can one be too frugal?

If you know you are capable of always making more money, then who cares have a good time.

Just don't get in over your head, you have to be smart enough to know when to stop and change it up.

see Kenny Rogers "The Gambler" for more insight :p
 
NsXMas said:

Is it possible to be too frugal?
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No. But it is possible to die with a lot of money in the bank and never doing or having the things you wanted.
Don't get me wrong I am a firm believer in saving, as you may have read from my previous posts. Saving is important, but enjoying yourself is important to.
One of my neighbors denied himself a lot of things he wanted. He stuffed all his money in the bank, drove junk, lived very simply, waiting for retirement. A few years ago he died. All the money he saved went to pay his health care bills. Had he just spent the money he would have enjoyed himself a lot more, IMO. The golden years HA.
 
Re: Re: can one be too frugal?

steveny said:
No. But it is possible to die with a lot of money in the bank and never doing or having the things you wanted.
Don't get me wrong I am a firm believer in saving, as you may have read from my previous posts. Saving is important, but enjoying yourself is important to.
One of my neighbors denied himself a lot of things he wanted. He stuffed all his money in the bank, drove junk, lived very simply, waiting for retirement. A few years ago he died. All the money he saved went to pay his health care bills. Had he just spent the money he would have enjoyed himself a lot more, IMO. The golden years HA.
Click to expand...

I agree with you. I think once I move and settle down, I'm going to splurge on some nice new furniture (upgrade from our current starter furniture set), maybe a large screen TV, as well as the proverbial sports car.

I'll start enjoying some of the money, hopefully.
 
Re: Re: can one be too frugal?

steveny said:
All the money he saved went to pay his health care bills. Had he just spent the money he would have enjoyed himself a lot more, IMO. The golden years HA.
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yeah but if he didn't have the money saved....wouldn't he have been fubar'ed for the health bills?
 
Re: Re: Re: Re: can one be too frugal?

NsXMas said:
Move across the border to Canada for free health care? ;)

I have some Canadian colleagues who have no concept of the 401(k) and health insurance. Lucky? I'm not sure...
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:p they must not be too bright then

USA ---------- Canada
401(k) ------- RRSP
Health Ins -- In your taxes

It's all the same game just different names/providers/levels of coverage. Lucky? I gladly pay the higher taxes knowing that everyone gets equal access to services, even if I don't ever use them. Higher standard of living.
 
ss_md said:
I know I'm going to get flamed for this but here goes . . .
This is not true. Wealth isn't created by living life below your means. A person can penny pinch for their entire life and never be wealthy. True wealth is accumulated by savvy individuals that have the know how and invest using OPM.
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I agree with what you say but money may not be the root to happiness. For me I enjoy the things money can buy but not as much as I enjoy the freedom money can buy. I would rather have nothing and not work for money than to have everything and have to work for it.

If I would have to chose just one thing over the last five years that has made a serious impact on me it would be the fact that for some people money comes very easily. I am amazed how little effort some people have to exert to get large sums of money, and how much effort other give for such a small amount of money.

Good example, last week I made a trade on ORCL took me 5 minutes I made 900 dollars. A few days later I have three guys out in my yard cutting down a huge tree. They are working for two days cutting and lifting the logs, scratches all over them, sweat running down their backs. They charged me 900 dollars. Really puts things into perspective, especially when I think about how small a trade I did on ORCL. I bet there were people that traded ORCL that day who could have bought all the labor to assemble a new Mercedes with one trade.

So the original statement of True wealth is accumulate by those that live BELOW their means, to me means If you have to bust your a$$ to buy the things you want you will not enjoy them.
 
Re: Re: Re: Re: Re: can one be too frugal?

satan_srv said:
:p they must not be too bright then

USA ---------- Canada
401(k) ------- RRSP
Health Ins -- In your taxes

It's all the same game just different names/providers/levels of coverage. Lucky? I gladly pay the higher taxes knowing that everyone gets equal access to services, even if I don't ever use them. Higher standard of living.
Click to expand...

LOL don't tell my Canadian friends that! :D

Some say the best of all worlds is to make a US income while living in Canada...
 
steveny said:
...If I would have to chose just one thing over the last five years that has made a serious impact on me it would be the fact that for some people money comes very easily. I am amazed how little effort some people have to exert to get large sums of money, and how much effort other give for such a small amount of money.

Good example, last week I made a trade on ORCL took me 5 minutes I made 900 dollars. A few days later I have three guys out in my yard cutting down a huge tree. They are working for two days cutting and lifting the logs, scratches all over them, sweat running down their backs. They charged me 900 dollars. Really puts things into perspective, especially when I think about how small a trade I did on ORCL. I bet there were people that traded ORCL that day who could have bought all the labor to assemble a new Mercedes with one trade.
....
Click to expand...

That's such an interesting observation. It really highlights risk/reward. The more you risk (ie trading), the more you earn. Finding the optimal balance between lowest risk and highest reward is the trick to being wealthy easily. Education in this regard is vital.
 
Re: Re: Re: Re: Re: Re: can one be too frugal?

NsXMas said:
LOL don't tell my Canadian friends that! :D

Some say the best of all worlds is to make a US income while living in Canada...
Click to expand...

not with the current exchange rate...besides if you are still resident in canada you still pay Canadian tax rates so you would have to figure out if the higher tax rate outweighs the the cheaper cost of living due to currency savings.
 
Re: Re: Re: can one be too frugal?

satan_srv said:
yeah but if he didn't have the money saved....wouldn't he have been fubar'ed for the health bills?
Click to expand...

My mother has a friend who does not have a pot to piss in or a window to throw it out of , so to speak. My mothers friend has had 3 heart attacks. Her health care and medication has been paid for everytime by welfare and the state Medicaid/Medicare fund. Her rent and utilities are paid for by the state as well. She does not work and has never worked. She owns nothing. Fifteen years ago her husband, who worked, died and left her 500k in a life insurance policy, she blew it all in less than a year. I sometimes wonder if she is not the smart one.
 
It ain't easy!!!

You've got to find the "balance", nobody I know can plan with certainty how long they're going to live. You can't count on the government to support you, so you have to plan for retirement, pay your current expenses, and enjoy life today. On average, I'd say that NSX owners are a fortunate "comfortable " group. I know that some people have sacrificed a lot in order to drive the NSX, but I hope that they're smart enough not to be heaping on the debt, cutting back on retirement planning, or not taking care of more important obligations (family, etc). My wife was the one who convinced me that I should get the NSX ( I was turning in my C5, lease was up) going to either get another "beater" or go with what we had. Our daughter was entering her freshman year at Emory ($40,000 p/year ++) we have already put away the necessary $$ for her education (I handle $ for a living, got to make sure when I give advice, I follow the same) I fund our retirement plans fully, I don't do clothes or jewelry (wife does) we don't travel, I do cars! I've got the NSX, a small mortgage, and a big smile whenever I get to drive it. Be smart, drive safely, enjoy life, don't go into debt that you can't afford. :cool: :cool: :cool: :cool: :cool: :cool: :cool: :cool:
 
NsXMas said:
That's such an interesting observation. It really highlights risk/reward. The more you risk (ie trading), the more you earn. Finding the optimal balance between lowest risk and highest reward is the trick to being wealthy easily. Education in this regard is vital.
Click to expand...

I think they were making a much larger risk. At no point during my trade was I in danger of having a tree fall on me and killing or maiming me for life. Also I bet the life span of someone who does manual labor is much shorter than someone who doesn't. So I would say the tree cutter took the bigger risk. I wonder what he would say if he knew how easy I made the money. What troubles me even more is I bet there is even an easier way to make money than the way I do.
I wonder what it would be like to make money as easy as Tommy Hilfigers daughter does?
 
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Being frugal is a personal preference. I have worked with and work with guys that have savings (stock and 401K) in excess of 3 Million, a pension and Socal Security. Even with that they won't retire because they are worried about paying $1200 to $1500 a month for health ins. I don't get it put I did not grow up in the depression. The question is and always will be how much is enough?
 
lolrof, I never did think about that. I guess they are kinda strange :D my mom works because she loves people and it get's her our of the house. From what I have seen if you are old and sit him you die quick, my grandmother of 75 years old STILL works everyday out on the farms.


gheba_nsx said:
Strange family you got... :D If I were your mom I would not waste my day for 80$!
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Ryanmcd2 said:
lolrof, I never did think about that. I guess they are kinda strange :D my mom works because she loves people and it get's her our of the house. From what I have seen if you are old and sit him you die quick, my grandmother of 75 years old STILL works everyday out on the farms.
Click to expand...

Ehm... do you have two personalities? :D
Or simply two users: Psycnosis and Ryanmcd2? :p
 
Hey I never noticed that, I use Ryanmcd2 at work and Psycnosis at home. hmm kinda strange and sorry about that. :D


gheba_nsx said:
Ehm... do you have two personalities? :D
Or simply two users: Psycnosis and Ryanmcd2? :p
Click to expand...
 
Ryanmcd2 said:
I don't care how much money she has, she's dumb as a rock and money can not make up for that.
Click to expand...

She has specialized skills though, like sucking a golf ball through a garden hose :p
 

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