Comments on: How Rich People Think: Why Penny Pinch When You Don’t Have To?

By: poetess

poetess — Mon, 29 Oct 2018 22:04:04 +0000

I don’t need a lot. I just want enough left over for a daily latte, a monthly mani/pedi, and a week-long vaycay somewhere. I’m never ever going to pay for a Birkin bag ever. Who cares? I don’t pay full price for anything, actually. I wouldn’t call myself frugal, just sensible. I guess I could save more if I wanted to pinch every single penny like a maniac. But I’m not interested in that. I’d rather make more money so I could save more and do more. If I were rich, I’d be spending my money the same way for the most part. I would travel more, eat better food, and I would have maid service a few nights a week.

By: Lauren Turner

Lauren Turner — Mon, 23 Apr 2018 12:51:48 +0000

My favourite quote is ‘Save Money and Money Will Save You’! Such a great and in-depth article, thank you!

By: getagrip

getagrip — Fri, 06 Apr 2018 15:20:43 +0000

I vote for habit and contentment. Once you have what you want (e.g. FI) what is there to change radically? Most of the folks I see who are FI find ways within their means to continue to enjoy their lives and continue to pursue different goals. While they are often content with the “stuff” and see no real need to keep accumulating it, they often are on the look out for new goals and pursuits. Don’t get me wrong, a new goal could include new stuff (e.g. when I started fencing I had to buy equipment and pay for lessons, etc.) but that is goal specific and not just random and usually within the annual budget. Too many folks like Soapy assume FI is like a race where you cross the finish line and are “done”. That you have somehow “won” and can now just blithely spend away without a care. But it’s a continuing journey that if done right takes you along changing paths as you set new goals and find new interests and continue to enjoy yourself.

By: Financial Sloth

Financial Sloth — Thu, 29 Mar 2018 04:17:15 +0000

HA! We have to get together 🙂 My wife and I are in a similar situation to you and “hippo”. Her, Chinese, incredibly frugal, grew up knowing very well the value of a RMB, etc. Me, just a bunch of dumb luck. (although, a great mentor of mine once said that it’s funny, the harder you work, the luckier you get!). We are a bit older than you guys, but I think this article is spot on.

For us, #1 is the EXACT same as you. Generational Wealth. We constantly joke that we would run away to a secluded beach somewhere and fish and eat coconuts for the rest of our lives if we didn’t have kids. But seriously, the idea that we can provide FI for our kids and grandkids will keep us earning and penny pinching until the end. And we LOVE doing it. If we can go out knowing that we secured one more opportunity for our family, we will be happy.

I will also add one more reason. That reason is simply because once you hit FI (or are close), you see that you CAN accomplish your financial goals. So why not set some more? When I was broke (yes, I’ve been broke and it sucks), the thought of saving just seemed a bit pointless. The bank account always ends up in the same place anyway so who cares? But once I started figuring out how to invest, the miracle of passive income streams, a better education (super important), and some dumb luck, I started to ENJOY saving. I could see it working and it became something that I could actually do. Calculating NW and watching the 999,999 roll over was amazing. So why stop there? What about 5MM? 10MM? I think that’s probably it for us, but then to think that our grandchildren or great-grandchildren could see 100MM equivalents and really use that wealth to make change in the world is really inspiring.

Great site. I introduced it to my wife and she loves you already!

By: Lily

Lily — Tue, 27 Mar 2018 16:53:57 +0000

In reply to Mike from Budget Kitty. I should rewrite this someday, there's more to explore on this subject. Thanks Mike!

By: Lily

Lily — Tue, 27 Mar 2018 16:53:04 +0000

In reply to timeinthemarket. What are you into exactly TITM?

By: Lily

Lily — Tue, 27 Mar 2018 16:50:22 +0000

In reply to Kris.

‘Your used to finding the best prices whenever your shopping” — hellllla yeah!!! That’s great news Kris!

By: Mike from Budget Kitty

Mike from Budget Kitty — Fri, 23 Mar 2018 15:11:56 +0000

Hi Lily, I think you hit on it pretty well. Habits that were formed years, or even decades, ago are difficult to break. And really why would they want to break a habit that has rewarded them so well? They’ve found something that worked and have become set in their ways.