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I roughly agree with all the recommendations in the abstract, but I think 5 should come with a warning. For all the spendthrifts out there who live paycheck to

I roughly agree with all the recommendations in the abstract, but I think 5 should come with a warning. For all the spendthrifts out there who live paycheck to paycheck, there are savers who go to the other extreme, and that ascetic frugality is hard to grow out of even when it's no longer needed. The best way around this I've found is to give to charity early in the year, and for whatever reason that somehow makes it easier to spend on myself.

_gmax0 3y ago
What does "no longer needed" mean? I think most people who encourage the exchange of money for 'happiness' don't fully grasp the subjectivity of this judgement. A person's preferred strategy for expending and conserving resources is an emotionally-charged choice. Who am I to say anything about their choices?
- wing-_-nuts 3y ago
  When i say it's 'no longer needed' I'm talking about behaviors which were previously useful for survival that have out grown their usefulness. There is a certain point where one crosses into being grossly over conservative with their spending. I'm not casting any judgements of course, but when you reach that point you should probably stop and draft a will defining what should happen with your money. If you're unwilling to either spend it or give it away in life, know that it will either be spent or given away for you in death.
- feoren 3y ago
  I have a pretty good nest egg. I owned a home for years before it occurred to me that I could spend <$1000 on a piano to put in my own home. That piano brings me joy every single day. I'm sure there are lots of other thousand-dollar purchases I could make that would bring me lots of joy, but I never do, because I find it extremely difficult to justify spending money on myself. I bought this home so that I could live with my (future) wife and so that my (future) children would have a place to live; it's still very difficult for me to think of it as anything other than "their" house. So these people do exist.
neogodless 3y ago
> there are savers who go to the other extreme, and that ascetic frugality is hard to grow out of even when it's no longer needed How common is this? You're saying that someone, in the pursuit of frugality, begins to pursue wealth accumulation instead, and never lets go of that goal to instead take advantage of their wealth and freedom over what they choose to do with their time?
- feoren 3y ago
  Not GP, but: yes, exactly. The old story about the Mexican fisherman and the American businessman on holiday. How else would we get billionaires? These people work to the bone on wealth accumulation far beyond a fortune that they could ever spend on themselves.
  - baal80spam 3y ago
    This is me, I think. But I don't accumulate wealth for the sake of it, I am just very scared of being old and poor. I live VERY frugally now (I am in my forties) saving every penny for when I get old. In my country pension is really low, so I cannot reliably count on it to be my "source of income".
- wing-_-nuts 3y ago
  Not quite. I think the best example I have is someone who was scarred by hardship early in life and doesn't 'loosen up' when their circumstances change for the better later in life. Those people can wind up very well off, but still overly frugal.

_gmax0 3y ago

What does "no longer needed" mean? I think most people who encourage the exchange of money for 'happiness' don't fully grasp the subjectivity of this judgement. A person's preferred strategy for expending and conserving resources is an emotionally-charged choice. Who am I to say anything about their choices?

wing-_-nuts 3y ago
When i say it's 'no longer needed' I'm talking about behaviors which were previously useful for survival that have out grown their usefulness. There is a certain point where one crosses into being grossly over conservative with their spending. I'm not casting any judgements of course, but when you reach that point you should probably stop and draft a will defining what should happen with your money. If you're unwilling to either spend it or give it away in life, know that it will either be spent or given away for you in death.
feoren 3y ago
I have a pretty good nest egg. I owned a home for years before it occurred to me that I could spend <$1000 on a piano to put in my own home. That piano brings me joy every single day. I'm sure there are lots of other thousand-dollar purchases I could make that would bring me lots of joy, but I never do, because I find it extremely difficult to justify spending money on myself. I bought this home so that I could live with my (future) wife and so that my (future) children would have a place to live; it's still very difficult for me to think of it as anything other than "their" house. So these people do exist.

neogodless 3y ago

> there are savers who go to the other extreme, and that ascetic frugality is hard to grow out of even when it's no longer needed How common is this? You're saying that someone, in the pursuit of frugality, begins to pursue wealth accumulation instead, and never lets go of that goal to instead take advantage of their wealth and freedom over what they choose to do with their time?

feoren 3y ago
Not GP, but: yes, exactly. The old story about the Mexican fisherman and the American businessman on holiday. How else would we get billionaires? These people work to the bone on wealth accumulation far beyond a fortune that they could ever spend on themselves.
- baal80spam 3y ago
  This is me, I think. But I don't accumulate wealth for the sake of it, I am just very scared of being old and poor. I live VERY frugally now (I am in my forties) saving every penny for when I get old. In my country pension is really low, so I cannot reliably count on it to be my "source of income".
wing-_-nuts 3y ago
Not quite. I think the best example I have is someone who was scarred by hardship early in life and doesn't 'loosen up' when their circumstances change for the better later in life. Those people can wind up very well off, but still overly frugal.