For those who follow YMOYL, what one point grabbed your attention first?

[oldhat]

I first came across YMOYL in the late 90s. It was a bleak period for me. I'd moved halfway across the country for a job which didn't work out (through no fault of mine). My prospects of finding employment in my field of choice, for which I'd spent years training in grad school, were grim. I was about the start a job for which I was overqualified in a place where I knew no one.

In short, I felt my life had completely spun out of control. I think that was the main source of the book's appeal--that there was something I could do to make myself feel like I had control over some aspect of my life, at least.

[happystuff]

I believe that is the book that taught me the only way to truly save money was to not spend it. (one is still forking over money to purchase a "sale" item.)

[ToomuchStuff]

I believe that is the book that taught me the only way to truly save money was to not spend it. (one is still forking over money to purchase a "sale" item.)

I wonder how many get this and the higher costs associated with CC, when we have a thread about cash back/rewards cards.

[dado potato]

I get Chapter 6: The American Dream - On a Shoestring. "Frugality is enjoying the virtue of getting good value for every minute of your life energy and from everything you have the use of."


Every minute, everything!

[Teacher Terry]

We only use our CC for big purchases so if something goes wrong we have recourse and then pay it in full.

[Gardnr]

I wonder how many get this and the higher costs associated with CC, when we have a thread about cash back/rewards cards.

I do not understand this sentence?

And for me, what's the different cost if I pay cash or use my CC? i have no additional cost with it as I pay it off EVERY month without fail.

[ApatheticNoMore]

I suppose there are a few thing with credit cards:

- if the card has a yearly fee. I've never owned a credit card with a fee
- cash/points back etc. cards might encourage unnecessary spending as it's a bit of a psychological gimmick. I stay away from stuff like that for this reason. But I'm paranoid.
- it's easier psychologically to spend with credit. Probably, but this has to be weighed against ease of getting money back on a risky purchases and greater selection online
- you can spend money you don't have with credit even if you pay it off next month, you just count on the next paycheck or whatever to cover it, frankly if you have an emergency fund this is safe enough, but also might encourage more spending

[happystuff]

I use my cc for the cash back, BUT... I have no fee, it's is paid in full every month and it is used for things like gas, groceries, dr. bills, etc. - things that I would normally purchase, not necessarily extras.

[Gardnr]

I suppose there are a few thing with credit cards:

- if the card has a yearly fee. I've never owned a credit card with a fee
- cash/points back etc. cards might encourage unnecessary spending as it's a bit of a psychological gimmick. I stay away from stuff like that for this reason. But I'm paranoid.
- it's easier psychologically to spend with credit. Probably, but this has to be weighed against ease of getting money back on a risky purchases and greater selection online
- you can spend money you don't have with credit even if you pay it off next month, you just count on the next paycheck or whatever to cover it, frankly if you have an emergency fund this is safe enough, but also might encourage more spending

These temptations you list? We don't suffer from those. We live on 35% of our income. Learning mindfulness in the money journey ala YMOYL is key to learning to have a great relationship with money. It doesn't control us. We control it.

[Tenngal]

how to identify "wants vs needs" and being happy with spending less.