The Genetics of Saving

[Walt34]

Still, I have a nephew that is a complete financial mess. He's even been sued five times (at last count) by the state for non-payment of taxes, has been evicted and was foreclosed on because he didn't keep up the payments. It wasn't because he didn't have the money, he was just too busy partying to bother with it. Clearly he did not get the gene.

 

[kcowan]

I always attributed that to growing up near-poor. Now I hear that perhaps it is genetic too.

I wonder how many ER participants were born with the silver spoon? I suspect not many.

Why would any rich person need to run FIRECALC?

 

[jollystomper]

My savings attitude was definitely influenced by my parents. They were immigrants, and coming from a land were a below the poverty line income in the U.S. would make one solidly middle class in their native land, they knew how to save a stretch a dollar, particularly with 7 kids to raise.

Most of my siblings are good savers - one brother is an severe outlier because he took too much risk trying to get rich quick, eventually lost his house and marriage due to it. But at least he is not blaming others and is taking responsibility on his own to get back on track.

 

[Danmar]

Why not? We have had all the stuff we could possibly want. We have had the benefit of disposing of all the stuff our parents clung to. Nobody values it like we did.

For us now, we spend lots of money on experiences, because they are lasting.

Think of when you went to Venice in comparison to when you bought the convertible. Both bring back pleasant memories, but the convertible has probably been replaced by something new. The memory of Venice lives on.

Continue to do both but expect to find experiences take over.

Agree that experiences gradually increase in importance. I am worried that I will get too old even for the experiences? After all what good are experiences if you can't remember them?
Still have the convertible and still love the experiences associated with it. Cheers

 

[kcowan]

Still have the convertible and still love the experiences associated with it. Cheers

DW wanted a new car in our snowbird home. Her choice was a black SUV with dark tinted windows.

(Fortunately, it is a Nissan and will not be confused with the DEA/narcs vehicles, we hope!)

 

[Danmar]

DW wanted a new car in our snowbird home. Her choice was a black SUV with dark tinted windows.

(Fortunately, it is a Nissan and will not be confused with the DEA/narcs vehicles, we hope!)

Our second car in Arizona is a SUV. Good practical vehicle but when I drive it's always the convertible.

 

[Meadbh]

I don't have any siblings, but I have been thinking about my extended family. I can't think of even one spendthrift relative down through three generations, in multiple countries, and with different economic backgrounds. We have no silver spoons, no boats and no bankruptcies. We tend to invest in education and real estate.

 

[Nemo2]

born with the silver spoon?

Spoons, you guys had spoons? ("Luxury", as the four Yorkshiremen would say.)

 

[kcowan]

I did go through a phase when I had 4 cars, a 3-car garage, 20x40 swimming pool, enclosed jacuzzi room, room dedicated to pool table, 5000 sq.ft. custom built home on an acre. But I got over it easily so I don't believe it was genetic. Just a phase of life with 2 teen-aged kids and a dog.

 

[Christine]

I'm probably born with a mutation. Can't be adopted since I definately inherited some other traits. But afaik I'm the only one saving/investing in my extended family. A couple of good business people but I think they still spend what they earn. Including supporting their deadbeat kids or siblings.

I did buy a somewhat expensive car - but it was not new and I still have it now that it's been driven for 15 years.

 

[Danmar]

Why would any rich person need to run FIRECALC?

Interesting question. Maybe they should more often. Billionaires probably don't ever have to worry about running out of money, but I suspect there are some multi-deca- millionaires who run out. I guess it depends on how "rich"you are and how much you would like to spend. Certainly Warren need not worry.

 

[kcowan]

I suspect there are some multi-deca- millionaires who run out. I guess it depends on how "rich"you are and how much you would like to spend. Certainly Warren need not worry.

Lost of documented cases. Rappers, Lottery Winners, Heirs and others. Anyone trying to live without a financial plan.