Comments on: Money Isn’t Just for Hoarding — It’s For Spending, Too

By: Phil

Phil — Tue, 12 Apr 2011 14:47:00 +0000

Too many of us fall prey to the hype that we are living so much longer today and that 70 is the new 40. Fact: We are not living longer-just more of us are living to a normal life span. The average life expectancy is misleading. Remember if on person lives to 70 and another dies at birth, the median is 35. However, if both live to 70 then the median is now 70. Noone lived longer just one died early. The insurance industry data shows “the great die off” of males that occurs between 75 and 77. Very few of us make 80 and of those that do, few are mentally or physically sound. You may be the lucky one, but don’t bet on an inside straight. Our government penalizes us for saving and rewards us for not having anything. Don’t believe this is so-if you go into a nursing home and have assets they take them before they will help you, but if you have nothing they start at the git go. Have fun and enjoy it and get the same benefits as those who did nothing.

By: Melissa

Melissa — Mon, 22 Mar 2010 14:52:26 +0000

I completely agree with you on this. Retirements should be about spending the money you’ve worked hard to save, but still in a financially responsible way.

By: Money Reasons

Money Reasons — Sat, 20 Mar 2010 15:49:42 +0000

I believe in this philosophy to a point. I think you would need 2 things to live such a full balanced life.

1.) Milestones. After you get past a certain milestone, you money usage can change, and if for whatever reason, you go back below the milestone, then again, your money usage should change back to the earlier state.

Example). If you are in any kind of debt other than affordible mortgage debt, you primary goal should be to pay off the debt. Don’t go on fancy vacation or by fancy car by going into further debt.

2.) Budgeting, with an emphasis on spending. If you create a budget with spending in mind, you allocate yourself a certain amount to spend per month and year. Try to achieve that spending goal, but not go over. This technique would help those that are in constant savings mode (which I have seen happen too).

Example.) If you are debt free, then peg a certain amount for spending on vacations and do it.

Live is short enjoy it while you can, but in a financially responsible way.

By: Early Retirement Extreme

Early Retirement Extreme — Sat, 20 Mar 2010 06:04:16 +0000

The money you have is a direct measure of the difference between how much you have given to the world and how much you have taken from the world. The larger the sum you have the more you have given. If you spend, you take it back. In my opinion, it is, therefore, a quite generous to have given more than one has taken, even over a lifetime. If you end up with a ton of money or more than you need, you can start an endowment. For example, I heard a story from a friend of mine, about an autoworker, sadly I forget his name, who spent little and worked hard all his life. With all his money he started an education fund which each year would send an underprivileged kid to a specific college and each year he would then attend the graduation ceremony of the student he sponsored. He could do that because he worked hard and spent little and avoided the famous balance. Who decides what balance is anyway? I think what he did was admirable.

By: Ken

Ken — Fri, 19 Mar 2010 10:22:55 +0000

Enlightening. This article did change my perspective on money. I am kind of a spendthrift person – perhaps overboard, but now that I enjoy a fat paycheck, I think it wouldn’t be a mortal sin to spend something that I enjoy. Not just the “little pleasures” but things that are indeed pleasurable. Maybe balance is key.

By: Squirrelers

Squirrelers — Thu, 18 Mar 2010 18:27:43 +0000

Life should be enjoyed. Absolutely. No need for people to hoard money only for the sake of amassing it to see the dollar total increase. Well, maybe for some folks that’s what does it for them, and hey – if so, its their choice. For me, and I believe most, money isn’t in and of itself the goal.

Life is a balance, in my opinion. Health, Wealth, Relationships. I talk about this all the time, and its the foundation on which I operate. All 3 are important, and all are interrelated.

All this said, it IS important to save money. Obviously. Each of us will need money for old age, medical emergencies, and the like. What’s key, in my opinion, is to learn to live within your means and distinguish between wants and needs. Its the needs that take priority, and many wants are not really necessary. Now, life is to enjoy so we should try to go for those wants because hey, why limit ourselves in life? If you want something, GO FOR IT. But be smart and rational about it. Spend on what’s necessary first, save for expenses that WILL come up and be necessary in the future. Enjoy yourself with rewards and treats along the way, without sacrificing what’s truly important. If you have the big stuff taken care of….then spend. Or maybe even give some resources to some folks that really do need help. Selfishly, you can feel great knowing that you made a difference for others in need.

By: Cd Phi

Cd Phi — Wed, 17 Mar 2010 19:34:14 +0000

So very true. Some people spend all their lives saving and end up never getting to spend their money or truly enjoy it because they’re still stuck in money-saving mode. And I agree with Sandra, children should know the true meaning of hard work so I wouldn’t leave them a huge inheritance but definitely a decent amount to help them out with certain things like an education or maybe even their wedding..

By: Sandra

Sandra — Wed, 17 Mar 2010 17:41:38 +0000

Extremes are never good. If you leave too much inheritance to your children, it will make them lazy and complacent. They should make their own money right?

By: Laura

Laura — Tue, 16 Mar 2010 22:26:28 +0000

I just made a comment saying what you just said (much more eloquently than me.) We scrimp and save so that we can have money to spend on experiences and yes, even things. If you work hard and save hard, I think then of course spend it reasonably on yourself, family, and friends.

By: Kristine

Kristine — Tue, 16 Mar 2010 20:16:50 +0000

Great article. It is reassuring to have your savings and retirement funds set, but at what cost will you pay to have it? I totally agree…enjoy your life today and plan for your future. You can have both.