4 ms·

The problem is that everything is done without a safety net of an emergency fund, retirement funds, etc. as a fallback. For some reason (keeping up with the Jon

The problem is that everything is done without a safety net of an emergency fund, retirement funds, etc. as a fallback. For some reason (keeping up with the Jones'?), many Americans have the idea they must spend so much on lifestyle (transport, bigger house, services, weddings, kids) that they never have much to save in retirement, emergency savings, or other investments.

FifthSurprise 11y ago
Not to mention there's this air of invincibility where someone ignores retirement/emergency savings because "If something happens, it happens and I'll just fail/declare bankruptcy/die". It would be very pessimistic except what that thinking really means is "I don't think it will happen to me at all."
vintermann 11y ago
As he says in the article, he's not so concerned about "keeping up with the Joneses", but he's concerned about his kids keeping up with the Joneses' kids. With rising inequality, it's hard to fault him for that.
- refurb 11y ago
  I'd argue most of the Joneses he's trying to keep up with aren't doing that well themselves. The median household income in the US is ~$55K/yr. Most Americans don't send their kids to private schools or pay for expensive weddings. He's not trying to keep up with the average American, he's trying to keep up with the upper-class. And guess what? There will always be someone richer than you.
- tamana 11y ago
  As rayiner said, people buy expensive things for themselves and pretend it is for the kids' benefit.
enobrev 11y ago
It seems "Keeping up with the Jones'" would have a domino effect, where Albert Jonesy is going broke to keep up with Brian Joneston, who is spending everything to keep up with Christina Jones, and so on. So everyone's broke, embarrassed, and behind, but still "better off" than the seemingly humble [n-1] Jones' next door.

4 ms·

The problem is that everything is done without a safety net of an emergency fund, retirement funds, etc. as a fallback. For some reason (keeping up with the Jon

by geerlingguy 11y ago

FifthSurprise 11y ago
Not to mention there's this air of invincibility where someone ignores retirement/emergency savings because "If something happens, it happens and I'll just fail/declare bankruptcy/die". It would be very pessimistic except what that thinking really means is "I don't think it will happen to me at all."
vintermann 11y ago
As he says in the article, he's not so concerned about "keeping up with the Joneses", but he's concerned about his kids keeping up with the Joneses' kids. With rising inequality, it's hard to fault him for that.
- refurb 11y ago
  I'd argue most of the Joneses he's trying to keep up with aren't doing that well themselves. The median household income in the US is ~$55K/yr. Most Americans don't send their kids to private schools or pay for expensive weddings. He's not trying to keep up with the average American, he's trying to keep up with the upper-class. And guess what? There will always be someone richer than you.
- tamana 11y ago
  As rayiner said, people buy expensive things for themselves and pretend it is for the kids' benefit.
enobrev 11y ago
It seems "Keeping up with the Jones'" would have a domino effect, where Albert Jonesy is going broke to keep up with Brian Joneston, who is spending everything to keep up with Christina Jones, and so on. So everyone's broke, embarrassed, and behind, but still "better off" than the seemingly humble [n-1] Jones' next door.