ift.tt/eA8V8J Just because you have high income doesnt mean you cant be frugal. There are a lot of posts on here talking about saving money but many of them are due to necessity (ie the poor college student), due to wanting to save for something they cant currently afford, or just pure frugality. I wanted to see what individuals who dont have to be frugal but choose to do so do with their money. If your a high earner (I picked +$200k per year arbitrarily) surely you dont NEED to be frugal. Are there things that you go cheap on? Are there things that you dont mind spending significant amounts of money to acquire. For me personally, I dont mind spending money on things that bring me what I consider high value experiences. I also dont mind spending money on things that retain their value. For example, I wouldnt buy a $20 poster because I think it inherently has no value. However, I dont mind paying a few thousand dollars for a painting because not only does it look nice, I view it as an investment that overall should retain its value. In other words, I rather invest a thousand dollars into a piece of art on my wall than pay $20 for a piece of paper that has no resale value. Examples of things I go Frugal: Car (2009 Hyundai Elentra, $15k), I dont like cars or driving. Name brand clothing/shoes. I like it to be real leather, but dont care who makes it. Jewelry (I have a cheap but elegant looking Skagan) Generic brands (it doesnt have to be windex, the store brand is fine) Examples of higher spending (splurging): Travel (Last month in Vienna and Prague, last week Aruba) House (not fancy but a well built 3600 sq ft dwelling for the two of us) Food (Mostly home cooked meals, fresh fruit, vegetable, fish, etc. I dont particularly enjoy eating out so thats very minimal) Art (some nice paintings, antique books, I collect antique European maps) Hometheater/audiophile (my main hobby is listening to music so I have a really nice stereo setup in a home theater room where we also watch movies) Savings (I like to have a large next egg and put away about 50% of my income into investments/retirement) I am interested in hearing about other peoples view. What are you examples?
Posted on: Tue, 16 Sep 2014 23:20:45 +0000
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