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> The broader problem with budget culture is its emphasis on individual responsibility and insistence on ignoring the varying levels of access and privilege in

by Dig1t 4y ago

> The broader problem with budget culture is its emphasis on individual responsibility and insistence on ignoring the varying levels of access and privilege in our world. This is the crux of the article. Basically, individual choices and responsibilities don’t exist or matter. The only thing that matters with this ideology is privilege. I don’t quite understand how you can make an argument saying that budgeting doesn’t work. Numbers don’t lie, choosing to eat at home versus going out to eat at a restaurant is objectively cheaper, you take the saved difference and pay it towards your debts. Do this every day and you will be objectively better off than you would have if you ate out at a restaurant every day. The effect, taken over a year+ timespan is substantial. It’s just sound advice: pay off your debts, save money where you can, don’t live above your means. I don’t know how or why this is controversial.

TedDoesntTalk 4y ago
Yeah the article doesn’t really offer an alternative. Or maybe it does but is just not clear to me. What is the author advocating for exactly, in practical terms? “recognizing privilege” has no action.
- akira2501 4y ago
  Other than her own life story. Her parent's didn't fill her head with ideas of being rich or having a lust for things. Her parents told her to work hard, encouraged her to go to college, and to face the challenges of life. She put her head down and did exactly that. Now, she seems completely detached or unaware of what might have driven that success in her own life. She mistakes 'work' for 'luck.' It's a bizarre view given that her "blueprint" seems obvious.
- kevinventullo 4y ago
  There is a bulleted list near the end of the article, one of which is “acknowledging privilege”, but there are some more concrete ones as well: - Pay transparency — with your friends, communities and colleagues, and in job descriptions. - Rethinking how we compensate for every kind of labor. One manifestation of the latter would be advocating for policies to reduce the widening wealth gap, e.g. increasing the minimum wage. I dunno, I think budgeting can be important if you’re in the tough situation of not making much money but have lots of expenses (say you have several kids), but for most folks who are looking to “level up” their wealth, I tend not to advise saving more but rather making more. N.b. This applies even to me! I literally cannot save my way to 10x wealth.
  - Dig1t 4y ago
    Of course making more money is the most important, but there's no reason at all you can't do both. These are just two sides of the same coin: the saying "A penny saved is a penny earned" is literally true. If you can plan your finances well and live a decent life while spending a little less, the saved money adds up substantially over time. Additionally, using the saved money to pay off debts has compounding benefits. Good example is the Starbucks coffee habit. Many people in the US visit Starbucks every day, and most of the drinks there cost ~$5-$6. If you bought coffee in bulk at the grocery store and made it at home your amortized cost per coffee can be $1-$2 or even less. That's about $1400 a year saved in coffee. A _huge_ number of people in the US have credit card or other similar debt that they carry over every month and just make minimum payments on. If you applied that $1400 toward the debt principle, it makes a big difference in the long run for many ordinary people. This is just an example with coffee, there are so many things to save money on that don't really affect the quality of one's life much, but will actually save boatloads of cash. Paying people more, pay transparency, the wealth gap, are all good things to talk about that really have nothing to do with making a budget and spending money wisely. Yes there is a mentality that comes along with the budgeting crowd that focuses on self-determination and accountability to ones own actions, but there is nothing in it that goes against the principles of fair pay or transparency.
deleted 4y ago
[deleted]

by Dig1t 4y ago

TedDoesntTalk 4y ago

Yeah the article doesn’t really offer an alternative. Or maybe it does but is just not clear to me. What is the author advocating for exactly, in practical terms? “recognizing privilege” has no action.

akira2501 4y ago
Other than her own life story. Her parent's didn't fill her head with ideas of being rich or having a lust for things. Her parents told her to work hard, encouraged her to go to college, and to face the challenges of life. She put her head down and did exactly that. Now, she seems completely detached or unaware of what might have driven that success in her own life. She mistakes 'work' for 'luck.' It's a bizarre view given that her "blueprint" seems obvious.
kevinventullo 4y ago
There is a bulleted list near the end of the article, one of which is “acknowledging privilege”, but there are some more concrete ones as well: - Pay transparency — with your friends, communities and colleagues, and in job descriptions. - Rethinking how we compensate for every kind of labor. One manifestation of the latter would be advocating for policies to reduce the widening wealth gap, e.g. increasing the minimum wage. I dunno, I think budgeting can be important if you’re in the tough situation of not making much money but have lots of expenses (say you have several kids), but for most folks who are looking to “level up” their wealth, I tend not to advise saving more but rather making more. N.b. This applies even to me! I literally cannot save my way to 10x wealth.
- Dig1t 4y ago
  Of course making more money is the most important, but there's no reason at all you can't do both. These are just two sides of the same coin: the saying "A penny saved is a penny earned" is literally true. If you can plan your finances well and live a decent life while spending a little less, the saved money adds up substantially over time. Additionally, using the saved money to pay off debts has compounding benefits. Good example is the Starbucks coffee habit. Many people in the US visit Starbucks every day, and most of the drinks there cost ~$5-$6. If you bought coffee in bulk at the grocery store and made it at home your amortized cost per coffee can be $1-$2 or even less. That's about $1400 a year saved in coffee. A _huge_ number of people in the US have credit card or other similar debt that they carry over every month and just make minimum payments on. If you applied that $1400 toward the debt principle, it makes a big difference in the long run for many ordinary people. This is just an example with coffee, there are so many things to save money on that don't really affect the quality of one's life much, but will actually save boatloads of cash. Paying people more, pay transparency, the wealth gap, are all good things to talk about that really have nothing to do with making a budget and spending money wisely. Yes there is a mentality that comes along with the budgeting crowd that focuses on self-determination and accountability to ones own actions, but there is nothing in it that goes against the principles of fair pay or transparency.

deleted 4y ago

[deleted]