Personal Money Management Ideology

[Travis Munroe]

Originally Posted by OMG!WTF!

I just want to shake the young people I know. My niece wants a hot tub and will finance all 12k of it. I asked her if she wants to work until the day she dies to pay for it (and all the other crap they buy on credit). Without a doubt the answer is yes. They will work thier crappy jobs forever to pay for the stuff they want to own now probably because it makes the crappy job seem worthwhile.

It took me a long time to learn how to manage my money and the biggest lesson I take from all of my mistakes is going on a payment plan of any type.
Outside of a house and vehicle in some instances, there are very few "pleasure items" anyone should buy if they are not able to buy it outright.

I taught myself to wait at least a month from wanting to buying any large purchase. After you do this once, you realize that the item you wanted would be nice but isn't worth the debt, future considerations get much easier to say no to.

[Johnny199r]

My motto is spend money on experiences, not things. I love to travel and do outdoors stuff (cycling, sports, fishing etc) I have no problem having a 2nd hand beater car and and a small house or apartment for the rest of my life. I don't care about "nice things"

Having financial security also = freedom.

I saved like a maniac and worked very hard in my 20s, I invested a good deal of that money. Compound interest should have me set up for retirement as I get older (I have no pension) My wife has some old, destitute extended family members, and that is not a happy life. Without planning, it doesn't somehow "all work out".

[blueski]

Get your tools, sports gear, kids stuff off of kijiji. When you are done using it, sell it on kijiji.

[GirlySports]

For me bring frugal is not about not having things. Its about looking for deals.

If my daughters friends are going to disneyland i have to take her to disneyland too. But i want to do it cheaper. Buying groceries and collecting air miles. Looking for airline deals etc...

[peter12]

Man, the finer things in life are fine. I received a bottle of $180 scotch for my wedding. It was nectar upon the lips. But, I can do just fine with the $33 bourbon as well.

[VladtheImpaler]

Originally Posted by peter12

Man, the finer things in life are fine. I received a bottle of $180 scotch for my wedding. It was nectar upon the lips. But, I can do just fine with the $33 bourbon as well.

My ambition in life is to live like a wealthy Indian (in India), so that I can fill my gold bathtub with the tears of my servants.

[Wormius]

Originally Posted by VladtheImpaler

My ambition in life is to live like a wealthy Indian (in India), so that I can fill my gold bathtub with the tears of my servants.

I don't mean to introduce a wrinkle in your plan, but a gold bathtub will cost as much in India as it will here.

Anyway, I do feel like we had a good run in Alberta, so I am happy to have had the opportunity to pay off all debts and set up some substantial savings in the last few years. I think our weakness is new things vs used stuff. Not feeling OCD about anything, but just more worrying about having to deal with unknowns of used items.

Travel is not a big expense for us. We are happy with trips within Canada, and maybe an international trip every second year.

I like the ideas of more baking at home. We rarely eat out, but don't prepare enough food from more basic ingredients.

[Dion]

Originally Posted by troutman

I'd rather enjoy things now (within reason) than save for a future where I might not be healthy enough to enjoy it.

I worked with a guy whose parents saved every penny they made and lived a very frugal life. Both dropped dead within 6 months after they retired.

My late father retired at age 55 and died of Cancer at age 66. His message to me was much the same as what you posted. He also said if you can retire early, do it!

[MoneyGuy]

Originally Posted by Dion

I worked with a guy whose parents saved every penny they made and lived a very frugal life. Both dropped dead within 6 months after they retired.

My late father retired at age 55 and died of Cancer at age 66. His message to me was much the same as what you posted. He also said if you can retire early, do it!

I say do whatever makes you happy. I've been able to retire early but I've wanted to keep working so I do.

[flamesfever]

My rules of thumb would be:

1. When starting out, purchase a minimum number of non-essential things that tend to depreciate with time e.g. boat, atv etc. and spend your money on essential things that appreciate with time e.g. house, land (if you are a farmer or rancher) etc.

2. Have a plan that fits the desires of you and your significant other.

3. Do a "present worth" once a year to guage your progress, or if the opposite, adjust accordingly.

4. Live within you means, and break free from trying to outdo others.

6. Don't let the mass media over-influence your spending.

7. Learn how to invest, or seek help in that regard

8. Balance saving for the future vs enjoying yourself today.