Thanks. And you hardly seem like the type of person who denies herself a cherished trip to visit loved ones to save $600 when $600 would be trivial to you. Yet people make those kind of decisions because the thrill of having $10,000,600 instead of just $10,000,000 is sooooo satisfying to them!You hardly seem like the type of person who spends $600 on a pair of shoes.
My multi-millionaire (with a generous pension to boot) friend really loves a nice glass of wine! At my house, he'll drink a bottle. At the restaurant, I might order an $8 glass of house wine (if they offer a decent one) and he always, always insists on a glass of water with a twist of lemon, which he wants refreshed several times during the meal. The money saved is absolutely inconsequential to him. Yet he gloats with satisfaction.Affording to be generous is a good quality, but you can afford it. When we go out to dinner with family, my DB thinks we're cheap if we don't want to spend $200 on a bottle of wine.
I get that. But my issue is with the psychology of not spending. I struggle to understand folks who get such high utility from the act of denial that it overwhelms the utility they would get from any act of consumption.My issue is the psychology behind spending. I can't tell the difference if someone is wearing Polo or Walmart and I just don't get the need to feel better about yourself if you spend more on something.
<b>Ancillary expenses and upkeep ruin everything for the almost-rich.</b>
When you aren’t crushing my atrocious spelling and typos you can be funny.
Ray, among "many other things," I was a professional editor. Trust me, unless I'm paid for it, I do not make a practice of going after people's grammar and spelling errors
I just like playing around with it when the errors are funny or ironic (including when other people make fun of my errors). Sort of like the way others point out when a decimal point is out of place, thus changing the entire meaning of a statement.
I struggle to understand folks who get a high utility from the act of frivolous consumption who deny themselves the satisfaction of a better probability of FIRE.I struggle to understand folks who get such high utility from the act of denial that it overwhelms the utility they would get from any act of consumption.
I have a coffee cup my daughter bought me. It says "silently correcting your grammar".
Sometimes I wonder how our US economy can be declared to be "healthy" by so many economists, and even "firing on all cylinders" when I read articles like this.
"4 in 10 adults say they couldn't produce $400 in an emergency without sliding into debt"
It's disturbing to me that so many people live like this. I know that some (maybe most?) have made poor choices that have contributed to their situation, but it seems that there are many others who work hard but barely earn enough $$ to survive, much less save anything. I think the high cost of rent in many locations across the country is killing a lot of people........they pay such a high % of their income in rent that there is not a whole lot left over for anything else. I don't see how an economy like this is sustainable over the long-term.
The economy clearly doesn't affect everyone equally. And the inequality has become more acute in recent years. That is a worry as far as "sustainability".
I don't believe that most have made poor choices. I think luck is a big factor. I know how lucky I am to have been born when I was, to have lived in this country, to have gotten the education I did, to have abilities in a field that was in high demand, to have married someone with a similar financial outlook, to have always been well-insured and relatively healthy, etc, etc.
I know lots of people who haven't been nearly as lucky as I was.
I don't believe that most have made poor choices. I think luck is a big factor. I know how lucky I am to have been born when I was, to have lived in this country, to have gotten the education I did, to have abilities in a field that was in high demand, to have married someone with a similar financial outlook, to have always been well-insured and relatively healthy, etc, etc.
I know lots of people who haven't been nearly as lucky as I was.
I have a coffee cup my daughter bought me. It says "silently correcting your grammar".
When something good happens to me it is due to my diligence and good work ethic. When something bad happens, it is bad luck.......... I think luck is a big factor..........
So here is my point: I estimate that the cost of living has gone up by 1,000 percent since my days in college. Today’s apartment rents are $800, cars $30,000, & candy bars $1.00. Yet the minimum wage, even with this last increase, is nowhere close to $17.50 an hour. One cannot live, even modestly, on today’s minimum wage.
The economy clearly doesn't affect everyone equally. And the inequality has become more acute in recent years. That is a worry as far as "sustainability".
I don't believe that most have made poor choices. I think luck is a big factor. I know how lucky I am to have been born when I was, to have lived in this country, to have gotten the education I did, to have abilities in a field that was in high demand, to have married someone with a similar financial outlook, to have always been well-insured and relatively healthy, etc, etc.
I know lots of people who haven't been nearly as lucky as I was.
Being paid every 2 weeks, I had a friend who considered the 3rd paycheck of some months (as some months would inevitably have 3 pay-outs instead of 2) to be a freebie, money she could spend freely. I was like, what?A couple of months ago the Treasurer of our HOA recommended that we change the payroll period of our hourly employees from every two weeks to twice per month, on the 15th and 30th. (The change would simplify the bookkeeping, avoiding an accrual for pay periods that spanned the end of the month.
He wasn’t asking to change anyone’s pay rate. Just go from getting a paycheck every other Friday to getting a paycheck on the 15th and the 30th. The uproar from other board members was remarkable. The man in charge of HR flat out said that his guys probably couldn’t make it with that change. One of the members said it wasn’t fair to go from 26 paychecks per year to 24. (Remember, no change in the hourly pay rate)
The motion was defeated. All I could think was “math is hard”[emoji849]
<snip>I don't believe that most have made poor choices. I think luck is a big factor. <snip>
Excellent points. I made around $3 an hour in high school and college years, even doing contract programming work for my university. But I just ran an inflation calculator and that would mean making $17 today. The minimum wage here is $11, with very high rent costs.
I struggle to understand folks who get a high utility from the act of frivolous consumption who deny themselves the satisfaction of a better probability of FIRE.
Case in point, my other DB (I have 4 brothers) who delights in expensive vacations and luxury cars, clothes and house, looks at me with sad eyes and says "I have to go to work." He's two years older than me and FIRE is in the far distant future, if at all. It's all relative.
Sometimes I wonder how our US economy can be declared to be "healthy" by so many economists, and even "firing on all cylinders" when I read articles like this.
"4 in 10 adults say they couldn't produce $400 in an emergency without sliding into debt"
‘I see no way out’: Living paycheck to paycheck is disturbingly common
_______________________________________________________________
It's disturbing to me that so many people live like this. I know that some (maybe most?) have made poor choices that have contributed to their situation, but it seems that there are many others who work hard but barely earn enough $$ to survive, much less save anything. I think the high cost of rent in many locations across the country is killing a lot of people........they pay such a high % of their income in rent that there is not a whole lot left over for anything else. I don't see how an economy like this is sustainable over the long-term.
I got my first cell phone in 2000. I shared it with my wife. Most people before that didn't have cell phone so the life evolved and worked fine without one. I don't think anyone can live efficiently without a cell phone now. The cell phone is like a car now: your life can be very hard without one if you are working or regularly socializing.Whoa -seriously? (About the cell phone comment)
When something good happens to me it is due to my diligence and good work ethic. When something bad happens, it is bad luck.
Being paid every 2 weeks, I had a friend who considered the 3rd paycheck of some months (as some months would inevitably have 3 pay-outs instead of 2) to be a freebie, money she could spend freely. I was like, what?