Tuff times ahead ..

[MichaelB]

So we're talking about working folks stopping to get gas and a coffee, maybe a danish, on their morning commute, right? And casting judgment that they shouldn't be spending that recklessly?

Nah, can't get behind that. Especially now. If I've learned anything these last few months of stay-at-home, it's little things like stopping for a coffee that make each day a little brighter.

Fully 75% of members brew their coffee at home (poll here) and another 11% don't drink coffee, so it's no surprise it is so often used as an example of other people's poor choices.

You are right I don’t know, I’m guessing but with the number of people that can’t handle a $1,000 repair bill it is an educated guess.

Low savings and inability to manage an emergency expense is nothing new and has been the topic of many media reports and thread discussions over the years.



This forum community is an elite group. We're easily in the top tier (10%, perhaps even 1%) of savers and thrifty people, these habits stand out in times of crisis.

 

[Chuckanut]

So we're talking about working folks stopping to get gas and a coffee, maybe a danish, on their morning commute, right? And casting judgment that they shouldn't be spending that recklessly?

Nah, can't get behind that. Especially now. If I've learned anything these last few months of stay-at-home, it's little things like stopping for a coffee that make each day a little brighter.

+1

I agree, let's not be judgemental. People have their own little pleasures. I certainly have mine.

But, if if a person is a coffee and danish most mornings person, please don't tell me how lucky I am to have retired a few years earlier than you did.

I promise as somebody who spent the last decade of his working life traveling about as much as possible, I will not tell those who mostly stayed at home, only took short camping vacations, and then retired earlier than I did, how luck they are.

 

[jollystomper]

"Tuff times" is very relative. I find it a little amusing what folks living in the "first world" define as tough times. If you have ever traveled outside of this country. there are many places that would *love* to be in the situation we were in during the midst of the lockdown. A saying my father liked to use "I was upset because I had no shoes, until I met someone that had no feet".

 

[rayinpenn]

The story that people can't afford a home because they spend too much on designer coffee is a myth.

I don’t know where you came up with this home stuff but it wasn’t anything I said. Read more carefully.

The number of Americans that can’t afford a $1,000 emergency is well documented and is appalling. The $3 cup of coffee is indicative of a bigger pervasive problem.

 

[rayinpenn]

That happens often with loosely framed topics that highlight other people’s behavior and portray it in a judgmental way.

This is an example of a personal, nasty and frankly thoughtless comment. Talk about judge mental.. I didn’t coin the phrase ‘latte effect’ I didn’t do the many studies that say far too many Americans are living paycheck to paycheck... but let’s no discuss it because we may offend someone’s sensibilities.

Maybe if someone had a hard talk with them at some point they would have an emergency fund.

 

[REWahoo]

Jeeze Louise...

 

[Aerides]

Maybe if someone had a hard talk with them at some point they would have an emergency fund.

I don't know how you go from "they are buying coffee ergo they have no savings" - that is a judgment. An assumption. A guess. Certainly not fact for everyone. Maybe if someone asked.

Or not, and just went about their own business.

A decade ago, I used to stop for a $4 coffee and pick up lunch. I had plenty of savings and a payed off mortgage. No one can know. If someone stopped to "have a talk" with me about my spending there would be a crime scene.

 

[Gumby]

I know it makes us all feel virtuous to scold those who.buy coffee out, but is avoiding that really the reason we are FIREd? I think probably not. If I saved $4 a day for 20 years, it would be only $29k -- or the equivalent of about $1k annual spending in retirement, which is a drop.in the bucket.

I've wasted much more money than that in my life. When I worked in NYC, the young wife and I spent over $10k a year just going to the opera. We once flew to LA for a few days just to see a museum exhibit, and also chartered a private plane to fly us to Block Island for a long weekend. Easily a lifetime's worth of lattes.

And as others have noted, rich people can be found in line at Starbucks as well.