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I don't think there's anything wrong with materialism either...but you need to be able to support that desire/lifestyle and be PREPARED for the bad event.
I see a lot of 20-30's running to mom and dad or friends when that unfortunate event happens and you can't resell that Versace on eBay for what you paid for it.
I'm sorry for being judgemental to some of you, but I'm a saver [and a spender], and I have enough til the end and won't have my hand out.
No problem, I understand were you are coming from...as I saw a few of your other posts. I was just trying to make the point that what you see on a post may only be a snapshot of a person's financial situation. What works for one person may not work for another....in then end as long as you can suport yourself for at least 6 - 8 months if the bottom falls out then you should be able to breathe okay. The biggest issue for me is not that part b/c we are there already but focusing on trasferring wealth to my future kids...because thats the way you really get the leg up! Even if your parents don't give you everything you want you have a much better chance at having wealth if your parents did.
P.S. And I'd much rather forego that extra pair of shoes for a nice vacation too.
I agree that if you CAN NOT afford something then you shouldn't buy it, and that should be based on whatever BUDGET you have set up.
CollinsAJ, your physician relative most certainly has a budget and that luxury lease fits within it, so nobody can say anything about that.
I am 28, and just bought a house that is a Mini-McMansion that costs around $225K. Wife and I qualify for $380K. But this house is perfect for us. Some may look at us like we're crazy, but we saved for years and put a substantial downpayment on the house so the mortgage is now less than rent in the same neighborhood. Our son is now 2 months old. I drive a '97 Lincoln Continental and wife still drives the car we got when we got married 8 years ago a Ford Contour. We were going to trade the Ford in for a Lincoln Zephyr, but are sentimentally attached to the Ford still. sad I know. But when we bought the used Lincoln, we were blown away, and vowed never to buy anything but Lincoln's again. Well, wife wanted a BMW but when we test drove one, it didn't match the comforts of the Lincoln so it burst her bubble about them. So, to us a Lincoln is not too expensive (which means worth it to us). When we buy again, it will be Lincoln MKZ.
I have an Omega watch that retails for $2K, but I will keep it for years as it has an international warranty for the life of the watch (and it's pretty). I feel a Rolex is too expensive for me, which means not worth it to me maybe to others.
And we are not "materialistic" at all. We just look like it. We don't spend just to spend. If we need something, then when we go out we get what we want within our constraints (budget). For example, the new house needed furniture (we're studious types so didn't have sofa, dining, etc. just desks and queen mattress). We went furniture shopping and spent $2200 on dining set, $1200 on sofa, $1450 on two chairs, $1200 on a dresser, $800 on chest of drawers, and my mom is coming to live with us from out of state (she's considered impoverished) so we'll have to furnish her room as well. Also want to mention we had to change the carpet for $2500 and installed solid wood floors for $5000. These are not listed to brag, but to show that these were a part of a savings plan that started while in college. We did without furniture, fancy apartments and cars when younger because we knew what lifestyle we wanted at an older age. We always told ourselves, drive a Mercedez at 25 or at 40? Of course you could do it all as long as it is within budget. Anyway, now we're benefiting from frugal (calculated, not suffering) living. But seriously, in the end we all die and by no means are the material things or money the most important things in my life.
I had a friend many years ago who came to the USA with $1,000 in his pocket and ten years later was a millionaire. He used to drive an old Peugot, and I asked him why he doesn't get himself a nicer car. He told me he liked that one and there was nothing mechanically wrong with it. And then he said something that stuck with me for the rest of my life and changed the way I spent money. He said "I can go to a Mercedes dealership and buy the top of the line car for CASH... This impresses ME. I am not going to go out and do it to impress YOU!" Smart man.
My advice for financial success is... go out and find yourself a self-made millionaire and emulate them. Problem is they are hard to spot because they aren't the ones acting like they have all the money.
I agree that if you CAN NOT afford something then you shouldn't buy it, and that should be based on whatever BUDGET you have set up.
CollinsAJ, your physician relative most certainly has a budget and that luxury lease fits within it, so nobody can say anything about that.
I am 28, and just bought a house that is a Mini-McMansion that costs around $225K. Wife and I qualify for $380K. But this house is perfect for us. Some may look at us like we're crazy, but we saved for years and put a substantial downpayment on the house so the mortgage is now less than rent in the same neighborhood.
Thats great!
Our son is now 2 months old. I drive a '97 Lincoln Continental and wife still drives the car we got when we got married 8 years ago a Ford Contour. We were going to trade the Ford in for a Lincoln Zephyr, but are sentimentally attached to the Ford still. sad I know. But when we bought the used Lincoln, we were blown away, and vowed never to buy anything but Lincoln's again. Well, wife wanted a BMW but when we test drove one, it didn't match the comforts of the Lincoln so it burst her bubble about them. So, to us a Lincoln is not too expensive (which means worth it to us). When we buy again, it will be Lincoln MKZ.
My hubby actually test drove one of these when he was considering what to buy. He didn't end up getting it but those were very nice for a great price. The THX sound system was incredible.
I have an Omega watch that retails for $2K, but I will keep it for years as it has an international warranty for the life of the watch (and it's pretty). I feel a Rolex is too expensive for me, which means not worth it to me maybe to others.
Lol, you are in my home I think! My hubby also has a nice watch for around the same price. These type of watches do hold there value or can be traded in to any authorized dealer for an upgrade. He did research on that thing or awhile and only bought it when he could pay cash!
And we are not "materialistic" at all. We just look like it. We don't spend just to spend. If we need something, then when we go out we get what we want within our constraints (budget). For example, the new house needed furniture (we're studious types so didn't have sofa, dining, etc. just desks and queen mattress). We went furniture shopping and spent $2200 on dining set, $1200 on sofa, $1450 on two chairs, $1200 on a dresser, $800 on chest of drawers, and my mom is coming to live with us from out of state (she's considered impoverished) so we'll have to furnish her room as well. Also want to mention we had to change the carpet for $2500 and installed solid wood floors for $5000.
We actually found a company on Craigslist who did our floors for about $2000 and managed to find the wood (way up 985 towards Gainesville) on sale at a warehouse. We had to replace our carpet because we were spending too much money on carpet cleaning. They did an incredible job and we saved about $1500 and should help with the resale of our home!
These are not listed to brag, but to show that these were a part of a savings plan that started while in college. We did without furniture, fancy apartments and cars when younger because we knew what lifestyle we wanted at an older age. We always told ourselves, drive a Mercedez at 25 or at 40? Of course you could do it all as long as it is within budget. Anyway, now we're benefiting from frugal (calculated, not suffering) living. But seriously, in the end we all die and by no means are the material things or money the most important things in my life.
I would rather buy quality pieces (that we can afford) that will last a very long time. When my husband bought our home he had money saved up for the down payment and had also saved about $5,000 towards furniture and I had about $2,000 to contribute. We spent a similar amount on our furniture and paid for all our furniture on our debit cards and not our credit card.
Eventhough we are nowhere near 40 we hope that our decisions today will make things even better by then.
Enjoy that MKZ.
P.S. Not sure where you went but Pugmire is a great Lincoln dealer
I have visited Pugmire before and yes they are really great (I wish our Ford would just quit already, lol). Wow, there are similarities between our families. I always say buy the best quality that you can enjoy. We paid cash for all the above too (except for the dining set which is 4 yrs same as cash, interest in my pocket). We were going to get a dining set that was half the cost, but later changed our minds because we knew we wouldn't enjoy it and it would have been a waste of money then. So we got the one we actually wanted, and they will last a long time. I don't know about you, but we tend to hold onto things we buy so that means for a good while we will not even look at new furniture. I bought a 37" flat screen (the heavy tube tv not the flat panels) as a temporary thing until prices on plasma/lcds went down some more in 2006. Well, I still have that darn TV, and can't push myself to get the plasma yet! LOL.
But people shouldn't judge too quickly. I know millionaires who seriously do not look it according to Hollywood. One in particular passed away a year ago, and he wore country overalls, drove an old 1980 Mercedez that made sputter noises all the time, and at his death he left 14 of his 18 million to the University I went to. Now I am not trying to have that much at my deathbed. I do have a millionaire mind but not to make more for the sake of having it.
My wife and I lived next door to an elderly couple before moving, and they were in their late 70s. Been married since they were 20, and still deeply in love. In their retirement they devoted themselves to volunteering and travel. Well, Mrs. Pew twisted her knee one day and she began to lose her mind too, which was breaking Mr. Pew's heart each day. She passed away three months after, and it was so sad to see Mr. Pew on his front porch sobbing to her memory. They lived in a modest home of 900 sq ft with gravel driveway, and not worth more than $75K currently. They bought that house when they retired so that they could focus on volunteering and travel. He has a net worth of 3 million. You wouldn't know it. Old clanky truck and old clanky car, and an old clanky cat named Janus. Watching them really touched us, and now we tell ourselves that when we retire we want to be like the Pews. According to some that is not aggressive or worthy enough. But I side with the cop who is content with his life. I don't think he's settling (to the person that was critical). Happiness is not something you settle for.
I really enjoyed reading the post directly above. It was insightful and touching. I do have a comment to make though, regarding the last sentence:
"Happiness is not something you settle for."
Actually, I think the opposite is true. Happiness is something that only comes when you decide to be happy. (I'm talking about real lasting happiness... not momentary euphoria.) "Deciding to be happy" is simply a positive way of viewing the act of "settling."
There are too many people who meet the spouse of their dreams, get the job of their dreams, buy the house of their dreams, move to the city of their dreams, etc. etc. and never find happiness because once the momentary euphoria wears off they don't know that you have to DECIDE to be happy. Otherwise you'll just keep searching for one high after another.
It's worth it to make the decision to be happy (with your spouse, your house, your job... whatever...). Real happiness is much deeper, richer, and more fulfilling than a "high" can ever be.
The trick is to use your brain as well as your heart. You are merely "settling" if you choose something that isn't a good fit for you. But if you find something that fits well in your life, make a decision to be happy with it. Your life will be richer when you discover that happiness is not a feeling--it's a decision.
This is a huge problem. Again people think that they have to have a car payment which is bad and wrong to begin with, and to make it worse they take out a loan for a car that creates a monthly payment that is too high or worse they lease a car.
I disagree. You can buy plenty of cars with 0-1.9% financing these days. I can get 5% just from a savings account. It would be foolish to pay cash for the car when I can make more money by putting that cash in the bank and collecting interest on it.
Quote:
Originally Posted by financelife
When we buy again, it will be Lincoln MKZ.
My good friend had a really nice one. He loved that car and it never gave him any problems. He feel asleep on the highway doing 70mph and plowed into stopped traffic, walked away with no injuries but a few bruises. Definitely a car I'd recommend.
In it's former glory...
I suppose a lot of my friends are "fake millionares," I guess I might be too. None of us live beyond our means though. I don't see what the problem is with enjoying the money you make when you are young. I mean when you are 40, what's the point of driving a flashy car and wearing nice clothes? I'd rather live frugal later and enjoy a little excess now.
I suppose a lot of my friends are "fake millionares," I guess I might be too. None of us live beyond our means though. I don't see what the problem is with enjoying the money you make when you are young. I mean when you are 40, what's the point of driving a flashy car and wearing nice clothes? I'd rather live frugal later and enjoy a little excess now.
You are not a "fake millionaire" because you do not live beyond your means. As long as you aren't going into debt just so you can look like you have it all I would agree with most of what you said. You are only young once, so enjoy it. Oh, and by the way, 40 isn't as old as you think... but you will find that out for yourself before you know it! And the financial habits that you build now will determine how much you will enjoy yourself when you get there.
I don't know if this is the right forum for something like this but here goes........I have been living in Atlanta for 4 years now. So far I really like the weather, the people, the culture, etc, basically I all around like the area. One thing I have noticed though is that there are so many people here that are lets say, house poor, car poor, or clothes poor. I call them fake millionaires. For instance, I'm middle class & make a pretty decent living, but I don't drive a Jaguar or Mercedes & don't live in a $200k+ house, I KNOW I can't afford it!! I have a 3 yr old economical car & live in a 2 bedroom apt & I dress nice, but most of my clothes I buy at discount retailers or outlet stores..& they are usually name brand items. I realize one day I will own a home, so I'm in the process of saving for that.
Anyway heres the deal. There are people that I work with & have met here, who are single like myself, make basically the same salary, who drive luxury cars, shop at Phipps Plaza every weekend, & eat at restaurants priced like Ruths Chris or Oceanaire or higher at least twice a month. When they go out partying they only go VIP. Their WHOLE paycheck goes on this stuff + their mortgage, & then they overdraft between paychecks. Then start complaining, "I can't wait until my paycheck comes so I can get my lights turned back on." I kind of get looked at weird when I say I make a budget every month & stick to it. I also kind of get looked down on by some women because I'm not trying to go out and buy the latest coach or prada bag or whatever. Same for guys too with other stuff.
I am not frugal or cheap by any means. I just live within my budget, pay my bills on time, & when I really want something I save up for it then I buy it. Why is Atlanta like this? I mean, I have never seen so many people that are fake millionaires & one paycheck out of homelessness in my life! Why do people want to live like that? Thats just one bad observation I have of the people here in Atlanta, I still like living here, but I'm just intrigued by all the "fake millionaires" here. LOL!!!
You make one false premise here....and that's that people you see can't afford what they have. Some probably can't, but we're not all twenty something posers. I'm 42, support my wife and 3 children on my income, drive a Lexus IS250, and own a 400K house in Cobb. I'm also a private pilot and spend quite a bit on that hobby as well, and the wife and kids are all involved in their own passtimes.
The key here is that if I was living beyond my means, I'd be living in a 600K or 800K house and driving a BMW 7 series. For me, I have no debt except the house (paid cash for the cars and put 30% down on the house) and can afford all the things I have and still save and live within a realistic budget. It all depends on your income and priorities, and where you are in life. Just because someone drives a Lexus or lives in a nice house doesn't mean they are "car poor" or "house poor". Don't judge everyone by your yardstick.
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Even if your parents don't give you everything you want you have a much better chance at having wealth if your parents did.
