Are You Rich and Don’t Know It?

When I was a kid, I had no concept of wealth beyond what I could see and compare. Growing up in a frugal middle-class household, my parents rarely spoke openly about how much money we had. What I did know was that we owned a modest home, had cars that ran well enough, and always had food on the table and clothes to wear. But the way my parents approached money made me wonder sometimes.

The thermostat always stayed low in winter, and we always turned off lights when leaving a room. Interestingly, my mom seemed freer with having the A/C on in the summer than heat in the winter.  I once asked her why and she said, “You can always put more clothes on but there is only so much you can take off”.

My mom was the queen of coupons, and she practically lit up at a good sale. The message I absorbed was that money was something you didn’t waste, and there was never an abundance of it.

I can still hear my dad saying, “Turn those lights off. I’m not putting Edison’s kid through school” or my grandfather saying, “The poor house is right around the corner” (I actually didn’t know what that one meant at the time but wondered where this building was).

I remember asking my aunt a bold question when I was young: “Are we poor?” Her answer wasn’t what I expected. “No,” she said with a kind smile, “you’re rich and don’t know it.”

For a moment, I thought she was letting me in on a big family secret—that my parents were secretly wealthy. But as I grew older, I understood what she really meant.

We weren’t rich by financial standards, but I had more than I realized at the time. I had a loving family, a safe home, and the security of knowing my needs were always met. I had my health, friends to laugh with, and opportunities to learn and grow.

My parents frugality allowed my sisters and I to also experience things outside the home. Whether it was Karate lessons for me, or music lessons for my sisters, we really didn't want for much.

I think my early beliefs that we weren’t rich, along with the strong work ethic my parents had, laid a perfect foundation for me. It taught me to work from a young age and always save for needs and wants and of course, be ready for that rainy day. 

In a world that often measures success by the size of a bank account or the brand of car in your driveway, it’s easy to overlook the wealth that isn’t material. But richness comes in many forms: the laughter shared at the dinner table, the peace of sleeping in a warm bed (lots of blankets!), or the freedom to dream about tomorrow.

Looking back, I realize how much my parents gave me—not just in the tangible necessities of life but in values that shaped who I am. Their frugality taught me to respect what I had, and their love gave me a sense of abundance no amount of money could buy.

So, are you rich and don’t know it? Take a moment to look beyond your bank statement. If you have people who love you, a place to call home, and your health, you might find you’re wealthier than you thought.

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All the best.

Rick Fingerman, CFP®, CDFA™, CCPS®

617-630-4978

Rick@PlanWithFPS.com

Financial Planning Solutions, LLC (FPS) provides this blog for informational and educational purposes only. Nothing in this blog should be considered investment, tax, medical, or legal advice. FPS only renders personalized advice to each client. Information herein includes opinions and source information that is believed to be reliable. However, such information may not be independently verified by FPS