4 ms·

I have to say I almost wondered if this plan was meant as a bit of a joke. I'd rather spread my income around now on a nice(r) house, some fun hobbies and a bi

I have to say I almost wondered if this plan was meant as a bit of a joke. I'd rather spread my income around now on a nice(r) house, some fun hobbies and a bit of abject consumerism, and enjoy life more evenly then save now not have as much fun but end up with more money in the bank later. You'll never get your younger years back.

FraaJad 15y ago
There lies the difference between Eastern(H. Karthik) and Western(Mike Ryan)approach to personal finances.
- dpritchett 15y ago
  It would probably be easier for the Mikes of the world to be happy not spending that extra 20% on consumer goods if our peers and role models weren't all doing the same thing. Good reason to be a Karthik, I guess.
- hkarthik 15y ago
  Just FYI, my family immigrated to the US when I was an infant and I've lived in the different parts of the US since then. So while I had a mostly eastern upbringing, I still grew up in the suburbs, went to public schools, and lived a typical American life.
  - FraaJad 15y ago
    Such is the influence of South Indian upbringing ;)
Danieru 15y ago
Yes but a new iPad doesn't make you younger either.
- deleted 15y ago
  [deleted]
tmh88j 15y ago
>You'll never get your younger years back. While I do agree to an extent, a very wealthy uncle of mine has always told me "the hallmark of maturity is the ability to delay immediate gratification."
- gnosis 15y ago
  Is attaining "maturity" what life is all about? Is the life of a "mature" individual necessarily more worth, fulfilling, happy, or "successful" than that of an "immature" individual?
  - tmh88j 15y ago
    >Is the life of a "mature" individual necessarily more worth No, but a mature individual is more likely to make rational decisions leading to achievement of their goals.
smackfu 15y ago
There's a middle ground between not spending and spending extravagantly. So many people with large incomes just waste it away and end up with nothing at the end. We're not talking about a single $500 iPad. We're talking about a $500 night at a club.
- spindritf 15y ago
  How great a night we're talking here? Because, in general, experiences are worth more than gadgets (see below what I mean). Though (sky)diving lessons or vacation would probably be better than a night out. "Asked which of the two purchases made them happier, fully 57% of respondents reported that they had derived greater happiness from their experiential purchase, while only 34% reported greater happiness from their material purchase." "If Money Doesn't Make You Happy Then You Probably Aren't Spending It Right", Journal of Consumer Psychology "In 5 studies, we find that people's material purchase decisions are more likely to generate regrets of action (buyer's remorse) and their experiential purchase decisions are more likely to lead to regrets of inaction (missed opportunities)." "Buyer's remorse or missed opportunity? Differential regrets for material and experiential purchases.", Journal of Personality and Social Psychology, Vol 102(2), Feb 2012, 215-223.
  - smackfu 15y ago
    As I said "There's a middle ground between not spending and spending extravagantly." Whether that is experiences or material goods. A $500 nightclub night once a year in Vegas is perfectly reasonable. A $500 nightclub night every weekend is probably over the line for most people.
  - rmrm 15y ago
    indeed. Spend money on meaningful experiences and appreciating assets. Minimize money spent on ho-hum experiences and depreciating assets.
- rudiger 15y ago
  How is it even possible to spend $500 in one night at a club? That's 50 drinks, at least!
hkarthik 15y ago
I don't judge others for choosing to indulge a bit more and saving a bit less. I spent most of my 20s living exactly that way. It's a personal choice either way and only sustainable if you choose to live that way. If you're forced to live that way due to some personal hardships, you'll only come to resent your lot in life and you'll just end up over spending as soon as you are able to again.
PagingCraig 15y ago
To each his own. Owning a house =/= youth to me. I want to travel! :D
bstewartnyc 15y ago
Its much better to live poor when you are young then when you are old. You really, really dont want to be poor when you are too old or sick to work...

FraaJad 15y ago

There lies the difference between Eastern(H. Karthik) and Western(Mike Ryan)approach to personal finances.

dpritchett 15y ago
It would probably be easier for the Mikes of the world to be happy not spending that extra 20% on consumer goods if our peers and role models weren't all doing the same thing. Good reason to be a Karthik, I guess.
hkarthik 15y ago
Just FYI, my family immigrated to the US when I was an infant and I've lived in the different parts of the US since then. So while I had a mostly eastern upbringing, I still grew up in the suburbs, went to public schools, and lived a typical American life.
- FraaJad 15y ago
  Such is the influence of South Indian upbringing ;)

Danieru 15y ago

Yes but a new iPad doesn't make you younger either.

deleted 15y ago
[deleted]

tmh88j 15y ago

>You'll never get your younger years back. While I do agree to an extent, a very wealthy uncle of mine has always told me "the hallmark of maturity is the ability to delay immediate gratification."

gnosis 15y ago
Is attaining "maturity" what life is all about? Is the life of a "mature" individual necessarily more worth, fulfilling, happy, or "successful" than that of an "immature" individual?
- tmh88j 15y ago
  >Is the life of a "mature" individual necessarily more worth No, but a mature individual is more likely to make rational decisions leading to achievement of their goals.

smackfu 15y ago

There's a middle ground between not spending and spending extravagantly. So many people with large incomes just waste it away and end up with nothing at the end. We're not talking about a single $500 iPad. We're talking about a $500 night at a club.

spindritf 15y ago
How great a night we're talking here? Because, in general, experiences are worth more than gadgets (see below what I mean). Though (sky)diving lessons or vacation would probably be better than a night out. "Asked which of the two purchases made them happier, fully 57% of respondents reported that they had derived greater happiness from their experiential purchase, while only 34% reported greater happiness from their material purchase." "If Money Doesn't Make You Happy Then You Probably Aren't Spending It Right", Journal of Consumer Psychology "In 5 studies, we find that people's material purchase decisions are more likely to generate regrets of action (buyer's remorse) and their experiential purchase decisions are more likely to lead to regrets of inaction (missed opportunities)." "Buyer's remorse or missed opportunity? Differential regrets for material and experiential purchases.", Journal of Personality and Social Psychology, Vol 102(2), Feb 2012, 215-223.
- smackfu 15y ago
  As I said "There's a middle ground between not spending and spending extravagantly." Whether that is experiences or material goods. A $500 nightclub night once a year in Vegas is perfectly reasonable. A $500 nightclub night every weekend is probably over the line for most people.
- rmrm 15y ago
  indeed. Spend money on meaningful experiences and appreciating assets. Minimize money spent on ho-hum experiences and depreciating assets.
rudiger 15y ago
How is it even possible to spend $500 in one night at a club? That's 50 drinks, at least!

hkarthik 15y ago

I don't judge others for choosing to indulge a bit more and saving a bit less. I spent most of my 20s living exactly that way. It's a personal choice either way and only sustainable if you choose to live that way. If you're forced to live that way due to some personal hardships, you'll only come to resent your lot in life and you'll just end up over spending as soon as you are able to again.

PagingCraig 15y ago

To each his own. Owning a house =/= youth to me. I want to travel! :D

bstewartnyc 15y ago

Its much better to live poor when you are young then when you are old. You really, really dont want to be poor when you are too old or sick to work...