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I've known several individuals who lived beyond their means, threw away products and re-purchased because they didn't want to bother with the hassle of returning them, etc., and even I have been criticized, e.g., by having two full-sized garden tractors as well as two walk-behind lawn mowers in case one of them would go down and need service.
But a co-worker took the cake, especially in his retirement years. On the one hand he was frugal in closing off rooms to save energy, A/C in summer, oil furnace in winter. OK, good for him. But if he got too chilled with the A/C in summer he'd crank up his oil burner. This happened frequently because he slept in the basement, where all the cool air from the A/C fell after having been run all day. Instead of just pulling up a comforter, he'd run the furnace. There were also instances -- albeit less frequently -- in the winter where he'd have the furnace running while his son visited and was using the wood-burning stove. As soon as the old guy felt the least bit uncomfortable, he'd run the A/C.
Used to say that at his age, he didn't care anymore about counting every penny or being "greener" when it came to energy.
See, while I see that as inefficient, I don't see that as extravagant. Extravagant to me means boats, toys, expensive dinners, new cars beyond your means. My dad remembers my grandfather cranking the AC with the top down in his convertible during the energy crisis.
I know a couple that moved from Long Island to North Carolina. Their pact (I don't know who wanted the move) was that one of them refused to be uncomfortable in the summer, and would keep the AC at 68 degrees. My fiance and I are similar. We hate being hot indoors. I don't mind spending all day in the sun, but when I go to bed, I want an icebox. Do we spend more on our energy bill? I'm sure. But its worth it, and if we go broke or bankrupt it won't be because of running our AC. I don't know their financial situation. They live in a nice house in a nice neighborhood, drive modest cars, but that's about all I know of them.
Quote:
Originally Posted by selhars
Not to derail the thread....but...having been an independent woman all my life -- my first thought was where is the wife in all this. He may buy TVs. But SHE is right there going on those vacations with him. If SHE has no retirement money saved that's on her. In my case HE would have no retirement account. But I sure would. My brother had to divorce his wife over her spending. (That was just one issue but in the top 2).
That might be a good thread...about couples and their money. Never having been married, I can't even phathom letting someone else take me down financially. (or even just jeopardize my financial future). Love isn't practical, I guess.
It is interesting you say that.
Depending on who you ask, money fights and money problems are the number one or number two cause of marital stress/strain.
It is also extremely well established that married couples build more wealth faster than non married people.
I recently married, and both the Catholic Church and my Wife's church (we did Pre Marital Counseling in both) talked about the importance of being on the same page financially.
I have left a relationship with a woman who would take a "feminist reactionary" position to anytime I would ask her to consult me on something. Looking at a budget would have meant "me trying to control her." I knew that marrying her would have meant disaster. It isn't different really than a man that makes more money saying "I make more money so I have more decision making power." That isn't how it works in a successful marriage.
My wife and I agreed for us to be successful that we have to combine our efforts and work together. It isn't always easy. I know I bristled the first time I went to Cabelas and wanted to buy a gun I liked, but didn't, because it wasn't in our plan. And I know she didn't like asking me to buy an iPad mini, before we both realized we don't use our other handheld tablets much at all.
I drive a truck. I've tripled my salary in the last few years. Put 10% in savings this year.
Bought a brand new car on time for 11,200@ 8% interest. My old 13 year old car caught fire in the ted Williams tunnel.
Bought a new I phone 7 plus for $800 cash because I could after my cheap Samsung galaxy on 5 kept heating up and crashing.
No stocks. Got wiped out in 07-09 by the banksters. Will never play their Ponzi scheme game again.
Car should be paid in under 3 years.
I won't live to retirement. I've worked 60-120 hrs a week for the last 12+ years.
Do I need the new stuff? Nope. But I can and since I'm gonna flip the bucket short of retirement, I'm going to enjoy it.
Don't get me wrong. Still love my wholesale farmers markets, clothes shopping at savers/ Salvation Army, etc.
But i did indulge in 2 dress outfits from Macy's since I lost 25 lbs this month. Macy's is a fabulous shopping experience.
Every man should be able to go get fitted and treated once in their life.
Oh, and I've gotten a new habit.
Double edge safety razors and cut throat razors. Along with imported shave soaps and balms.
Expensive? Yes.
Relaxing after what I've been through?
Absolutely.
Be frugal where you can and most certainly enjoy life.
I used to never.
I've got a friend who was born with a silver-plated spoon in his mouth. He's very smart but failed to launch due to finish law school during the Great Recession; he was actually paid half a year salary to defer his acceptance into a now defunct law firm. Not practicing as a lawyer was probably the best thing for him. So he took the unusual path and became a contestant on Tv's Survivor, was an alternative for the US Olympic water polo team, produced a few movies, and flew to Moscow so he could go 500mph in a land-speed thrill experience and went to space. He's friends with the Walton progeny (Walmart family), good friends with a Kennedy, Chelsea Clinton, etc…they all went to Stanford together. How did I befriend him? My wife and I met him at an ugly x-mas sweater party. He was dating a friend of our friend's boyfriend's sister…yep that's 4 degrees of separation. He calls us up to hang out a couple times a year. He orders ~$500 in wine, pays for our meal, but never seems to eat. He doesn't like food and finds the act of eating to be a waste of time. He told us if he could just swallow a pill for all his nutrition and suppress satiety he would do it. He's got about $40M in real estate holdings and is by far the least frugal person we know. Sadly despite all his money and success, he's not a happy guy and seems very lonely.
I've got a friend who was born with a silver-plated spoon in his mouth. He's very smart but failed to launch due to finish law school during the Great Recession; he was actually paid half a year salary to defer his acceptance into a now defunct law firm. Not practicing as a lawyer was probably the best thing for him. So he took the unusual path and became a contestant on Tv's Survivor, was an alternative for the US Olympic water polo team, produced a few movies, and flew to Moscow so he could go 500mph in a land-speed thrill experience and went to space. He's friends with the Walton progeny (Walmart family), good friends with a Kennedy, Chelsea Clinton, etc…they all went to Stanford together. How did I befriend him? My wife and I met him at an ugly x-mas sweater party. He was dating a friend of our friend's boyfriend's sister…yep that's 4 degrees of separation. He calls us up to hang out a couple times a year. He orders ~$500 in wine, pays for our meal, but never seems to eat. He doesn't like food and finds the act of eating to be a waste of time. He told us if he could just swallow a pill for all his nutrition and suppress satiety he would do it. He's got about $40M in real estate holdings and is by far the least frugal person we know. Sadly despite all his money and success, he's not a happy guy and seems very lonely.
That's sad, but make sure when he does call you make the time like you have been.
You could be the very best person in his life and not know it.
I'm not rich like him, However since my salary bump I've made sure to do more with friends and pay for things for them out of my pocket. I only keep a handful of friends, that I've know for between 15-28 of my 33 years.
We only hang a few times a year, but I hold those moments VERY near and dear to me.
I'd imagine your friend does the same
An aunt of mine, she likes expensive clothes & won't wear them more than twice. Her husband divorced over her spending. Back in the 1980s, he claimed she spend $100,000 a year on clothes & accessories.
My daughter went to high school last year with another 17-year-old girl who had already wrecked two cars and was now driving her third, a brand-new BMW X5. They went to the beach together and my daughter noticed that this friend parked in a pay lot but just walked away without buying a permit. When questioned, she replied that "usually they don't even check the cars" and if they did, her parents would just pay the parking ticket. This saved the teenager the hassle of having to go buy a permit or feed a meter.
Right now I'm wearing a $500 pair of jeans, just dropped $100 on my part of brunch and yesterday got back from a trip to wine country in Northern California. I flew Delta One both ways.
The above is normal for me, but I live in NYC and make more in a year than most people make in a lifetime.
Right now I'm wearing a $500 pair of jeans, just dropped $100 on my part of brunch and yesterday got back from a trip to wine country in Northern California. I flew Delta One both ways.
The above is normal for me, but I live in NYC and make more in a year than most people make in a lifetime.
Don't hate the player, hate the game.
I don't care what a person spends their money on, but if the extravagence impacts the family life, then it is a concern. If you make enough money to fund such a lifestyle, then good for you, what I object to, is people who buy above their means & then expect others to bail them out. Such as the Aunt I mentioned, who spent a hundred thousand a year on fancy clothes, trouble was, when her kids needed money for college she went begging around the family. Plus her husband divorced her, ( due to uncontrolled spending)
I do not pass judgment on high earners who spend it on whatever they want, it probably isn't what I would buy, but it is their right.
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