Anyone Feel Gulity About Spending Money?

[INC]

"Anyone Feel Gulity About Spending Money?"

Never. Except if it's mine.

[espanol]

Compelling post. It's interesting to read different perspectives on the topic.

For me it's been the following:
20's: acquire things I felt like I didn't have growing up
30's: no longer feel the need for things, as the need to prove something doesn't exist

My focus for the last ~15 years or so has been on saving/investing. I'm to the point now where just about anything I want for my family can be purchased from portfolio interest. If my wife wants to take a year off, we can do it and replace her salary through portfolio growth.

I thought the more money I had, the more I'd want to buy. More watches, cars, third home. Nope. It's actually been the exact opposite. The more I invest, the more I want my number at Vanguard to increase. It's addictive.

I've never felt guilty about spending on my family. However, I wouldn't spend on myself if I didn't have to.

It's all mental.

[HHIslander]

I used to. My ex was a highly materialistic individual who insisted on keeping up with the Jones and we spent money on things that were embarrassingly stupid in retrospect. These days, other than first class airfare/luxury travel and the occasional watch or a nice pair of boots/shoes (thanks TRF), my spending habits are pretty tame. I’ve got the money I always wanted in my younger dreams and I have no desire to do any of the things I wanted to do with it back then. I just enjoy the mental freedom it provides.

[TRS1]

Originally Posted by EEpro

Not really. I model myself after the US Treasury.

Good one.

[1William]

Not a problem or an issue for the OP unless he wants it to be. He has found a place and a lifestyle that he is comfortable with and it gives him comfort in saving and not spending.

[BroncoOne]

Originally Posted by EEpro

Not really. I model myself after the US Treasury.

[BroncoOne]

I agree with driving the old truck, as long as repairs aren’t costing as much or more than a newer vehicle. The rest? You can’t take it with you. Just do it within your means.

[Speedbird-1]

What else are you going to do with it?





PS. Perhaps you could assuage your 'guilt', by doing 'Good Works' with it?

[enjoythemusic]

It may depend on your upbringing / social 'norms' of your environment, or knowledge that the 'CONSUMPTION-based Economy' is mathematically flawed. Am not sure i'd call it "feeling guilty" more so than being wise. There are a variety of reasons to choose a different 'path' than your localized society's 'ritual' of consumption for consumption sake (in hopes of 'making you' happy).

jmho

[JasoninDenver]

Originally Posted by Letsgodiving

Attachment 1407911

People have been struggling with this sentiment for millennia. See my signature below.

I come from a similar background so I understand where you are coming from but at some point you have to ask yourself what is the point of working so hard to just hoard your money.

Thanks for sharing that quote. It has joined my list of favorites.

[JasoninDenver]

This thread had me thinking last night and I realized that my deep seated sense of guilt has actually been somewhat beneficial in that it continues to make me hyper-analyze each major decision. When I do drop the coin on something expensive, it is nearly always something that I keep long term. Consequently, I do not flip watches, cars or wives (well, one mistake on this last point).

My wife always mocks how I make such major decisions on a 10 point scale until I tell her she is still a 10!

[77T]

Spending is a balancing act like many said.

What I try to avoid is wasting money.


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[FLGatorM5]

I’d add two things:

1) Have a plan. Like a good, comprehensive plan with a professional that addresses the basics like retirement, emergencies, family priorities, etc. Then start to tweak that plan to address #2.

2) Accept that your view on money and spending is deeply ingrained in your upbringing and experiences (as evidenced by the responses above). You don’t have to change this, just know that it’s there and make adjustments accordingly.

[Calatrava r]

Well, you cannot take it with you. Balance is the key. Early in life the best course of action is to build a nest egg and not spend on luxury items. It the lost opportunity cost of the money and the loss of gains on the compounding profits over the years which hurts the most. The old mantra is pay yourself first.

[ejvette]

My grandmother had some great peals of wisdom 2 of my favorites are :
“I’ve never seen a brinks truck at the cemetery “
“No one on their death bed ever said I wish i worked more”


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[BNA/LION]

No. Thankful and Grateful to be able to have money to spend. Better to spend it now than to lose it when you leave this life.

[MILGAUSS88]

Yes, but if I don't spend it, my wife will. And I still can't find out where it's going.

[airchitect]

Originally Posted by MILGAUSS88

Yes, but if I don't spend it, my wife will. And I still can't find out where it's going.

Yeah, I wish someone could tell me how my wife spends a ton of money why but never actually buys anything of any substance.


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[enjoythemusic]

Originally Posted by ejvette

My grandmother had some great peals of wisdom 2 ...“No one on their death bed ever said I wish i worked more”

Excellent point there.

[JohnBaker3]

Originally Posted by NewYorkRanger

Can't take it with you! Live your life!

And that is why you never see a U-Haul trailer on the back end of hearse!!

[SDGT3]

A financial advisor once said, "If you don't fly first class, when you die, your kids will."

[colpol]

My grandfather was a workaholic/ plan was to retire at 60. WW2 derailed his plans & he planned to work till 65. Died of cancer at 63.

My dad was tighter than a submarine window. The word edaneezer scrounge comes to mind. Died at 75/ money in bank/ shares sitting for 40 years plus that could have afforded him a great life but he sat in a cold house during his retirement/ heating too expensive etc

From my dad - I’d say I’m v careful with money but certainly now I feel no guilt whatsoever about spending what I earn / enjoying it

You’re only going to leave it for someone else……..

[enjoythemusic]

#Truth

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[dlddrrr]

I’m reminded of this quote I read from Jack Welch (former CEO of GE) on his way to the hospital after a heart attack: “damn it, I didn’t spend enough money” (https://collabfund.com/blog/the-art-...dred%20dollars.)

Are there better things to spend money on than a Rolex? Definitely. You could put it as a down payment on a rental property, buy investments/stocks, etc. But you have to factor in the economic value of a Rolex in terms of how much happiness it will bring you and then you can see if it outweighs the cons of spending that much money on a want rather than a need.

[INC]

I have another point of view:

Why making money if not to spend it?

I think, the scope is to do not work to make money. Work to spend money on things that bring you joy. And if nothing that money can buy brings you joy, then it's not worth working any longer. Then you simply have to enjoy your life, because you succeeded on the money part.

[TikTok]

Just make sure you live long enough to spend your kids inheritance.

[Watch-Geek]

Not crazy at all!! I drive a 15 year old Mazda 6, bought new with cash.

MOST of my watches are worth more (also bought with cash)
My winter jacket (yes I have only one) is now 10 years old!

I HATE spending money on things that depreciate!!

People who see me think I'm probably broke.
People who know me, know I have ZERO debt, loan or any kind of credit (credit cards included).

I own 2 houses, one I inherited, the other built from scratch (you guessed it, with cash)

Growing up I saw my family go from middle class to dirt poor (my parents hungry, so I wouldn't have to be, due to a war we had)

So very early I learned life can take a turn for the worse in a scary short time.

That has made me VERY careful with spending my hard earned money!

I have two kids, so now I have responsibility to save for them, they already have more savings each than I ever had Growing up.

I'm not rich by any stretch of imagination, but when I see people around me "keeping up with the Joneses" driving new cars, wearing new clothes while always complaining about being drowned in debt, I realize I may not be rich, but I'm FREE!!!

They aren't!!

They can't afford to skip a single paycheck or everything they have will dissappear as they own NOTHING, it's the bank that owns everything they think they own!!

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[codecow]

When I overpaid for F1 and then went to a $1500 omakase and bought a couple watches, dropped a few thousand into the casino for a second I took a hard look in the hotel mirror and thought what am I doing?!

All the sudden I felt really bad because I forgot to pick up a bottle of champagne. I had to go back downstairs and grab one.

[JTL31]

Originally Posted by ejvette

My grandmother had some great peals of wisdom 2 of my favorites are :
“I’ve never seen a brinks truck at the cemetery “
“No one on their death bed ever said I wish i worked more”

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Your grandmother was a wise woman!

Originally Posted by enjoythemusic

#Truth

Attachment 1408419

I like this as well

This doesn’t address the question specifically, but I like my sister’s comment of: “I hope my money & gin run out at the same time I do.”

[westoque]

Just putting my favorite quote:

“A healthy man wants 1000 things. A sick man wants only one.”


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