Watching people spend.

pollys

I'm glad it's not just me. I'm forever looking at the persons shopping infront and thinking what a waste, then they get out the credit card and moan about the cost. Do they really need all those magazines, plug-in air fresheners, multitude of cleaning stuff etc etc. Keep wanting to mention MSE and these boards.

Justin_Credit

It's funny that we all seem to notice the way others spend now that we have all changed our lifestyles since coming on to this site.

I watch others spending too but, like the OP, I feel part of a different world to the one they are in. Consumerism is fine so long as I don't have to be part of it, I now live a much simpler lifestyle since registering on MSE.

I do sometimes wonder though, what would happen if everybody went back to the old ways and had little or nothing on credit? What effect would that have on the economy and would there be massive job losses due to lack of demand for products?

Interesting thread this.

Regards JC

pollys

Thats an interesting thought JC, a firm producing biscuits was on our local news the other day, they were closing down part of it's production with job losses, they blamed a "change in lifestyle" towards more healthy eating. Not sure if people really are eating less factory produced biscuits, but we might just see more of this in the future.

I'm not eating less biscuits, I just bake my own.

queenofthedump

i know someone who is was up to their eyes in it until along came a windfall thery paid everything off and were debt free and totally flash with their money and now just about one year later they are back into their overdraft and struggling for cash as horrid as it is to say this I am LOVING it as i think you had the golden chance and you blew it and more than that you rubbed everyones faces in it.

library_lady_2

I'm just the opposite I look at people spending money and thinking how lucky they are to be sensible and have money to spend, you see I always assume that nobody is in debt but me - I know thats ridiculous but thats how it always feel and it makes me feel unworthy. How silly is that!!

sanfrancisco

library_lady wrote:

I'm just the opposite I look at people spending money and thinking how lucky they are to be sensible and have money to spend, you see I always assume that nobody is in debt but me - I know thats ridiculous but thats how it always feel and it makes me feel unworthy. How silly is that!!

An interesting question to do a poll on would be: How many people that you know are in debt (%)? I would say about 70%.

Peppa_Pig_5

Great thread. I too look at people shopping and wonder if they are using credit and how much debt they are in!! My brother recently told me he has a holiday booked for this year, going to cost about £2K, which is a lot for him considering he has defaulted on about 3 loans lately, gave his car back and has a wife anfd 4 kids to support on just his wage. He now tells me they have booked a holiday to the Carribean for April next year, going to cost over £7K. It makes me so mad. I have even directed him to this site, but hasn't made any difference.

Sorry off the subject a bit, but again people would look at him and think wow he must be well off going to the Carribean.

Not so.

Peppa
x

amosworks

I listened to a wholly *fantastic* audiobook by Thomas J Stanley called The Millionnaire Mind, and all of these issues are covered in it.

You see, you can't actually tell a real millionaire apart from Jo Public. TV Stars, celebs, famous people account for less than 1% of all millionaires, doctors and surgeons account for about 2%, and CEO's around 5%. The largest percentage didn't inherit their wealth, most are entrepeneurs.

Most self made millionaires are obviously quite money savvy people; they never buy new cars, don't waste money on crap, enjoy spending time with their families and friends (free!) and their favourite past time isn't golf of sailing to Monnaco on their yacht to watch the Grand Prix - it's consulting with a tax expert!

Something like 80% of millionaires have never spent more than £15 for a haircut, they get furniture, clothes and shoes repaired instead of buying new, they stay in the same homes for decades and go on to sell them at great profit and many other interesting things.

It's like millionaires are MSE'ers from birth, and most become millionaires before they're 45! The book describes 2 types of people, Balance Sheet Affluent and Income Statement Affluent. Nearly all millionaires are BA's - that is they don't look like millionaires. Most people in debt are IS's and these are the types we would typically think of as millionaires, but the secret is they waste so much money trying to look like millionaires (in their big homes and fast cars) that they actually don't have much money left.

It's a very, very interesting read and I recommend it to anyone who's thoughts have been provoked by this thread!! It opened my eyes to the fact the person in front of me in the checkout buying value beans could actually be a millionaire, whilst the person behind me with 3 trolley loads who looks like one is probably up to their neck in debt.

It also helped me recognise my own patterns of behaviour that could be classed as BA or IS and thus it's also helped make me more of a money saver

roversbabe

Amosworks, that's great,

That audiobook sounds fantastic - really interesting.

Thanks for the info

rb

BobProperty

Amosworks - sounds interesting. I'll look out for it. Have you read "The Millionaire Next Door" which is on the same lines?