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Started By
Message
Americans Are Still Spending Like There’s No Tomorrow
Posted on 10/2/23 at 8:48 am
Posted on 10/2/23 at 8:48 am
LINK
Below are some excerpts from today's WSJ article. I was wired to be so security oriented that I have saved money my entire life, and still cannot fathom blowing money as frivolously as these people. Especially the grown man buying Taylor Swift tickets.
Below are some excerpts from today's WSJ article. I was wired to be so security oriented that I have saved money my entire life, and still cannot fathom blowing money as frivolously as these people. Especially the grown man buying Taylor Swift tickets.
quote:
So, instead of saving for a down payment like he expected to after turning 30 and getting engaged in the past year, he splurged. First, he bought a $1,600 Taylor Swift Eras Tour ticket and then he spent $3,500 on a bachelor party trip to Ibiza, Spain.
quote:$10K
Lindsey and Darrell Bradshaw went into credit-card debt to finance a vacation to Maui this past spring. The couple booked the trip only a few weeks after Lindsey, 37, quit her job to be a full-time caregiver to their 8-year-old son, who has special needs.
quote:
Josh Richner says he greatly lowered his retirement contribution to afford a cross-country trip that included a $7,000 Alaskan cruise so his family could see the ice caps, which have been melting at a rapid clip.
46
Posted on 10/2/23 at 8:49 am to Bdiddy
Financial literacy means jack dick when papa govt will make it all better
Posted on 10/2/23 at 8:51 am to Bdiddy
People are racking up CC debt. Currently it stands around $1.031 trillion. This is first time it's topped the $1 trillion mark.
Posted on 10/2/23 at 8:52 am to Bdiddy
People are prioritizing current experiences over long term financial security because they don’t believe in a positive future anymore (in other words, they don’t think they can “win” long-term).
Lower classes have been living like this for a long time, but it’s made its way to the middle class now.
See:
Lower classes have been living like this for a long time, but it’s made its way to the middle class now.
See:
quote:
Posted by ReauxlTide222 online on 10/2/23 at 8:53 am to Bdiddy Why not? It’s not like anything really matters anymore.
This post was edited on 10/2/23 at 8:54 am
Posted on 10/2/23 at 8:53 am to Bdiddy
Why not?
It’s not like anything really matters anymore.
It’s not like anything really matters anymore.
Posted on 10/2/23 at 8:53 am to Earnest_P
quote:Exactly
People are prioritizing current experiences over long term financial security because they don’t believe in a positive future anymore
Posted on 10/2/23 at 8:53 am to Ignignokt
quote:
People are racking up CC debt. Currently it stands around $1.031 trillion. This is first time it's topped the $1 trillion mark.
True, but wasn’t it $950 billion prior to Covid?
Posted on 10/2/23 at 8:53 am to Bdiddy
This may get downvotes, but I think Covid did a number on people psychologically. Even if it caused just momentary fear for the health and safety of you and your family, the reaction from many is YOLO, including taking more time off of work (retiring early, getting an easier job, etc.) and spending on experiences.
Posted on 10/2/23 at 8:54 am to Bdiddy
quote:
Fears about a changing climate are driving some people to try to see places before they’re gone. In a monthly Deloitte survey of 19,000 global consumers, climate change was the only topic among 19 different concerns that respondents reported feeling significantly more worried about over the past year.
My fellow Americans are dumb.
Posted on 10/2/23 at 8:54 am to Bdiddy
Considering how much groceries tend to cost these days, having a tailgating party may as well require a loan.
Posted on 10/2/23 at 8:55 am to beerJeep
I think it’s a long term effect of Covid for older people and lack of hope in younger people
Covid and ensuing inflation ruined certain older people who were doing the “right thing” saving and grinding for years. Death of loved ones and rising costs, realizing life is too short so frick it take the trip, buy the car and deal with any consequences later
On the other end, young people have no real hope for financially secure future (house, retirement) so without a need to plan long term might as well YOLO it too.
The above scenarios + social media which amplifies the keeping up with the Jones’ effect x1000 (Taylor Swift tour is a perfect case study for this) and here we are
Just my opinion
Covid and ensuing inflation ruined certain older people who were doing the “right thing” saving and grinding for years. Death of loved ones and rising costs, realizing life is too short so frick it take the trip, buy the car and deal with any consequences later
On the other end, young people have no real hope for financially secure future (house, retirement) so without a need to plan long term might as well YOLO it too.
The above scenarios + social media which amplifies the keeping up with the Jones’ effect x1000 (Taylor Swift tour is a perfect case study for this) and here we are
Just my opinion
Posted on 10/2/23 at 8:55 am to Bdiddy
Not me. I’m still somewhat traumatized from losing a job around 08 09 and the financial hell I went through. I’ve pretty much been a saver ever since and rarely splurge on myself. Living and spending like there is no tomorrow is great until tomorrow smacks you in the face.
Posted on 10/2/23 at 8:56 am to Ignignokt
quote:
People are racking up CC debt. Currently it stands around $1.031 trillion. This is first time it's topped the $1 trillion mark.
It's not simply bad decisions like the OP.
Inflation has done a ton of damage to people. There's so many people who have no idea.
Posted on 10/2/23 at 8:57 am to teke184
quote:
“I just hit a point where the thing that we had been talking about maybe hopefully doing some day, we’re going to do it now,” he says. “I’m not going to worry about money anymore. I don’t have it in me.”
We worked really hard to get to a point where we aren't sweating almost every purchase. My wife and I are both W2 primarily, but we've both started small "side gig" companies in the last year. Even with our income, we are still weighing it against "what if we put this into our side companies instead?".
We are still careful now so I don't have to eat cat food when I retire. We max out our 401k and IRA, we are trying to hit our savings targets every month, and we are trying to create more streams of passive income. If I lived the way this guy did....none of that would be possible.
This post was edited on 10/2/23 at 8:59 am
Posted on 10/2/23 at 8:58 am to Dandaman
quote:
I think Covid did a number on people psychologically. Even if it caused just momentary fear for the health and safety of you and your family, the reaction from many is YOLO, including taking more time off of work (retiring early, getting an easier job, etc.) and spending on experiences.
I also attribute it to COVID.
Also, there’s generally so so SO much less faith in authorities (government, the news, medical professionals, etc) now, which really amounts to a lack of belief in society, and I think leads to apathy and nihilism.
Posted on 10/2/23 at 8:59 am to Bdiddy
Thanks to the last 100+ years of corrupt politicians...
Posted on 10/2/23 at 8:59 am to Eighteen
quote:It was happening before Covid.
I think it’s a long term effect of Covid for older people and lack of hope in younger people
Covid just sped it right up.
Posted on 10/2/23 at 9:00 am to Bdiddy
quote:
getting engaged in the past year, he splurged. First, he bought a $1,600 Taylor Swift Eras Tour ticket and then he spent $3,500 on a bachelor party trip to Ibiza, Spain.
I can’t imagine spending 12 seconds talking to this “guy.”
Posted on 10/2/23 at 9:01 am to Bdiddy
There is a hybrid TikTok generation (Which includes people from 18-mid 30s, but not all 18-mid 30s people) created by social media who are completely materialistic. Their life revolves around material things and “experiences”
My biggest fear is that my wife and I do the right thing and the government fricks us to buy the votes of this growing segment of the population who is financially illiterate and will be crying about being unable to retire in 30 years.
My biggest fear is that my wife and I do the right thing and the government fricks us to buy the votes of this growing segment of the population who is financially illiterate and will be crying about being unable to retire in 30 years.
This post was edited on 10/2/23 at 9:01 am
Posted on 10/2/23 at 9:01 am to McLemore
Just by reading those two purchases I’m guessing that he is gayer than Richard Simmons in San Francisco.
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