Comments on: Does Income Change Who You Are as a Spender? or your Tastes?

By: What is Paygo? Applying PAYGO to your Personal Finances | My Journey to Millions

Tue, 07 Sep 2010 14:05:42 +0000

[...] one were to strictly adhere to PAYGO rules in their personal finance world they may slow down lifestyle inflation because every purchase/new expenditureÂ would need to beÂ justified.Â Maybe justification would be [...]

By: Daniel

Daniel — Mon, 30 Aug 2010 14:11:29 +0000

I would spend more. With more money comes a nicer house, although not everything is proportional. I’ve never cared about having a nice car, so that’s not something I’ll suddenly desire. But I will buy nicer meat, enjoy more of the things I love.

As it is, I go to a baseball game once or twice a year. If I was making a lot more money, maybe I’d spring for season tickets? I don’t see why not!

By: Moneyed Monday – #1

Moneyed Monday – #1 — Mon, 12 Jul 2010 08:45:20 +0000

[...] Would you spend more if you made more? – Good discussion over at My Journey To Millions. It’s a questions I’ve asked myself many times, but I have goals so I already know the answer. If you enjoyed this article, please consider sharing it! [...]

By: Financial bondage

Financial bondage — Tue, 06 Jul 2010 22:30:54 +0000

If my income tripled tomorrow, I’d still shop at target and walmart, and look for bargains at garage sales. Id keep my paid for truck, my $15/month internet… my cell phone that costs me $26 every 3 months… only thing that would change is I could finally get debt free, save, and give a bit more. I would not upgrade a thing. I would live as cheap as I could and avoid debt.

By: John @Curious Cat Investing Blog

John @Curious Cat Investing Blog — Tue, 06 Jul 2010 13:46:53 +0000

I would think in most cases more income should change your spending habits. Unless your tastes are so far below your income that additional income makes no difference then it should. I save money for retirement, emergency fund, an addition to my house… If I have another $50,000 a year I can think of good ways to spend it (for me I would save lots of it, but I could also spend some). I am basically a saver not a spender and that wouldn’t change but if now I think I can give $50 to some charity I might give $500 if I have a bunch more money. I buy Odwalla juice which is pretty crazy expensive but in an overall budget doesn’t amount to much given my current situation. But in my first few years of work life I wouldn’t have. I’d probably buy a solar energy system and battery backup if I had a ton of extra cash… So yeah I would definitely change my spending habits. It isn’t really changing my tastes. I have the tastes now, I just figure given my financial situation it isn’t worth the money for some things. But if I had a bunch more money I would buy them.

By: Early Retirement Extreme

Early Retirement Extreme — Tue, 29 Jun 2010 02:47:00 +0000

With more wealth, I’ve found that my taste for work has changed and my taste for earning more money, but that was probably not what you were asking about … my taste for stuff/acquisition has remained pretty much the same despite tripling my income and then subsequently reducing it by a factor 10.

By: Kevin M

Kevin M — Tue, 29 Jun 2010 01:40:43 +0000

Tastes may change, but not on throw-away stuff like meals. $60 lunches would just make me feel bad for spending that much, no matter my income. I’m usually disappointed when we go out for a meal at a sit down restaurant anyway. Give me Panera Bread or Qdoba any day.

By: Funny about Money

Funny about Money — Sun, 27 Jun 2010 02:49:15 +0000

Well, y’know… I don’t think your tastes change (that is, what you think is attractive, desirable, appropriate, whatever). But I do think that spending tends to expand to fill all the earnings available.

Unfortunately, over the past couple of decades expanded a bit beyond earnings for too many of us.

IMHO it’s important to recognize that as you earn more, you’re still free to choose to live below your means. “Nice but not gaudy” defines taste. At least, it does for Old Money.

By: Evan

Evan — Fri, 25 Jun 2010 14:55:45 +0000

Uh oh I hope I didn’t dissapoint! As for the name, I didn’t want her using Evan on her site…so she told me to make up a nickname and that was the first thing that popped into my mind.

By: Money Funk

Money Funk — Fri, 25 Jun 2010 04:40:12 +0000

Captain Awesome, huh? Congrats to you and the wife with a baby on the way. And nice to put a face with the name.

And my taste would change, but in a good way. Since I worked hard for building the money pile, I think I would put considerably more thought into the quality of purchases I make. Not buy so much junk. Drink wise.. Ah, I’d probably be able to buy the real Vodka instead of the house stuff. It’s 1 good drink over buying 2 of the crappy stuff. Lol.