Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
I don't have enough information to make a judgment. The article does not say whether there is a mortgage on the condo, nor what percentage of their income is being saved & invested. I did notice that they travel several times a year. It did not say how much this travel is costing them, but that would be an obvious place to cut back in order to spend more on other things. I would not consider a house in the suburbs unless I could sell the condo and pay for the house with cash.
The guy in the article admits he is obsessively worried about money due to his financial mistakes made in his 20's. It's good that he learned his lessons early, but it's not good that his life is controlled by his obsession. His wife is paying for the mistakes that HE made in his 20's, and if all she is doing is throwing hints to him, then she is more tolerant than the average person. Who knows, he may be in a great financial position now because she brings in a good salary and is frugal, just not obsessively so.
While I will keep an appliance or car until it dies, I don't expect everyone to have that same opinion. There is nothing wrong with buying something new just because it makes you happy if you can afford it. It's not always to "show off" but just may be because it makes you feel good. Some people have a problem wrapping their head around the thought that they can afford to spend more once they're in a very good financial position. There's a huge difference between spending what you cannot afford and what you can easily afford without going into debt.
This guy likely doesn't trust his ability to spend responsibly because of his past mistakes, but he can get help for that. To me, money is a tool to be used first for security and second for the type of lifestyle I want and can afford to live.
I would not consider a house in the suburbs unless I could sell the condo and pay for the house with cash.
That is an extremely conservative statement. Even if you have enough cash to pay for a house, you may be better off with an 80% loan to value mortgage as the principal and interest payments less income tax deduction could probably be beaten by good investment portfolio.
In any case the original post is just a quote from someone else. The primary things that most people fight about in marriages are sex, money, and children. There are no uniform standards for how couples spend money.
Now who is at the extreme. If the refrigerator is not where it costs too much to fix, then fix it. If more economical, buy another used refrigerator. Craigslist is full of them, though some they want too much mon
How often are you going to fix it? I fix and maintain my stuff. I'll give an example. I bought a lawnmower for $200 (riding mower) on craigslist. I kept it running for three years, spending at least $400 in that time frame for parts (belts, spindles, blades, wheels/tires, $100 donor carcass to harvest more parts from) When it got to the point that I was looking at paying a lawn service $50 to come and mow since it was out of commission while parts came in or I could fix it, I knew it was time to pony up on a new mower.
At some point fixing and maintaining it took more time and money than actually getting any utility out of it.
A refrigerator is something that I'd have a very low tolerance for repairs; at some point it's going to cost nearly as much as a new fridge, when it leaks and does water damage or when food spoils.
Quote:
Originally Posted by HJ99
We agree, it is controlling you if you think buying ever more NEW things will make your life smell like roses. I just think you should use common sense and not ASSUME something is trash cause its used. Lot of people that want something new denigrate and neglect maintenance on what they have already and if what they have isnt repairable, dont look for most practical USED replacement that is still servicable. Seen people trade in perfetly good reliable cars in order to theoretically get another 5mpg or a seat warmer to keep their rear warm, when all the payments would buy a heck of a lot of gasoline and 12V heating pad. But hey its your money, you find it easier to make easy monthly payments forever, be my guest.
I assume the used car is trash because, and I quote, the letter writer drives a car "that's falling apart" and he's the one that's frugal.
Quote:
Originally Posted by HJ99
And some of us just dont value spending money so we can show off our new and shiney possessions. Possessions are there to serve a function, not to impress the neighbors. Will use the car as an example, the goal is to spend the least money per mile. So will putting $5k into your old car make it cost more per mile than spending $50k on a new car. Unless you have some tax write off on new car, unlikely it will ever be as cheap per mile than fixing your old car. Course if you have some crazy expensive to repair old car, and some are, then buy a serviceable used car that is cheap to repair. Seems your goal is to spend all you can, just not go "too far" into debt, whatever that is. My notion, if it meets my needs , then I dont need to replace it. Care less what anybody else thinks.
At some point they cease to serve a function. Example; a relative couldn't drive two hours to a family function because her car wasn't trustworthy enough to get her there and her husband was taking his (more reliable) car out of town on work. Or, having to call an uber to get to work or a job interview.
How much time in a mechanic's shop before a car no longer meets your needs?
And once again, you go right to $50K new car. New cars can be had for 1/3 that. new-ish used cars for 1/5th of that.
Now who is at the extreme. If the refrigerator is not where it costs too much to fix, then fix it. If more economical, buy another used refrigerator. Craigslist is full of them, though some they want too much mon
Again if the car is too rusted or the parts too expensive (some modern engines and transmissions are stratosphere priced and shouldnt have bought a car with such in first place), then find another USED car. Getting that 30 year mortgage on a car that will last 10 year, so you can pretend you have bought most reliable thing on wheels or its good for environment is silly. If you have a good mechanic, get an honest opinion of whether its truly falling apart. That shouldnt cost more than $100. If its just not pretty anymore, spend the $500 for Maaco paint job.
We agree, it is controlling you if you think buying ever more NEW things will make your life smell like roses. I just think you should use common sense and not ASSUME something is trash cause its used. Lot of people that want something new denigrate and neglect maintenance on what they have already and if what they have isnt repairable, dont look for most practical USED replacement that is still servicable. Seen people trade in perfetly good reliable cars in order to theoretically get another 5mpg or a seat warmer to keep their rear warm, when all the payments would buy a heck of a lot of gasoline and 12V heating pad. But hey its your money, you find it easier to make easy monthly payments forever, be my guest.
And some of us just dont value spending money so we can show off our new and shiney possessions. Possessions are there to serve a function, not to impress the neighbors. Will use the car as an example, the goal is to spend the least money per mile. So will putting $5k into your old car make it cost more per mile than spending $50k on a new car. Unless you have some tax write off on new car, unlikely it will ever be as cheap per mile than fixing your old car. Course if you have some crazy expensive to repair old car, and some are, then buy a serviceable used car that is cheap to repair. Seems your goal is to spend all you can, just not go "too far" into debt, whatever that is. My notion, if it meets my needs , then I dont need to replace it. Care less what anybody else thinks.
Why on earth do we keep discussing the 50K car? There are a variety of options other than the $50K new car, like a reliable old car or even a less expensive but reliable new car. I got a new car because my old car wasn’t particularly reliable and was super expensive to fix. We’re talking $4K a year for a car that I don’t think was even worth $5K at that point.
I get his fear about housing. Having a low mortgage helps me sleep at night and provides more financial flexibility in an economic downturn as your housing costs (mortgage, taxes, utilities, etc.) are lower.
Maybe a good compromise would be to make the condo "fancier" with newer appliances and other upgrades...still cheaper than even buying a small house.
I get making the move from a condo to a SFH, it's almost always the best move IMO and give you breathing room, outdoor space to make your own, privacy, etc. McMansions don't have to be considered, either do $50k cars. Why do people always have to exaggerate everything? With something just the right size it's easier and more frugal to make things nice, even if it's small. And cars should be based on what's dependable, easy to repair, and comfortable to be in.
I'm frugal but if I have the money I will get what I want, eventually. If I don't have the money I go out of my way not to get into debt barring an emergency situation, like a plumbing emergency or something. My goal is to always have the money. Thankfully I don't care to travel anymore and have no $ vices or hobbies. My idea of money well spent this year will be plants for my garden and having my house painted. Maybe a new carpet or sofa or something. Most of my spending goes into my house because when my environment is nice I feel better about life.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
who's un-American?
