This is a great article to read. I often wonder if I’m too frugal or “cheapâ€. After reading this article, I’m feeling like a free spending crazy person.
Edward Wedbush runs a successful investment firm in California that employs 1000 people, manages $15 billion in assets and is valued at $300 million. The company has no debt and had a great year in 2009. Wedbush’s stake is valued at $150 million. He drives a 1992 Lincoln and packs his lunch from home every day. Not bad huh?
As you read the article you’ll start to see that, while that’s admirable, he probably takes things a bit too far. When workers in his building complained that women were tripping on the worn out carpet, it was fixed with duct tape. The carpets sound like they’re in horrible shape. The main reason for this article, though, is the condition of Mr Wedbush’s home. There have been tarps on the roof for years and the neighbors are beyond frustrated with him. The County has even sued him to try to force him to improve the condition.
Anyway, it’s an interesting article. I personally know someone that I’ve blogged about before. He is worth millions but you’d never know it when you look at him. He lives a similar frugal life to Wedbush, although he is now retired.
Wow. I highly doubt that tarp for a roof is even saving money. I’ve read so much on saving and frugality that talks about how regular maintenance saves you big money in the end by catching problems when they are small. I can only imagine the mold/rot/bugs that might be involved with that tarp! Could spell big money down the road.
Still, I like the message of keeping spending low as your income goes up. What DO millionaire bosses need with those really expensive couches, anyway? This does raise a question though– what is he doing with all his money?? Just saving it to become an inheritance? Travel? Anything?