New way of thinking about money: "Frugality is stupid"

[catherine]

I've noticed new trends among younger finance influencers, like Ramit Sethi.

Where we were raised to believe that "a panny saved is a penny earned" and our bible was YMOYL, the new way of thinking is, don't deprive yourself--just earn more money.

The rationale is "there's a limit to how frugal you can be, but there's no limit to your income potential."

We were trying to save to work less. Now, younger people are optimistic enough to believe that if you find ways to earn more, you can spend on what you want. Don't you have to work harder in order to make more money? I thought the younger folk were work-averse? Have they found some secret to working less and earning more?

Have you guys noticed this? What do you think? Do you think we all should have given in to our daily latte desires?

[outlander]

I read this on another forum years ago.

Name 5 things that happened in your life that are very important to you. Just about every person answers this with sentimental and personal experiences, none having to do with money.

We are brainwashed by society to believe that buying things is the basis for happiness. Most people chase this philosophy their entire lives never obtaining fulfillment or peace. So very sad...

[catherine]

I read this on another forum years ago.

Name 5 things that happened in your life that are very important to you. Just about every person answers this with sentimental and personal experiences, none having to do with money.

We are brainwashed by society to believe that buying things is the basis for happiness. Most people chase this philosophy their entire lives never obtaining fulfillment or peace. So very sad...

Agreed. For many of us, frugality is not a punishment, but it seems like it is to others.

[iris lilies]

I've noticed new trends among younger finance influencers, like Ramit Sethi.

Where we were raised to believe that "a panny saved is a penny earned" and our bible was YMOYL, the new way of thinking is, don't deprive yourself--just earn more money.

The rationale is "there's a limit to how frugal you can be, but there's no limit to your income potential."

We were trying to save to work less. Now, younger people are optimistic enough to believe that if you find ways to earn more, you can spend on what you want. Don't you have to work harder in order to make more money? I thought the younger folk were work-averse? Have they found some secret to working less and earning more?

Have you guys noticed this? What do you think? Do you think we all should have given in to our daily latte desires?

I Suppose it depends on how frugal is frugal but I regularly hear Ramit dress down people on his podcast about excessive spending in various areas. He makes fun of the latte factor but yet he picks apart peoples’ spending, questioning them about excessively expensive automobiles or children’s activities or etc.

[catherine]

I Suppose it depends on how frugal is frugal but I regularly hear Ramit dress down people on his podcast about excessive spending in various areas. He makes fun of the latte factor but yet he picks apart peoples’ spending, questioning them about excessively expensive automobiles or children’s activities or etc.

Yes, he brags about the ancient Honda he drove, but OTOH, there are things he tells people to buy. He tells them to always buy books that you want. I like hearing that financial advice.

[iris lilies]

Yes, he brags about the ancient Honda he drove, but OTOH, there are things he tells people to buy. He tells them to always buy books that you want. I like hearing that financial advice.

Ramit’s clothes are exquisite and EXPENSIVE. I couldn’t stop staring at his cashmere top the last time I watched his podcast. His wife is a professional image consultant in clothes. I think I would hire her, based on how he dresses.

He has admitted to developing a taste for nice clothes.

[outlander]

I think it would benefit people to live both a financially successful lifestyle as well as a frugal more simple choice as well.

Then they can see both sides of the story and choose which is more fulfulling and meaningful for them.

I chose the more frugal path after what I consider much too long believing success is measured by how much you own or earn. I do not look down on people who choose the other path. But I think it is unfortunate that most of them have only experienced what society has convinced them is the only viable way to live.

[catherine]

I think it would benefit people to live both a financially successful lifestyle as well as a frugal more simple choice as well.

Then they can see both sides of the story and choose which is more fulfulling and meaningful for them.

I chose the more frugal path after what I consider much too long believing success is measured by how much you own or earn. I do not look down on people who choose the other path. But I think it is unfortunate that most of them have only experienced what society has convinced them is the only viable way to live.

Frugal+Financially Successful is definitely a winning strategy! I think of Warren Buffett, for instance. Then there are many folks outlined in The Millionaire Next Door. My uncle and grandfather fit into that category. And quite a few people on this forum do as well.

As far as Ramit goes, yes, I think he definitely likes to spend on certain things--he admits he loves to travel and spends a lot on it. But he can do it. He has a very popular and successful set of businesses.

[Tybee]

Frugal+Financially Successful is definitely a winning strategy! I think of Warren Buffett, for instance. Then there are many folks outlined in The Millionaire Next Door. My uncle and grandfather fit into that category. And quite a few people on this forum do as well.

As far as Ramit goes, yes, I think he definitely likes to spend on certain things--he admits he loves to travel and spends a lot on it. But he can do it. He has a very popular and successful set of businesses.

I love Warren Buffett! He is awesome.
What I treasure about frugality is that it frees you to utilize those resources to help other people, and to make life better for the people we are responsible for in our time on the planet, and the people who come after us.

[Tradd]

The Gen Z I run into want to work LESS.