Some people may think of me as frugal, but that’s actually not entirely true. For example, I spend a lot of money (over $2,000 every month) on interest payments. 😉 It’s fun to find out how much other people spend on their hobbies. But in the end it’s pointless to judge their behavior because money contains different meaning to different people. This is because our real wealth is time. Money is merely a means to maximize the enjoyment we get out of our time in this world.
This is why some people who make $30,000 a year can live a happier, more fulfilling life than others who make $300,000 a year. The income gap between the rich and poor gets a lot of attention, but from a broader perspective most people have roughly the same amount of real wealth in this world, which is measured in years, not dollars. The truly unfortunate are those who are so poor that all they have is money, lol. If all my financial assets disappeared overnight I’d be fairly upset. But if I knew I only had a few more months to live I’d be devastated. I don’t blame Walter White for what he did. Dire times call for extreme measures.
So if our goal is to enjoy life to its fullest using our limited financial resources then we simply have to allocate the right amount of money for each block of time we spend living. This means if we watch more than 10 hours of live sports a week then spending $3,000 on a new 60 inch 4K Ultra HD LED TV is totally justified. 😀 After seeing a football or soccer match in 3840 x 2160 resolution there is no going back. 😉 But on the other hand if we use those 10 hours a week to play PC games then we should spend $3,000 on a new kick-ass gaming computer instead. 🙂 The point is to choose what our interests, passions, and values are in life, and spend our money with the purpose to maximize our happiness in mind. This way, we’re less likely to second guess ourselves and regret our purchases.
If someone pays $600 for a pair of Air Jordan it doesn’t necessarily mean he’s a gullible sucker who overpaid for an overrated brand of footwear. If he plays a lot of sports, like more than 10 hours a week, then those shoes would actually be a great investment. In fact, it’s a bargain when compared to the $3,000 price tag of the TV or gaming PC, yet all 3 choices will bring excitement and joy to the right individuals who are really into those respective fields of entertainment.
The sports fan can scoff at the idea of purchasing a top-of-the-line desktop PC since a faster model is always just around the corner. The PC gamer cannot fathom why anyone would buy a 60 inch UHD TV now when the price is expected to drop 50% on those models next year. And the athlete can ridicule the sedentary lifestyle of a couch potato. But in the end who the heck cares?
All that matters is we spend our money in accordance with our values and interests. This goes back to my previous posts about spending with purpose and understanding what money means to us on a personal level. It’s largely irrelevant what others do with their money because we have no way of knowing if their spending habits match their personalities or not. We are responsible for the limited 8 or 9 decades we have here. We should make every moment of it count by spending our money where it matters the most, and offer others the same opportunity to decide how they want to spend theirs. Nothing is a waste of money as long as we make purposeful use of it.
Don’t let others patronize you on how to spend your money. And by extension, there’s no point judging others of their spending habits either. Unless they’re someone like Scott Storch, a prominent music producer who is famous for his lavish lifestyle. It’s okay to make fun of him. 😛 In the last 6 months he reportedly spent all his money, which was $30 million, on mostly drugs, filed for bankruptcy and is now more broke than shattered glass. 😕 I think we can all agree that he could have managed his money better. 😐
Random Useless Fact