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It's true you can get an extra job(maybe) to make more money so you can have all those lattes. But I prefer to have the time and make my own coffee. It's all about what's important to you. How much do I want to work?
I would think of that $400 per month saved as a bonanza that meant I could perhaps go on vacation. Or just save it so I wouldn't have to worry about money so much.
It's true you can get an extra job(maybe) to make more money so you can have all those lattes. But I prefer to have the time and make my own coffee. It's all about what's important to you. How much do I want to work?
Coffee isn't a latte, making your own latte would require that you purchase a $100+ machine which you'd have to clean after every use, the cost in time to make your own latte is pretty high.
Now, if you don't like lattes that's fine, but your home-made coffee isn't the same product.
Yes, or he/she can figure out how to make an extra $1 an hour and amass a savings of $90,0000. Which is preferable?
And a life savings of $10k? What are you going to do with that buy some candy bars?
$10,000 is a life savings that a very large number of people would like very much to have, but it quite possible that the average person in the USA never, at any point in their life, ever has in cash. But with a tiny bit of frugality, one percent of their total income for life, they could.
If you think that is a trivial amount of money, I will be happy to have yours deposited in my bank account, thanks. I will donate it to Planned Parenthood.
Do you have any idea how many people are trying to find a way to make an additional dollar an hour this week? And you think it is a simple matter to just walk out the door and do it every week of their lives? No, actually, I guess you don't have any idea, because none of those people live in your country club suburb, and they are completely invisible from a vantage point in your neat little world of professional opulence.
I live in an apartment complex that is by no means the poorest in this city. But I will wager that, of the 100+ units here, no more than 5 or ten are occupied by householders who have EVER had $10,000.
Just go out and make an extra dollar an hour, indeed. Why don't you "just make an extra dollar an hour", and stop whining about your taxes?
Coffee isn't a latte, making your own latte would require that you purchase a $100+ machine which you'd have to clean after every use, the cost in time to make your own latte is pretty high.
Now, if you don't like lattes that's fine, but your home-made coffee isn't the same product.
I probably worded it poorly. And I do know it's not the same product. I love lattes but I drink plain old coffee most of the time. Even though I do have a La Pavoni. I think I will sell it because it does take a lot of time to make and clean up after the real thing.
It's true you can get an extra job(maybe) to make more money so you can have all those lattes. But I prefer to have the time and make my own coffee. It's all about what's important to you. How much do I want to work?
I would think of that $400 per month saved as a bonanza that meant I could perhaps go on vacation. Or just save it so I wouldn't have to worry about money so much.
Instead of increasing your hours, focus on increasing your hourly value... or creating residual or passive income.
$10,000 is a life savings that a very large number of people would like very much to have, but it quite possible that the average person in the USA never, at any point in their life, ever has in cash. But with a tiny bit of frugality, one percent of their total income for life, they could.
And with a focus on revenue generation they could have hundred times $10,000. Its odd, you are trying to make a case for frugality with an example of obtaining a life-savings of $10k?! I had more than that before I even finished college...
People making $10/hour should focus on increasing their income, not on saving 1% of their income.
Quote:
Originally Posted by jtur88
And you think it is a simple matter to just walk out the door and do it every week of their lives? No, actually, I guess you don't have any idea, because none of those people live in your country club suburb, and they are completely invisible from a vantage point in your neat little world of professional opulence.
Yeah, I do think its a simple matter. The vast majority of people face psychological barriers, no real barriers. The frugality mindset often just further entrenches people into their current conditions...
Every day immigrants come to this country with next to nothing and make something of themselves, yet, we are suppose to believe that Americans can't do the same with far more resources?! Man, I don't know what this country would do without them, Americans have become so lazy and entitled.
Quote:
Originally Posted by jtur88
Just go out and make an extra dollar an hour, indeed. Why don't you "just make an extra dollar an hour", and stop whining about your taxes?
I do, my income grows each year by much more than $1/hour. When did I whine about taxes?
And with a focus on revenue generation they could have hundred times $10,000. Its odd, you are trying to make a case for frugality with an example of obtaining a life-savings of $10k?! I had more than that before I even finished college...
Instead of using this forum as still another opportunity to brag about your personal accomplishments and propitious luck, can we stick to the topic? To a person unpossessing of your lofty gifts and competent to earn no more than $11 an hour, $10,000 is a hell of a lot of money. If A used frugality to save $10,000, and B squandered his money and has nothing, I have no hesitation in saying A, all other things being equal, managed his financial affairs better than B did. Nothing beyond that was stated nor implied.
Instead of using this forum as still another opportunity to brag about your personal accomplishments and propitious luck, can we stick to the topic? To a person unpossessing of your lofty gifts and competent to earn no more than $11 an hour, $10,000 is a hell of a lot of money. If A used frugality to save $10,000, and B squandered his money and has nothing, I have no hesitation in saying A, all other things being equal, managed his financial affairs better than B did. Nothing beyond that was stated nor implied.
I await your evidence to the contrary.
This article doesn't discuss savings at all. Both A and B should be saving. Just that B should be making more money so they can live a higher quality life.
Originally Posted by Themanwithnoname WHEN you earn (Receive) $5, Taxes are taken out, SSI, Medicare, Medicaid Etc, meaning that you must "Make" (Wether you are paid salary, or by the job, or by the hour) MORE than $5 to HAVE $5.
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Originally Posted by user_id
To say it once again, there are ways one can mitigate the taxes one may pay on the additional $5. Why do you keep ignoring this reality? In some situations you can work it so you pay 0% in taxes, others you may be able to reduce it to just medicare and so on. As I've been saying, it all depends on the details.
Regardless, if you're going to end up paying X% in taxes on your additional income then obviously you have to factor that in. None of this changes the point, focusing on frugality instead or revenue generation is often short-sighted.
People don't have gross revenue and net profit. "Gross" and "net" in relation to income and taxes are entirely different issues...
Glad you agree with the obvious on that atleast (Excepting committing crimes and pissing off the IRS etc.)
...Moving on....
(Oh, Who said they focused on frugality and NOT earning money also...?)
Originally Posted by mistygrl092 From "The Millionaire Next Door"...
Quote:
Originally Posted by user_id
Okay? And yet, you still can't penny-pinch yourself to riches. Part of the allure to books like "The Millionaire Next Door" is that the average Joe can become wealthy if he/she just saves and lives a frugal lifestyle. Of course, its complete rubbish, although its true that you're not going to build serious wealth if you're always spending your money the converse is not true, namely, its not the case that if you don't spend your money that you will build serious wealth.
One builds wealth by focusing on wealth building activities, not by focusing how you can save a buck by doing XYZ.
Yes, we will take you saying so over the example of a statistical majority of millionaires!:rolley es:
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