Wealthy couples who save instead of spend

By: Asim Mohammed

Many people believe that wealthy couples spend lavishly and extravagantly on things they don’t even need. People assume that these affluent couples have nothing to worry about except to spend money and always have the finer things in life.
To the contrary, a lot of wealthy couples try and save their money instead of spending it generously. For example the Schmitt’s, sold interests in their two companies in the same week making about $10 million each. Instead of living expensive lives, the Schmitt’s drive a 2006 Honda minivan, and live in a 2000 sq. ft house. Another couple the Shifrins, an army couple who make about $133,000 each. At first they never thought about saving but since they got married they are obsessed with saving. So far they have saved $87,500 in retirement funds and invest $500 a month in mutual funds, which now total nearly $44,000. Another couple, the Wisneski’s earn $90,000 a year together. They have no debts, or loans on their heads, so one would expect them to live in an upscale area, however they live in Oneida Wis., home to the Oneida Indian Nation. They drive two cars, a 1998 Saturn and a 2005 Chrysler. They spend very little in terms of leisurely activities. They rarely travel, opting to stay home instead, and spend about $85 on entertainment, including movies, etc. So far the couple has $44,000 in retirement savings and put in $200 a month in their Roth IRA accounts.
I always thought couples or families who were financially sound would live comfortably than most people. I never thought couples, as the ones mentioned above, would ever worry about saving their money for the future.

http://millionaires.blogs.cnnmoney.cnn.com/2008/05/15/millionaires-in-the-making-the-wisneskis/

http://articles.moneycentral.msn.com/Investing/StockInvestingTrading/secret-millionaires-addicted-to-saving.aspx#pageTopAchor

http://millionaires.blogs.cnnmoney.cnn.com/2008/05/22/millionaires-in-the-making-the-shifrins/