Are the newly rich more frugal?

[Theo]

Don't break the bank Greg

 

[insomnia]

I think it comes down to the individual. Some like to spend more than others, regardless of age or even money. Someone with less income can easily live a higher expensve lifestyle.

 

[Paddy]

Many buyers try whatever sob story to try and press the price and leverage from the seller's compassion etc. A lot of times, it'll probably work and most of the other times not, ie when encountering a tough/experienced domain owner. It's just that this one recently came into money- i'm sure there must be a lot more people trying this kind of thing that don't have this new money.
The amusing thing is how he gets cheesed off when his battle plan isn't working out.

 

[PRED]

No, the new rich are not more frugal. The old rich drive Ford explorers, the new rich drive Range Rovers. Having run high end retail throughout the country, I can tell you that people in new rich states (California, Florida, Vegas, Arizona) are much more free with their money than people in the older money states such as mid to upper atlantic region.

so true.
if you want the real comparison, look at the UK.
New money is like footballers on £50k per week, spending £3k on a pair of shoes, or £100k on a party
Old money may own huge stately homes, but the upkeep is astronomical.
They are more likely to have the heating off at home & slip an extra tweed jumper on under their worn out waxed jacket, even if the drop in temperature is detrimental to their constables hanging in the hall :smilewinkgrin:
They'll haggle over the cost of some free range eggs to save 10 pence, while the footballer is bidding £500k for some faberge eggs at a charity auction

 

[Theo]

The amusing thing is how he gets cheesed off when his battle plan isn't working out.

I swear his voice got shakey