this post was submitted on 22 Dec 2024
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I read a book called The Richest Man in Babylon and it states "that which we consider to be our necessary expenditures will always rise to meet our income, unless we protest to the contrary". I've tried to remember that lesson my whole life. You must be very intentional about expenditures, scrutinizing each one, and scrutinize it in the context of the lifestyle you wish to maintain, not the one you're newly capable of sustaining.
And then what? You die with a lot of savings? What are you saving for?
No, you get off the wage:spend treadmill and enjoy your life before you’re old and living with constant medical issues and tethered to care facilities.
Splurging won’t make you happy in the longterm. Saving and buying your own home might. That’s why you want to save money, to have options available.
That would be great if the prices of houses didn’t rise faster than it is possible to save for the majority of people.
That's true if you were just keeping savings in a non-interest bearing account. Stock market returns, however, have outpaced house prices.
ah but slightly nicer groceries would
But they make them more and more expensive every year. What’s the point of chasing a carrot if it’s attached to your head?
Save so you don't end up working your whole life. Was that not obvious?
Achieving financial security and independence is more valuable than any stupid item/service/vacation you might purchase.
I grew up with modest means, took out the smallest student loans that would suffice and worked my way through college. I'm now middle aged and do allow myself a few nice things but have always kept my spending very intentional. I've achieved a position where, barring some major war or disaster, I could realistically just stop working and I'd have enough resources to make it to the end of my days, although I'd have to stay modest.
I still work, though. How i spend the next 5 years will determine what degree of comfort I will be able to afford in retirement. I'll probably just take an easier, part time position to keep myself busy and comfortable.
My point is, if you allow lifestyle creep to consume all your resources as you become a productive adult, you may have nice things (and you may impress others with your flashy crap) but you'll just be living to work. Early retirement with my old truck seems way better than driving a brand new car to work.
You get entered on to the high score list at the end
I feel the correct balance of this practice will reach a point when you start answering "fuck it, but that thang!"
If I'm scrutinizing every choice then as my money grows my concerns wouldn't be the same. I might have not splurged on that X-Men mansion attack by sentinel diorama 10 years ago, but now if I scrutinize my parameters would be different. Now that diorama would look banging on my dining room table.