ziggy29
Moderator Emeritus
Definitely.So, how we spend our money is really our business. It's all a matter of priority. Some save maximum, to get out of the rat race ASAP. Some, like myself, started to save for financial security, to be able to sleep at night during crises like this. Up until a few years ago, when I became burnt-out with my work, I never thought I would retire early.
I've always said there is a difference between LBYM and LAFAPBYM (Living As Far As Possible Below Your Means). The former doesn't have to imply the latter.
Saving for a secure future is critical, IMO, and I think just about all of us [-]compulsive[/-] active retirement savers would agree with that. However, we don't KNOW we'll be around to enjoy the tomorrow we're saving for. We DO know, on the other hand, that we are here today. So some "living for today," reasonable budget permitting, is worthwhile and adds enjoyment to life.
And if that means I'm "reckless" or "wasteful" because it means putting (say) $2,000 a month instead of $2,500 a month away in savings and retirement accounts, so be it. If that means I'm "wasting" $500 a month, well, that's your opinion and you're entitled to it ("royal", generic you). But it adds enough to our enjoyment and quality of life today that I don't consider it wasted.
I am a strong LBYMer, but I have no desire to LAFAPBYM. I'm not into complete austerity and self-deprivation if I don't have to. Of course, if you derive pleasure from LAFAPBYM because you get joy from watching your savings deposits grow as rapidly as possible, more power to you -- but even if most of us share a general sense of frugality, we're not all wired to pursue it to the same degree.