How important is having money to you? (1 Viewer)

[KyleS]

my girlfriend thinks i'm wayyy too tight with it. she feels that i don't enjoy it as much as i should.

Ted,

Considering that you only have 2 months worth of living expenses saved up for a rainy day I would have to say that you have not saved enough.

Seriously 2 months worth of living expenses may seem like a lot to some people but it really isnt enough especially with the economy the way it is. Of course that is also dependant on if you owe on a mortgage, car, credit cards, etc that you will have to make payments on.

Now with that being said I agree that people should live a little and not just save their whole lives. My aunt is a great example of that. Her and her husband saved their entire lives to retire and travel.... Well her husband finally retired and she needed to work another 4 years. 2 years before she was going to retire he was diagnosed with Colon Cancer and was only given about 2 years to live (Since he will not do Kemo). Enjoy life but just make sure you save for the rainy days too.

KyleS

 

[Christopher P]

After being out of work, and almost down to my last dime (figuratively...though I had only about 2 more months of rent/car payments before I was in real trouble) I have a real appreciation for money. I would lie awake at night wondering what I would do after those last few months of savings were up.

I always wonder about those bank adverts for the "Retirement of your dreams" and all that. I'm more concerned about having the NOW of my dreams, and am content to deal with retirement when I get there. Maybe that is short-sighted of me, but I am not about to sacrifice the first 60 years of my life in favor of the last 20. I'm 26, and sometimes think I haven't really done much "living" as is stands right now.

And if I hear one more person say anything to the affect of "more money, more problems" I might scream. Try not having money, then tell me how serious your problems are.

Chris

 

[MarkHastings]

They're always complaining...always complaining
If money can't solve your problems
Well, they've got mansions,
I think we should rob them.

 

[Patrick Sun]

Money: It's not how much you make, but how much you keep.

Peace of mind is almost priceless when sound saving habits will provide that safety net in times of need and misfortune. Don't underestimate the value of sleeping soundly knowing that sufficient reserves of funds can give you options for you to explore how you spend your time on YOUR OWN TERMS, and not have to yield to expedient, and unattractive employee opportunities as the pursuit of minimal living wages rules your life instead of being a tool for shaping your lifestyle. Don't let money wag your tail. Spend it wisely, save enough wisely, and money will work for you, instead of you working for it.

 

[Todd Hochard]

Maybe that is short-sighted of me, but I am not about to sacrifice the first 60 years of my life in favor of the last 20.

These seem to be two contradictory statements.

 

[Ryan Wright]

i often feel bad about the way i handled my inheritance. i essentially have nothing to show for it now. i think that has a lot to do with how i now perceive material items and money.

No, it has nothing to do with how you perceive material items and everything to do with the way you received the money. Most people, when handed a large sum of cash with zero work involved, blow it all. The vast majority of lottery winners, for instance, wind up going bankrupt in a short period of time.

 

[Luis Esp]

I really hate the saying "Money can't buy happiness".

Obviously, those people aren't trying hard enough

Give a million and I'll try really hard to prove you wrong.

 

[Christopher P]

Money can't buy happiness...but it can rent you sex.

Todd, I am sorry if my last post was confusing, it made sense in my own mind. I guess I had too many thoughts going on in my head at once. I am working now, so my perspective has changed due to the fact I now have income. Maybe I should have mentioned that.

Chris

 

[Vlad D]

The vast majority of lottery winners, for instance, wind up going bankrupt in a short period of time.

You're right. I saw a story on the Today Show about lotto winners and they mentioned that 70% of lottery winners go bankrupt in 3 years.

 

[Justin Doring]

Some quotes about money:

"There must be more money! There must be more money!"
-D. H. Lawrence's "The Rocking Horse Winner"

"'Cause money makes the mare go, Joe!"
-David Mamet's The Spanish Prisoner

"Everybody needs money. That's why they call it 'money.'"
-David Mamet's Heist

"It's not what you make, but what you save."
-Anonymous

"Save for the rainy days, but don't forget about the sunny ones."
-Anonymous

"It takes money to make money."
-Anonymous

"Money is like fire: it can be a wonderful or a terrible thing."
-Anonymous

 

[Brian Perry]

Money: It's not how much you make, but how much you keep.

Very true.

Most people focus on income and managing their assets, and pay little attention to their spending and debt. A lesson I learned long ago: a penny saved is worth two pennies earned. That $20 DVD you bought translates into $30-$40 of earned money prior to taxes.

(I'm not advocating denying yourself the pleasure of buying things--just think whether the item will be worth it to your happiness or if it's just an impulse purchase that will be forgotten in two weeks.)

 

[Joseph DeMartino]

Anyone who doesn't think that money is important, or who feels guilty about accumulating too much of it, is invited to send any surplus my way. I've been out of work for nine months and the economy doesn't seem to be getting any better. Sold my house and moved into a condo, and now have to move out of that. (Missed something in the fine print of the association rules. Turns out I can legally own the place, but I'm too young to live in it. :frowning I'll evaluate my existential connection to money when I have some again. In the meantime PM or e-mail for details on where to send donations.

Regards,

Joe

 

[AviTevet]

Hm... good thread. I think I'll set up that summer vacation tomorrow

 

[Eric Kahn]

Money is a means to bigger and better toys
I have lots of debt
I put some money into the sort of 401K they have at the post office but I have already figured out that I will most likly be working till the day I die unless I win the lottery

Joseph DeMartino
the rule that says you can not live in the condo you bought is probably unconstitutional, you should check into wheather it is enforcible, it is not in Ohio by the way

 

[Ryan Tsang]

Great post. Lots of smart people here.

I learned a great deal in the last year about money and the importance of striking a balance between spending and saving. I came out of school with HUGE debt (due to tuition, and frivolous spending) and had no appreciation of how hard is it to pay back loans.

I'll just touch on one aspect of spending....the more I spent on frivolous things the less I appreciated what I had bought. Also, the more I relied on spending for my personal happiness, the more unhappy I became. Immediate gratification lasts far too short. As soon as you open the wrapper, you're on the net, looking for the next thing.
Stop for a sec and think about how many material things are vying for the attention of a 27 yr old, urban male: cars, cel phones, video games, travel, computers, A/V, fashion, music, sporting equipment, women...any one of these have at least a dozen of smaller categories to suck your money.

I've learned to just buy the goods that truly matter, brings you constant happiness, and enriches you in some small way. Even so, most of the happiness in life doesn't require much money. But that's another topic...

 

[Joseph DeMartino]

Eric:

The condo rule is perfectly legal. Florida law provides an exemption to housing discrimination laws for "55-plus adult communities" in which at least 90% of the units are occupied by persons 55 years or older. They can reject families with children regardless of age, and can even bar spouses under 55 from continuing to occupy a unit if that would threaten their 90 percent status. Cute, eh? Evidently something changed around 1994. I had previously owned (and lived in) a condo in an "adult community" (because, then as now, it was the only decent unit in my price range) and at the time the minimum residet age was 30. The community I'm in now used to set 28 as the minimum age for a resident in the up to 10% of under 55 housing they were allowed. (That's what the copy of the by-laws I read when shopping for the place said. What I thought was a second copy of the by-laws in the hall closet was actually the 1994 revision that raised the age to 55 - effectively make the place 100% 55+.) Either the law itself changed or some "adult community" had lost its exemption because it dropped to only 89% 55+. This must have panicked the rest of them into trying to make themselves 100% "adult" so as to avoid the risk of dropping below the minimum percentage and losing the whole exemption. After all, who wants a bunch of 40 years olds listening to their damned Beatles music with the volume turned half-way up when decent people are sleeping. (Read: after 7 PM EST)

The law has been challenged numerous times without success. People 55 and older have a much higher rate of voter participation than younger voters, so they have considerable clout even in communities where they don't make up that much of the population. In a retirement haven like Florida - well, let's just say the politicians know which side their bread is buttered on. And since judges hereabouts are politicians too (they aren't elected, but they can be voted out every couple of years) there's not much chance that the exemption will ever go away.

Regards,

Joe

 

[Jeff_HR]

VERY!

 

[James Edward]

It has taken me a while to accept this fact: everyone I know that is 'comfortable' monetarily is miserable otherwise, with only one exception. I keep thinking that if I had more, I'd be happier, but evidence shows the contrary in my circle of acquaintances.

Do we all know senior citizens that have substantial money tucked away, but live only on their social security and/or pension? Then they die with hundreds of thousands of dollars in the bank. To me, there is no difference between living like a pauper and having money in the bank, and living like a pauper with no money. I truly don't know what they are waiting for. My uncle died at 68 years old, and was very frugal, and worked up till his passing. His wife, at least, saw the writing on the wall and now spends freely, and will still have enough money to survive.

Money does strange things to people. Usually not good.

 

[Todd Hochard]

everyone I know that is 'comfortable' monetarily is miserable otherwise, with only one exception.

Ah, but define "comfortable." Many of these people that are "comfortable" have a dirty secret- Even with their large incomes and spendy lifestyles, they are about two paychecks away from bankruptcy. I have many acquaintances that are like this (for some reason, many people share their dirty little money secrets with my wife and I- not sure why), and as you said- without exception, they are not happy. They project success, and all the trappings of a fantastic consumerist lifestyle (five bedroom, freshly remodeled house with only one kid, complete with 125% LTV mortgage, new giant Lexus SUV, four vacations in a year on a max'd-out $30K "Platinum" card, new HDTV because I have one, etc...), but they are broke, broke, broke. One month without work would ruin them.

Regarding seniors and their money- remember that many of them grew up during the Depression. That can leave an indellible image in one's mind, and people that come from poverty want to make absolutely certain they NEVER return. Growing up as the oldest of five kids in a small trailer, I have a bit of a hangup about this myself. As such, I probably over-save a bit (about 20% of my income, and I'm early 30s). I'm working on easing up a bit, and living a little.

Todd

 

[Ted Lee]

i gotta agree with todd. although i didn't come from poverty, i found myself in a pretty bad place for a while. nearly homeless and definitely penniless. i think that has had a big impact on how i view money now. i swore i would never put myself into that position again.

but i think i've let it get the better side of me. but i certainly won't become one of todd's border-line-bankrupt friends. (a ht friend??? now that's a different story. )

this has been a pretty good thread for me. i think it's helped me rethink some things. not quite the paradyme shift i was hoping for, but better than nothing.