car-free millionaire

[cyclepixie]

NBC news had this great story about a millionaire who lives car-free - gave his car away to a hitchhiker 30 years ago and commutes to work on a secon hand bike. In case you missed it....

http://video.msn.com/v/us/msnbc.htm?g=571912c4-ac3c-46ab-9c66-0fdbe4c5cd90&f=00&fg=copy

[Roody]

He's cool. But if I had a million dollars I would buy a new bike. :)

[pj7]

He's cool. But if I had a million dollars I would buy a new bike. :)
If I were a millionaire, I'd not have a job that required me to commute at all.
I'd sit back and live off my 5%.
I've worked hard all my life and would take it easy from then on out.
:D:D

[Dahon.Steve]

This is a good story.

I know numerous lawyers in New York City who don't own a car yet all of them are earning over 120K a year. In Manhattan, there are many millionaires who don't own a car yet a co-worker of mine who walks around with 10 dollars for lunch each week owns a car! Go figure.

You want to be well off, pay yourself $300-400 USD each month (as though you were making car payments) into savings and after 30 years, you have more retirement money than 90% of the population.

[Dahon.Steve]

He's cool. But if I had a million dollars I would buy a new bike. :)

Yeah, he should spend some money on a new bike. Someone should tell him to raise the saddle!

[becnal]

If I were a millionaire, I'd not have a job that required me to commute at all. I'd sit back and live off my 5%. :D:D

+1!

[Roody]

If I was a millionaire I'd ride more than I do now, because I'd have more free time.

[Bikepacker67]

If I were a millionaire, I'd not have a job that required me to commute at all.
I'd sit back and live off my 5%.
I've worked hard all my life and would take it easy from then on out.
:D:D

Damn straight!

I can't stand these folks who hit the lottery (or come into some other large windfall) and then say that they're going to continue to work at the same mundane job.

WTF? Are they so unimaginative that they can't find pursuits to fill their free time?

[crdean1]

I think we can all learn something from people like this. The very reason he is a millionaire is because of his hard work. The reason he continues to do it is because his reward is giving it away to others. That is his passion. The flip side is Donald Trump.

[fuerein]

Damn straight!

I can't stand these folks who hit the lottery (or come into some other large windfall) and then say that they're going to continue to work at the same mundane job.

WTF? Are they so unimaginative that they can't find pursuits to fill their free time?


Personally I prefer those people to the people who win big then either by poor planning, poor choices, or just poor overall money usage end up declaring bankruptcy several years after winning.

[maddyfish]

Ever read the book "the millionaire next door"? There are lots of working millionaires, like the above post, that how most of them got their money in the first place.

[timmhaan]

If I were a millionaire, I'd not have a job that required me to commute at all.
I'd sit back and live off my 5%.
I've worked hard all my life and would take it easy from then on out.
:D:D

yep - even a measily million will net you $50,000 a year for life without even touching the principal. and that's with taking no market risk. yes sir, that would be the life for me.

[wrafl]

Amazing story. Millionaire CEO's of auto business will not envy this man. They want to be chauffered all day long on their gas guzzling vehicles and won't bother to help the poor class of our society.

[bike2math]

Ever read the book "the millionaire next door"? There are lots of working millionaires, like the above post, that how most of them got their money in the first place.

Great book. Helped me cure a couple of annoying money spending habits I had.

[Cosmoline]

Don't forget Ed Begley Jr. He's worth well over a million

[wahoonc]

There have been several over the years...there is another guy (or is it the same one) that has provided money for small business start ups. He and his wife still live in the same house that they bought in 1954. He has made millions in the travel business and then used the money to help other entrepreneurs get their start. IIRC he rides a bike everywhere he goes too.

Aaron:)

[pj7]

yep - even a measily million will net you $50,000 a year for life without even touching the principal. and that's with taking no market risk. yes sir, that would be the life for me.
EXACTLY!!
And it is easy to live on $50k a year. That's what we (my wife, son, and I) do. My income goes into retirement planning 401k and other investments. We live off of my wifes income basically and never touch my income.
Well, that's not entirely true. We used some of my savings to purchase a house (flat out might I add). but 90% of my pay goes into various savings.

Don't get me wrong, we are in no way "wealthy" monitarily. But I so plan to retire before the age of 45 and live the rest of my life in peace. I know my body can not handle working the way I do forever, and I want to enjoy a few things while I can still move on my own. (long story).
Happiness isn't having money, it's using it properly.

[ilikebikes]

I retired due to injury at age 37, my doctor told me I should take up riding, so I did, and never looked back, Im 42 and still riding :) happily :D OK, sometimes my arm feels like its going to fall off, but its worth it as it feels like that 95% of the time anyways! LOL! Im unlucky that I can no longer do the job I loved to do, but lucky that I get to spend all the time I want with my family and can bike just about anytime I feel like it! :p I too planned things out while on the job and was able to do what they wanted me to do (retire)I too am no where near being rich, but because of the sweet situation Im in now with my family, and being able to do simple things without having to worry about making time, I sure feel like I am! :)

[Bikepacker67]

Personally I prefer those people to the people who win big then either by poor planning, poor choices, or just poor overall money usage end up declaring bankruptcy several years after winning.

Sure... for the folks that quit their jobs and then go on dopamine driven spending sprees...

But where are the folks that see their windfall as an opportunity to pursue all those sweet simple pleasures?

Ya know.. hiking mountains, playing with kids, growing your own food and cooking it, going on fortnight bike rides... etc.

If Time = Money then Money = Time.

And Time is the ONLY commodity.

[adgrant]

There are a lot of car free millionaires in Manhattan. The average price of an apartment is about $1.5 million. 44% of Manhattan residents do own a car but that leaves the other 56%.
A million dollars isn't really that much money anymore, you need several million to be considered wealthy these days.

[Hobartlemagne]

If I had that kind of money I'd stop driving to work, and have someone else drive for me.

[I-Like-To-Bike]

There are a lot of car free millionaires in Manhattan. The average price of an apartment is about $1.5 million. 44% of Manhattan residents do own a car but that leaves the other 56%.
A million dollars isn't really that much money anymore, you need several million to be considered wealthy these days.

Does that 56% of Manhattan residents include all those millionaires north of 125th Street or thereabouts? How many millionaire carfree residents are living on the Bowery?

[GNB]

If I were a millionaire I would buy some sweet robot legs so I could pedal my bike really fast and travel through time.

[epschoenly]

I'd get someone to build me a JATO bike.

[timmhaan]

Does that 56% of Manhattan residents include all those millionaires north of 125th Street or thereabouts? How many millionaire carfree residents are living on the Bowery?

you haven't been to new york in a while, i'd guess.

both the bowery and harlem (and north of harlem) are gentrifying faster than you can say 'what the hell happened to the old neighborhood'?

There is now a whole foods on the bowery, for example.

[I-Like-To-Bike]

you haven't been to new york in a while, i'd guess.

both the bowery and harlem (and north of harlem) are gentrifying faster than you can say 'what the hell happened to the old neighborhood'?

There is now a whole foods on the bowery, for example.

Well I'll be switched! Harlem, the Bowery and all the tenements are now filled with millionaires. Even those chinese noodle factory workers are millionaires too? Where did the former residents go - Long Island or Cape Cod?

My, my, life must be sweet in the Big Apple for that 56%. Who wudda thunk it possible under the current economic conditions?:rolleyes:

[timmhaan]

Well I'll be switched! Harlem, the Bowery and all the tenements are now filled with millionaires. Even those chinese noodle factory workers are millionaires too? Where did the former residents go - Long Island or Cape Cod?

My, my, life must be sweet in the Big Apple for that 56%. Who wudda thunk it possible under the current economic conditions?:rolleyes:


man, why are you so abrasive? i just said the areas have gentrified. if you think the bowery and harlem are still poor areas, then you obviously have not been to NYC in a while. try buying some real estate here and see how it goes. i don't think the guy that quoted the 56% was talking about renters, the homeless, or other living conditions that may occur in the city. unless i'm mistaken, he was talking about home owners.

[I-Like-To-Bike]

i don't think the guy that quoted the 56% was talking about renters, the homeless, or other living conditions that may occur in the city. unless i'm mistaken, he was talking about home owners.
If he was talking exclusively about owners of Manhattan real estate I agree he would be talking about a very high income level. But I think you are mistaken and that guy was including everybody in his 56% quote. He wouldn't be the first to misread the total of non auto owners as being a population of visionary prophets or volunteers for their status. Perhaps he will clarify and we'll find out, eh?