Lifestyle creeping backwards
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Anonymous
| Is anyone else getting more frugal as you become wealthier? Most people seem to experience lifestyle creep, but my discretionary spending keeps going down instead even though I'm not intentionally trying to spend less. I'm just weirdly finding that the more money I make, the less interested I actually am in the things that money can buy. I doubt I've reached enlightenment - maybe I'm depressed? |
Anonymous
| No time to spend + already got it all. |
Anonymous
| 1) it could be a reaction to needing more control. I’ve seen people almost respond to money like anorexics, trying to get control over their money (calories and body) when they don’t feel like they have control over their life or time. This is more common with working rich, who face grueling schedules. 2) it could also be feeling truly secure in your status. If you’re really sure you’ve reached status you lose the need for status symbols, having nothing to prove. |
Anonymous
| Just make sure you give to charity because being ungenerous and not giving to charity actually can CAUSE depression and anxiety. Not widely discussed but true. |
Anonymous
| To some extent I think that’s just getting older. That’s why 18-35 is the prime advertising demo. |
Anonymous
| It's about getting older. Ho much crap do we really need?! |
Anonymous
+1 |
Anonymous
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Yes. As noted above, this can be related to age-related thinking about future downsizing which militates against the acquisition of more "stuff". Additionally, as we age, we may begin to think more about the costs of potential long-term care, which has a moderating effect on current spending in favor of portfolio preservation and prudent growth of capital. While there's little point in being the richest person in the cemetery, neither is it wise to spend so recklessly that you risk a severely constrained lifestyle in your later year, so trying to find the appropriate balance between lifestyle and future financial security becomes more of a focus as we leave our working and active income generating lives behind.
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Anonymous
| Yes- I blame the pandemic on a lot of thisworking at home since 2020. I have not bought clothes (except work out). Also travel is a very challenging- limited flights, resorts not fully staffed. I have spent money on my home and building a home gym. |
Anonymous
| I mean, maybe you're actually living well and can pull back without hardship? I'm still in "lifestyle creep" zone because I am doing things like furnishing my first house (still brought tons of hand me downs from my apartment, but am also buying things like rugs and curtains that fit the space), have young kids who just...need stuff all the time, and am finally earning enough to consider an occasional babysitter (it hasn't happened yet but I'm trying!!!). I can imagine that if I had a nice home, older kids, and an existing budget for entertainment to shave off of, it would be easier to decrease expenditures. |
Anonymous
| Ha I always say this to DH- when I was 24 all I wanted was a Prada handbag. Now I can afford any bag I want and use a diaper bag as a purse. I don't care about keeping up with the Joneses because I have nothing to prove. |
Anonymous
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This is why a lot of the rich don't drive fancy cars or things like that. They already have tons of money and don't need to prove it to anyone.
We own a townhouse and a sfh that's worth 2x it. The people in the townhouse community drive $$$ fancy cars. In my sfh neighborhood everyone drives Hondas, Toyotas, Jeeps. And no, it's not because they can't afford it. My neighbors have been here for at least a decade and aren't financially struggling. |
Anonymous
| Once you buy enough stuff that you thought you always wanted and then realize that it doesn’t make you any happier, and sometimes even makes you less happy/complicates your life, it’s normal to not want so much stuff anymore. |
Anonymous
| I don’t want more stuff I want a house to put it in. |
Anonymous
| We've always been frugal. We are looking to build generational wealth. |