Comments on: Keeping up with the Joneses http://www.canadiancapitalist.com/keeping-up-with-the-joneses/ Helping you invest and prosper Sun, 12 Feb 2012 00:54:40 +0000 hourly 1 http://wordpress.org/?v=3.3.1 By: Running after the Joneses http://www.canadiancapitalist.com/keeping-up-with-the-joneses/#comment-135647 Running after the Joneses Wed, 28 May 2008 04:41:08 +0000 http://www.canadiancapitalist.com/2006/08/24/keeping-up-with-the-joneses#comment-135647 [...] back, I wrote how the urge to keep up with our friends and neighbours drives our spending habits. In a humorous column in The Financial Post, author Neil Steinberg writes: Call it envy. Call it [...] [...] back, I wrote how the urge to keep up with our friends and neighbours drives our spending habits. In a humorous column in The Financial Post, author Neil Steinberg writes: Call it envy. Call it [...]

]]> By: Canadian Capitalist http://www.canadiancapitalist.com/keeping-up-with-the-joneses/#comment-10801 Canadian Capitalist Fri, 27 Oct 2006 19:04:28 +0000 http://www.canadiancapitalist.com/2006/08/24/keeping-up-with-the-joneses#comment-10801 Statik, Kimber: I agree that there should be a balance between saving and spending. However, it seems to me that people are spending too much and saving too little, not the other way around. Statik, Kimber: I agree that there should be a balance between saving and spending. However, it seems to me that people are spending too much and saving too little, not the other way around.

]]> By: Statik http://www.canadiancapitalist.com/keeping-up-with-the-joneses/#comment-10790 Statik Fri, 27 Oct 2006 16:59:55 +0000 http://www.canadiancapitalist.com/2006/08/24/keeping-up-with-the-joneses#comment-10790 Total agree Kimber, Once you have a set number you put away in a RRSP or prepayment into your mortgage to achieve your future/retirement goals, you TOTALLY have to buy the things you want. If 'stuff' is what makes you happy, or vacations or whatever, DO IT! (note still the part about setting aside the proper amount to achieve your goals first). If you keep saving money year after year and not getting/doing anything you want or makes you happy you have missed the meaning of life. Over-saving your lifestyle only makes your kids happy when your dead. Total agree Kimber,

Once you have a set number you put away in a RRSP or prepayment into your mortgage to achieve your future/retirement goals, you TOTALLY have to buy the things you want. If ‘stuff’ is what makes you happy, or vacations or whatever, DO IT! (note still the part about setting aside the proper amount to achieve your goals first).

If you keep saving money year after year and not getting/doing anything you want or makes you happy you have missed the meaning of life. Over-saving your lifestyle only makes your kids happy when your dead.

]]> By: Kimber http://www.canadiancapitalist.com/keeping-up-with-the-joneses/#comment-6647 Kimber Mon, 28 Aug 2006 16:44:53 +0000 http://www.canadiancapitalist.com/2006/08/24/keeping-up-with-the-joneses#comment-6647 I'm not really one for deprivation. If my financial goals are being met and I have the cash, I buy. If I receive a bonus, I invest half and spend half. If I receive a raise, I do the same. I find if I sock it all in savings, I lose the drive to receive bonuses and get raises. Gotta eat the carrot once in a while just so I remember what it tastes like. I’m not really one for deprivation.
If my financial goals are being met and I have the cash, I buy.
If I receive a bonus, I invest half and spend half.
If I receive a raise, I do the same.
I find if I sock it all in savings, I lose the drive to receive bonuses and get raises.

Gotta eat the carrot once in a while just so I remember what it tastes like.

]]> By: Phil S http://www.canadiancapitalist.com/keeping-up-with-the-joneses/#comment-6579 Phil S Sun, 27 Aug 2006 18:55:07 +0000 http://www.canadiancapitalist.com/2006/08/24/keeping-up-with-the-joneses#comment-6579 Oh, and I drive a Honda Civic to commute to work, bike or take the subway when I get around on my own time, live in a shoebox 1BR condo and watch a 13" colour TV that I won at a company golf tournament! My MP3 player is often referred to as a "guitar" by other people, MP3 = manual playing, 3 instruments or less! My only real luxury is my DSL internet connection which I use to check out this webpage! And vacations and beer money, of course! =0) Oh, and I drive a Honda Civic to commute to work, bike or take the subway when I get around on my own time, live in a shoebox 1BR condo and watch a 13″ colour TV that I won at a company golf tournament! My MP3 player is often referred to as a “guitar” by other people, MP3 = manual playing, 3 instruments or less! My only real luxury is my DSL internet connection which I use to check out this webpage! And vacations and beer money, of course! =0)

]]> By: Phil S http://www.canadiancapitalist.com/keeping-up-with-the-joneses/#comment-6578 Phil S Sun, 27 Aug 2006 18:49:18 +0000 http://www.canadiancapitalist.com/2006/08/24/keeping-up-with-the-joneses#comment-6578 I think my spending / saving philosophy comes from my upbringing growing up in the maritimes and moving around a lot going from job to job. If there's something that's not going to survive my next move, I don't buy it. Every extra dollar saved goes into investments or savings - every maritimer knows that economic recessions can be long and deep! So, we have to squirrel away every nut we can or else we won't make it through the winter! I think my spending / saving philosophy comes from my upbringing growing up in the maritimes and moving around a lot going from job to job. If there’s something that’s not going to survive my next move, I don’t buy it. Every extra dollar saved goes into investments or savings – every maritimer knows that economic recessions can be long and deep! So, we have to squirrel away every nut we can or else we won’t make it through the winter!

]]> By: Dave http://www.canadiancapitalist.com/keeping-up-with-the-joneses/#comment-6567 Dave Sun, 27 Aug 2006 16:29:19 +0000 http://www.canadiancapitalist.com/2006/08/24/keeping-up-with-the-joneses#comment-6567 I think I can safely say that if I had a 30k pay raise that I wouldn't make any impulsive purchases with it. I'd probably stash all the extra I didn't need into retirement or some other form of savings (rather than into expenses), then over time reduce my monthly contributions into retirement and savings therefore having more cash per month available for spending. I think I can safely say that if I had a 30k pay raise that I wouldn’t make any impulsive purchases with it. I’d probably stash all the extra I didn’t need into retirement or some other form of savings (rather than into expenses), then over time reduce my monthly contributions into retirement and savings therefore having more cash per month available for spending.

]]> By: silverman helps http://www.canadiancapitalist.com/keeping-up-with-the-joneses/#comment-6546 silverman helps Sun, 27 Aug 2006 12:03:03 +0000 http://www.canadiancapitalist.com/2006/08/24/keeping-up-with-the-joneses#comment-6546 Hi there, I recently purchased an LCD and a brand new BMW. IN my defense I just got a 30K pay raise. Hi there, I recently purchased an LCD and a brand new BMW. IN my defense I just got a 30K pay raise.

]]> By: Silverm http://www.canadiancapitalist.com/keeping-up-with-the-joneses/#comment-6425 Silverm Sat, 26 Aug 2006 06:58:16 +0000 http://www.canadiancapitalist.com/2006/08/24/keeping-up-with-the-joneses#comment-6425 Although I agree with the essence of your article, I don't think you used a very good example. From the sound of it, you value watching hockey over the "spectacular format" instead of keeping up with the Jones. Come on. Just buy it :D Although I agree with the essence of your article, I don’t think you used a very good example. From the sound of it, you value watching hockey over the “spectacular format” instead of keeping up with the Jones. Come on. Just buy it :D

]]> By: Investing Intelligently http://www.canadiancapitalist.com/keeping-up-with-the-joneses/#comment-6408 Investing Intelligently Fri, 25 Aug 2006 05:29:14 +0000 http://www.canadiancapitalist.com/2006/08/24/keeping-up-with-the-joneses#comment-6408 I totally agree with you about keeping up with the Joneses. Many of friends are making a lot of money and buying lots of toys and it is hard to resist the temptation to do the same. Great article. I find that we have resisted large purchases in the past year by severly limiting the amount of money in our chequing account (to $50/day to be precise). This was key. The rest goes to RRSP, rent, and some savings to ING in various savings accounts with different names on them. There are no accounts with the name "50-inch LCD TV" on them yet. The account names are things like "vacation", "Christmas", "car repair fund", etc... There is one general purpose ING account for miscellaneous things that we dip into from time to time. I guess in a way, we have followed the advice of Laura that you quoted above, and identified what we value most, which now just basically includes a maximized RRSP for retirement, money for vacations, and some cash put aside to spend on things we really need when they come up (the stuff in our "misc" ING account). Fortunately the "misc" account always contains just enough that we end up spending it on something we really need, BEFORE we think of those things we don't really need. And the Christmas, vacation, and RRSP accounts, well, those are untouchable. I totally agree with you about keeping up with the Joneses. Many of friends are making a lot of money and buying lots of toys and it is hard to resist the temptation to do the same.

Great article. I find that we have resisted large purchases in the past year by severly limiting the amount of money in our chequing account (to $50/day to be precise). This was key.

The rest goes to RRSP, rent, and some savings to ING in various savings accounts with different names on them. There are no accounts with the name “50-inch LCD TV” on them yet. The account names are things like “vacation”, “Christmas”, “car repair fund”, etc… There is one general purpose ING account for miscellaneous things that we dip into from time to time. I guess in a way, we have followed the advice of Laura that you quoted above, and identified what we value most, which now just basically includes a maximized RRSP for retirement, money for vacations, and some cash put aside to spend on things we really need when they come up (the stuff in our “misc” ING account). Fortunately the “misc” account always contains just enough that we end up spending it on something we really need, BEFORE we think of those things we don’t really need. And the Christmas, vacation, and RRSP accounts, well, those are untouchable.

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