Yes, and it was spectacular, volly. The fact that you can impart such wisdom to us all...we are so lucky to be able to read your brilliance!
Yet another thread in which you just injected yourself and added zero value whatsoever. Business as usual. Troll.
There is no status to show in saving. People in this consumeristic society desire more of the latest than to value the benefits of generating savings. Many people feel that there is always going to be somebody to support them and savings are unnecessary. For those who immediately pulled the political card with this problem - wake up. You are not helping. The problem is a counterpart of society as a whole and by bringing the blame-game you are not helping relinquish the flame but spread it through hatred. Investments, savings, retirement are not taught in school and to me should be one of the cornerstones. Frugality and savings is not a "cool" thing but spending money you don't have to give the perception of false wealth and success is. This is a societal issue, not associated to a specific class, race or group.
Not only US, all over the world. Seen that behaviour with my own eyes in Europe, East Asia, etc. Call em consumers slaves. They are the bitches of the stock owners. The stock owners get richer every year while the consumers get poorer. It's a personal choice what side do you want be in. It's ok to buy a $700 phone or $150 shoes if you are already wealthy. But if you are not wealthy, it's insanity. Miss allocation of ones hard earned capital. Just a simple this as saving 20 bucks a month in a cheap index fund will get you ahead over the masses in the long run. Anyone can do that, even the poor people can open a free brokerage account and buy some SPY, QQQ and IWM.
Agree, and we already established that this problem runs through all classes in society and exists in many countries. Even many rich live above their means and are blatantly exposed without backup plan; the fall is just playing out in slightly different way, homeless or personally bankrupt on one side and corporate bankruptcy or begging relatives for help on the other hand. It is nonsense by some to claim that mostly those of liberal convictions lack the ability or willpower to save. Psychologically I would actually guess it to be conservatives that have a savings problem particularly in the US if you forced me to take a stance. The pressure felt by conservatives to display monetary success via status symbols and measure up to their peers' living standards is much more pronounced than by those of liberal convictions who care much less what others think of them. But that is just a theoretical thought construct and I may be wrong on that. Fact remains that this is a problem that runs through all classes in society and goes far beyond the US, though there are cultures that value the virtue of saving and preparing for rainy days much more, such as Japan or Germany.
150usd shoes a luxury for rich people and putting 20 bucks a months in SPY. ET just became more Elite. But Volpunter found a new friend, so it's not so bad ! Lucrum, interesting post but did you mean to post here or on the frugality thread, where it will be easier to follow up on this topic ? http://www.elitetrader.com/et/index...-by-40-mental-illness-or-smart.290536/page-11
I like your last post in your linked thread. You make a good point. Being cheap may actually keep you out the door of a wealthier surrounding. Especially in sales people often judge one by the looks, car, house,...no matter how pathetic I think such thought process is. So if you want to sell luxury real estate in Manhatten it won't be the greatest career booster to drive an old clunker or ride the subway back home. even your latest reply rings some truth to it: 40 dollar shoes to match to a suit look exactly as good as they price tag: shitty. Nowadays a decent pair of leather shoes cost 120-150 usd Minimum.Maybe more in Asia or the US but Germany sells some decent shoes at that price range. I buy 4-5 pairs each time I go to Germany: leather soles and hand made Stitches. Soles are not just glued to the main body. The same quality of shoes would cost me in Hong Kong or Tokyo easily 400-500 bucks. I personally would not buy anything of lesser quality and hence lower price. That alone would not put me into any luxury segment. And call me cheap for saving few hundred dollars each pair by stocking up on each trip. Can we agree to disagree in our other threads as well as here and move back to a more civil discussion? At least my offer is on the table.
While I agree with your principle idea and follow it myself to some extent, I don't think $20 a month will get you anywhere. What's the point of having a decent cushion when you're 70? It's not like you get to enjoy your money at that age, you will just spend it on your health most likely. You will see so many people in the 3rd world using public transport while browsing their Galaxy S5 or whatever. Considering there are much cheaper and equally competent Chinese phones available, this is crazy as their salaries are probably in the $200-$500 a month range - their phones costing them 2 months salary. It boils down to competition, the poorer you are the more likely you are to judge someone based on what materialistic possessions they show off. I've only owned a cheap car, never taken an expensive vacation and never bought a nice phone unless it was a very good deal. People around me assume I'm poor, which amuses me and isn't actually a bad thing (except for the ego).
I was not saying that. Just that if you waste money on unnecessary things you don't really need, you never get anywhere in life. You will stay in poverty forever. The point I was trying to make is that anyone can save and invest. Even if you are working a minimum wage job or are on social welfare. The person can use that money or annual dividend cash flow to leverage herself out of poverty by starting a small business or similiar venture.
I tried to add value, but you decided to insult me, so I came to the realization (along with all the other posters you've befriended) that trying to have a "debate" with you is useless, as there is only your way - and no one else's. So flame wars are more fun with you!