Having more money comes with the territory.

[Kroze]

Have you ever thought about if I make x amount of money a year, I'll be so well off? The only problem is that once you reach that level of income, you don't feel so well off? Because once you start making that kind of money, you start wanting or "needing" a better car, better dishwasher, better refrigerator, etc... because you don't want the "cheap" stuff and that you "need" more durable products?

Update:

To summarize, people who have more money doesn't see themselves as "rich" or "well off"

 

[Aharami]

#firstworldproblems

edit: yes

 

[Sonikku]

On the contrary. I found myself significantly better off when this happened. More money meant:

-Being able to buy a car as opposed to taking bus rides. = more time and time is money with a tangible value, even if difficult to quantify. You also gain a wider breadth of places to shop which opens the door to better values and sales.

-Being able to buy a full sized Fridge and a whole freezer. Suddenly instead of having to make a grocery run a week, you can make one a month. At the same time you can now buy things in far greater size and bulk and freeze them, giving you a far better price per pound.

-Being able to buy a Washer and Dryer, no longer spending forever waiting for and riding a bus with hampers of laundry then twiddling thumbs at the laundry-mat for a couple hours, this saves time and money.

If anything, you can't afford to be poor. You end up paying twice as much for things not as good.

 

[Red Storm]

People want/"need" the better stuff as they get more money because they can afford it. Assuming you don't go overboard with it (applies to everything not just money), what's the problem? What are they supposed to do with the money instead?

 

[blackdogdeek]

I disagree. When I can afford nicer things, that's exactly when I feel more well off. My clothes are nicer quality and don't fall apart. My car goes farther and longer without needing as much maintenance.

I can now afford nicer things and I can appreciate those things.

 

[Brovane]

Personally I thought when I was first looking for a job that if I could find a job paying me $1k a week I would really be set. That would be big money. However after marriage and kids the money goes really quick. I make over double that now and sometimes it is like damn where is all the money going to.

 

[KeithP]

Have you ever thought about if I make x amount of money a year, I'll be so well off? The only problem is that once you reach that level of income, you don't feel so well off? Because once you start making that kind of money, you start wanting or "needing" a better car, better dishwasher, better refrigerator, etc... because you don't want the "cheap" stuff and that you "need" more durable products?

Possibly that is how you, and I am sure, many others would feel. However, there are also a lot of people that are smarter than that. They know how to manage their money and live within their means.

-KeithP

 

[iamwiz82]

Possibly that is how you, and I am sure, many others would feel. However, there are also a lot of people that are smarter than that. They know how to manage their money and live within their means.

-KeithP

What did his post say that came off as living OUTSIDE of his means?

 

[spidey07]

My money out stays relatively flat. I just keep saving more. One thing I refuse to do is increase my monthly expense. The only expense I've added in a very long time is a maid coming twice a month to make the wife happy...that was worth it.

But for most, the more they make the more they spend and they typically spend all of it and continue to live paycheck to paycheck. Just heard today that over half of households don't even have a savings account.

"I'll be happy and well off if only I made X dollars" is a VERY dangerous mindset to be in. You will constantly be reaching for the golden ring and never be happy nor secure.

 

[Tweak155]

Personally I thought when I was first looking for a job that if I could find a job paying me $1k a week I would really be set. That would be big money. However after marriage and kids the money goes really quick. I make over double that now and sometimes it is like damn where is all the money going to.

Taxes. Ha ha haaaa... 🙁

I have increasingly made more money since 2007 (that's when I graduated). Once I passed up $60k I haven't noticed any real difference. Even since then I married an engineer, so the income has gone WAY up, but yeah still no noticeable difference. I have a house now but I could have done that back at $60k, I just chose to save up lots and lots of $ first.

 

[pauldun170]

Have you ever thought about if I make x amount of money a year, I'll be so well off?

I think everyone has thought about it at least once. There is even a Rap meme around it

The only problem is that once you reach that level of income, you don't feel so well off?

Are you asking me or telling me?

Because once you start making that kind of money, you start wanting or "needing" a better car, better dishwasher, better refrigerator, etc... because you don't want the "cheap" stuff and that you "need" more durable products?

Are you asking me or telling me?

 

[Dirigible]

I feel hella better off now that I earn more.

Current needs are handled. Retirement savings on track.

Only money worry is whether I can also save enough so my kids don't need college loans. And that's a nice to have, not a need.

 

[Eureka]

Money isn't a goal. Money is a means to reach a goal. If you have your goals set right, it doesn't matter how much money you make, as long as you can hit those goals.

Right now my goal is to own a home and support a family. I haven't hit that stage yet. If I get more money now, then yes I can hit that goal. If I get more money than I need for that, then that money is surplus. It will be good, but I already have an exact goal in mind so anything on top will be saved for other things.

 

[Baked]

I don't buy cheap and affordable stuff. I don't buy top of the line either. I just buy durable stuff from Costco.

Only money worry is whether I can also save enough so my kids don't need college loans. And that's a nice to have, not a need.

Now, why would you do that. They're just gonna kick you to the curb when you're old. Let them handle their own finance.

 

[SlitheryDee]

People say things like this as though they are unavoidable facts of life. I always bought the "good" kind of anything I really needed though. I just saved up until I had the money and bought it. It may have taken a couple of years for each item, but I'm nothing if not patient.

The thing I see most other people doing wrong is trying to get it all at once. If they have relatively low income they still try to get everything, but they get the cheap version of everything as fast as they can. This takes nearly all their money. As they increase their income they try to get the better version of everything all at once, which still takes all their money.

The best way to do it is to buy the nice things to start with, but at whatever pace you can be comfortable with. Stay at that pace even as your income increases, and you'll still be getting nice things that won't need to be replaced later.

Don't buy the whole living room set at once. Get the couch, then the recliner, then the first end table, then the next end table, then the TV, and so on. Pay for each item completely before moving on to the next. That way you'll never owe very much at a time, and you'll never have to reach too deeply into your bank account.

If you can handle credit, getting something on credit for 6 months to a year without interest can be a good way to pace yourself. At least it was for me. You have to commit to the one item at a time rule for this to work though. Conversely you could just save that $50 a week on your own and buy the item when you have enough. I've done it both ways.

 

[BurnItDwn]

Ehh, I am a LOT better off financially making decent money vs when I made less money.

Yes, having more income, I find myself having slightly more expensive tastes.... but, I am also having a much easier time saving money, and not living paycheck to paycheck.

As far as goals go, I want to be dictator of my own country with total tyrannical rule. I've had that goal since I was around 11. I am approximately 0.00000000000000000000000000000001% of reaching my goal. I am quite the megalomaniac and control freak.

 

[ponyo]

Not really. My expenses are pretty constant. I splurge here and there but who doesn't? I've been totally debt free since 2009 but nothing's really changed except I don't write a check for mortgage or car payment. I still have the same house and the same four cars I had before. If anything I've run out of things to buy because I'm happy. I have more leisure time now so I cook and vacation little more but that's about it.

 

[Dirigible]

Now, why would you do that. They're just gonna kick you to the curb when you're old. Let them handle their own finance.

I love my children selflessly. :shrug:

 

[Doppel]

 

[richardycc]

Personally I thought when I was first looking for a job that if I could find a job paying me $1k a week I would really be set. That would be big money. However after marriage and kids the money goes really quick. I make over double that now and sometimes it is like damn where is all the money going to.

Uncle Sam.

 

[96Firebird]

I think it depends on how you are raised. My parents were never wealthy, but we got by. Now that I make more than either one of them, I live a comfortable life. It's also nice to be able to help them out if they need it.

 

[Vdubchaos]

More money = more problems

And no I never forget where I come from and what people in my country went thru over the years.

By my standards, I'm rich and I never forget this. By American standard I'm probably middle class.

 

[Eureka]

I love my children selflessly. :shrug:

Some families just run separately. In my family, the children are kind of expected to return the favor later in life. To each their own.

 

[Slew Foot]

mo money= mo taxes

 

[Sho'Nuff]

Have you ever thought about if I make x amount of money a year, I'll be so well off? The only problem is that once you reach that level of income, you don't feel so well off? Because once you start making that kind of money, you start wanting or "needing" a better car, better dishwasher, better refrigerator, etc... because you don't want the "cheap" stuff and that you "need" more durable products?

Update:

To summarize, people who have more money doesn't see themselves as "rich" or "well off"

The effect in your OP is succinctly described as a case of "golden handcuffs." I.e., restrictions that are placed on a persons cashflow by their adoption of an increasingly luxurious standard of living upon the receipt of an increase in pay.

Much wealth can be gathered if a person has the willpower to limit the increase in the cost of their standard of living to something less than the value of an increase in pay, and invest the difference over a long period of time.