Americans' 10 Biggest Wastes of Money

[dullard]

Originally posted by: waggy
sure everyone can. but who is to say that we can not spend the money on what makes us happy? sure you can get enjoyment out of a 25inch tv. but more out of a 61inch HD lcd.

who is to say what we can or can't spend money on.

Who here ever proposed controlling what you can or can't spend your money on? If it was in this thread, I missed it.

The thread is about things you might spend your money on, but in which you haven't probably thought about the better AND cheaper alternatives. Maybe instead of a 61" HD LCD and nothing to do with it, you buy a 50" HDTV, subscription to a HD provider, AND an HD-DVD player for the same price. The latter choice may in fact be a better choice. But if you want the 61" HD LCD, then go right ahead.

 

[ElFenix]

Originally posted by: OS

Originally posted by: Vic
Where does this money that we waste go?

lol, the irony is if everyone followed that list exactly, the economy would probably collapse.

nah, that money would be put into savings accounts and brokerage houses, where it would be invested in new capital equipment, expanded offices, more laborers, etc. the economy would be awesome. and we'd have lower interest rates.

now, if it was just stuffed under a mattress then we'd have a problem.

 

[dullard]

Originally posted by: Naustica
Like?

Since you haven't mentioned where you waste your money, then I will have a very hard time coming up with examples where you can do better. So lets look at the original article.

Instead of the average hum-drum $30,000 wedding that your guests (including those who you probably don't even care about) will forget about in a week, try a unique wedding. Fly you and your immediate family to an exotic isle for $25,000 for the wedding. Have a great time in a new place, that everyone will remember for life. Then come home and spend $200 on sandwiches at a reception at your local park and invite the boss's daughter's best friend's neighbor. Better memories + everyone still comes to the reception + $4800 savings.

 

[OS]

Originally posted by: ElFenix

Originally posted by: OS

Originally posted by: Vic
Where does this money that we waste go?

lol, the irony is if everyone followed that list exactly, the economy would probably collapse.

nah, that money would be put into savings accounts and brokerage houses, where it would be invested in new capital equipment, expanded offices, more laborers, etc. the economy would be awesome. and we'd have lower interest rates.

now, if it was just stuffed under a mattress then we'd have a problem.

Well, the economy is largely consumer driven, so it'd be catch 22.

Even if everyone was saving and interest was dirt cheap, you could end up with a situation like japan where savings rate is high, interest rates zero or effectively negative, and deflation/stagnation because there is no internal consumption.

 

[Golgatha]

Originally posted by: jtusa

Originally posted by: dullard

Originally posted by: compnovice
Life > money

Just plain false.

70+ years of the wonderful/happy part of life > money.

The last few weeks of complete suffering << money.

Agreed, if it were me suffering, I'd rather my family let me die, cremate(sp?) me, then take the money and go on a Caribbean vacation and toss my ashes off the side of a yacht while partying it up.

What a great idea! Even a cheap funeral is a few grand. I say take my corpse on a chartered yacht and just dump my body into the ocean. Drink to the memories we made. It's not like anyone will be visiting my tombstone in 100-200 years anyway.

 

[ElFenix]

Originally posted by: OS
Well, the economy is largely consumer driven, so it'd be catch 22.

Even if everyone was saving and interest was dirt cheap, you could end up with a situation like japan where savings rate is high, interest rates zero or effectively negative, and deflation/stagnation because there is no internal consumption.

we're not anywhere near there, though, so saving a few grand off a $30,000 wedding and a $3 cup of coffee should do nicely.


not to mention kicking that $3 coffee habit he talked about will probably provide more income for you than social security.

what a crock of sh!t social security is

 

[Horus]

Originally posted by: jtusa

Originally posted by: dullard

Originally posted by: compnovice
Life > money

Just plain false.

70+ years of the wonderful/happy part of life > money.

The last few weeks of complete suffering << money.

Agreed, if it were me suffering, I'd rather my family let me die, cremate(sp?) me, then take the money and go on a Caribbean vacation and toss my ashes off the side of a yacht while partying it up.

Hoorah! Damn straight. If there's a sober person at my wake, I'm gonna come down and kick some ass.

 

[Gooberlx2]

Fast Food would be the only one I'm sometimes guilty of. I just don't agree that Xmas shopping is a waste of money. I enjoy giving my presents to my GF and family.

I'm innocent of all the others on there.

 

[OS]

Originally posted by: ElFenix

Originally posted by: OS
Well, the economy is largely consumer driven, so it'd be catch 22.

Even if everyone was saving and interest was dirt cheap, you could end up with a situation like japan where savings rate is high, interest rates zero or effectively negative, and deflation/stagnation because there is no internal consumption.

we're not anywhere near there, though, so saving a few grand off a $30,000 wedding and a $3 cup of coffee should do nicely.

well right, which is why I said if everyone behaved like on the list.

 

[waggy]

Originally posted by: Golgatha

Originally posted by: jtusa

Originally posted by: dullard

Originally posted by: compnovice
Life > money

Just plain false.

70+ years of the wonderful/happy part of life > money.

The last few weeks of complete suffering << money.

Agreed, if it were me suffering, I'd rather my family let me die, cremate(sp?) me, then take the money and go on a Caribbean vacation and toss my ashes off the side of a yacht while partying it up.

What a great idea! Even a cheap funeral is a few grand. I say take my corpse on a chartered yacht and just dump my body into the ocean. Drink to the memories we made. It's not like anyone will be visiting my tombstone in 100-200 years anyway.

some places are even digging up the graves that are this old and moving them to mass graves.

remember reading about one place that is doing it to graves that are all 100+ years old.

 

[Vic]

Originally posted by: dullard

Originally posted by: Vic
Where does this money that we waste go?

From the hands of many, back into the hands of the select few rich. A portion goes back to us in the form of wages, and a portion stays with the rich.

Vic, you are treading a dangerous line here. Of course, spending is good for the economy. Of course, investing is good for the economy. The article specifically states that spending in ways that aren't beneficial in the long term is worse than investing for the long term. Be careful if you make the argument that we should buy $2000/year of gasoline instead of $1000/year of gasoline and $1000/year of investments into our future. You can make that argument, but be very clear of the consequences in your argument.

How so? Bear in mind, I don't make any of the "wasteful" purchases here, but that's because I see them as providing poor value to me personally. For example, I don't dream of a big wedding as the greatest day of my life, but a lot of people do, and to them, the expenses of making that day happen for them is money well spent, even if the marriage doesn't last a lifetime.

And this from the hands of the many to the hands of the "select few rich," WTF is that? Every wedding planner and caterer is rich? Every coffee shop owner, service worker, retail worker, casino security person, sports memorabilia collector/dealer, and car salesman?
I'm not advocating that people spend more than they can or should, or beyond what is prudent, or fail to exercise proper financial judgement and planning. Not at all. But this BS that the media spews that money spent in a fashion they deem for us as improper simply falls into a black hole is just that, total bullsh!t.

Originally posted by: dullard

Originally posted by: Naustica
Is it really a waste when we get benefit out of it?

What if you could get more benefit out of something that cost less?

Who are you (or the writer of that article) to decide for us?

Originally posted by: vi_edit
As a shareholder of several major players in the industries mentioned on that page and in this thread...it sort of trickles back into my pocket

Uh huh.

Originally posted by: joshsquall
Who cares? Life isn't about saving up as much money as you can. Spend it and enjoy life.

Yep. Save for a rainy day, yes. Save for your death and deny yourself a life, no.

Originally posted by: ElFenix

Originally posted by: OS

Originally posted by: Vic
Where does this money that we waste go?

lol, the irony is if everyone followed that list exactly, the economy would probably collapse.

nah, that money would be put into savings accounts and brokerage houses, where it would be invested in new capital equipment, expanded offices, more laborers, etc. the economy would be awesome. and we'd have lower interest rates.

now, if it was just stuffed under a mattress then we'd have a problem.

EXACTLY.

 

[49erinnc]

I've never understood wasting (yes, it's wasting) thousands and thousands of dollars on a wedding. Other than the bride-to-be living out some childhood fairy tale of hers or wanting something all her girlfriends are gonna talk about for months, it's pointless. What I find amusing, are the couples who blow $50K on a wedding and then spend the next 5+ years in debt from it or unable to buy a new home.

I know people who spent like $5K just on a cake or $15K just on floral. Absurd. Have a quaint and memorable wedding and put all the money you were gonna blow into a down payment on a home or towards the one you already own. Or stash it away for the kids you plan on having in a couple years. Hell, use it to travel around the world and get married in the sand on some coast off Africa. But to blow it on a dress, flowers, cake, booze, videographer and food is silly IMO. Especially with the rate of divorce in this country.

/wedding expense rant

 

[Vic]

Originally posted by: 49erinnc
I've never understood wasting (yes, it's wasting) thousands and thousands of dollars on a wedding. Other than the bride-to-be living out some childhood fairy tale of hers or wanting something all her girlfriends are gonna talk about for months, it's pointless. What I find amusing, are the couples who blow $50K on a wedding and then spend the next 5+ years in debt from it or unable to buy a new home.

I know people who spent like $5K just on a cake or $15K just on floral. Absurd. Have a quaint and memorable wedding and put all the money you were gonna blow into a down payment on a home or towards the one you already own. Or stash it away for the kids you plan on having in a couple years. Hell, use it to travel around the world and get married in the sand on some coast off Africa. But to blow it on a dress, flowers, cake, booze, videographer and food is silly IMO. Especially with the rate of divorce in this country.

/wedding expense rant

I won't deny that it is assinine IMO (and in fact, I've lived with my GF for 8 years now without marrying, no common law in my state), but for some people it really is that happiest moment(s) of their life, and worth every penny. Seems strange but it's true. I've seen it. Other people do it simply because they think they have to (for some cultural reason), and I agree, that is BS.

 

[Zenmervolt]

Cars, definitely cars...

Otherwise, not too much. Well, cameras.

ZV

 

[Zenmervolt]

Originally posted by: vi_edit
To further extend on the premium coffee & fast food thing...I'd throw in bottled pop.

I have a ton of coworkers that hit up the pop machine once or twice a day at $1.00 a trip...and do this 5 days a week. Just for a soda. We have three refridgerators in the break room next to the pop machines....BRING YOUR OWN!!!

Seriously...why spend $1.00 at a time when you can buy a 12 pack of cans on sale for $2.50-$3.00 and spend $.25 a can?

There's also free coffee in the break room, but instead they stop by the fru-fru shop and spend $2.50 on it. Is it really that much better after you dump your half gallon of creamer and 4 scoops of sugar in it?

That's my favorite benefit of where I work right now. Free pop. My job pays to feed my caffeine habit.

ZV

 

[dullard]

Originally posted by: Vic
How so?

How so? I really don't think you need a lesson on the virtues of saving for the future. Whether it be a rainy day, your dream, or a retirement.

Bear in mind, I don't make any of the "wasteful" purchases here, but that's because I see them as providing poor value to me personally.

That is what the whole article is about. It points out things that people buy, but which might not provide a good value to people who are buying them. Too many people forget to stop and think about the value.If, after, reading the article, people still believe that they are good values, then they should keep buying them.

You made a conscious decision not to spend that much on your wedding. Now you are bashing an article that suggests that people should do exactly what you did: to decide if you are really getting enough value out of what you buy.

And this from the hands of the many to the hands of the "select few rich," WTF is that? Every wedding planner and caterer is rich? Every coffee shop owner, service worker, retail worker, casino security person, sports memorabilia collector/dealer, and car salesman?

No, not every one is rich. But the majority of the purchase there will have a portion of the money listed there are going to the rich. I'm sorry but people who own (stocks or the company outright) businesses mentioned there are not the poorest of America.

I'm not advocating that people spend more than they can or should, or beyond what is prudent, or fail to exercise proper financial judgement and planning. Not at all. But this BS that the media spews that money spent in a fashion they deem for us as improper simply falls into a black hole is just that, total bullsh!t.

This article is just about people spending just what they should. Nothing more. It never said to NOT buy any of those. I'll quote the article. It said go ahead and buy the stuff but first "think about how saving that money might provide a better route to long-term happiness".

Who are you (or the writer of that article) to decide for us?

Again, I never stated that I would decide anything. Please stop reading things into my posts that I don't write. If you have the money, and if you want it, then buy it. But we as a society would be better off if you at least stop to think if there isn't a better value out there that you'll enjoy more. That is all. If people get the most satisisfaction out of their money, then overall, we have done well. What is wrong with advocating that?

 

[Gooberlx2]

Originally posted by: dainthomas

Originally posted by: forfor

Originally posted by: jtusa

Originally posted by: dullard

Originally posted by: compnovice
Life > money

Just plain false.

70+ years of the wonderful/happy part of life > money.

The last few weeks of complete suffering << money.

Agreed, if it were me suffering, I'd rather my family let me die, cremate(sp?) me, then take the money and go on a Caribbean vacation and toss my ashes off the side of a yacht while partying it up.

Would you really go to the Caribbean and party after pulling the plug on your mom/dad/sibling? If yes, I am sorry for you and your family, obviously you had a very inaffactionate relationship.

It's called celebrating someone's life. I sure wouldn't want my family sulking around for months all mopey and depressed. How is that honoring you?

No doubt! My friend's family is 100% off-the-boat Sicilian. When their grandmother died all the immediate and extended families mourned....for months and months and months. I asked how his parents were doing about a year later, he said they were just starting to come out of mourning.

I know that mourning is a respectful part of the process when someone you love dies.....but goddamn, to put your life on hold because of it is just...well, I guess it must be a Sicilian/Italian thing.

 

[ElFenix]

Originally posted by: Zenmervolt
That's my favorite benefit of where I work right now. Free pop. My job pays to feed my caffeine habit.

ZV

it's coke, even when it's pepsi

 

[Gooberlx2]

Originally posted by: ElFenix

Originally posted by: Zenmervolt
That's my favorite benefit of where I work right now. Free pop. My job pays to feed my caffeine habit.

ZV

it's coke, even when it's pepsi

Pop in the Midwest (except for Wisconsin, where it's Soda).
Coke on the West Coast/Southwest
Soda on the East Coast.

...at least those have been my observations.

 

[everman]

People love to tell others how to spend their money. I have no problem with people wasting their money on this stuff, it's their money, they earned it.
I could start a flame war about wasting money on computer equipment, but I'd rather not

But to add to the list: New Golf Equipment. Margins are freekishly high, even some graphite shafts cost hundreds. Personally I just buy used stuff at drastically lower prices, some component and clone stuff too. (but even some new clone items are more expensive than nice condition used name brand stuff)

 

[Suspicious-Teach8788]

This is why we should take down the HOT DEALS section and DDOS Slickdeals. JKJKJKJK. but seriously, I buy too many things because I read Hot Deals and Slickdeals =P and maybe FW.

 

[vi edit]

My biggest beef about people that spend money on stupid crap are the first ones to bitch and moan about not being able to afford or pay for things that were unexpected - car repairs, high heating costs, high gas prices, medical expenses for kids, ect.

They blow through money like it's going out of style and have nothing banked for emergencies.

I won't even go into retirement...that's a whole nuther thread.

 

[mugs]

Originally posted by: waggy

Originally posted by: Golgatha

Originally posted by: jtusa

Originally posted by: dullard

Originally posted by: compnovice
Life > money

Just plain false.

70+ years of the wonderful/happy part of life > money.

The last few weeks of complete suffering << money.

Agreed, if it were me suffering, I'd rather my family let me die, cremate(sp?) me, then take the money and go on a Caribbean vacation and toss my ashes off the side of a yacht while partying it up.

What a great idea! Even a cheap funeral is a few grand. I say take my corpse on a chartered yacht and just dump my body into the ocean. Drink to the memories we made. It's not like anyone will be visiting my tombstone in 100-200 years anyway.

some places are even digging up the graves that are this old and moving them to mass graves.

remember reading about one place that is doing it to graves that are all 100+ years old.

Wow... how did that go over with the locals? Realistically, those people wouldn't ever have anyone come visit their grave, but there's the whole respect for the dead thing...

I've always wondered how cemeteries can stay afloat with the maintenance costs... it must be a PITA to mow around all of those graves every week. Granted, a plot is pretty expensive, but so is the land itself. I believe they're exempt from property taxes, at least in some states. An asshole developer around here bought a huge piece of land and put ONE grave on it so it could be considered a cemetery. He's just sitting on the land, watching the price go up as he pays no property taxes on it. When he decides to develop the land (or sell it for huge profits) he'll just move the body.

 

[CaptainGoodnight]

I would have to agree that weddings are. My wife and I spent $7k on ours even though our parent both forked over 20k. We give that money back.

 

[mugs]

Vic, I don't know why you're turning this into a debate. Nobody is saying that nobody should spend money on the things listed in the article or waste money on other frivolous purchases.

The premise of the article is that many Americans could be better off financially if they cut out some of the wasteful spending that offers them little benefit. Do you agree or disagree with that?