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Originally Posted by cstreit
I don't understand that mentality. Did they just assume they would die before retirement? ...or just work until they were dead? ...or that somehow they could go from $300k/year to $35k per year on SS?
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Some people believe folks who shout that the government is going to crash, you money will be worth nothing... shouting economic doom and gloom. Problem is they (the ones who listen to these predictions) are gambling their future on something that may or may not happen.
Others, just refuse to be responsible. "Eat drink and be merry for tomorrow we may die". Sounds good but they either become destitute or their selfishness becomes a burden on their family or the government.
Quote:
Originally Posted by McLovin
How easily you are influenced by others, and how much the “approval” or “respect” of others matters to you makes a big difference. It can drive people to financial insanity/suicide
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Reminds me of people who brag about all their vacations and new car or motorcycle but have it all through debt and have zero net equity. I had a friend who took lots of vacations and "owned" a home 4 or 5 times what mine (which is paid for) was worth. His spending caught up with him (his wife never knew). Eventually they was so burdened with debt he had to have the home foreclosed, file bankruptcy, and have nothing. sad.
Quote:
Originally Posted by McLovin
My theory is that it’s just how many people are wired. I think a huuuuge part of it is genetics. And some from how you were raised. They just have a huge blind spot as to their financial future.
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Or, they were raised that way. My wife lived in middle class neighborhood but her dad made upper middle income. He spent every dime on vacations and luxuries. She thought this was normal. When we got married, she couldn't understand why we couldn't do the same thing with a much lower income and no credit (credit cards back then were only for wealthy people). We had many discussions on how there is only so much money and we can't spend it twice. She hated that we didn't go on extravagant vacations and have the fancier house but she now loves that we are debt free and can give help to our daughter instead of needing help.
I am enjoying that I can sleep at night not worrying about my future. That
peace of mind is worth far more than the stuff I would have bought that are now rusted junk.
To those who say "live it up because you don't want to regret missing out", I say I enjoy my life but just live within my means and saved for the future. I don't need to have stuff or go expensive places to be happy. And, whether you have stuff or not, someday it will be someone elses and the best investment is in eternity. If believe there is no afterlife then,
you won't be able to remember what you did anyway. If there is, what you did won't matter. Until that day, I want to add to class average of humanity rather than only take what I can get.
(disclaimer: nothing said here is a reflection on any one person in Pelican)