The Biggest Waste of Money - Suze Ormn

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Suze Orman, with a net worth over $75 million, says the biggest waste of money is eating out. She never eats out and will never buy a cup of coffee.

Isn't this quite shocking, even for a financial guru?

Her choice.

But she isn't wrong. You can spend $.50 to make a great cup of coffee at home or pay $7 to get the same thing made for you. That's almost $200 savings per month per person.

I can shop at Whole Foods and make an extremely nice dinner for 4 for $30 (and a basic M-F dinner for $15 for 4). That same dinner in a restaurant would be $250 plus 20% tip.
Nice bottle of wine for $40-50 at home, same bottle would be $120-150 in restaurant.

Many rich people are surprisingly frugal. They don't just waste money because they have it.
They actively make decisions of what to spend their money on.

If you're rich and can't enjoy some food and wine at a restaurant, I don't even know what the point of being rich is. Just be poor in that case.

+1 with a lol

What even is the point of life? Eating out is an experience annd way to get to know the world and other people and cultures. Imagine also never eating out while traveling.

My husband and I discuss this a lot. We are both into saving but him more than me. I tell him if we only save and never spend then it’s basically Monopoly money to me, if I can’t use it for anything.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:She probably has someone who cooks for her at home. No way is Suze cooking up a grilled cheese for dinner.

This -
She has staff and they cook and serve her. She probably gets taken out to eat on others' dime.

+1000

And she doesn’t have kids. She’s never had to work a 8:30-5, pick up kids from aftercare, then rush home to throw together taco night while the other spouse totes the kids around to sports practices.

So splurging on take out from Uber eats on a Sat. night after the kids go to bed while we watch a Netflix show is how we unwind and enjoy a date night at home. It’s also a drop in the bucket compared to all the years of daycare/preschool costs and what we throw into their 529s.

Lol at maybe $300 a month on takeout having a noticeable effect on our finances compared to childcare, housing, and college savings. Also that $300/month keeps us from totally burning out.

And we do make coffee at home (no Starbucks) but that is because we had the funds to buy one of those fancy machines that makes lattes, espresso, etc. So I would never begrudge someone splurging on an $8 drink on occasion just because they can’t afford an $800 coffee maker.

I, on the other hand, totally do begrudge someone their $8 fancy drink if they're not also taking care of their financial future. I'm the poster who said I read Suze in my 20s. I never, ever hit Starbucks during that decade of my life. Nor did I drink any alcohol at all. I went out with my friends, but my bill was always lower than everyone else's, because I had paid myself first, and thus I had less income left over with which to splurge. I worked my whole lifestyle around what was left after I saved for my future. A big reason why I did this was the education I received from reading Suze Orman.

Today, our HHI is high and we blow lots of money. After saving for retirement and contributing to the kids' college, we use our income to do fun things like eat out. We belong to a country club. I do hit Starbucks a couple of times a month. I do feel entitled to all kinds of luxuries now that I've worked for decades and sacrificed many of life's little pleasures when I was younger in trade for the great feeling that building a solid financial foundation brought me. Now HHI is high enough that what's left over after saving is still a lot.

I have kept several friends from my teenage years. We are now in totally different financial spots and we're at the age where they're getting nervous about it. I remember feeling incredulous and silently judgy when I'd watch how they spent when we were young. Lots of dining out, lots of drinking, lots of fancy coffee, vacations. Again, don't begrudge anyone these things, as long as they're buying them with the money that's left over after they've saved an adequate amount. That's Suze's point. And that $300/mo that is negligible to you can actually build great wealth for someone who starts saving it early. $3600/year saved for 45 years at 8% growth becomes about $1.4 million. That's a lot more than most people accumulate, and it's because most people waste too much relative to their income.

Excellent!!!

This is exactly what most do not get. Many people do waste money when they don’t have enough to do so. And then they complain later

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:She probably has someone who cooks for her at home. No way is Suze cooking up a grilled cheese for dinner.

This -
She has staff and they cook and serve her. She probably gets taken out to eat on others' dime.

+1000

And she doesn’t have kids. She’s never had to work a 8:30-5, pick up kids from aftercare, then rush home to throw together taco night while the other spouse totes the kids around to sports practices.

So splurging on take out from Uber eats on a Sat. night after the kids go to bed while we watch a Netflix show is how we unwind and enjoy a date night at home. It’s also a drop in the bucket compared to all the years of daycare/preschool costs and what we throw into their 529s.

Lol at maybe $300 a month on takeout having a noticeable effect on our finances compared to childcare, housing, and college savings. Also that $300/month keeps us from totally burning out.

And we do make coffee at home (no Starbucks) but that is because we had the funds to buy one of those fancy machines that makes lattes, espresso, etc. So I would never begrudge someone splurging on an $8 drink on occasion just because they can’t afford an $800 coffee maker.

I, on the other hand, totally do begrudge someone their $8 fancy drink if they're not also taking care of their financial future. I'm the poster who said I read Suze in my 20s. I never, ever hit Starbucks during that decade of my life. Nor did I drink any alcohol at all. I went out with my friends, but my bill was always lower than everyone else's, because I had paid myself first, and thus I had less income left over with which to splurge. I worked my whole lifestyle around what was left after I saved for my future. A big reason why I did this was the education I received from reading Suze Orman.

Today, our HHI is high and we blow lots of money. After saving for retirement and contributing to the kids' college, we use our income to do fun things like eat out. We belong to a country club. I do hit Starbucks a couple of times a month. I do feel entitled to all kinds of luxuries now that I've worked for decades and sacrificed many of life's little pleasures when I was younger in trade for the great feeling that building a solid financial foundation brought me. Now HHI is high enough that what's left over after saving is still a lot.

I have kept several friends from my teenage years. We are now in totally different financial spots and we're at the age where they're getting nervous about it. I remember feeling incredulous and silently judgy when I'd watch how they spent when we were young. Lots of dining out, lots of drinking, lots of fancy coffee, vacations. Again, don't begrudge anyone these things, as long as they're buying them with the money that's left over after they've saved an adequate amount. That's Suze's point. And that $300/mo that is negligible to you can actually build great wealth for someone who starts saving it early. $3600/year saved for 45 years at 8% growth becomes about $1.4 million. That's a lot more than most people accumulate, and it's because most people waste too much relative to their income.

How sad. Sounds like you wasted your 20s, that should be the best decade of your life. If you were more rational you would have smoothed your consumption more appropriately over your lifetime and you could have had more fun and not stiffed your friends on the bill.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:She probably has someone who cooks for her at home. No way is Suze cooking up a grilled cheese for dinner.

This -
She has staff and they cook and serve her. She probably gets taken out to eat on others' dime.

+1000

And she doesn’t have kids. She’s never had to work a 8:30-5, pick up kids from aftercare, then rush home to throw together taco night while the other spouse totes the kids around to sports practices.

So splurging on take out from Uber eats on a Sat. night after the kids go to bed while we watch a Netflix show is how we unwind and enjoy a date night at home. It’s also a drop in the bucket compared to all the years of daycare/preschool costs and what we throw into their 529s.

Lol at maybe $300 a month on takeout having a noticeable effect on our finances compared to childcare, housing, and college savings. Also that $300/month keeps us from totally burning out.

And we do make coffee at home (no Starbucks) but that is because we had the funds to buy one of those fancy machines that makes lattes, espresso, etc. So I would never begrudge someone splurging on an $8 drink on occasion just because they can’t afford an $800 coffee maker.

I, on the other hand, totally do begrudge someone their $8 fancy drink if they're not also taking care of their financial future. I'm the poster who said I read Suze in my 20s. I never, ever hit Starbucks during that decade of my life. Nor did I drink any alcohol at all. I went out with my friends, but my bill was always lower than everyone else's, because I had paid myself first, and thus I had less income left over with which to splurge. I worked my whole lifestyle around what was left after I saved for my future. A big reason why I did this was the education I received from reading Suze Orman.

Today, our HHI is high and we blow lots of money. After saving for retirement and contributing to the kids' college, we use our income to do fun things like eat out. We belong to a country club. I do hit Starbucks a couple of times a month. I do feel entitled to all kinds of luxuries now that I've worked for decades and sacrificed many of life's little pleasures when I was younger in trade for the great feeling that building a solid financial foundation brought me. Now HHI is high enough that what's left over after saving is still a lot.

I have kept several friends from my teenage years. We are now in totally different financial spots and we're at the age where they're getting nervous about it. I remember feeling incredulous and silently judgy when I'd watch how they spent when we were young. Lots of dining out, lots of drinking, lots of fancy coffee, vacations. Again, don't begrudge anyone these things, as long as they're buying them with the money that's left over after they've saved an adequate amount. That's Suze's point. And that $300/mo that is negligible to you can actually build great wealth for someone who starts saving it early. $3600/year saved for 45 years at 8% growth becomes about $1.4 million. That's a lot more than most people accumulate, and it's because most people waste too much relative to their income.

How sad. Sounds like you wasted your 20s, that should be the best decade of your life. If you were more rational you would have smoothed your consumption more appropriately over your lifetime and you could have had more fun and not stiffed your friends on the bill.

Sounds like the PP hit a nerve.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:She probably has someone who cooks for her at home. No way is Suze cooking up a grilled cheese for dinner.

This -
She has staff and they cook and serve her. She probably gets taken out to eat on others' dime.

+1000

And she doesn’t have kids. She’s never had to work a 8:30-5, pick up kids from aftercare, then rush home to throw together taco night while the other spouse totes the kids around to sports practices.

So splurging on take out from Uber eats on a Sat. night after the kids go to bed while we watch a Netflix show is how we unwind and enjoy a date night at home. It’s also a drop in the bucket compared to all the years of daycare/preschool costs and what we throw into their 529s.

Lol at maybe $300 a month on takeout having a noticeable effect on our finances compared to childcare, housing, and college savings. Also that $300/month keeps us from totally burning out.

And we do make coffee at home (no Starbucks) but that is because we had the funds to buy one of those fancy machines that makes lattes, espresso, etc. So I would never begrudge someone splurging on an $8 drink on occasion just because they can’t afford an $800 coffee maker.

I, on the other hand, totally do begrudge someone their $8 fancy drink if they're not also taking care of their financial future. I'm the poster who said I read Suze in my 20s. I never, ever hit Starbucks during that decade of my life. Nor did I drink any alcohol at all. I went out with my friends, but my bill was always lower than everyone else's, because I had paid myself first, and thus I had less income left over with which to splurge. I worked my whole lifestyle around what was left after I saved for my future. A big reason why I did this was the education I received from reading Suze Orman.

Today, our HHI is high and we blow lots of money. After saving for retirement and contributing to the kids' college, we use our income to do fun things like eat out. We belong to a country club. I do hit Starbucks a couple of times a month. I do feel entitled to all kinds of luxuries now that I've worked for decades and sacrificed many of life's little pleasures when I was younger in trade for the great feeling that building a solid financial foundation brought me. Now HHI is high enough that what's left over after saving is still a lot.

I have kept several friends from my teenage years. We are now in totally different financial spots and we're at the age where they're getting nervous about it. I remember feeling incredulous and silently judgy when I'd watch how they spent when we were young. Lots of dining out, lots of drinking, lots of fancy coffee, vacations. Again, don't begrudge anyone these things, as long as they're buying them with the money that's left over after they've saved an adequate amount. That's Suze's point. And that $300/mo that is negligible to you can actually build great wealth for someone who starts saving it early. $3600/year saved for 45 years at 8% growth becomes about $1.4 million. That's a lot more than most people accumulate, and it's because most people waste too much relative to their income.

How sad. Sounds like you wasted your 20s, that should be the best decade of your life. If you were more rational you would have smoothed your consumption more appropriately over your lifetime and you could have had more fun and not stiffed your friends on the bill.

Typically American attitude. explains why so many are $500 away from a financial crisis and cannot afford to retire or pay for their kid's college.

Um how did she "stiff her friends on the bill"? She paid for what she ate/drank. Her friends paid for what they ate/drank. That's how teens/20 somethings typically handle finances if you are not rich. And that means if someone doesn't drink they don't pay for everyone else to get smashed.

Don't think she wasted her 20s. She had a good time within her budget, and now she's able to spend more and feel comfortable because she will be set for retirement (and probably for her kid's colleges).

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:She probably has someone who cooks for her at home. No way is Suze cooking up a grilled cheese for dinner.

This -
She has staff and they cook and serve her. She probably gets taken out to eat on others' dime.

+1000

And she doesn’t have kids. She’s never had to work a 8:30-5, pick up kids from aftercare, then rush home to throw together taco night while the other spouse totes the kids around to sports practices.

So splurging on take out from Uber eats on a Sat. night after the kids go to bed while we watch a Netflix show is how we unwind and enjoy a date night at home. It’s also a drop in the bucket compared to all the years of daycare/preschool costs and what we throw into their 529s.

Lol at maybe $300 a month on takeout having a noticeable effect on our finances compared to childcare, housing, and college savings. Also that $300/month keeps us from totally burning out.

And we do make coffee at home (no Starbucks) but that is because we had the funds to buy one of those fancy machines that makes lattes, espresso, etc. So I would never begrudge someone splurging on an $8 drink on occasion just because they can’t afford an $800 coffee maker.

I, on the other hand, totally do begrudge someone their $8 fancy drink if they're not also taking care of their financial future. I'm the poster who said I read Suze in my 20s. I never, ever hit Starbucks during that decade of my life. Nor did I drink any alcohol at all. I went out with my friends, but my bill was always lower than everyone else's, because I had paid myself first, and thus I had less income left over with which to splurge. I worked my whole lifestyle around what was left after I saved for my future. A big reason why I did this was the education I received from reading Suze Orman.

Today, our HHI is high and we blow lots of money. After saving for retirement and contributing to the kids' college, we use our income to do fun things like eat out. We belong to a country club. I do hit Starbucks a couple of times a month. I do feel entitled to all kinds of luxuries now that I've worked for decades and sacrificed many of life's little pleasures when I was younger in trade for the great feeling that building a solid financial foundation brought me. Now HHI is high enough that what's left over after saving is still a lot.

I have kept several friends from my teenage years. We are now in totally different financial spots and we're at the age where they're getting nervous about it. I remember feeling incredulous and silently judgy when I'd watch how they spent when we were young. Lots of dining out, lots of drinking, lots of fancy coffee, vacations. Again, don't begrudge anyone these things, as long as they're buying them with the money that's left over after they've saved an adequate amount. That's Suze's point. And that $300/mo that is negligible to you can actually build great wealth for someone who starts saving it early. $3600/year saved for 45 years at 8% growth becomes about $1.4 million. That's a lot more than most people accumulate, and it's because most people waste too much relative to their income.

How sad. Sounds like you wasted your 20s, that should be the best decade of your life. If you were more rational you would have smoothed your consumption more appropriately over your lifetime and you could have had more fun and not stiffed your friends on the bill.

You are so sad! She had fun but she had her priorities in order. When I was in my 20’s I saved a lot, yet I had fun, but I saved enough to put a down payment on a house when we got married at 27 and sold it for an over 50% gain in 3 years. Nice gain given I only put 10% down. Over the course of our marriage we always saved a lot, invested it wisely and we always lived well but below our incomes. Once we hit empty nester hood and colleges were paid for we opened the vault and build a very nice vacation home and we have no debt on either home. Now those savings and investments we made over many years generate dividends in the high six figures. That PP has the same attitude that we had at that age and if she keeps it up she will be well rewarded.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:She probably has someone who cooks for her at home. No way is Suze cooking up a grilled cheese for dinner.

This -
She has staff and they cook and serve her. She probably gets taken out to eat on others' dime.

+1000

And she doesn’t have kids. She’s never had to work a 8:30-5, pick up kids from aftercare, then rush home to throw together taco night while the other spouse totes the kids around to sports practices.

So splurging on take out from Uber eats on a Sat. night after the kids go to bed while we watch a Netflix show is how we unwind and enjoy a date night at home. It’s also a drop in the bucket compared to all the years of daycare/preschool costs and what we throw into their 529s.

Lol at maybe $300 a month on takeout having a noticeable effect on our finances compared to childcare, housing, and college savings. Also that $300/month keeps us from totally burning out.

And we do make coffee at home (no Starbucks) but that is because we had the funds to buy one of those fancy machines that makes lattes, espresso, etc. So I would never begrudge someone splurging on an $8 drink on occasion just because they can’t afford an $800 coffee maker.

I, on the other hand, totally do begrudge someone their $8 fancy drink if they're not also taking care of their financial future. I'm the poster who said I read Suze in my 20s. I never, ever hit Starbucks during that decade of my life. Nor did I drink any alcohol at all. I went out with my friends, but my bill was always lower than everyone else's, because I had paid myself first, and thus I had less income left over with which to splurge. I worked my whole lifestyle around what was left after I saved for my future. A big reason why I did this was the education I received from reading Suze Orman.

Today, our HHI is high and we blow lots of money. After saving for retirement and contributing to the kids' college, we use our income to do fun things like eat out. We belong to a country club. I do hit Starbucks a couple of times a month. I do feel entitled to all kinds of luxuries now that I've worked for decades and sacrificed many of life's little pleasures when I was younger in trade for the great feeling that building a solid financial foundation brought me. Now HHI is high enough that what's left over after saving is still a lot.

I have kept several friends from my teenage years. We are now in totally different financial spots and we're at the age where they're getting nervous about it. I remember feeling incredulous and silently judgy when I'd watch how they spent when we were young. Lots of dining out, lots of drinking, lots of fancy coffee, vacations. Again, don't begrudge anyone these things, as long as they're buying them with the money that's left over after they've saved an adequate amount. That's Suze's point. And that $300/mo that is negligible to you can actually build great wealth for someone who starts saving it early. $3600/year saved for 45 years at 8% growth becomes about $1.4 million. That's a lot more than most people accumulate, and it's because most people waste too much relative to their income.

Excellent!!!

This is exactly what most do not get. Many people do waste money when they don’t have enough to do so. And then they complain later

Yep, and then they blame the government or the president.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:She probably has someone who cooks for her at home. No way is Suze cooking up a grilled cheese for dinner.

This -
She has staff and they cook and serve her. She probably gets taken out to eat on others' dime.

+1000

And she doesn’t have kids. She’s never had to work a 8:30-5, pick up kids from aftercare, then rush home to throw together taco night while the other spouse totes the kids around to sports practices.

So splurging on take out from Uber eats on a Sat. night after the kids go to bed while we watch a Netflix show is how we unwind and enjoy a date night at home. It’s also a drop in the bucket compared to all the years of daycare/preschool costs and what we throw into their 529s.

Lol at maybe $300 a month on takeout having a noticeable effect on our finances compared to childcare, housing, and college savings. Also that $300/month keeps us from totally burning out.

And we do make coffee at home (no Starbucks) but that is because we had the funds to buy one of those fancy machines that makes lattes, espresso, etc. So I would never begrudge someone splurging on an $8 drink on occasion just because they can’t afford an $800 coffee maker.

I, on the other hand, totally do begrudge someone their $8 fancy drink if they're not also taking care of their financial future. I'm the poster who said I read Suze in my 20s. I never, ever hit Starbucks during that decade of my life. Nor did I drink any alcohol at all. I went out with my friends, but my bill was always lower than everyone else's, because I had paid myself first, and thus I had less income left over with which to splurge. I worked my whole lifestyle around what was left after I saved for my future. A big reason why I did this was the education I received from reading Suze Orman.

Today, our HHI is high and we blow lots of money. After saving for retirement and contributing to the kids' college, we use our income to do fun things like eat out. We belong to a country club. I do hit Starbucks a couple of times a month. I do feel entitled to all kinds of luxuries now that I've worked for decades and sacrificed many of life's little pleasures when I was younger in trade for the great feeling that building a solid financial foundation brought me. Now HHI is high enough that what's left over after saving is still a lot.

I have kept several friends from my teenage years. We are now in totally different financial spots and we're at the age where they're getting nervous about it. I remember feeling incredulous and silently judgy when I'd watch how they spent when we were young. Lots of dining out, lots of drinking, lots of fancy coffee, vacations. Again, don't begrudge anyone these things, as long as they're buying them with the money that's left over after they've saved an adequate amount. That's Suze's point. And that $300/mo that is negligible to you can actually build great wealth for someone who starts saving it early. $3600/year saved for 45 years at 8% growth becomes about $1.4 million. That's a lot more than most people accumulate, and it's because most people waste too much relative to their income.

Excellent!!!

This is exactly what most do not get. Many people do waste money when they don’t have enough to do so. And then they complain later

Yep, and then they blame the government or the president.

It’s the new American way. Everything is someone else’s fault.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:She probably has someone who cooks for her at home. No way is Suze cooking up a grilled cheese for dinner.

This -
She has staff and they cook and serve her. She probably gets taken out to eat on others' dime.

+1000

And she doesn’t have kids. She’s never had to work a 8:30-5, pick up kids from aftercare, then rush home to throw together taco night while the other spouse totes the kids around to sports practices.

So splurging on take out from Uber eats on a Sat. night after the kids go to bed while we watch a Netflix show is how we unwind and enjoy a date night at home. It’s also a drop in the bucket compared to all the years of daycare/preschool costs and what we throw into their 529s.

Lol at maybe $300 a month on takeout having a noticeable effect on our finances compared to childcare, housing, and college savings. Also that $300/month keeps us from totally burning out.

And we do make coffee at home (no Starbucks) but that is because we had the funds to buy one of those fancy machines that makes lattes, espresso, etc. So I would never begrudge someone splurging on an $8 drink on occasion just because they can’t afford an $800 coffee maker.

I, on the other hand, totally do begrudge someone their $8 fancy drink if they're not also taking care of their financial future. I'm the poster who said I read Suze in my 20s. I never, ever hit Starbucks during that decade of my life. Nor did I drink any alcohol at all. I went out with my friends, but my bill was always lower than everyone else's, because I had paid myself first, and thus I had less income left over with which to splurge. I worked my whole lifestyle around what was left after I saved for my future. A big reason why I did this was the education I received from reading Suze Orman.

Today, our HHI is high and we blow lots of money. After saving for retirement and contributing to the kids' college, we use our income to do fun things like eat out. We belong to a country club. I do hit Starbucks a couple of times a month. I do feel entitled to all kinds of luxuries now that I've worked for decades and sacrificed many of life's little pleasures when I was younger in trade for the great feeling that building a solid financial foundation brought me. Now HHI is high enough that what's left over after saving is still a lot.

I have kept several friends from my teenage years. We are now in totally different financial spots and we're at the age where they're getting nervous about it. I remember feeling incredulous and silently judgy when I'd watch how they spent when we were young. Lots of dining out, lots of drinking, lots of fancy coffee, vacations. Again, don't begrudge anyone these things, as long as they're buying them with the money that's left over after they've saved an adequate amount. That's Suze's point. And that $300/mo that is negligible to you can actually build great wealth for someone who starts saving it early. $3600/year saved for 45 years at 8% growth becomes about $1.4 million. That's a lot more than most people accumulate, and it's because most people waste too much relative to their income.

How sad. Sounds like you wasted your 20s, that should be the best decade of your life. If you were more rational you would have smoothed your consumption more appropriately over your lifetime and you could have had more fun and not stiffed your friends on the bill.

Sounds like the PP hit a nerve.

DP: I don't know--I have been a saver/investor all my life and PP sounded a bit smug and judgmental to me. Begrudging someone what s/he sees as luxuries if they are not preparing for what s/he as adequately for their financial future.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Starbucks is over priced it should be no more than 2.5 for one of the fancy coffee drinks or else it's not a good use of money

The problem with Starbucks is not what it costs its customers. It's how poorly it treats its employees.

Yes, multiple reasons not to buy Starbucks - the obnoxious anti-unionism, the waste created by all those takeout cups, AND you can make it for less at home.

I went through a massive self-teaching phase regarding my investments over the past year, mostly by listening to and reading articles from many of the usual suspects: Orman, Ramsey, Sethi (Hi Ramit, if you are reading this). Once you get the basic points - dollar cost averaging, live below your means, diversify - what else is there really to learn from them? I guess they have their audiences and there are always people who are new to investing and have no other resources besides these finance guru types, but to me it seems repetitive to the point of being redundant.

[Anonymous]

Anonymous wrote:Maybe she’s one of those people who doesn’t enjoy food—more of an “eat to live” person.

I'm like this, not really into eating. I find high end dining a waste of money. Just get me jewelry or art.

[Anonymous]

Anonymous wrote:In the same article she says her splurge is “private air travel.” I can eat out 1,000 times and still save more than she spends on one private air trip. On top of that, what exactly is she doing for food on all those trips with private air travel? Oh, right, eating out.

That's so funny. Is she cooking her own food on her plane? haha

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:She probably has someone who cooks for her at home. No way is Suze cooking up a grilled cheese for dinner.

This -
She has staff and they cook and serve her. She probably gets taken out to eat on others' dime.

+1000

And she doesn’t have kids. She’s never had to work a 8:30-5, pick up kids from aftercare, then rush home to throw together taco night while the other spouse totes the kids around to sports practices.

So splurging on take out from Uber eats on a Sat. night after the kids go to bed while we watch a Netflix show is how we unwind and enjoy a date night at home. It’s also a drop in the bucket compared to all the years of daycare/preschool costs and what we throw into their 529s.

Lol at maybe $300 a month on takeout having a noticeable effect on our finances compared to childcare, housing, and college savings. Also that $300/month keeps us from totally burning out.

And we do make coffee at home (no Starbucks) but that is because we had the funds to buy one of those fancy machines that makes lattes, espresso, etc. So I would never begrudge someone splurging on an $8 drink on occasion just because they can’t afford an $800 coffee maker.

I, on the other hand, totally do begrudge someone their $8 fancy drink if they're not also taking care of their financial future. I'm the poster who said I read Suze in my 20s. I never, ever hit Starbucks during that decade of my life. Nor did I drink any alcohol at all. I went out with my friends, but my bill was always lower than everyone else's, because I had paid myself first, and thus I had less income left over with which to splurge. I worked my whole lifestyle around what was left after I saved for my future. A big reason why I did this was the education I received from reading Suze Orman.

Today, our HHI is high and we blow lots of money. After saving for retirement and contributing to the kids' college, we use our income to do fun things like eat out. We belong to a country club. I do hit Starbucks a couple of times a month. I do feel entitled to all kinds of luxuries now that I've worked for decades and sacrificed many of life's little pleasures when I was younger in trade for the great feeling that building a solid financial foundation brought me. Now HHI is high enough that what's left over after saving is still a lot.

I have kept several friends from my teenage years. We are now in totally different financial spots and we're at the age where they're getting nervous about it. I remember feeling incredulous and silently judgy when I'd watch how they spent when we were young. Lots of dining out, lots of drinking, lots of fancy coffee, vacations. Again, don't begrudge anyone these things, as long as they're buying them with the money that's left over after they've saved an adequate amount. That's Suze's point. And that $300/mo that is negligible to you can actually build great wealth for someone who starts saving it early. $3600/year saved for 45 years at 8% growth becomes about $1.4 million. That's a lot more than most people accumulate, and it's because most people waste too much relative to their income.

I wish I had your POV when I was young. Although I did always save for retirement with my first job out of college. I just wish I had maximized the full amount I could put in versus the match. And I wish I had better prioritized non-retirement savings.

Your perspective is why financial literacy should be taught in school from elementary through high school. Saving money when you are young opens up so many avenues to you that wouldn’t otherwise exist.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Starbucks is over priced it should be no more than 2.5 for one of the fancy coffee drinks or else it's not a good use of money

The problem with Starbucks is not what it costs its customers. It's how poorly it treats its employees.

Yes, multiple reasons not to buy Starbucks - the obnoxious anti-unionism, the waste created by all those takeout cups, AND you can make it for less at home.

I went through a massive self-teaching phase regarding my investments over the past year, mostly by listening to and reading articles from many of the usual suspects: Orman, Ramsey, Sethi (Hi Ramit, if you are reading this). Once you get the basic points - dollar cost averaging, live below your means, diversify - what else is there really to learn from them? I guess they have their audiences and there are always people who are new to investing and have no other resources besides these finance guru types, but to me it seems repetitive to the point of being redundant.

I agree - the basics, for the average investor, don’t change. I’m more interested in advice about smart buying of just about anything - a car, plane tickets etc

[Anonymous]

Anonymous wrote:Many rich people are surprisingly frugal. They don't just waste money because they have it.
They actively make decisions of what to spend their money on.

This. Borrow “The Millionaire Next Door” from your local library. Most popular car for millionaires in the US is a Ford F-150, not Lexus, not Mercedes, not BMW, not Jaguar, not Land Rover, …. Admittedly, that F-150 probably is at one of the higher trim levels, but still this fact surprises many people.

One’s spend rate often is visible, but many people’s actual wealth/net worth often is not so visible. Often, someone with a low/lower spend rate has more wealth than one might guess from looking at that spend rate.