Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
1) Own my own condo, so money not thrown away on rent
2) Have no debt (pay of credit card monthly, own all my cars, school debt paid off) except a mortgage
3) Stash away plenty for retirement every year
4) Have a large emergency cash fund in the bank
Anything left over, can be spent on luxury items for me and family. I personally am a cheap bastard, so its mostly my wife blowing the money.
If you blow all your money on rent and luxury items, and have nothing in savings, equity or retirement, then you will regret it . I think thats how most young people, even ones making 6 figures live in NYC, while trying to keep up with the Joneses.
Go to Boglehead.com if you want good financial advise.
LMAO
Another grown man to self-inflate his achievements at the expense of the OP
85Dumbo...if you own your own condo then you are correct, you are not "throwing away" your money on rent. You are "throwing away" your money on interest, taxes, insurance, condo fees and periodic assessments, not to mention any "upgrades" and maintenance inside your unit.
Personally, I place little value on *some* material items: shoes (because they get messed up walking the streets of NYC) weekend clothes (because the reality is that I am chasing after my toddler most of the time so what's the point) handbags (90% of the time end up using the same kate spade tote for work and weekends a diaper bag)
I view business attire as a uniform so I do have a collection of Ann Taylor suits (purchased with coupons) which I have tailored so the fit is perfect and it makes them look more refined. Could I afford higher end- sure, but I'm not willing to pay for it since I sit at a desk behind several screens for most of the day. Shoes- if it's at DSW, great...if not then not buying.
Hubby and I do very well, we spend on big ticket material items- cars, our house and quality care for our son. We will spend on home improvements because to us this is where large expenses are worthwhile. Combined our income very healthy and yet we both bring lunch to work! it saves $480 per month which we bank, use for a nice steak dinner or over the course of a year is the price of a vacation.
For me it's simple, I spend where it makes me most happy and where the investment will have the greatest return. Purses/shoes...those come in and out of style and frankly, no purse could ever give me the feeling of pride my house does. Now, when I was younger in my 20's...it was all about purses and labels but we mature and move on.
there is something called craftsmanship. Some things are made my hand and utilize very high end materials.
Not really, none of those materials are actually that expensive. The difference between high-end and low-end fabrics and materials that are actaully used isn't anywhere near the mark-up differential. The mark-up on handbags is among the highest of any object sold.
Its called Intellectual Property. There is a reason that these companies spend huge amounts on IP lawyers to protect their trademark, trade dress and copyrights. The value is in the Intellectual Property, i.e. the name and appearance of the handbag, not the handbag itself. But they make $$$$ money on people who buy into the status concept. Of course they can't make something that'll fall apart in a year, but handbag technology isn't rocket science.
If you're on a desert island, and there's no-one to observe you, you'll soon ditch the Prada and pick up the EMS backpack.
Not really, none of those materials are actually that expensive. The difference between high-end and low-end fabrics and materials that are actaully used isn't anywhere near the mark-up differential. The mark-up on handbags is among the highest of any object sold.
Its called Intellectual Property. There is a reason that these companies spend huge amounts on IP lawyers to protect their trademark, trade dress and copyrights. The value is in the Intellectual Property, i.e. the name and appearance of the handbag, not the handbag itself. But they make $$$$ money on people who buy into the status concept. Of course they can't make something that'll fall apart in a year, but handbag technology isn't rocket science.
If you're on a desert island, and there's no-one to observe you, you'll soon ditch the Prada and pick up the EMS backpack.
that is true to an extent.
When I buy Ikea crap, they literally fall apart....its like disposable crappy furniture....it even wobbles when u purchased it. It sort of does it job for a bit then blows up on me. Then you have high end furniture which last a lifetime....and some can go for a few generation if its reasonably taken care of.
There are cars who are handbuilt using the most advance technology & great quality build. Yes there is a brand name marked up...I do not deny that. Yes, there is status in many cases. I am not denying there is marketing built in products....but there is real value built in high end product no one can deny
I love your post. Here are a few things that occur to me:
1. I'm a bit of the opposite. I've led a frugal life, which I also thought was something to be proud of. Now I'm not so sure.
2. I think you have to make a distinction between liking nice things, which is nothing to be guilty about, and buying frivolous expensive things mindlessly, to show off. Personally, I think buying $420 sunglasses is insane. I used to be pretty happy with my $2 pairs. But buying good quality things for the quality makes sense. I tend to buy clothes on sale - not designer names, but, for instance, well-made, tailored, lined pants at 1/4 of the original price.
3. There's another distinction to be made between things that essentially lose value as soon as you buy them, like sunglasses, and things that retain or gain value, like art and antique jewelry. Luckily for me, I liked buying art and antique jewelry. There was a very brief period, from when I was about 16-22 when I liked designer names, but thankfully I left that behind me.
4. It more and more seems to me that morality and ethics come into it, too. Every time that you spend $420 on sunglasses - or even $5 for a gallon of milk - you're sending a message that it's acceptable to charge that. And every time you by things that you don't need, it just seems to be immorally wasteful. I don't mean that we should live a bare-bones existence, but how many coats does a person need? Okay, I probably have about eight black dresses, but they're all different, and for different things. But what would I do with thirty black dresses?
5. There's no point in asking what we would have invested in, but if you're thinking of investing, then study up. It can be fun, and if you do well, you have the satisfaction of basking in your own cleverness.
6. If you have to be dressy for work, really think hard on how you can re-craft your image. I know a very, very high-ranking wealthy woman who pretty much wears the same few elegant pantsuits to work, with pretty much the same white blouses, day after day. It's subtle. She has no need to draw attention to her labels.
If you're on a desert island, and there's no-one to observe you, you'll soon ditch the Prada and pick up the EMS backpack.
In NYC, I am one of the few guys carrying my lunch box in a yellow shoprite plastic sac. My fellow train riders pretty much ignore my presence. Maybe it would make a difference if I wear a brand x brief case.
I love your post. Here are a few things that occur to me:
6. If you have to be dressy for work, really think hard on how you can re-craft your image. I know a very, very high-ranking wealthy woman who pretty much wears the same few elegant pantsuits to work, with pretty much the same white blouses, day after day. It's subtle. She has no need to draw attention to her labels.
Many rich small families live in huge houses that costs a lot to heat and cool....it is also waste of money to obtain status, don't you all think? And comparing with hand bags and sun glasses, this is a more burdensome type of waste that affects others from the environment point of view.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
