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If you take your values in life from TV commercials, paying off the mortgage is going to be one of the least of the problems you end up having.
I can't say that I agree with that. I do recall back in the 1950s when TV was still new, it was reported that some people were putting antennas on the roof even though they couldn't yet afford a set. I doubt those reports had much factual basis, but the whole "keeping up with the Joneses" meme has about died out by now from what I can see. The people I have known over the years have seemed to be taking rational approaches to balancing household receipts and outlays. It's what people do. It's how they get by.
We all have limits, but what if you could comfortably afford more and better than cheap? Why would anyone live in a shack merely for the sake of some cash in a coffee can?
Here's the thing. No matter what you might be able to afford AND also desire will be viewed by some n'er do well as too extravagant and/or wrong.
Save $$ by buying a small house so you can see the world? "Why do people waste $ on travel when there's so much to see at home?!"
Choose a lower-stress, lower-pay job? "You dummy, what are you going to do for retirement?!"
And so on.
Live as you desire, and use up as much of your means as makes you happy.
I do not know who taught you that but my Mother never taught me that and neither did my Grandparents or Aunts and Uncles.
The girl in the video overall is scattered with her thoughts, words and the points she is hoping to make.
Buying a cheap home that one can pay off in 10 - 15 years is not that big of a deal.
Buying the home you want to live in and paying cash without any financing is a big deal.
Purchasing a vehicle and paying cash without any financing is a big deal.
Not using credit cards and paying cash so you own everything you purchase when your transaction has ended with the receipt in your hand showing cash tendered is a big deal.
I don't know about anyone else, but I don't even record a phone message without prewriting a script or at least talking points.
As someone thrown into poverty when my dad died, I do live frugally, and married a man who is the same way. We spend on what we feel is important. Not what everyone else feels is important. Because people do seem to want what everyone else has, it to show off, like, look at me I'm driving the brand new fancy car series 600. And not realizing the people around them are immersed in their own thoughts of work, dinner, kids, the upcoming wedding, the upcoming divorce....
My views and I'm assuming the author of that awesome video come after living life in the raw. I've talked to so many people over the years that overpaid for a property or made really bad financial decisions. If you're absolutely perfect then of course it doesn't pertain to you.
A friend of mine came into some money so he took that money and fixed up his house, sold it for a profit then bought a bigger house. Fast forward about 8 years and he had to short sale it. So he lost BOTH properties due to poor money management. The average person sees the shiny item and jumps in full force not thinking about the consequences.
I plan on educating the children in my family about money management. People make terrible financial mistakes that turn into disasters all the time.
My views and I'm assuming the author of that awesome video come after living life in the raw. I've talked to so many people over the years that overpaid for a property or made really bad financial decisions. If you're absolutely perfect then of course it doesn't pertain to you.
A friend of mine came into some money so he took that money and fixed up his house, sold it for a profit then bought a bigger house. Fast forward about 8 years and he had to short sale it. So he lost BOTH properties due to poor money management. The average person sees the shiny item and jumps in full force not thinking about the consequences.
I plan on educating the children in my family about money management. People make terrible financial mistakes that turn into disasters all the time.
Blooming -- NO ONE is perfect. After we bought our wreck of a house, we really needed a truck. We bought a Chevy Luv, which we didn't know had been a drug addicts truck, and he used to part it out for drugs, then cobble it together to make it run. Our neighbor, you know, the mechanic....swore up and down this was a great truck.
Yeah...we learned a lesson on that one. We poured some money into it till the real mechanic sat us down and told us the truth. He sold it for parts. We bought a new truck.
And then there's trying to save a friend. Oh. What a mess...and the money gone down the rabbit hole. Another lesson learned.
Using those lessons and others is what has made us financially stable. But also is getting older. There's a lot of stuff mature out of. Like having the latest and greatest. Having to be first to see the movie every one wants to see. We don't enjoy fine restaurants or expensive wine. I cook really well. So we may spend more money on food, but we don't spend lotsa dough on restaurants....
You can only cut so much from the budget. You can make more money than you are making now and that amount has no upper limit. I would prefer to live the life I want then be forced to live a life I want than settle for something.
Live the way you want and if it means cutting out everything, then that is a choice. If it means having everything then that is also a choice.
I plan on educating the children in my family about money management. People make terrible financial mistakes that turn into disasters all the time.
Great. I have always understood that this is one of the very basic things we teach our children. It is one of the reasons that parents often give even very small children an allowance. Rather than just tell children what to do they learn to spend their money on what they really want or need. Learning how to save is something else we teach children at an early age. It is one of the reasons almost every child has a "piggy" bank. Before they are out of grade school they should understand compound interest, banking, credit cards and of course they should have their own accounts. My parents even made sure I bought a few shares of stock with my lawn mowing income. I still have those shares and they have compounded into some serious amounts.
Keep telling yourself that lie the upper limit is what people are willing to pay you... if you have a low ceiling to your skills, then that's your upper limit
GDP as measured by payments to factors of production is equal to the sum of wages, rent, interest, and profits. Your limit would apply only to wages and it would appear to suggest that one was not self-employed. This is not to suggest that increasing one's income is ever going to be some walk in the park, but the notion of an iron cap or ceiling on total income is not realistic either.
You are obviously a young person. I lived through the flower power, hog farm, hippie, communes, and whole earth eras. Later I found there can be way more to life than getting high, getting by, and returning to some sort of subsistence living.
Those people who don't get an education, don't build a career and don't understand the wonders of the modern world, end up being left behind. They still need to work but they don't have skills that are well paid or that lead to financial security. As you put it they end up "working for the man" at the bottom of the pile. Like our video host, FDL, they can work but are often financially insecure and worried about making the mortgage payment. In her case, she seems to be trying to plan for failure so she can have a place to live if she cannot pay her utilities and has no running water. This is not clear thinking or planning or understanding how to succeed. If she has a house that is too large or costs her too much, then she should take some action. Unfortunately it seems that lots more is involved.
She may not be the best spokesperson, but you're way off base with your stereotyping here. I don't get where all the judgement is coming from. Some of what she said was similar to what you've said.
And why can't people wrap their heads around the idea that it's possible to live a meaningful life without paid employment? Yes, I get it. If you treat life like a vacation, it's actually boring and not contributing to the world much. And that's exactly what most people who achieve early financial independence discover. But most find other fulfilling endeavors that contribute to society. There are lots of jobs out there in the world that don't contribute much to society. I would argue the most important work in the world goes unpaid. Raising children would be one of many examples.
I think that one of the joys in life is finding something that you're really good at, and that others will pay you to do. It provides money, satisfaction, self-esteem, a sense of accomplishment, and forces a person to be at least somewhat disciplined. You also meet more people, esp those you have something in common with.
It's not the only joy in life. But it is a great joy. I feel sorry for anyone who hasn't figured that out yet.
It can still be a joy. Like anything, though, the joy can wear off with time. So why do it for 40 years? I really don't think the current work force is even set up for people to work 40 or more years, any more. Lots of people lose good paying employment in their 50s. Isn't 10 or 20 years at working a job/career enough?
The point is you can keep working if you WANT to...if your job is really meaningful, but not because you HAVE to. Most people find other meaningful things in life besides paid employment.
Last edited by mysticaltyger; 09-18-2016 at 10:56 AM..
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