Why Many Rich People are Frugal...and Why You Should Be Too

I have a client I'll call Linda Loaded. When making coffee, she is so frugal that she puts less coffee into the coffeemaker than she should, and compensates by, when the coffee is ready, squeezing the filter with the  hot grounds in her hand to get the concentrated coffee into her cup, incurring a bit of pain. To save a few pennies.

She is worth $10 million dollars.

Not surprisingly, I asked her why she does it. That triggered a fascinating discussion. I reproduce it in my PsychologyToday.com article today.