W2R
Moderator Emeritus
compulsive shopping
If you drive through the poorer sections of town (any town), you are likely to see check cashing, household loan, and pawn shops, all of which cater to those who are spending more than the pittance they are earning. This is a sad situation. But do the rich get away from the siren pitfalls of compulsive shopping? Hardly. I think that what we call the "yuppie mentality" is very much like compulsive shopping with a high income.
Compulsive shopping is everywhere, and it is more and more the norm rather than the exception. I lay all of this at the feet of Madison Avenue.
Like you, UncleHoney, I spend far less than I make. I love watching my progress towards ER, and knowing that I don't owe a penny to anyone. In some circles that almost is not socially acceptable these days!
Sorry - - didn't mean to drift off topic but felt the need for a cleansing rant!
The unspoken truth is that a large proportion of Americans are compulsive shoppers and can't seem to stop. They have borrowed to the hilt and many are getting farther and farther behind each month instead of closer and closer to their financial goals.Not really dangerous, it all depends on your spending habits. Right now we are living just fine on 55% of my working salary and we could make do on less. Since I retired last September I can easily add up over $9000 in discretionary expenses that we could have done without, like things for the house and hobby spending. All this on my pension and DW's SS.
If we want to kick the spending into high gear I still have my SS and the 4% withdrawal that would put us over 110% of my working salary. But for now I'll just let it grow.
You are right though, for some people that can't control spending even 100% wouldn't be enough. DW knows a retired couple that recently filed for bankruptcy. Both in their early 60's and still haven't learned to control the purse strings.
If you drive through the poorer sections of town (any town), you are likely to see check cashing, household loan, and pawn shops, all of which cater to those who are spending more than the pittance they are earning. This is a sad situation. But do the rich get away from the siren pitfalls of compulsive shopping? Hardly. I think that what we call the "yuppie mentality" is very much like compulsive shopping with a high income.
Compulsive shopping is everywhere, and it is more and more the norm rather than the exception. I lay all of this at the feet of Madison Avenue.
Like you, UncleHoney, I spend far less than I make. I love watching my progress towards ER, and knowing that I don't owe a penny to anyone. In some circles that almost is not socially acceptable these days!
Sorry - - didn't mean to drift off topic but felt the need for a cleansing rant!