I go out for a chai latte sometimes and bring my daughter with me to get a smoothie. Fuck people who think everyone else should cut back on this shit. Just because you’re not wealthy doesn’t mean you don’t deserve the occasional nice treat to make your life a little less dismal.
I don’t know avout deserving, cutting back is just something many do to make ends meet. If you have the money for tea and smoothies then I don’t see what the issue for anyone would be.
You can cut back to make ends meet, which we do, and still get the occasional thing to make your life not shit 100% of the time. Would we do better financially if we didn’t do the occasional thing to make us happy? Sure. Why though?
Spending money doesn’t make me happy. It might be the good coffee or spending time with my friends in a cafe that was the thing making me happy. So for me it’s not a fight about doing things that make me happy vs not. I usually try to find another way to be happy, like buying good coffee to make at home and so on for things I try to cut back from.
Would we do better financially if we didn’t do the occasional thing to make us happy? Sure. Why though?
That’s what I’m wondering too. If you can afford those things and they make you happy, who thinks you don’t deserve them or thinks you shouldn’t do them?
The people who say that you’ll be more financially successful if you don’t buy coffee or have avocado toast or do anything else that might give you pleasure that involves purchasing anything at all.
Also, I’m not sure how you get ‘the good coffee’ without spending money on it. Even if you make it at home, you have to buy the coffee.
The people who say that you’ll be more financially successful if you don’t buy coffee or have avocado toast or do anything else that might give you pleasure that involves purchasing anything at all.
I can’t say I’ve met those people. I guess you could save money that way but of course spending less doesn’t make you earn more or something.
Also, I’m not sure how you get ‘the good coffee’ without spending money on it. Even if you make it at home, you have to buy the coffee.
Saving money isn’t just about spending 0$ on something but spending less…
Here you go- https://www.theguardian.com/lifeandstyle/2017/may/15/australian-millionaire-millennials-avocado-toast-house
And spending less than what?
Australian millionaire
2017
I’m feeling like this is not a very common situation but I guess now I can’t say that I’ve never bumped into that sentiment. Though I think this is the first time for me.
And spending less than what?
Less than you used to…? I think I might’ve misunderstood your question since it sounds like you are asking how saving money by spending less works. And I doubt that’s the case
I’m currently a millionaire because at the time, it was cheaper to buy then it is to rent. There was a first-time homebuyer bonus also and we only needed 3.5% down. We figured if we just broke even when we wanted to move, it would have been worth it. This was back in 2009. Then, waited 10 years and I can’t afford that condo that I bought with my income today.
I’m in a weird situation where:
- my house is double the value
- my equity has tripled or quadrupled
- yet my mortgage is bigger than the original purchase
- and the payment is half, as a percentage of my monthly income.
What kind of mortgage did you get? Is it on a 15 year arm or something?
2.3% fixed. I refinanced just before rates went up a few years ago
Man, crazy deal. It’s pretty much free money. It’s below inflation. Gotta keep that until you pay it off.
All true. But this is on a linear scale. Worth noting that wealth aggregates exponentially. Which is to say, getting from $0 to $1M is far more difficult than getting from $1M to $2M, thanks to our financial system’s method of compounding returns on investment over time.
The cost of one’s basic living needs heavily weigh down one’s ability to aggregate wealth when one is poor. But basic living costs are trivial to someone who is rich. Same with one’s ability to leverage borrowing power. It is very easy to become a billionaire if you can get ahold of a billion dollars in credit. And much of the real value of modern billionaires is measured in their credit-worthiness rather than their real liquidity. Elon Musk is a great example - a guy whose billionaire status is almost entirely bound up in how his car company and his social media company and his aerospace company are valued.
The speculative valuation of these firms is driven by the availability of lending. That’s why Tesla, a company that produces less than 1M vehicles/year is valued at twice the market cap of Toyota, a company that produces over 10M vehicles/year.
TL;DR; The millionaire/billionaire distinction isn’t linear. It is exponential and heavily speculative. Real utility value isn’t what gets measured. And so the distinction between a millionaire and a billionaire is far more about one’s ability to borrow money than one’s actual accumulated assets.
And much of the real value of modern billionaires is measured in their credit-worthiness rather than their real liquidity. Elon Musk is a great example - a guy whose billionaire status is almost entirely bound up in how his car company and his social media company and his aerospace company are valued.
This describes most figures with a net worth over a few million - most of the time most of that wealth is in the form of non-liquid assets like owning pieces of companies or real estate. Much of their wealth is in their ability to borrow against speculative income from those sources.
That’s an interesting way to think about it that had never occurred to me. Thanks.
I don’t like avocados. I’ve literally never had avocado toast.
And somehow I’m not a millionaire.
Have you tried getting a 10 million dollar loan from daddy?
I dOn’T KnoW wHo nEEds tO heAr tHIs
🤮🤢
Fuckin nobody, usually
It’s pretty useful to do little savings like that though
Until you hit your first billion dollars, and then its trivial.
Well that’s certainly something to look forward to. Right now I’m just looking to save money for a better bed lol.
I feel this so much. My mattress has huge dents in it from weight & time. It’s memory foam but it only remembers dents now.
After making coffee at home and figuring out exactly the way I like it to be made, I hardly ever consider rolling the dice on one if I can help it. Getting it while out and about is only for when I have no other choice (not being home for a long time). The cost savings are just gravy.
You don’t see the ultra rich getting fancy coffee from your local barista.
They pay assistants to do that for them.
Not only does the assistant buy the coffee. He also drinks it, and does all the work for the billionaire.
As it should be. Imagine earning millions of dollars and still having to work for it
which is honestly fucking sad, you bet your ass i’d be buying the most expensive shit from the local coffee shop if i had a billion dollars
It’s one coffee, Michael, how much can it cost? $100?
Waiting for SBF to respond to this.
Can take a while
Have you considered supplementing your income by committing massive fraud?
You need to start by making small changes to your daily habits, and build up to massive fraud. If you try to do it all at once the habit wont stick.
I dont know about that. Small crimes get prosecuted. Big crimes? You just pay a fine that’s less than what you made.
I’m thinking “big crimes” is probably better overall. Might as well just start there.
Small crimes from small fish. You can only take money from people who have less than you, that’s how the fraud system works. So you gotta ramp up your frauding slowly.
Important note in small script:
only applicable if you’re a millionaire alreadyOr a friend or relative of a Tory MP.
Or being born into the family of a former Plantation Owner.
Generational wealth for us, nothing for the descendants of the people we used to own as property.
How to be a millionare by 30:
- Start a buisness in an untapped market
- get investors
- work all day every day
- workout and meditate to keep you body and mind healthy
- save as much as you can, not starbucks!
- .~get 2 million as a gift from parents~
- sell the buisness once it is valued over a million
- use that money to start a new one
I have seen many adverts rich people make so heres a schedule:
Wake up at 4am
Get dressed 4-5
Go to gym 5-7
Get changed 7-8
Eat breakfast 8-8:30
Read newspaper 8:30-9
Work 9-12
Lunch 12-13
Hit the club 13-17
Dinner 17-18
Club again 18-?
Do these and you will be a billionare in no time. If you are an older gentleman replace the club with golf.
Sell business once it is valued over a million
-invest in GICs/Bonds on a 5 year maturation or high yield savings accounts (~5%)
-Every 5 years collect $275,000 on a $1M principle.
-Now you make average money and you don’t even have a job.
First off, I want my coffee first thing. So I make it at home so I don’t have to be dressed and already up.
I don’t think I have access or motivation for the amount of fraud that would make me rich in the short term. I’ll keep my ears open, though.
Be like Logan Paul and make several different pump-and-dump schemes to scam a bunch of children all over the world.
But with the stock market.
I don’t drink coffee, I don’t like avocado, and I don’t buy random junk. What gives?
You could try having a trust fund…
Have you tried supplementing your income with fraud?
Actually no, I haven’t, but I might give it a shot though. Any tips?
Ask your parents for a small loan of a million dollars