The feeling of having money is worth more than what it buys

[OmegaDog]

Interesting article on the security of having savings vs. spending it.

Behavioral economists found that people with substantial savings who live modestly aren’t being frugal – they’ve discovered that the security of untouched wealth provides more psychological satisfaction than any material display ever could

 

[Lewis Clark]

To a large degree I resemble that.

 

[finnski1]

I can definitely relate.

 

[audreyh1]

 

[audreyh1]

You can’t take it with you, so I don’t really relate.

 

[Mr. Tightwad]

My untouched wealth provides me with more satisfaction than spending it does.

Usually.

 

[Koolau]

When I was learning to fly I learned that a pilot can trade altitude for airspeed and vice versa. I always preferred altitude. I think it's the same argument (could be expressed as potential energy vs kinetic energy).

If there is something I do not have but I have resources, I can always trade resources for "stuff." Just that knowledge is often enough for me. My cars are old. I can afford new cars. So, anytime I want to, I can trade resources for new cars. Therefore I don't necessarily need to actually spend the money and make the trade. I can do that tomorrow or next month or next year.

 

[Koolau]

You can’t take it with you so I don’t really relate.

I agree that yours is a legitimate view. I balance this view with the other view and hope I strike a good balance.

 

[GoBirds]

My untouched wealth provides me with more satisfaction than spending it does.

Usually.

Username checks out

And I agree - I am not a spender

 

[target2019]

Truly, it is true for us.

 

[Graybeard]

I never was into gadgets or spending money, to the contrary I got a thrill out of saving money! And I still do 19 years into retirement, I bank a fair amount each month because I don't need anything. That article pretty much describes me and how I think, money is security and objects are just unnecessary. If you saw my clothes and car you'd think I was living pay check to pay check, I don't need to impress anyone and I have always been comfortable thinking that way. You could call me the millionaire next door and you'd be right.

 

[Dtail]

True for many continuing LBYM posters on this site. I am somewhat in the middle.

 

[RetiredHappy]

"The king was in his counting house, counting out his money." He did love to spend money too.

 

[street]

Yes, I can relate to that.

 

[Exchme]

My favorite quote from the article:
...the most durable form of financial satisfaction doesn’t come from buying better things. It comes from not needing to.

That’s not frugality. Frugality is restriction. What he’s doing is closer to freedom — the kind that comes from understanding, whether consciously or not, that the feeling of having enough is the only financial feeling that doesn’t expire.

 

[street]

My favorite quote from the article:
...the most durable form of financial satisfaction doesn’t come from buying better things. It comes from not needing to.

That’s not frugality. Frugality is restriction. What he’s doing is closer to freedom — the kind that comes from understanding, whether consciously or not, that the feeling of having enough is the only financial feeling that doesn’t expire.

Yes, I agree the quote was me in every form and hit home.

 

[Car-Guy]

You can’t take it with you, so I don’t really relate.

+1

 

[Time2]

I'm totally onboard with, having the nest egg is a great boost. My portfolio gained $338k last year and we spent about $70k, about $45k of that was SS, that we started in April last year. I am starting to spend more freely on smaller items and we almost bought a truck last year, to the point where I transferred money to my bank, but never bought the truck, I ended up gifting 1/2 of that to my son. We are looking at spending 1.1% of our nest egg, and my wife keeps saying, I don't really want to spend the money.

 

[engineernerd]

You can’t take it with you, so I don’t really relate.

Wondering if you read the article?

It's not about self-denial, it's about being comfortable in your own skin (not needing to prove anything to anyone via conspicuous consumption) and the peace of mind that comes from not being vulnerable to financial hits like job loss or unexpected big expenses.

I can totally relate, that's my mentality as is true of a lot of us here.

 

[audreyh1]

Wondering if you read the article?

It's not about self-denial, it's about being comfortable in your own skin (not needing to prove anything to anyone via conspicuous consumption) and the peace of mind that comes from not being vulnerable to financial hits like job loss or unexpected big expenses.

I can totally relate, that's my mentality as is true of a lot of us here.

I don’t need to prove anything via conspicuous consumption either and never have. We are private and generally keep a low profile. But I no longer live modestly because we don’t have to plus the clock really is ticking.

 

[engineernerd]

I don’t need to prove anything via conspicuous consumption either and never have. We are private and generally keep a low profile. But I no longer live modestly because we don’t have to plus the clock really is ticking.

I think you're still "one of us" if you don't plan to spend so much that an unexpected extra expense could put you in a bad place.

 

[Calico]

Excellent article; it describes me to a "T."

The man described in the article drives a semi-scruffy 2011 Camry and has been described as "cheap." I drive a semi-scruffy 2009 Honda Fit and have also been described as "cheap" more than once. Doesn't phase me a bit.

 

[audreyh1]

I think you're still "one of us" if you don't plan to spend so much that an unexpected extra expense could put you in a bad place.

Of course I don’t plan to spend so much it threatens our financial security. It’s not either or. I think this may be a case where people are trying to make it black and white when it’s actually a continuum. Or trying to conflate two disparate things, Also, people don’t just spend on things. Many people here spend on experiences. Big difference.

 

[Sunset]

I can relate.
When younger in teens and twenties, I always liked to keep $1,000 in my checking account as a minimum. It was my "zero".
When it would fall to less than $1,000 I was not happy and saved hard to get it back up to my "zero".

When I had $3K in savings, I felt secure as I could buy food for a year (grew up poor).

 

[DrRoy]

This fits for us, but in the last 10 years we have gotten to a point where we can do both - spend a good bit and still have plenty.