Comments on: What is wealth?

By: brip blap » Blog Archive » Late linklings

brip blap » Blog Archive » Late linklings — Sat, 01 Sep 2007 23:30:04 +0000

[...] And finally, I’ll remind everyone to check out The Wealthy Canadian – a new blog but (I think) off to a strong start, mainly because I really liked this post. [...]

By: Brip Blap

Brip Blap — Sat, 01 Sep 2007 00:29:31 +0000

No, I didn’t mean there’s anything wrong with valuing money – I just meant that most people unconsciously assign it a higher value than they think they do. Foregoing buying an Italian designer shirt for a Costco shirt would be valuing money. Foregoing wearing a dress shirt to work in favor of a t-shirt would be silly.

I have always had a phrase that I have told my wife since the day we got married – you can never regret spending too much on your health, and you can never buy back time lost with friends and family. That’s what you’re saying, and I’m in complete agreement with it. I just wish I *lived* it a bit more than I say it…

By: wc

wc — Fri, 31 Aug 2007 18:38:10 +0000

There is nothing wrong with valuing money and those things it can bring us. I am simply suggesting that we take a close look and honestly decide what it is that we value.

Living in a nice house is something that you value and that is good. Not buying second hand clothes is a quality that you value for yourself and your family.

This post is about taking the time to understand yourself enough to assist you to answer the daily questions; such as “do I buy a Grande Mocha Frappuccino, or would it be better to forego that today today in order to be able to buy a new shirt?”

There are wrong answers. It is a matter of planning.

By: Brip Blap

Brip Blap — Fri, 31 Aug 2007 10:18:33 +0000

I agree with your definition of wealth – mine would be very similar. Most people, however, place a much higher priority on money than family, time, etc. than they think they do. I know I do. I say that I would like to have free time for friends and family and my own interests, but in a sense I have prioritized money.

How? I own a house with a mortgage far more expensive than the absolute, cheapest option. I own two cars when (despite poor public transportation options) I could take the bus. I have satellite TV. I buy furniture. I buy kitchen tools. I buy new clothes. If all of these items were eliminated – if I bought Goodwill clothes, lived in a tiny 1-bedroom with my wife and son, etc., and I stayed in my current job, I would certainly make enough money to stop working in another 5-6 years (if I continued that lifestyle).

I don’t, however, and to me that tells me that money is a goal, and frankly more important than I like to admit, to keep my standard of living at a certain level. It’s not original thinking on my part – “Your Money or Your Life” is all about reducing your expenses to bare bones to hasten your retirement date. I’ve done it where I could, but it’s hard to really, truly maximize your time for non-working activities if you remain addicted to even a fairly modest amount of ’stuff’.