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If everyone was as stingy with their money as this guy is, the economy would crash. We need spending to drive growth and provide employment. If everyone hoard
by cmccabe 13y ago
If everyone was as stingy with their money as this guy is, the economy would crash. We need spending to drive growth and provide employment. If everyone hoards cash and refuses to spend it, you get the crash of 1929 and the Great Depression.
Time invested in saving money is not always worth it. If you're making the equivalent of $50 an hour, an hour spent agonizing over how to save $25 is a net loss for you. You are not maximizing your utility.
Saving money will never be an end in itself. It is only a means. Who is more admirable: the guy who saves obsesses over spending the minimum amount of money and lives in a cabin Montana, or the guy who goes deep into debt to get a PhD, become a doctor, and save lives? I think we all know the answer to that. I'm not saying that everyone needs to get a PhD or that you shouldn't go off in a cabin if that's what you want, but don't put yourself on a pedestal for your self-indulgence.
- salvadors 13y ago> If you're making the equivalent of $50 an hour, an hour spent agonizing over how to save $25 is a net loss for you. Only if you would have spent that hour working instead, and if you would actually earn an extra $50 (net) for working that hour (many people wouldn't), and if that potential hour's work is now lost to you. It's pretty rare for all three of those things to be full, and most of the people I've ever met who have been in that scenario have learned pretty quickly that working every hour possible isn't really a fun way to spend your life.
- cmccabe 13y agoYou're missing the point again. The time spent IS work. The question is whether you want to effectively take an informal side job that pays you poorly, called the "saving money job."