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Author Topic:   Let's talk about spending money.
Taz
Member (Idle past 3291 days)
Posts: 5069
From: Zerus
Joined: 07-18-2006


Message 1 of 23 (363139)
11-10-2006 8:13 PM


You go to work each day. You perform certain tasks that you were employed for. Sometimes you don't like certain or all aspects of the job, but you also know that the job is important for you so you take it in. Sometimes you don't like what your boss says, but you smile and nod.
But at the end of the day/week/month, you receive your paycheck and that's what counts.
So, you are armed with this money that you worked for. What would you spend it on? But wait, how do you decide what to spend it on?
Some people have family, so they spend the money on things that are a necessity to the family. Some people don't have a family, so they want to spend the money on pleasurable stuff.
If you're still with me, here is something to think about. Most of the time people spend their hard earned money on material possessions in exchange for more happiness. Some people gamble the money away for that hour of excitement.
Still with me?
In the past week, 3 people on 3 seperate occasions asked me what good is money if you don't spend it. One's a college student, one's in some kind of retail bussiness, and one's a working wife. The college student will no doubt have college debt to pay back, the second person owes many thousands of dollars in gambling debt, and the working wife wants to pay off her morgage as fast as possible.
I want to go somewhere with this, but for now I'll hold it off.
How do you decide what to spend your hard earned money on? Do you think that your decisions usually reflect a fair exchange of your money for whatever "happiness" you thought you'd be getting? Remember that we are not talking about market values here. We are talking about how much happiness you get in return for your labor and if you think it is a fair exchange.
I know this post sounds like a rant, but bare with me.

Place yourself on the map at http://www.frappr.com/evc
The thread about this map can be found here.

Replies to this message:
 Message 2 by RAZD, posted 11-10-2006 8:37 PM Taz has replied
 Message 4 by Modulous, posted 11-10-2006 9:45 PM Taz has not replied
 Message 5 by crashfrog, posted 11-11-2006 12:11 AM Taz has replied
 Message 6 by Tusko, posted 11-11-2006 5:06 AM Taz has not replied
 Message 7 by RickJB, posted 11-11-2006 5:48 AM Taz has not replied
 Message 12 by Hyroglyphx, posted 11-11-2006 9:51 PM Taz has not replied
 Message 14 by Archer Opteryx, posted 11-12-2006 6:59 AM Taz has not replied
 Message 15 by Zawi, posted 11-12-2006 7:43 AM Taz has not replied

  
RAZD
Member (Idle past 1404 days)
Posts: 20714
From: the other end of the sidewalk
Joined: 03-14-2004


Message 2 of 23 (363142)
11-10-2006 8:37 PM
Reply to: Message 1 by Taz
11-10-2006 8:13 PM


Time is the currency of your life, money is just ONE of the things that enable you to spend your currency in ways meaningful to you.

Join the effort to unravel {AIDS/HIV} {Protenes} and {Cancer} with Team EvC! (click)

we are limited in our ability to understand
by our ability to understand
RebelAAmericanOZen[Deist
... to learn ... to think ... to live ... to laugh ...
to share.

This message is a reply to:
 Message 1 by Taz, posted 11-10-2006 8:13 PM Taz has replied

Replies to this message:
 Message 3 by Taz, posted 11-10-2006 9:16 PM RAZD has replied

  
Taz
Member (Idle past 3291 days)
Posts: 5069
From: Zerus
Joined: 07-18-2006


Message 3 of 23 (363149)
11-10-2006 9:16 PM
Reply to: Message 2 by RAZD
11-10-2006 8:37 PM


That may be true, but we are talking about money, or rather the fruit of your labor.

Place yourself on the map at http://www.frappr.com/evc
The thread about this map can be found here.

This message is a reply to:
 Message 2 by RAZD, posted 11-10-2006 8:37 PM RAZD has replied

Replies to this message:
 Message 8 by RAZD, posted 11-11-2006 1:22 PM Taz has replied

  
Modulous
Member
Posts: 7801
From: Manchester, UK
Joined: 05-01-2005


Message 4 of 23 (363155)
11-10-2006 9:45 PM
Reply to: Message 1 by Taz
11-10-2006 8:13 PM


How do you decide what to spend your hard earned money on?
The first decision I make is what needs to be spent to maintain my home. Mortgage payments, insurance, council tax and other bills such as utilities.
Second is maintaining my future: savings, pensions and the like
Next up is things which maintain my health. Food, drink and medicine. As it stands, expensive medicine isn't required constantly, but it does include dental bills.
The next is minimum entertainment. Internet, television and music playing facilities come here.
After the essentials I spend money on
visiting family (who live at various ends of the country on the one side of the family - in the US for another side) - this then includes my holiday time.
Followed by assorted things such as entertainment and transport. If I were to lose my bike, it would probably become a priority to buy another one for its cost savings.
I am a miser and so don't pay for things I don't think reflect accurately the joy/utility I would have by spending the money. There are times when I think I have been ripped off but thankfully this is not often.
I'd like to see where this is leading

This message is a reply to:
 Message 1 by Taz, posted 11-10-2006 8:13 PM Taz has not replied

  
crashfrog
Member (Idle past 1466 days)
Posts: 19762
From: Silver Spring, MD
Joined: 03-20-2003


Message 5 of 23 (363164)
11-11-2006 12:11 AM
Reply to: Message 1 by Taz
11-10-2006 8:13 PM


How do you decide what to spend your hard earned money on?
I just follow some very simple steps that ensure the wisest possible use of my hard-earned money. Here they are:
1) Give it all to my wife.
That's it, actually. It's been working out pretty well.

This message is a reply to:
 Message 1 by Taz, posted 11-10-2006 8:13 PM Taz has replied

Replies to this message:
 Message 10 by Taz, posted 11-11-2006 4:38 PM crashfrog has not replied

  
Tusko
Member (Idle past 100 days)
Posts: 615
From: London, UK
Joined: 10-01-2004


Message 6 of 23 (363174)
11-11-2006 5:06 AM
Reply to: Message 1 by Taz
11-10-2006 8:13 PM


Sorry if this is boring or isn't relavent to your thread.
First of all I pay my pension - or rather it gets deducted from my pay-packet. Then comes rent and bills and savings, then food (and I seem to spend a hell of a lot on food), drink, travel and all that other stuff. The last proper big, frivolous purchase I made was over a year ago, and that was a Telecaster.
I don't know if I get what I would consider to be a reasonable level of happiness from most of these purchases. Case in point, I'm going to move back to my parents' house at Christmas because I don't think I'm getting 417.67 worth of joy a month for the box on stilts I'm living in at the moment, even though it is in a great central London location.
Another big money-magnet in my life seems to be eating out. I love it, I do it all the time, and it costs a bundle. I've been asking myself recently if I get my money's worth. I don't know. I rationalise it by saying that I haven't got anything else I'd rather be spending it on, so why not? That usually gets me through the door of the Viet Grill. I then get a nagging feeling that it would have probably been better saved.
I do gamble occasionally, but only on the 2p machines in amusement arcades. Also, I might by a couple of lottery tickets a year.
In answer to the question "what good is money if you don't spend it?" I think the most obvious answer is "it can give a sense of security for a future that might be uncertain."

This message is a reply to:
 Message 1 by Taz, posted 11-10-2006 8:13 PM Taz has not replied

  
RickJB
Member (Idle past 4990 days)
Posts: 917
From: London, UK
Joined: 04-14-2006


Message 7 of 23 (363176)
11-11-2006 5:48 AM
Reply to: Message 1 by Taz
11-10-2006 8:13 PM


For me, money is about the so-called small pleasures.
I recently took an educational course to retrain myself into a new career. Although I'm now very comfortable, one year living on savings without ANY income was a real wake up call.
It was those "small pleasures" I missed the most - the ability to go for a meal, grab a pint in the pub or catch a film without worrying.

This message is a reply to:
 Message 1 by Taz, posted 11-10-2006 8:13 PM Taz has not replied

  
RAZD
Member (Idle past 1404 days)
Posts: 20714
From: the other end of the sidewalk
Joined: 03-14-2004


Message 8 of 23 (363225)
11-11-2006 1:22 PM
Reply to: Message 3 by Taz
11-10-2006 9:16 PM


coupons
... but we are talking about money, or rather the fruit of your labor.
But it's really the same thing: redeeming coupons of time for things you value.
The smiles laughter and joy of family and friends, the first taste of my saturday morning cafe mocha constitutional, a sunny day in the mountains or walk along the shore, a quiet read by a fire at night.
in your OP you said
In the past week, 3 people on 3 seperate occasions asked me what good is money if you don't spend it.
It certainly doesn't do YOU any good once you are dead.
Certainly you need to plan for costs and future, but that is why you work in the first place.

Join the effort to unravel {AIDS/HIV} {Protenes} and {Cancer} with Team EvC! (click)

we are limited in our ability to understand
by our ability to understand
RebelAAmericanOZen[Deist
... to learn ... to think ... to live ... to laugh ...
to share.

This message is a reply to:
 Message 3 by Taz, posted 11-10-2006 9:16 PM Taz has replied

Replies to this message:
 Message 9 by Taz, posted 11-11-2006 4:37 PM RAZD has replied

  
Taz
Member (Idle past 3291 days)
Posts: 5069
From: Zerus
Joined: 07-18-2006


Message 9 of 23 (363250)
11-11-2006 4:37 PM
Reply to: Message 8 by RAZD
11-11-2006 1:22 PM


Re: coupons
RAZD writes:
It certainly doesn't do YOU any good once you are dead.
Just so you, I'm still waiting for that big day when I can call myself a man (aka 30 yr old). Also, I'm never going to die if I can help it. I'll use cryogenics if I have to
For all of you, good responses! Keep them coming. I'd really love to see how different people decide how to spend their money.

Place yourself on the map at http://www.frappr.com/evc
The thread about this map can be found here.

This message is a reply to:
 Message 8 by RAZD, posted 11-11-2006 1:22 PM RAZD has replied

Replies to this message:
 Message 11 by RAZD, posted 11-11-2006 4:43 PM Taz has not replied

  
Taz
Member (Idle past 3291 days)
Posts: 5069
From: Zerus
Joined: 07-18-2006


Message 10 of 23 (363251)
11-11-2006 4:38 PM
Reply to: Message 5 by crashfrog
11-11-2006 12:11 AM


crashfrog writes:
1) Give it all to my wife.
Actually, I trust myself more than my wife.

Place yourself on the map at http://www.frappr.com/evc
The thread about this map can be found here.

This message is a reply to:
 Message 5 by crashfrog, posted 11-11-2006 12:11 AM crashfrog has not replied

  
RAZD
Member (Idle past 1404 days)
Posts: 20714
From: the other end of the sidewalk
Joined: 03-14-2004


Message 11 of 23 (363253)
11-11-2006 4:43 PM
Reply to: Message 9 by Taz
11-11-2006 4:37 PM


Re: coupons
... I'm still waiting for that big day when I can call myself a man (aka 30 yr old).
But that's when you can no longer trust yourself ('60's hippy quote: never trust anyone over 30)
Also, I'm never going to die if I can help it.
My goal is to live forever or die trying.
Quote from my dad: you always find time for the things you really want to do. He's 86 and still finding things to do.
Enjoy.

Join the effort to unravel {AIDS/HIV} {Protenes} and {Cancer} with Team EvC! (click)

we are limited in our ability to understand
by our ability to understand
RebelAAmericanOZen[Deist
... to learn ... to think ... to live ... to laugh ...
to share.

This message is a reply to:
 Message 9 by Taz, posted 11-11-2006 4:37 PM Taz has not replied

  
Hyroglyphx
Inactive Member


Message 12 of 23 (363303)
11-11-2006 9:51 PM
Reply to: Message 1 by Taz
11-10-2006 8:13 PM


Spending money 101
How do you decide what to spend your hard earned money on? Do you think that your decisions usually reflect a fair exchange of your money for whatever "happiness" you thought you'd be getting? Remember that we are not talking about market values here. We are talking about how much happiness you get in return for your labor and if you think it is a fair exchange.
I think you spend your money on necessities first: mortgage/rent, food, insurance, utilities. Second: Place a nominal percentage into a trust or really anything that will appreciate. Third: Give ten percent of your money faithfully to a charity of your choice or a worthy cause. Lastly, take some time to enjoy a simple trip or buy something nice for yourself or your family.
What not to spend your money on: Gambling, credit and drugs. All three are black holes and nothing good can come from it.
That's my take on it anyhow.

"The weapons of our warfare are not carnal but mighty in God for pulling down strongholds, casting down arguments and every high thing that exalts itself against the knowledge of God." -2nd Corinthians 10:4-5

This message is a reply to:
 Message 1 by Taz, posted 11-10-2006 8:13 PM Taz has not replied

Replies to this message:
 Message 13 by CK, posted 11-12-2006 6:21 AM Hyroglyphx has replied

  
CK
Member (Idle past 4127 days)
Posts: 3221
Joined: 07-04-2004


Message 13 of 23 (363349)
11-12-2006 6:21 AM
Reply to: Message 12 by Hyroglyphx
11-11-2006 9:51 PM


Re: Spending money 101
gambling can be an excellent way to make money if you know what you are doing - Poker is the way to go not horses or random chance games those are for mugs.
Internet gaming means that there is an ever-expanding pool of mugs who think they can play poker practically begging you to take their money. I make around $1000 per month for a few hours work a night. I have a friend who is a police officer who spends serious time doing it and he clears about $3000-$5000 per month.
Edited by CK, : No reason given.

This message is a reply to:
 Message 12 by Hyroglyphx, posted 11-11-2006 9:51 PM Hyroglyphx has replied

Replies to this message:
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Archer Opteryx
Member (Idle past 3597 days)
Posts: 1811
From: East Asia
Joined: 08-16-2006


Message 14 of 23 (363351)
11-12-2006 6:59 AM
Reply to: Message 1 by Taz
11-10-2006 8:13 PM


I don't buy 'happiness' with my paycheck and 'the fruits of my labor' include much more than my paycheck.
But at the end of the day/week/month, you receive your paycheck and that's what counts.
What counts is doing something meaningful, whether on the clock or off.
___

Archer
All species are transitional.

This message is a reply to:
 Message 1 by Taz, posted 11-10-2006 8:13 PM Taz has not replied

Replies to this message:
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Zawi
Member (Idle past 3629 days)
Posts: 126
From: UK
Joined: 12-02-2004


Message 15 of 23 (363356)
11-12-2006 7:43 AM
Reply to: Message 1 by Taz
11-10-2006 8:13 PM


I'm probably a bit out of the financial mold here. I very rarely have any money to spend whatsoever. Hopefully I'll start earning good money in 2012, when I finally graduate... When that time comes, I plan on spending most of it on my family, if I ever have one. All that I want is a comfortable life where I don't have to wrack my brains out about my finances all the time.
When I did have money coming in a few years ago, I paid rent with it, and saved the rest to buy the fancy-dan computer I'm using right now. Now I'm in education, I have nothing. I'm supposed to have an education allowance coming through, but they're really taking their time about it; so right now I'm living on charity.

This message is a reply to:
 Message 1 by Taz, posted 11-10-2006 8:13 PM Taz has not replied

  
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