Your approach to saving and spending describes me to a T. Even after delivering newspapers during hot summer months back in eighth grade, I would rush home to put all my tips in a jar rather than spend it on (well-deserved) soda and snacks. I often wonder if I should have gone in with my friends on the beach house in the Hamptons or Jersey Shore, or taken more taxis instead of riding my bike. In hindsight, I realize I could have easily afforded those things. But that approach just went against my hard-wired nature. 30 years later, the time value of compound interest had worked its magic and I was able to step down from my full-time career at 55. I now volunteer for causes that are important to me, and after reading one of these posts, will consider starting a public trust or foundation to become a budding philanthropist! Thanks for the great read.
Great article, thank you for the links. The Millionaire Next Door was one of those watershed books in my financial education and has made a lasting impact. (Also, A Random Walk Down Wall Street.) I'm sure this type of analysis exists out there somewhere but I would like to see the difference in costs related to hanging on to your quality older car versus buying (or leasing!) a new luxury model. I'm always shocked at the amount of highly-priced machinery on the roads and I wonder if those people really understand how much more it's costing them in terms of purchase price, rapid depreciation, interest, yearly excise tax, insurance. And I"m not just talking about the Land Rover crowd; the number of people driving these oversized, customized expensive pickup trucks is amazing. If you were to invest the amount you saved by making the frugal purchase choice, I wonder how material the difference is over time, taking into account the higher maintenance costs of an older car. I assume it's very much the right decision but would like to see the numbers. It took me years to allow myself to buy up to luxury, but I always buy used and then run them into the ground. Thanks again.
Comments
Your approach to saving and spending describes me to a T. Even after delivering newspapers during hot summer months back in eighth grade, I would rush home to put all my tips in a jar rather than spend it on (well-deserved) soda and snacks. I often wonder if I should have gone in with my friends on the beach house in the Hamptons or Jersey Shore, or taken more taxis instead of riding my bike. In hindsight, I realize I could have easily afforded those things. But that approach just went against my hard-wired nature. 30 years later, the time value of compound interest had worked its magic and I was able to step down from my full-time career at 55. I now volunteer for causes that are important to me, and after reading one of these posts, will consider starting a public trust or foundation to become a budding philanthropist! Thanks for the great read.
Post: Got Change?
Link to comment from February 25, 2023
Bravo. Well written and well done. Thank you for sharing.
Post: Making a Difference
Link to comment from February 27, 2022
Great article, thank you for the links. The Millionaire Next Door was one of those watershed books in my financial education and has made a lasting impact. (Also, A Random Walk Down Wall Street.) I'm sure this type of analysis exists out there somewhere but I would like to see the difference in costs related to hanging on to your quality older car versus buying (or leasing!) a new luxury model. I'm always shocked at the amount of highly-priced machinery on the roads and I wonder if those people really understand how much more it's costing them in terms of purchase price, rapid depreciation, interest, yearly excise tax, insurance. And I"m not just talking about the Land Rover crowd; the number of people driving these oversized, customized expensive pickup trucks is amazing. If you were to invest the amount you saved by making the frugal purchase choice, I wonder how material the difference is over time, taking into account the higher maintenance costs of an older car. I assume it's very much the right decision but would like to see the numbers. It took me years to allow myself to buy up to luxury, but I always buy used and then run them into the ground. Thanks again.
Post: Measuring Up
Link to comment from February 5, 2022