POLL: Live reasonably well money-wise now, or a little cheap now and live richer later?

[StageLeft]

Pick one. Starting when you're done school and "in the real world" would you:

(Option 1) Live ok having a fairly new car, decent possessions etc. (obviously this is a materialistic thread) for the rest of your life.

or

(Option 2) Spend the first 5-10 years restricting yourself on where you spend and what you own with the goal of spending the following decade living like the option 1 person, and the following decades after that living significantly richer than option 1 person?

 

[konichiwa]

Well economically #2 makes more sense because you have to skimp less NOW than in the future (if you chose #1) assuming you're getting a return on your investment.

 

[FeathersMcGraw]

Always try to live under your means, especially in an unstable job market.

 

[HokieESM]

Definitely option 2. Not to mention, I'd like to be able to send my kids to college (if they've earned it).... as well as have some security. Five (has it really been five?) years of grad school has taught me that living month-to-month is not fun.

 

[StageLeft]

Well it should be apparent why I made the poll. I think option 1 and 2 are real options people have in life and although abstractly, as expected, most people are choosing 2, unfortunately most people in reality choose #1, which was also expected. Basically I'm illustrating to people that they don't do what's best for themselves, even when they can identify what's best for themselves before hand. I know a lot of people in the US (most in fact) choose option 1, and I'm sure those on this board mirror the general population's numbers quite closely.

 

[WinkOsmosis]

Option 1. It's not worse. It's living for today.

 

[amdskip]

Option 1, I'm cheap dutchman!

 

[Vic]

Where's Option 3 -- a combination of options 1 and 2?

Living very frugally and saving a large sum for retirement (or the future) is an excellent idea but, for all you know, you could die driving home from work tonight. I believe in balanced living. Live now and for the moment, but keep an eye on the future.

I guess I'll just vote for Option 1. If you remember to always set aside at least some money for the future, then your worth and your standard of living will still continue to increase over time. Be thrifty too -- get as much as you can for your dollar.

edit: I probably voted for the wrong option now that I think about it, as I do limit my purchases quite a bit, and I do save quite a bit every month. I guess it's just the way the options were worded. Saving is good, but living like in the "Millionaire Next Door" with a beater car, a crappy house, and a 19" TV just for the promise of being rich in retirement is foolish IMO. For all you know, you'll never see retirement and your entire life will have been wasted...

 

[dquan97]

I'd vote for #2...with an eye out for Hot Deals.

 

[Ameesh]

Originally posted by: Vic
Where's Option 3 -- a combination of options 1 and 2?

Living very frugally and saving a large sum for retirement (or the future) is an excellent idea but, for all you know, you could die driving home from work tonight. I believe in balanced living. Live now and for the moment, but keep an eye on the future.

I guess I'll just vote for Option 1. If you remember to always set aside at least some money for the future, then your worth and your standard of living will still continue to increase over time. Be thrifty too -- get as much as you can for your dollar.

yeah i'd agree with that, i try to live a combination of both

i spend but i also save so i feel ok.

 

[waylman]

5-10 years of restricting wont allow you to go crazy for very long....

 

[speg]

Number one, live for the moment. I'll figure out what to do in 10 years when I get there.

 

[trmiv]

Option 1. I only live once, I might enjoy it. Hell, I could go tomorrow, might as well enjoy it while I'm here. But, don't spend out of control though. As long as you live within your means, you can enjoy yourself, and still save something (not that I said I was doing that, lol).

 

[StageLeft]

I didn't mean for option 2 to make $100k/year and walk to work! I basically meant be mature with your finances planning for the future, instead of living in the now. IE: Have a savings account, no credit card debt, 401k, etc. Although all of those do hinder your immediate purchasing power, they don't hinder it as much as most people think, and they greatly enhance it down the road.

 

[RedRooster]

With the exception of a new car(buying a new car is the dumbest thing anyone can do other that get a chick you don't know pregnant), I'd go with option 1.
As a kid, I lived as option 2, pretty depressing sometimes. I got a great job now, savings/RSPs, a wife, a new house, so I'm doing the #1 right now.
What if you're struck dead tomorrow? I refuse to tiptoe through life just to arrive safely at death's door.

 

[Vic]

Originally posted by: Skoorb
I didn't mean for option 2 to make $100k/year and walk to work! I basically meant be mature with your finances planning for the future, instead of living in the now. IE: Have a savings account, no credit card debt, 401k, etc. Although all of those do hinder your immediate purchasing power, they don't hinder it as much as most people think, and they greatly enhance it down the road.

Ahhh, my bad. Definitely Option 2 for me then.

 

[sillymofo]

Live now... because you don't know if there's a later.

EDIT: When I'm on my death bed, I don't want to regret about anything that I coulda done but didn't.

 

[KEV1N]

I choose option 1.5