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Living Beyond Their Means... - Page 3

post #31 of 144
10/5/09 at 2:44am
Quote:
Originally Posted by TyCooN View Post
so you need to work towards wealth for the majority of your life in order to be free from working?
I hesitate to respond to such a poor snark but yes, its called retirement and unemployment. If you get laid off would you rather have a 100k cash cushion to fall back on or a Porsche you can no longer afford? Can you really underestimate sleeping through the night?
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post #32 of 144
10/5/09 at 2:53am
Quote:
Originally Posted by APK View Post
This. My mom, as much as I love her, is an idiot with money. She was a teacher for almost 30 years. She was making more money in the last six years of her career than in her entire life ($70,000 or so). We weren't extremely well off or anything, but she could've had a nice little nest egg. Unfortunately, she was a single parent most of my brother and I's life. She wanted all of us to have nice things. That meant lots of toys for us, extravagant Christmases, and her near-addiction to shopping. None of us realized how bad things were until she had an aneurysm three years ago this week and my uncle and I had to straighten out her finances. What a mess. Despite her long career and high income those last several years, she had virtually no savings. She miraculously made a full recovery and was again able to live on her own. My uncle and I had managed to get her bills paid off and a bit of cash stocked up in her checking account. She had to go on disability after her recovery and then officially retired earlier this year. She's now on a fixed income from those two sources. It's enough to cover her necessities and then some. Unfortunately, she has regressed to her old ways of buying things. My uncle and I worked extremely hard to get her straightened up, but she's almost back to square one. She lives paycheck to paycheck, saves nothing, and just seems to think she'll somehow cover any unexpected expenses that arise. It's heartbreaking to watch.
I think many baby boomers fall prey to this mentality because A) they grew up in an era where you could retire and live off your generous pension B) they lived through one of the greatest economic booms in history where things always did eventually "get better". My generation, I imagine, will have neither of these luxuries. Makes me recall the "Baby Boomers: The Worst Generation?" thread from a while back. Seeing the "greatest" pass away in such huge numbers really frightens/saddens me. The last sane generation will be gone soon.
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post #33 of 144
10/5/09 at 2:56am
what's so good about living below your means anyway?
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post #34 of 144
10/5/09 at 2:59am
Quote:
Originally Posted by TyCooN View Post
What makes people want to do it?

I think a large part of it is insecurity; a misplaced notion of our dignity as being based primarily on things rather than on being a gift, particularly but not exclusively a gift of God's love.
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post #35 of 144
10/5/09 at 2:59am
Quote:
Originally Posted by odoreater View Post
what's so good about living below your means anyway?

Dollars and sense.
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post #36 of 144
10/5/09 at 3:03am
Quote:
Originally Posted by longskate88 View Post
Dollars and sense.

Sounds boring.
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post #37 of 144
10/5/09 at 11:29am
Quote:
Originally Posted by nate10184 View Post
Makes me recall the "Baby Boomers: The Worst Generation?" thread from a while back. Seeing the "greatest" pass away in such huge numbers really frightens/saddens me. The last sane generation will be gone soon.

Sounds like a thread I would start.
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post #38 of 144
10/5/09 at 11:31am
If you were butt ugly and had the chance to sleep with a beautiful woman, would you? Same concept, when you look at what the motivating factor is.
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post #39 of 144
10/5/09 at 11:42am
Quote:
Originally Posted by milosz View Post
I think it starts with desiring luxuries that now seem normal (a new plasma every two years, etc.) and escapism from the everyday miseries of life.

Once the toe is dipped in the water of debt, it starts to steamroll - they're already in debt, ekeing by on minimum payments, but it's hard to cut back on luxuries completely and then one necessity that has to go on a card becomes a luxury that goes on a card, etc.. It's a series of small mistakes that add up, or a general hopelessness and malaise that says "you're fucked anyway, why punish yourself now"?

I know SF is all about boot-strapping itself up (I'll reserve my opinions on the reality of same), but I generally have sympathy for people who screw themselves. Partially from the frog-in-the-boiling-pot system, partially because human beings are emotional creatures (hence the desire for luxuries, inability to stop doing self-destructive things, etc.). Everyone living by pure financial reason would be great, but it simply isn't going to happen.

I agree with what you are saying here. I've not hesitated to say here, that at one time, I had a sizable mound of consumer debt. The feeling was exactly that. "Why worry about just adding this one next thing to the pile?" It was so easy.

However, I woke up from that haze over a dozen years ago, and paid the price for about 18 months. Just worked my arse off and cleaned everything up. Now I've got these rules I live by (which I admittedly had a crisis in faith over these last two weeks) that keep us financially pretty safe, like our monthly nut never exceeding one income, a year's net salary for us in cash equivalents, etc.

Quote:
Originally Posted by Warren G. View Post
Yup, I'm Asian and that's true lol.

I don't think all Asians can be painted with the same brush. I've known, as an example, a goodly chunk of people from the Phillippines, that are all in debt up to their ears and are mega-consumers. My Chinese b-in-law is Mr. Charge-It. Yes, in some Asian cultures, there is a stronger imperative to save, but it's not a universal.

Quote:
Originally Posted by odoreater View Post
what's so good about living below your means anyway?

Sound sleep.
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post #40 of 144
10/5/09 at 11:42am
Thread Starter 
Quote:
Originally Posted by suited View Post
If you were butt ugly and had the chance to sleep with a beautiful woman, would you? Same concept, when you look at what the motivating factor is.
That still doesn't explain why lots of people who have vaginas live beyond their means. I doubt they're all fags.
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post #41 of 144
10/5/09 at 2:46pm
Quote:
Originally Posted by Piobaire View Post
However, I woke up from that haze over a dozen years ago, and paid the price for about 18 months. Just worked my arse off and cleaned everything up. Now I've got these rules I live by (which I admittedly had a crisis in faith over these last two weeks) that keep us financially pretty safe, like our monthly nut never exceeding one income, a year's net salary for us in cash equivalents, etc.

Props to that. I have a handful of luxury items I want that will be paid for in cash (by selling other things, for the most part), but the rest of this year and maybe longer will go to retiring my outstanding debts. I'm not in terrible shape debt-wise, but my goal is to have zero debt headed into my 30s, aside from maybe a truck payment.
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post #42 of 144
10/5/09 at 2:50pm
Quote:
Originally Posted by Piobaire View Post
Sound sleep.

In my experience, people who tend to be worriers will always find something new to worry about.
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post #43 of 144
10/5/09 at 2:54pm
Anyone else hate those Rent-A-Center commercials? They always say "Be able to give you family the things they deserve" while showing leather couches, Plasma TV's, alloy rims, and new computers. Really? Guess you can finance anything these days. I love how car loan periods keep getting extended, can't you get like 90 month financing now?

I think these quotes are appropriate, I read the first here awhile but I'm sorry I don't know the source.

"In the past, it was wealth, privilege and social position (class) that represented a certain "status". The "stuff" was simply the trappings of this status...not the status itself. And people knew this. People may have admired and dreamed of being a part of this status, but the idea of "pretending" to be would never enter their mind, as you would be ridiculed by both your class, and the class you were pretending to be. People were generally content with their lot in life, and didn't place so much importance on being "different". Those that did aspire, did so successfully via education, accomplishments, social climbing, etc."

"The things you own end up owning you. "~Palahniuk

"Buying more watches does not buy you more time" ~WUS
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post #44 of 144
10/5/09 at 3:03pm
Sometimes, I come across products that I *know* were designed for this kind of consumer. some examples:

BMW 3-series
"Luxury" SUVs
Low-end LV bags
Anything from Pottery Barn
Monster Cables

Basically, stuff that is overpriced, but not drop you jaw expensive, mediocre quality, and very shiny.
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post #45 of 144
10/5/09 at 3:08pm
Quote:
Originally Posted by thenanyu View Post
Sometimes, I come across products that I *know* were designed for this kind of consumer. some examples:

BMW 3-series
"Luxury" SUVs
Low-end LV bags
Anything from Pottery Barn
Monster Cables

Basically, stuff that is overpriced, but not drop you jaw expensive, mediocre quality, and very shiny.

Good list, I'd add alcohols like Grey Goose to that list...their original marketing scheme was simply price it at 3x the most expensive vodka currently on the market, before they even had the vodka itself.

Plus 'diffusion' lines from all the major brands like D&G, Z Zegna, Marc by Marc Jacobs, etc.
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