuring a portrait of Thomas Hart Benton became one of the most expensive historical currency notes when it fetched $253,000 at auction in 1998. On Jan. 10, 2014, it commanded more than three times that amount at Heritage Auctions.

To continue reading, please go to the original article here:

https://finance.yahoo.com/news/100-bills-worth-way-more-150018591.html 

Happy National Flag Day

TNT:

Mot:  ... and Today is National ""Flag Day"" ~~~~~

Flag Day, also called National Flag Day, in the United States, a day honouring the national flag, observed on June 14. The holiday commemorates the date in 1777 when the United States approved the design for its first national flag.

The idea to set aside a day to honour the national flag came from several sources. Bernard J. Cigrand, a Wisconsin schoolteacher, in 1885 urged his students to observe June 14 as “Flag Birthday.”

He later wrote an essay published in a Chicago newspaper that urged Americans to proclaim this date as the day to celebrate the flag. In 1888 William T. Kerr of Pennsylvania founded the American Flag Day Association of Western Pennsylvania, an organization to which he dedicated his life.

A lesser-known claim is that of George Morris of Connecticut, who is said to have organized the first formal celebration of the day in Hartford in 1861.

In 1916 Pres. Woodrow Wilson proclaimed June 14 as the official date for Flag Day, and in 1949 the U.S. Congress permanently established the date as National Flag Day.

Although Flag Day is not an official federal holiday, Pennsylvania celebrates the day as a state holiday. Each year the U.S. president delivers an address that proclaims the week of June 14 as National Flag Week, and all Americans are encouraged to fly U.S. flags during that week.

Home Free - God Bless the U.S.A. (featuring Lee Greenwood and The United States Air Force Band)

https://www.youtube.com/watch?v=SrMftm6Km3g

Gene Simmons salute to our troops  

 http://www.youtube.com/watch_popup?v=5MtdIO23MKM

What Do Grown Children Really Owe Their Loving Parents?

What Do Grown Children Really Owe Their Loving Parents?

by Patrick A. Coleman Updated: May 23, 2023 Originally Published: Jan. 29, 2019

Children once owed parents labor and a legacy. Today, intergenerational debt is harder (and more emotionally taxing) to calculate.

Wondering what we owe our parents, whether emotionally or financially, is a modern philosophical luxury. Historically, children provided an early return on investment, working family farms, picking up industrial jobs, or, at the minimum, helping to raise other children. But much is given and little is expected from most children raised in 21st-century America.

For the most part, we do not ask kids to marry into alliances or assume titles or even, sadly, take over family businesses. This likely constitutes progress, but it confuses the ledger. Where the calculation of what was owed used to be a fairly simple, pay-it-forward list of social norms, modern arithmetic has become complicated, specifically for grown children, who are expected to live independent lives but also to demonstrate some fealty to their forebears.

With more independence and fewer expectations, what we owe our parents or our children’s grandparents is now calculated in man-hours and long-term investments. Do we owe them a call? Do we owe them Thanksgiving? Do we owe them weekends? Do we owe them end of life care? Do we owe them financial support? Do we owe them grandchildren?

Or do we owe them nothing?

The answers to this endless litany of questions seem to arise ad hoc, influenced by different ethnic, economic, and interpersonal experiences. We all find our own way. But, now, researchers and psychologists seem to have found some consistency in how people arrive at their answers that speak to a broader, emerging understanding of what is owed. Americans seem to believe that parents, by dint of being parents, deserve a relationship.

The question often becomes what kind of relationship. Modern philosophers have attempted to solve the conundrum by classifying four theories of what they call filial obligation: Debt Theory, Friendship Theory, Gratitude Theory and Special Goods Theory.

Debt Theory posits a simple if sometimes emotionally fraught transaction where children provide caring for parents only to the extent that they were cared for as a child. Friendship Theory suggests adult children only owe parents the same amount of care that they would owe a very good and close friend.

Gratitude Theory suggests that children care for parents because they are motivated by gratitude for selfless and benevolent child-rearing. Finally, Special Goods Theory suggests that children are obligated to offer only what they can uniquely offer — love or specific care in most cases — in direct exchange for what the parent has or currently offers (think: inheritance), but unlike in Debt Theory, this transaction is constant and open-ended.

Modern arithmetic has become complicated, specifically for grown children, who are expected to live independent lives but also to demonstrate some fealty to their forebears.

At the heart of all of these theories of familial obligation is some kind of emotional relationship. Whether it’s a feeling of closeness or obligation, this implies that these are not straight economic transactions. Transactions and economic reasoning may underpin parent-child relationships, but logic doesn’t crowd out emotion.

An interesting way to consider how emotional and economic reason can tangle is provided by the empirical economists Gary Becker and Nigel Tomes who created an economic model of wealth transmission based on the idea of capital investment.

To continue reading, please go to the original article here:

https://www.fatherly.com/life/what-grown-children-owe-parents-friendship-and-phone-call

10 Ridiculously Things People Would Do With $5 Billion

10 Ridiculously Things People Would Do With $5 Billion

June 4, 2023 by Claire Conway

Money can be a powerful tool, allowing us to achieve our dreams and desires. But what happens when someone is given an excessive amount of money and is asked to spend it in the dumbest way possible? This was the question posed in an online forum, and the answers were nothing short of ridiculous. From giant statues of themselves to private islands with volcanoes, people came up with some of the most extravagant and impractical ideas for spending $5 billion.

1. Build a Giant Statue of Themselves

One user said they would construct a 200-foot statue of themselves in the center of a city. They would also hire people to worship the statue and throw rose petals at their feet. This idea screams narcissism, but it’s not surprising that someone with $5 billion to burn would be egotistical enough to make it happen.

2. Cover a Yacht in Gold

Another user said they would purchase a yacht and have it entirely covered in gold. It’s hard to say if this is more about flaunting wealth or just trying to create a blinding distraction on the water. Either way, it’s a ridiculous and ostentatious idea.

3. Build a Castle Made Entirely of Ice Cream

One user suggested they would build a castle entirely out of ice cream, including the walls, floors, and furniture. It’s hard to imagine how this would work practically, and the idea of a melting castle made out of frozen dessert sounds like a nightmare for both the builder and the clean-up crew.

4. Create a Life-Size Replica of the Titanic and Sink It

 To continue reading, please go to the original article here:

https://investedwallet.com/dumb-things-with-5-billion-dollars/

Memorial Day Tribute

Memorial Day Tribute

Posted by JDTolle at KTFA From Dinar Recaps Archives

Memorial Day, originally called Decoration Day, is a day of remembrance for those who have died in service of the United States of America.  Over two dozen cities and towns claim to be the birthplace of Memorial Day. While Waterloo N.Y. was officially declared the birthplace of Memorial Day by President Lyndon Johnson in May 1966, it’s difficult to prove conclusively the origins of the day.

Regardless of the exact date or location of its origins, one thing is clear – Memorial Day was borne out of the Civil War and a desire to honor our dead.

It was officially proclaimed on 5 May 1868 by General John Logan, national commander of the Grand Army of the Republic, in his General Order No. 11. “The 30th of May, 1868, is designated for the purpose of strewing with flowers, or otherwise decorating the graves of comrades who died in defense of their country during the late rebellion, and whose bodies now lie in almost every city, village and hamlet churchyard in the land,” he proclaimed.

The date of Decoration Day, as he called it, was chosen because it wasn’t the anniversary of any particular battle.  On the first Decoration Day, General James Garfield made a speech at Arlington National Cemetery, and 5,000 participants decorated the graves of the 20,000 Union and Confederate soldiers buried there.

The first state to officially recognize the holiday was New York in 1873. By 1890 it was recognized by all of the northern states. The South refused to acknowledge the day, honoring their dead on separate days until after World War I (when the holiday changed from honoring just those who died fighting in the Civil War to honoring Americans who died fighting in any war).

It is now observed in almost every state on the last Monday in May with Congressional passage of the National Holiday Act of 1971 (P.L. 90 – 363). This helped ensure a three day weekend for Federal holidays, though several southern states have an additional separate day for honoring the Confederate war dead: January 19th in Texas; April 26th in Alabama, Florida, Georgia, and Mississippi; May 10th in South Carolina; and June 3rd (Jefferson Davis’ birthday) in Louisiana and Tennessee.

Red Poppies

In 1915, inspired by the poem “In Flanders Fields,” Moina Michael replied with her own poem:

We cherish too, the Poppy red

That grows on fields where valor led,

It seems to signal to the skies

That blood of heroes never dies.

She then conceived of an idea to wear red poppies on Memorial day in honor of those who died serving the nation during war. She was the first to wear one, and sold poppies to her friends and co-workers with the money going to benefit servicemen in need.

Later a Madam Guerin from France was visiting the United States and learned of this new custom started by Ms. Michael. When she returned to France she made artificial red poppies to raise money for war orphaned children and widowed women.

This tradition spread to other countries. In 1921, the Franco-American Children’s League sold poppies nationally to benefit war orphans of France and Belgium. The League disbanded a year later and Madam Guerin approached the VFW for help.

Shortly before Memorial Day in 1922 the VFW became the first veterans’ organization to nationally sell poppies. Two years later their “Buddy” Poppy program was selling artificial poppies made by disabled veterans. In 1948 the US Post Office honored Ms. Michael for her role in founding the National Poppy movement by issuing a red 3 cent postage stamp with her likeness on it.

National Moment of Remembrance

The “National Moment of Remembrance” resolution was passed on Dec 2000 which asks that at 3 p.m. local time, for all Americans “To voluntarily and informally observe in their own way a Moment of remembrance and respect, pausing from whatever they are doing for a moment of silence or listening to ‘Taps.”

Here are the number of casualties in each U.S. war:

Civil War: Approximately 620,000 Americans died. The Union lost almost 365,000 troops and the Confederacy about 260,000. More than half of these deaths were caused by disease.

World War I: 116,516 Americans died, more than half from disease.

World War II: 405,399 Americans died.

Korean War: 36,574 Americans died.

Vietnam Conflict: 58,220 Americans died. More than 47,000 Americans were killed in action and nearly 11,000 died of other causes.

Operation Desert Shield/Desert Storm: 148 U.S. battle deaths and 145 non-battle deaths.

Operation Iraqi Freedom: 4,422 U.S. service members died.

Operation New Dawn: 66 U.S. service members died.

Operation Enduring Freedom: 2,318 U.S. service members have died as of May 12, 2014.

In remembrance of all those who gave the last full measure of devotion for this great nation and the freedoms we all enjoy today.

Red Skelton Explains "The Pledge of Allegiance"

https://www.youtube.com/watch?v=nDnXcw6euIE

Top 6 Richest People in the World You’ve Never Heard of

Top 6 Richest People in the World You’ve Never Heard of

Andrew Lisa  Fri, May 19, 2023

You know Bezos and Buffett and Bloomberg and Musk. You know Page, Brin, Gates, Zuckerberg, the Kochs and the Waltons.  But the most famous names among the global elite aren't the world's only billionaires -- or even necessarily the most interesting of the bunch.

According to Forbes, the world is home to nearly 3,000 people who need three commas to measure their wealth. America's 735 billionaires alone hoard a combined $4.7 trillion in personal fortune.

Although you haven't heard of most of them, they pull the levers of global influence just like the tech rock stars who are household names. Some of them are self-made men and women. Others were born into the aristocracy. All, however, are among the wealthiest and most powerful people on Earth -- yet many remain obscure and relatively unknown by the average person working for a wage.

The following list of unsung billionaires is proof that rich doesn't always mean famous. Keep reading to meet the richest people you've never heard of.

Francoise Bettencourt Meyers   Net worth: $87.9 billion

You know Oprah, Dolly, Queen Bey and at least three Kardashians, but Francoise Bettencourt Meyers could lose their fortunes in her couch cushions. As the richest woman in the world, she's reportedly a low-key person who shuns the spotlight, so you might not have heard of the French heiress -- but her grandfather's company will undoubtedly ring a bell.

Bettencourt Meyers and her family inherited the L'Oreal empire, and they still own a 33% share today. She has sat on the corporation's board since 1997 and chairs its family holding company, but she's also a skilled pianist, an academic who has published more than half a dozen books on the Bible and Greek mythology, and a philanthropist who funded the repair of the fire-damaged Notre Dame Cathedral.

Gianluigi Aponte   Net worth: $31.2 billion

A Neopolitan sea captain by training, it was only natural that Gianluigi Aponte broke into the shipping industry in 1970. He and his wife started a company with just one vessel that moved cargo between Europe and Africa, but today, there's a good chance that Gianluigi Aponte had a hand in getting some of the stuff you own to your house.

To continue reading, please go to the original article here:

https://finance.yahoo.com/news/top-6-richest-people-world-110023414.html

From Londinium Comes A Message Of Hope

From Londinium Comes A Message Of Hope

Information Briefing #186   by whitehatauxiliaries  May 18, 2023

Interesting developments in the Elders Saga. Real world!

The Chinese Elders, US Treasury, and UN, along with the World Bank are now close to agreeing phased steps for initial releases.

1. First Projects are being phased for Africa. Greatest need!

2. London will become the Epicenter for Elders’ Financing and control, as well as both their UN and Commonwealth proliferation.

https://whitehatauxiliaries.files.wordpress.com/2023/05/emperor.jpeg

3. We will assess Crypto holdings. No more can be said until done.

4. A sizeable Global operation is phased to grow once adequate London Infrastructure has been accomplished and funded to cope with the needs forecast. We will be using our existing US Partner Operations to coordinate with the US Treasury and UN. All is yet to be signed off and will take time. US Treasury links is the point of interest. As is the parallel UN. Elders already have key UN roles. As do the Chinese.

While details cannot be publicized, it’s progressing. A step at a time and a huge historical investment.

Trust is earned. Hard earned. NY has been bypassed for Fiscal control. The British Trust wins.

The first steps towards Global rebalancing and a better world. Relationship Banking. Hope for Africa. British Ethics to protect all. British Managed Wealth for the Common People. Zionist shielded.

Green shoots. 

Stay tuned.  WHA  S*P*Q*R*

https://whitehatauxiliaries.com/2023/05/18/information-briefing-186/