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I was talking about personal finance and wealth building to my coworkers just before a meeting was to start. I am a big supporter of wealth building and business ownership,etc....
So anyways, it seems like the majority of the people sitting at the table all held the same sentiment about money: "You can only buy so much stuff, why do you need that much money".
I found their replies to be very telling. I'm sure a lot of people think as they do. What was really unfortunate is, the remarks were said in a matter of fact tone, as if I'm the dumbass.
I've always equated wealth with: 1)Options and 2) Freedom
Having wealth gives me the OPTION to work or NOT if I don't want to. If I choose not to work that gives me the freedom to pursue other opportunities.
It never has been about "buying stuff". It's about having 100% economic independence. Being totally free of financial obligations, in terms of debts and having to rely on anyone for income. That's what wealth is to me.
Mind you, I am not saying "don't buy stuff", of course you should enjoy your life and live comfortable. I'm talking SPECIFICALLY about the thought/thinking process as it relates to how people view money. Not whether you should or should not buy anything.
Do you think most people equate wealth/money with "buying stuff"?
(For those that want to get technical, I'm using the words wealth/money to mean the same thing)
Last edited by Rocco Barbosa; 12-07-2013 at 02:51 AM..
To be fair, money was created to be an instrument of trade. It represents your purchasing power. So yeah technically money is your ability to buy stuff.
OTOH, you don't have to buy stuff for yourself. You can always buy stuff for people you love or people in need. Some people like Bill Gates like to use money to buy things that can change the world.
Aside from the essentials - and the occasional cheeseburger - I don't spend a lot. For me I think it comes from being the last child and always getting shafted because my elder brothers got more spent on them (for example, each got a car for their 16th birthday - I worked for 2 years to buy my first at age 20!).
I would rather have money in the bank (or investment account!) than a new xbox, 65" tv and surround sound.
I'm not a "stuff" person, and neither is my husband. I want money for the same reason you do. To have the flexibility to do what I choose, rather than what I have to do to pay my bills.
But yes, I do think that most people equate money with the ability to buy more stuff. That is why so much of the population lives paycheck to paycheck.
There's two points of wealth. For the overwhelming vast majority, it buys stuff. This includes the fact that money can buy you options and influence. Very few have so much money that wealth has lost this meaning since they can effectively buying anything they want at any time they want at a whim. The second use of money is as a playing chip, a high score board if you will. The two aren't mutually exclusive. Most people look at money as both.
For all those saying they don't equate it with buying stuff, you're lying to yourselves. Savings buys future consumption. It might not even be your own consumption. Some people, especially later in life, want to afford the option that having the ability to buy stuff gives them to their heirs as well. They get more value in hoping that their heirs will use that money wisely, build upon it, and pass it down. Generational wealth.
So anyways, it seems like the majority of the people sitting at the table all held the same sentiment about money: "You can only buy so much stuff, why do you need that much money".
I found their replies to be very telling.
Meh. More like the mis-stating of truisms that happens all the time.
to wit... "You only NEED TO buy so much stuff, therefore...".
Another commonly mis-stated phrase is about the love of money and the root of evil.
Many confuse that with money by itself and the root of evil.
Quote:
I've always equated wealth with: 1) Options and 2) Freedom
Do you think most people equate wealth/money with "buying stuff"?
I think most people are too busy worrying about covering the rent to consider the distinctions.
Do you think most people equate wealth/money with "buying stuff"?
(For those that want to get technical, I'm using the words wealth/money to mean the same thing)
Yes. To them, the point of money is to buy stuff.
That's not the point of money.
The point of money is to give you options.
It's like education. People think you should study hard and get As so you can get a degree or a job or some finite thing.
No.
You get a good education because it gives you options.
Options, freedom, flexibility, whatever you want to call it.
Ask me 2 months ago and I would give you an easy answer that more money saved is better.
Ask me now and I will tell you that there is a fine line between saving and spending. Sometimes, it's good to spend and not necessarily the wrong thing to do.
Money is a form for good and services, that's it. The more you have, the more you can afford - whether it be goods, services, or free time.
But the way you get there has to be also appropriate and you must be careful not to sacrifice it all for the sake of a few more zeros in your bank account.
I'm 31 years old. I'm doing what I think is a fine job of saving for the future... but after my friend died of liver cancer (non alcoholic) at age 30... you begin to realize that moderation is key. Saving for the sake of saving and sacrificing all your early years is not the answer (for me). A combination of both is best. Tomorrow may come, but it's never guaranteed. Atleast save some for tomorrow, but use some for today.
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