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Rising Star
It depends and it’s really a mindset… some people self identify their value by their income or bank account… others view money as nothing more than a tool to buy what you want… neither is wrong… your brains are just wired differently… or have different lived experience when it comes to money…
Take my wife and I as an example… we both work in finance… HHI is 7-figures… I’m impulsive and will spend like a drunken sailor and not think twice about it… my wife loves to spend money, but is more thoughtful and concerned about it…
The key difference is I grew up very comfortable, she grew up with much less… so there’s a part of her that is deathly afraid of losing everything… I know we’ll be fine so I don’t care… we just identify and associate differently when it comes to money… again neither of us is wrong… it’s important to know the why…
You guys better save for the future! Retirement is long and expensive! Most people have no clue about how much they need.
If it was about income, your attitudes would be inverted. But it isn't, so they're not. Rest assured, your mindset is the right one to have. Keep that up and you'll be retired while your friend is probably still working.
Everyone who has commented here make good points. An additional way to look at it is considering the possibility that they might have some of their bills subsidized by parents, or they may have additional sources of income that you’re not aware of etc.
People have very different needs and different views of what’s important to them. They may have a cheaper car and a smaller house, allowing their bills to be cheaper because they want to be able to enjoy that 8.00 coffee. I, personally, keep my housing expenses cheaper so that I can travel more. We all have different experiences in life that can shape how we prioritize what is important. For some that have experienced early deaths in their family, may not take saving as seriously as someone whose family has lived to their 90’s. Because of things like this, I try not to look at how others spend their money. Well as long as they’re not asking to borrow from me. 😃
It means you’ve either struggled in the past or always have been conscientious about money. It’s a good thing! If you’re financially secure you should slowly try and take a few of the guardrails off. I’ve always been anti-spending, once I began making >$200k I’ve learned to enjoy some finer things. It’ll make you feel a lot better about everything 🍻
What do you think is the correct answer here?
I am pretty sure you already know it but want validation, which is fine too.
That $80k person will remain relaxed and one day realize that he/she doesn’t have much saved up while you may always be a bit guilty but that will ensure you are not spending on may unnecessary stuff.
It’s a personality trait but I think you would rather have this trait than not.
I spent the majority of my life stressed about money. To a point now where I have a fairly strict budget, I save, I make sure bills are paid, and I’m also reasonable about enjoying some of that money, too.
Pro
It’s a good mindset that you have. It’s better to save now and be more prepped for your future. Your $80k friends mindset is like short term gratification while yours is looking at the bigger picture.
Conversation Starter
It is all about how you manage your budget
Depends on your goals. If you’re trying to retire early, it makes sense to worry about the small things.
Marathon, not a sprint. Your buddy will run out of steam
I literally was thinking about how I’ve become so stingy over the years and how did this happen.
There is a tipping point where we are squeezing ourselves too much though. I think a coffee here and there is ok. There’s really diminishing returns if it becomes a source of stress or taking too much mental space and causing other issues.
Either your friend is not saving or they’re not worried about saving bc money is coming from somewhere else.
Your 80K colleague could have a trust fund or eat beans and rice or be in complete financial denial and overspends daily. Everyone has a different relationship with spending and saving.