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Highest % you would spend?

Britalian

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I have been eyeing a particular item for some months. I love it and know I would get many years of use and enjoyment out of it.
However...
I am having trouble coming to terms with the price (never in the sales) considered as a percentage of my annual income, which is hardly elevated.
A few grand on a pair of Lobbs or a bespoke suit is obviously less a % or problem if you make $250k than if you make a tenth of that figure.
So, if you were making the latter at some point, did you splurge, and if so how did you justify it to yourself, let alone your partner? If you are in such a position now, care to share the item and justification?
 

NoVaguy

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Originally Posted by Britalian
I have been eyeing a particular item for some months. I love it and know I would get many years of use and enjoyment out of it.
However...


If you're really going to get many years of use and enjoyment, you should probably get it.

What are you thinking of buying?
 

vitaminc

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Originally Posted by NoVaguy
If you're really going to get many years of use and enjoyment, you should probably get it.

The use might last many years but the enjoyment will decay exponentially after the initial honeymoon period.
 

HermesGuy

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Forget about it. As George Carlin once said..."It's all just Stuff".
 

plhoang

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Originally Posted by HermesGuy
Forget about it. As George Carlin once said..."It's all just Stuff".

Yah, but he couldn't take it with him so he should have splurged while he had the chance, right?
 

lee_44106

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Originally Posted by vitaminc
The use might last many years but the enjoyment will decay exponentially after the initial honeymoon period.


Amen, it's just like drugs. That initial high is so intoxicating it makes you want more, to buy more, all to the detriment of your bank account.

Stop it, just stop.
 

vf55

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It sounds like you already decided the item is too expensive.

To answer your original question, I think spending more than 1 week's gross salary on an item is too much.
 

Metlin

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I set a monthly percentage. For example, I seldom spend more than 20% of what I earn on non-essential things. That's my "disposable income", so to speak.

Sometimes, I go for 3 months without spending a penny; other months, I spend half of what I earn on something I wanted (usually mountaineering gear, which tends to be quite expensive).

But keeping a percentage in mind (and adhering to it, however loosely) is very much worth it.
 

vitaminc

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Originally Posted by Metlin
I set a monthly percentage. For example, I seldom spend more than 20% of what I earn on non-essential things. That's my "disposable income", so to speak.

Sometimes, I go for 3 months without spending a penny; other months, I spend half of what I earn on something I wanted (usually mountaineering gear, which tends to be quite expensive).

But keeping a percentage in mind (and adhering to it, however loosely) is very much worth it.




20% discretionary, 35-40% tax, 25-30% rent+utilities, then you would only have 15% left for all the other good stuff like food, saving, etc...
 

Metlin

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Originally Posted by vitaminc
20% discretionary, 35-40% tax, 25-30% rent+utilities, then you would only have 15% left for all the other good stuff like food, saving, etc...

20% after taxes and some savings that comes out of my paycheck directly (e.g. 401k).
And eating out at restaurants is considered discretionary, at least in my book. So, the 20% bucket includes a whole lot of things - my other hobbies, eating out, books, clothes etc. I think that's a fair number, IMHO. About 10-20% also goes towards savings, and the rest is spent on life. Sigh. EDIT: And I did say that I seldom spend more than 20% -- most months, I approach half that percentage.
 

jta1188

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If you want it, buy it. You obviously want to save money, but you don't want to save money badly enough. After all, there's no inspiration like desperation. So you'll know when you shouldn't spend any more.
I jest. Don't buy it. Take it from someone who's learned the hard way about excessive spending. Spending money can be very addictive, unfortunately.
 

sanrensho

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Originally Posted by Britalian
I have been eyeing a particular item for some months. I love it and know I would get many years of use and enjoyment out of it.
However...
I am having trouble coming to terms with the price (never in the sales) considered as a percentage of my annual income, which is hardly elevated.
A few grand on a pair of Lobbs or a bespoke suit is obviously less a % or problem if you make $250k than if you make a tenth of that figure.
So, if you were making the latter at some point, did you splurge, and if so how did you justify it to yourself, let alone your partner? If you are in such a position now, care to share the item and justification?

In my opinion, anything that lasts forever, or at least a long, long time, is always a bargain (of course there are always exceptions) I don't mind spending money on something I will keep...like a pair of fine, durable shoes. I will not spend big money on trendy cheap stuff.
 

Cary Grant

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Think in context of your wardrobe- Let's say you do make $25k a year. Unless you hound thrifts and ebay, you're not going to build a wardrobe of bespoke shoes, shirts and suits. You are going to focus on a very few quality pieces that don't kill your budget. Would you really want a pair of $2000 shoes to go along with a $200 suit?

For example, head to Macy's, wait for sales, geta couple of good basic staples, like an Abboud suit. Have it tailored to fit very well (becuase an inexpensive suit impeccably tailored will lokk as good as a $2500 suit to most eyes). Get a pair of sturdy brown and black shoes from the likes of AE, etc...

Build wisely and slowly.

Besides- at your income, maybe that fun money would be better put into an investment so that eventually you can buy whatever you want.
 

pscolari

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Originally Posted by Cary Grant
Think in context of your wardrobe- Let's say you do make $25k a year. Unless you hound thrifts and ebay, you're not going to build a wardrobe of bespoke shoes, shirts and suits. You are going to focus on a very few quality pieces that don't kill your budget. Would you really want a pair of $2000 shoes to go along with a $200 suit?

For example, head to Macy's, wait for sales, geta couple of good basic staples, like an Abboud suit. Have it tailored to fit very well (becuase an inexpensive suit impeccably tailored will lokk as good as a $2500 suit to most eyes). Get a pair of sturdy brown and black shoes from the likes of AE, etc...

Build wisely and slowly.

Besides- at your income, maybe that fun money would be better put into an investment so that eventually you can buy whatever you want.



Very well said.
 

iroh

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Originally Posted by Cary Grant
Think in context of your wardrobe- Let's say you do make $25k a year. Unless you hound thrifts and ebay, you're not going to build a wardrobe of bespoke shoes, shirts and suits. You are going to focus on a very few quality pieces that don't kill your budget. Would you really want a pair of $2000 shoes to go along with a $200 suit?

For example, head to Macy's, wait for sales, geta couple of good basic staples, like an Abboud suit. Have it tailored to fit very well (becuase an inexpensive suit impeccably tailored will lokk as good as a $2500 suit to most eyes). Get a pair of sturdy brown and black shoes from the likes of AE, etc...

Build wisely and slowly.

Besides- at your income, maybe that fun money would be better put into an investment so that eventually you can buy whatever you want.


isn't this being very materialistic?
 

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