From the LA Times:
David Moehlman, a 44-year old fourth grade teacher, has more than $1 million in various savings and mutual funds, plus half a milllion or so in real estate. After the market crashed, he begain purchasing condos that once went for $250k – $350k for $70k – $118k, paying cash. Today, he nets $2,750 from the rental income. That plus his teaching salary of $80,000, he regularly puts away $38,000 into a savings account.
He eats almost exclusively from the dollar menu at restaurants, a diet that does not contain any fruits or vegetables. He maintains that he has never eaten a grape in his life. (??)
At this rate, he will have $3.5 million by the time he plans to retire at age 55, with the plan that he will begin a new, more exciting chapter, but his life is so plain and structured – I can’t imagine he’ll be able to change his spending habits at all. I believe in saving money and living frugally, but that you still need to spend on things that make you happy occasionally. He seems to have completely missed that part of the lesson.