ARBOR WEALTH: How the rich stay that way

Margaret R. McDowell
Special to The Log
Published: Thursday, December 5, 2013 at 04:27 PM.

EDITOR'S NOTE: This is the second in a series of columns about questions to ask when choosing an investment advisor.

“When your prized possessions … start to weigh you down; Look in my direction … I’ll be ‘round … I’ll be ‘round.”

— “And Your Bird Can Sing” by The Beatles

“What are your personal spending habits?” is one of several important questions that an investor might ask a potential investment advisor. If a financial advisor lives frugally, an investor can assume that the advisor is just as prudent when managing the investor’s assets. 

Knight Kiplinger wrote in a column called “The Invisible Rich” that “the biggest barrier to becoming rich is living like you’re rich before you are.” Interestingly, several “Super Rich” club members still watch their money carefully. Kiplinger’s interviews reveal that:

• Oil magnate T. Boone Pickens only buys three news suits every five years and only owns 10. “That’s all I need,” Pickens says.

• David Cheriton, an early Google investor whose estimated net worth is $1.3 billion, asks for a “to-go” box whenever he eats in a restaurant. Cheriton says he has been cutting his own hair for 15 years and drives a 1986 Volkswagen.

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