FROM THE LOFTY perch of old age, and after a lifetime of thrift, I declare that I am qualified to comment on how not to waste money. We’ve all heard the reports: Most Americans live paycheck to paycheck, a large number can’t come up with $400 for an emergency, and there’s no money to save for retirement and other goals. Most of that data comes from surveys where people are, in effect, saying they don’t have enough income.
My curmudgeonly reaction: Stores, fitness centers and entertainment venues are packed with shoppers, many of them buying unnecessary goods and services. If three-quarters of Americans are living paycheck to paycheck, how can they afford to spend like this? It’s a funny thing: I have yet to see Warren or Bill in one of the many local spas.
Most Americans live like no other people on earth. We have more and bigger stuff: Larger houses, bigger vehicles, more shoes. And, in my not so humble opinion, we can’t tell the difference between needs and wants, between necessities and desires—and we sure can’t defer gratification.
Click on the link below and read my sixteen ways to waste money and screw up your financial life. I also urge you to give your comments here and on HumbleDollar and MarketWatch.com where this article also appears.
Source: Farewell Money – HumbleDollar