One good thing is I hate debt.

I have one credit card and it's a business card. She has 3 cards....I don't ask her about them and my name isn't on them.

I was raised by very modest, wealthy parents and grand parents. As far back as I can remember, I was about 7 or 8....my dad said to me....Son, if someone is trying really hard to look wealthy, they're actually in a lot of debt and have no money. It may look like they have something, but they really don't.

I'll always remember that. It's what I live by. I'm not flashy. I don't have a Mercedes, an extravagant house. Nothing I own says, Hey look at me! I could give two shits what anyone thinks about me. May be my biggest problem, I dunno.

My shopping trip consists of stopping by the UA bookstore to get the new coaches polos each year. My favorite pair of jeans are 4 years old. My favorite pair of shoes are a 3 year old pair of Borns. My favorite car is a 2006 Mid size SUV that's paid for. My favorite vacation is to South Arkansas to go duck hunting and to Kansas and Nebraska to Turkey hunt.

Maybe this is the problem....I don't spend enough? Who the hell knows....

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Posted by Feral

Member since Mar 2012

12502 posts

Posted on 3/7/14 at 8:54 am to Hawgeye

quote:
I was raised by very modest, wealthy parents and grand parents. As far back as I can remember, I was about 7 or 8....my dad said to me....Son, if someone is trying really hard to look wealthy, they're actually in a lot of debt and have no money. It may look like they have something, but they really don't.

This is so true.

My father comes from timber money through my grandfather's family, but my grandfather always drove a beat-up Chevrolet and refused to get the power door locks fixed because "why would I spend money on that, I didn't have power locks until the 1990s!" My wife's father is the same way -- makes *high* six figures and has for year, buys almost all of his clothes at Walmart and drives a 1998 Toyota Tacoma beater that looks like it's about to fall apart Blues Brothers style. His reasoning for never getting rid of it: "it pays me back every month. I'd rather have a car payment of $0 than a car payment at all - I'm not trying to impress anyone." He lives in a modest, paid off house and stocks money in savings like crazy.

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Posted by Hog on the Hill

Member since Jun 2009

13389 posts

Posted on 3/7/14 at 9:10 am to Hawgeye

quote:
Maybe this is the problem....I don't spend enough? Who the hell knows....

No, I don't think so. You should never ask yourself, "Am I spending enough money?" The only question that is valid is, "Am I saving and investing enough money?"

That begs the question, what's enough? The answer depends on your goals regarding retirement age and income, and how much you need in liquid emergency savings to cover your immediate costs of living if you were to lose your ability to earn income for some reason (unforeseen loss of job, loss of business, disability, etc).

If you've got your financial bases covered, then how much you spend after that is totally up to you, and you should never feel bad about saving more than you think you'll need.

Living modestly is more virtuous and admirable than living extravagantly, IMO.

This post was edited on 3/7/14 at 9:17 am

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