Am I a tight a$$, am I doing it wrong?
- Thread starter TMNT
- Start date
I seriously doubt that 99.9% of the population would class a mattress of that amount of money as "middle of the range".
I've never even seen a mattress for sale for that amount of money...anywhere. I'd wager that if there were - it would be absolutely "top-end" and then some.
You are either in a wealth level that far exceeds your need to be here any longer (other than to chat with folks), or simply talking rubbish/humble bragging.
It's a strange little dichotomy and I totally get it. I have the same issue between me and my kids. I'm somewhat happy to buy them clothes/sneakers etc but when it comes to me I'll choose the crappiest brand I can get away with as I can't see the point of spending much.
I am totally way more 'cheap' for my own wants than my kids.
I'm also happy to spend money on houses - probably because I can see the reward but I can't see the reward in a nice pair of boots etc.
I'm getting better at being more balanced but somedays I just sigh at myself for choosing the $1 kmart thongs.
i value time > money
so if i spend a little bit more to save a lot of time then its worth it to me
and then theres somethings that arent worth spending time like hunting for petrol.
just go fill up when im near one. even if you go to a woolies one and save with your 4c/L its like $2
so not worth going out of my way to save $20 a yr when i would use more time to do it.
so if i spend a little bit more to save a lot of time then its worth it to me
and then theres somethings that arent worth spending time like hunting for petrol.
just go fill up when im near one. even if you go to a woolies one and save with your 4c/L its like $2
so not worth going out of my way to save $20 a yr when i would use more time to do it.
I personally know a Multi-Millionaire who would put you to shame on the tight a$$ level... hahaha
Interesting conversation.
Personally, I have done both.
Until my early twenties, I threw caution to the wind and if it looked like fun or a product that would make me happy, I bought it. I have a $5000 watch I purchased when in Vegas, since I had $2000 inheritance that was supposed to be spent on jewellery as per my Grandmas request. The one I wanted was $5k. No regrets and to date I still smile every time I look at it. Great purchase in my eyes.
Since then I started saving, gave up the fast car and bought a modest small 4wd. Buy my clothes online because its cheaper. Don't go to the pub, rather have beers at home since $50 gets a lot more beer for my buck. Bought a property well within my means rather than borrowing my maximum to have a nice postcode. I even actively save coins and use them for Christmas shopping, as opposed to leaving them on the bar for a tip despite it not being customary here.
My conclusion: do what you like and only blame yourself for the outcome.
Personally, I have done both.
Until my early twenties, I threw caution to the wind and if it looked like fun or a product that would make me happy, I bought it. I have a $5000 watch I purchased when in Vegas, since I had $2000 inheritance that was supposed to be spent on jewellery as per my Grandmas request. The one I wanted was $5k. No regrets and to date I still smile every time I look at it. Great purchase in my eyes.
Since then I started saving, gave up the fast car and bought a modest small 4wd. Buy my clothes online because its cheaper. Don't go to the pub, rather have beers at home since $50 gets a lot more beer for my buck. Bought a property well within my means rather than borrowing my maximum to have a nice postcode. I even actively save coins and use them for Christmas shopping, as opposed to leaving them on the bar for a tip despite it not being customary here.
My conclusion: do what you like and only blame yourself for the outcome.
I know a guy worth $12mil who shares tea bags and won't cook a pie in the oven because it costs too much to heat up
Are you serious? What an idiot
...guess that's how he got to be a decamillionaire.
Thats funny, or impressive, or sad, not sure which.
I try and find some balance as I don't think its healthy to obsess about switching off every light every 30seconds someone walks out of the room etc. It encourages a small mindset (at least for me it does) so whilst I do try and save lifestyle money as much as I can I try to "major on the majors" so I don't have to worry about the "minors"
i.e. instead of worrying about my 4 children having super short showers, I bought the biggest solar HWS I could find.
I find it frees my mind for other things.
Some of my friends worth north of $20m have the exact same mentality - they will fight you over 50 cents on a dinner bill if it comes to that. And are as frugal as one can get.
Although I think frugality can be a factor in building one's wealth I don't think being petty and mentally tight can add much value to a persons life. After all there are different types of value we chase in life and monetary value is only one of them.
In my book, investing is to be used to enhance one's life and ultimately allow for less financial worries day to day and more quality time with people that we care for. The ultimate value at the end is not a number or a figure but having some financial freedom so you can concentrate on things that hold real value in life.
All of this takes time and certain sacrifices (like frugality) but there is also no point in spending 20 years living a tight and miserable life so that 'one day' you will enjoy the fruits of it all. I can promise you there won't be any light at the end of that soul destroying tunnel.
Although I think frugality can be a factor in building one's wealth I don't think being petty and mentally tight can add much value to a persons life. After all there are different types of value we chase in life and monetary value is only one of them.
In my book, investing is to be used to enhance one's life and ultimately allow for less financial worries day to day and more quality time with people that we care for. The ultimate value at the end is not a number or a figure but having some financial freedom so you can concentrate on things that hold real value in life.
All of this takes time and certain sacrifices (like frugality) but there is also no point in spending 20 years living a tight and miserable life so that 'one day' you will enjoy the fruits of it all. I can promise you there won't be any light at the end of that soul destroying tunnel.
It's a tough one, some people will say so and so became rich because he was as tight which I'm.sure contributed to their wealth, but deep down I thibk if you are goingto make it, you will make it rrgardless
I don't think saving a few dollars here and there will make a huge difference over 30 years, let's say 30k for arguments sake but it's not the difference between wealthy and poor
That being said, my parents never used to go out for dinner, bought a conservative car, never spent lavishly, but once they retired, spend 6 months over the year, flying around the world, well deserved, however other than going out for dinner, they still drive a conservative car, don't spend lavishly except for holidays
I don't think saving a few dollars here and there will make a huge difference over 30 years, let's say 30k for arguments sake but it's not the difference between wealthy and poor
That being said, my parents never used to go out for dinner, bought a conservative car, never spent lavishly, but once they retired, spend 6 months over the year, flying around the world, well deserved, however other than going out for dinner, they still drive a conservative car, don't spend lavishly except for holidays
It's all in the mindset.
Truly frugal people do not think this way.
They don't see anything, that others consider frugal, to be living a tight and miserable life to be enjoyed when they are older.
Being frugal is not about denying yourself. It is finding a way to have what you want, within your budget.
How you deal with it, is up to you.
For example..let's use the good ole coffee debate.
When I worked in a factory, I used to buy my coffee 3x a day, from the vending machine.
It wasn't even good.
One day I got fed up and started to take a thermos, after I figured out what I was spending a year, on something I didn't even like.
BTW each coffee was 65cents...which equalled $468 yr
If they are arguing over 50c, there is something else going on.
It isn't the 50c.
Maybe the solution would be to ask for separate bills when dining out with friends?
They may feel they are being taken advantage of...whether they are or not, doesn't matter.
Yes agreed but in the scheme of things, what's 463$??? Its not going to change your life, if you invested it and doubled your money in three years that's under $1000,
Better then nothing, but hardly life changing
I personally would feel a bit silly actually thinking about it, day in day out for 463 per year
You're right, that one item is hardly life changing.
Take that same attitude, and apply to other areas of life.
Oh, btw, I did take that money and all the other money saving ideas incorporated into my everyday life...and it did change my life.
My 30 yr old daughter suggested we go to lunch the other day at a local cafe. She wanted to share a meal. We ordered water with lemon on the side (free) and we shared a toasted chicken/lettuce/tomato/avocado/bacon triple decker sandwich with fries. Cost including tip $16...we didn't even finish all the food on our plate.
The place was packed with people and so we had to wait a while for our food. No problem..I'm retired, and it was her day off.
She said how proud she was of me, and she bet of everyone there, I was probably worth the most.
We laughed, and after lunch we walked to the thrift stores for more bargains.
It ultimately has to do with habit and a way of life. Once you get into a certain line of behaviour for many years it will be very difficult to get out.
Compare the following two successful self made entrepreneurs for example:
- Ingvar Kamprad (founder of IKEA) and
- Richard Branson (founder of Virgin)
Both worth just over $4billion each and both on the opposite sides of the spectrum of the arguments of this thread. Also both completely self made for the sake of relevance to the readers of these boards.
Ingvar Kamprad (net worth $4.2billion) lives in a plain bungalow that he's had for decades, takes the bus, feeds himself with the cheap meals at his Ikea stores, always flies economy class or budget airlines. He is reported to have a habit of taking home packs of salt and pepper from cafes and drives a 20 year old Volvo. Doesn't leave Sweden unless he must.
Richard Branson (net worth $4.6 billion) on the other hand lives life very differently. Frequent traveller, adventurer, explorer, networker, philanthropist. Has his own island, jet, properties around the world. He is active in engaging with his passions and constantly surrounded by interesting and creative people around the world.
So there you have it: both completely self made, both started from $0. Now both worth just over $4 billion. Yet both live such a drastically different life which ultimately came from the habits established early in life (I find it hard to imagine Richard Branson trying to cut down on buying coffee in order to build Virgin).
Who would you rather be freinds with? Who would you rather let influence you? Who would you rather have in your family? And most importantly who would you rather be like?
Everyone is different but when it comes to myself I know very clearly which side of the divide I sit on.
Compare the following two successful self made entrepreneurs for example:
- Ingvar Kamprad (founder of IKEA) and
- Richard Branson (founder of Virgin)
Both worth just over $4billion each and both on the opposite sides of the spectrum of the arguments of this thread. Also both completely self made for the sake of relevance to the readers of these boards.
Ingvar Kamprad (net worth $4.2billion) lives in a plain bungalow that he's had for decades, takes the bus, feeds himself with the cheap meals at his Ikea stores, always flies economy class or budget airlines. He is reported to have a habit of taking home packs of salt and pepper from cafes and drives a 20 year old Volvo. Doesn't leave Sweden unless he must.
Richard Branson (net worth $4.6 billion) on the other hand lives life very differently. Frequent traveller, adventurer, explorer, networker, philanthropist. Has his own island, jet, properties around the world. He is active in engaging with his passions and constantly surrounded by interesting and creative people around the world.
So there you have it: both completely self made, both started from $0. Now both worth just over $4 billion. Yet both live such a drastically different life which ultimately came from the habits established early in life (I find it hard to imagine Richard Branson trying to cut down on buying coffee in order to build Virgin).
Who would you rather be freinds with? Who would you rather let influence you? Who would you rather have in your family? And most importantly who would you rather be like?
Everyone is different but when it comes to myself I know very clearly which side of the divide I sit on.
