There is nothing wrong with spending money

[LivingAlmostLarge]

Woah. I hate to point out that you do sound like you are judging by saying someone should save money to retire earlier, give to kids, and give the money away.

What if the people don't want to stop working and already have enough to retire now but choose to work?

What if they don't have kids? What if they already give away 20% of their income?

Why do you assume that it's indulgent to buy an expensive car or nice jewelry? I think bill gates can afford it and can afford to retire now. Does it make him a bad guy?

Or warren buffet for his own plane. Over the top? Yes. But not in his lifestyle.

[feh]

Originally Posted by LivingAlmostLarge

Woah. I hate to point out that you do sound like you are judging by saying someone should save money to retire earlier, give to kids, and give the money away.

What if the people don't want to stop working and already have enough to retire now but choose to work?

What if they don't have kids? What if they already give away 20% of their income?

Why do you assume that it's indulgent to buy an expensive car or nice jewelry? I think bill gates can afford it and can afford to retire now. Does it make him a bad guy?

Or warren buffet for his own plane. Over the top? Yes. But not in his lifestyle.

We'll just have to disagree. I feel spending large amounts of money on unnecessary items, even if a person can afford them, is wasteful.

I never called anybody who does this "a bad guy" or that the act is "wrong". I simply find it indulgent.

[disneysteve]

Originally Posted by feh

I feel spending large amounts of money on unnecessary items, even if a person can afford them, is wasteful.

I never called anybody who does this "a bad guy" or that the act is "wrong". I simply find it indulgent.

Not disagreeing, but again, I think what constitutes "large amounts" or "indulgence" is subjective and largely dependent on one's income.

If you earn $10 million/year, can it really be said to be overly indulgent to spend 1% of your income on a car when my next car will probably cost 15% of my income? Who is indulging themselves more?

[feh]

Originally Posted by disneysteve

If you earn $10 million/year, can it really be said to be overly indulgent to spend 1% of your income on a car when my next car will probably cost 15% of my income? Who is indulging themselves more?

Most people need the use of a car. I don't think spending $20K on a car for an average person/household is indulgent (whether they can afford it or not is another matter).

Spending $100K on a car, regardless of income, is indulgent in my opinion. If I were making $10M/year, I hope I would be able to stop myself from spending money in such a way.

If I were making that much money, would I satisfy more wants in my life than I currently do? I'm sure I would. But I like to think I would not make extravagant, wasteful purchases.

[disneysteve]

Originally Posted by feh

Most people need the use of a car. I don't think spending $20K on a car for an average person/household is indulgent (whether they can afford it or not is another matter).

Spending $100K on a car, regardless of income, is indulgent in my opinion. If I were making $10M/year, I hope I would be able to stop myself from spending money in such a way.

If I were making that much money, would I satisfy more wants in my life than I currently do? I'm sure I would. But I like to think I would not make extravagant, wasteful purchases.

I agree with you. I'm just being ornery.

[LivingAlmostLarge]

Originally Posted by feh

Most people need the use of a car. I don't think spending $20K on a car for an average person/household is indulgent (whether they can afford it or not is another matter).

Spending $100K on a car, regardless of income, is indulgent in my opinion. If I were making $10M/year, I hope I would be able to stop myself from spending money in such a way.

If I were making that much money, would I satisfy more wants in my life than I currently do? I'm sure I would. But I like to think I would not make extravagant, wasteful purchases.

Feh I hate to point but by you saying it's extravagent and wasteful you are making a judgement. If you said "i would not make the same purchases without qualifying" them as wasteful and extravagent.

THEN I would buy that you are not judging people. BUT you are judging and calling people bad.

If I had bought a $100k car because I won the lotto and had $100 million you'd just call my purchse wasteful and extravagent. Basically I "wasted" my money, which makes me a "bad" person and making the "Wrong" decision.

Look you're expressing an opinion fine, but seriously get over it. It's everyone's money to decide how to spend it.

What is everyone's problem about how others spend their damn money? It's money.

Sure it's not YOUR cup of tea, but stop judging.

[feh]

Originally Posted by LivingAlmostLarge

Feh I hate to point but by you saying it's extravagent and wasteful you are making a judgement. If you said "i would not make the same purchases without qualifying" them as wasteful and extravagent.

THEN I would buy that you are not judging people. BUT you are judging and calling people bad.

If I had bought a $100k car because I won the lotto and had $100 million you'd just call my purchse wasteful and extravagent. Basically I "wasted" my money, which makes me a "bad" person and making the "Wrong" decision.

Look you're expressing an opinion fine, but seriously get over it. It's everyone's money to decide how to spend it.

What is everyone's problem about how others spend their damn money? It's money.

Sure it's not YOUR cup of tea, but stop judging.

Clearly people can spend their money any way they see fit. I never suggested otherwise.

I'm judging the act, not the person. Can you see the difference?

[LivingAlmostLarge]

Nope cause you keep defining it as wasteful and extravagent. Which are not positive descriptions. Describing it as purchases you wouldn't make give it no judgement or opinion.

[Exile]

Originally Posted by disneysteve

My wife and I are both 44. We have savings equal to over 3 times our annual income (and probably 5 times our annual expenses). I certainly wouldn't want to burn through a lot of that money if I became unemployed, but it would be there if absolutely necessary. I certainly couldn't say the same thing 15 years ago when I was just starting out.

You are to be congratulated for building such a sizeable savings cushion. But won't you grant that's easier to do for professionals than for the average working person?

As a former member of that demographic, I'm not saying that it can't be done. After all, there's no way that DW and I could have retired three years ago at (my) age 60 if we weren't prudent and did everything that we could to turn our finances around. And by living modestly, so far we're able to get by nicely here in the Philippines, mostly on just our social security. Obviously, we wouln't be able to do that in the States, but if we spent money here the way we would really like to, we'd be dead broke. It's the exercise of restraint that makes the difference at any point in life and in any place.

[feh]

Originally Posted by LivingAlmostLarge

Nope cause you keep defining it as wasteful and extravagent. Which are not positive descriptions. Describing it as purchases you wouldn't make give it no judgement or opinion.

Very well. Make whatever assumption you want regarding my state of mind (I find it entertaining when somebody on a message board claims to know what another poster is feeling/thinking ). I'm not interested in arguing with you.

We obviously disagree on this subject. Let's leave it at that.

[tripods68]

My take on Suze's approach is purely based on numbers. So its not about whether Suze likes what the caller's is buying. She tries to take out her emotions (dislikes/stupid or silly) and based it on caller's financial situation; income/savings/retirement far exceeds debts. It's common sense approach we all generally go by. It wouldn't be silly to me to approved or denied anyone if she or he wants to buy an luxury Porche 911 Turbo which cost $120K. But you have to show me substantial income/pension/savings/retirements in relations to your existing debt. Of course, the key word is Substantial. That's how I would based my decision and I don't see nothing wrong with common sense approach.

Now whether or not someone dislike the common sense approach because it's perceived it as "wasteful", its sort of big brother "1984" socialistic view.

If I was the person buying the 911 Turbo responsibly, I wouldn't personally give a HOOT what other people thinks cuz it's my money, my life, and wouldn't even care whatever socialistic view spite of what you think.

[Well Spent]

Originally Posted by disneysteve

I think that is more true when you are just starting out and probably don't have much in savings. As you get older, though, if you consistently live below your means and save diligently, you will have a much larger cushion to carry you through any rough spots.

My wife and I are both 44. We have savings equal to over 3 times our annual income (and probably 5 times our annual expenses). I certainly wouldn't want to burn through a lot of that money if I became unemployed, but it would be there if absolutely necessary. I certainly couldn't say the same thing 15 years ago when I was just starting out.

That's outstanding. I wanna be like you

[kork13]

Originally Posted by tripods68

If I was the person buying the 911 Turbo responsibly, I wouldn't personally give a HOOT what other people thinks cuz it's my money, my life, and wouldn't even care whatever socialistic view spite of what you think.

TOTALLY agree. Sure, I'm a little partial.... Not gonna lie, when I can afford it, I'm eventually gonna get myself a BMW M3. It just so happens that in addition to buying a home and saving for retirement and such, that car is one of my additional long-term savings goals.

Realistically, I do think that someone who has managed to make themselves successful is justified in spending some money to make themselves happy. I mean, what's the point of having the money if you can't enjoy some of it occasionally? Life isn't all about saving for and thereafter living through retirement. If anyone doesn't plan on 'living' until retirement, my sympathy goes out to the poor soul... Not to bash anybody else's thinking, that's just my opinion.

[Broken Arrow]

I guess I'm "lucky" in that I'm not really a car person. However, there's something I find hot about the Audio R8, but realistically, wouldn't mind a modest little Miata some day....

[LivingAlmostLarge]

I am going to travel the world. But I'm sure that sounds entirely selfish, wasteful, and extravagent. But it's something I want to do. Also I want to do it while saving for retirement, I don't want to wait forever and not be able to do it because of age.

[disneysteve]

Originally Posted by LivingAlmostLarge

I am going to travel the world. But I'm sure that sounds entirely selfish, wasteful, and extravagent.

That depends. Do you plan on backpacking across Europe and staying in hostels or using your private jet to hop from city to city where you are then chauffered around and staying in 5-star hotels with a staff of servants?

[jamiefic]

Thanks for that - that was encouraging... I think we all have our "area" where we are more likely to spend money. It is good to get an outside perspective, like on this forum, but it's also good to remember the whole picture.

[Broken Arrow]

Originally Posted by disneysteve

That depends. Do you plan on backpacking across Europe and staying in hostels or using your private jet to hop from city to city where you are then chauffered around and staying in 5-star hotels with a staff of servants?

...and whether you guys take me with you!

[GREENBACK]

I think, perhaps, the key word here should be balance.
I took an Alaskan vacation a few years ago and throughly enjoyed everything about it. I spent a lot for it and some would say it was crazy to spend that much on a silly fishing vacation. I saved for it and didn't come home to any debts. It's possible to be a frugal saver and still spend money and enjoy your time on the planet if you plan it out. I save, give to charity, and don't see any reason to not pursue your passions in life as long as you can truly afford it.

[LivingAlmostLarge]

Well disneysteve, I think my DH plans on a private jet and 5 star hotels. We're too old now to backpack and we don't want to stay at rat motels anymore. We like staying in nicer places and eating whatever we want. Also we enjoying drinking and paying admission to places instead of freebies like before.

So I guess we're moving to luxury! And I am not sure if I should stuff any of you in my suitcase.

My roomie would by many people's definitions have blown all his money. He owns no home, has no retirement and is still a student at 31. He instead has travelled the world literally. Backpacked in Pakistan, India, Turkey, hiked Kilamanjaro, gone on african safari, lived/worked in malaysia and indonesia, volunteered in croatia, etc. He's seen pretty much all of Europe and Asia and a good chunk of Africa.

But to him money is not important. His parents are currently volunteering in Turjukistan with an AID relief group taking a year sabbatical from their jobs. He did that between college and graduate school as well!

So like his parents he'll work longer than maybe many here. But I think like his parents they are very happy and satisfied with life. Calling their lives extravagent maybe, but they made decisions they can live with.