Comments on: How to Stop Spending Money Poorly http://wealthpilgrim.com/how-to-stop-spending-money/ WealthPilgrim.com -No Money Worries. No Matter What. Tue, 22 May 2012 13:10:32 +0000 hourly 1 http://wordpress.org/?v=3.3.2 By: Monevator http://wealthpilgrim.com/how-to-stop-spending-money/#comment-4143 Monevator Fri, 26 Mar 2010 16:14:30 +0000 http://wealthpilgrim.com/?p=13694#comment-4143 This is a subject near to my heart. Lean Life Coach didn't even go to the next level, which is to consider what would have happened if you'd compounded that $5 for 30 years in an investment. Eek! Do it. You'll never spend money again! ;) (I'm kidding... mostly). This is a subject near to my heart. Lean Life Coach didn’t even go to the next level, which is to consider what would have happened if you’d compounded that $5 for 30 years in an investment. Eek!

Do it. You’ll never spend money again! ;) (I’m kidding… mostly).

]]> By: Neal@Wealth Pilgrim http://wealthpilgrim.com/how-to-stop-spending-money/#comment-4083 Neal@Wealth Pilgrim Tue, 23 Mar 2010 19:15:58 +0000 http://wealthpilgrim.com/?p=13694#comment-4083 Erik, No apology required friend. I feel that the main point is, what does it take to replace this money that I've just thrown away? Do I have to work 4 more hours? Do I have to sell my car/house ? Again, if you spend the $100 one time, Lean's case isn't made. It's only if you continue to spend that money month after month....in that case, the earning power of the $2k is gone. That's what he means I think and I agree. Anyway, I appreciate you hangin' in there. Erik,

No apology required friend. I feel that the main point is, what does it take to replace this money that I’ve just thrown away?

Do I have to work 4 more hours?
Do I have to sell my car/house ?

Again, if you spend the $100 one time, Lean’s case isn’t made. It’s only if you continue to spend that money month after month….in that case, the earning power of the $2k is gone. That’s what he means I think and I agree.

Anyway, I appreciate you hangin’ in there.

]]> By: Erik http://wealthpilgrim.com/how-to-stop-spending-money/#comment-4066 Erik Tue, 23 Mar 2010 13:18:11 +0000 http://wealthpilgrim.com/?p=13694#comment-4066 I sit corrected, and I apologize Neal...after thinking on the topic I forgot that this was a guest post. As far as a mind hack, well, I guess my mind is coughing more than hacking since I still don't quite agree with Lean's thought process, but whatever works for the individual is fine. Maybe my creative juices haven't started flowing this week yet. It did make me think more about the value of a dollar, so your point is taken. I sit corrected, and I apologize Neal…after thinking on the topic I forgot that this was a guest post. As far as a mind hack, well, I guess my mind is coughing more than hacking since I still don’t quite agree with Lean’s thought process, but whatever works for the individual is fine. Maybe my creative juices haven’t started flowing this week yet.
It did make me think more about the value of a dollar, so your point is taken.

]]> By: LeanLifeCoach http://wealthpilgrim.com/how-to-stop-spending-money/#comment-4049 LeanLifeCoach Tue, 23 Mar 2010 02:33:59 +0000 http://wealthpilgrim.com/?p=13694#comment-4049 Sorry for being late to the party, I was working hard all day trying to recover some cash I blew this weekend! Eric, in a vacuum, you are correct. As I stated in the beginning this is somewhat a mind hack. However, if you were to look at your finances in total, as if it was a business, then I think you could make a case for a $100 wasted cost requiring $2,000 to recover it. Each year you earn a bunch of dollars, a percentage of each goes to your required expenses and a percentage is left in savings. Using the 5% savings ratio, if you want to maintain the ratio of spending/savings, an extra $100 from savings would necessitate another $2000 in income. In the end, if it made you think twice about how much effort it takes you to earn and save, I'll consider this article a success! Thank you so much for you comment! Neal, thank you for the opportunity! .-= LeanLifeCoach´s last blog ..<a href="http://eliminatethemuda.com/2010/03/undercover-boss/" rel="nofollow">Undercover Boss</a> =-. Sorry for being late to the party, I was working hard all day trying to recover some cash I blew this weekend!

Eric, in a vacuum, you are correct. As I stated in the beginning this is somewhat a mind hack.

However, if you were to look at your finances in total, as if it was a business, then I think you could make a case for a $100 wasted cost requiring $2,000 to recover it.

Each year you earn a bunch of dollars, a percentage of each goes to your required expenses and a percentage is left in savings. Using the 5% savings ratio, if you want to maintain the ratio of spending/savings, an extra $100 from savings would necessitate another $2000 in income.

In the end, if it made you think twice about how much effort it takes you to earn and save, I’ll consider this article a success!

Thank you so much for you comment!

Neal, thank you for the opportunity!
.-= LeanLifeCoach´s last blog ..Undercover Boss =-.

]]> By: Neal http://wealthpilgrim.com/how-to-stop-spending-money/#comment-4047 Neal Mon, 22 Mar 2010 22:44:22 +0000 http://wealthpilgrim.com/?p=13694#comment-4047 Erik, Thanks. As you know, I didn't write this post -- Lean Life Coach did. When I first read that line, I also took a step back. I believe the point Lean makes is this. If you take $100 that was earned passively -- and continue to waste that $100, you are in effect, neutralizing the $2000 you have working for you that earned that $100. If you blow the $100 one time, I agree w/you. The point, and an interesting one, is that it's important to consider what labor or effort we need to make in order to replace the money we spent or continue to spend. Does that make sence? .-= Neal´s last blog ..<a href="http://wealthpilgrim.com/how-to-stop-spending-money/" rel="nofollow">How to Stop Spending Money Poorly</a> =-. Erik, Thanks. As you know, I didn’t write this post — Lean Life Coach did. When I first read that line, I also took a step back.

I believe the point Lean makes is this. If you take $100 that was earned passively — and continue to waste that $100, you are in effect, neutralizing the $2000 you have working for you that earned that $100.

If you blow the $100 one time, I agree w/you. The point, and an interesting one, is that it’s important to consider what labor or effort we need to make in order to replace the money we spent or continue to spend.

Does that make sence?
.-= Neal´s last blog ..How to Stop Spending Money Poorly =-.

]]>