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Originally Posted by retiredguy123
Interesting post. My point was that some people are savers and some are spenders. I am a saver and always have been. I think that people should have a right to save money. I have accumulated far more money than I will ever spend. Most people want to talk about inflation in terms of their current income and the higher cost of the products that they buy every day. But, to me and other savers, there is a huge deficit between the artificially low interest rates and the inflation rate. The interest rates are artificial because they are not based on the normal supply and demand equation for money. The Federal Reserve is stacking the deck. So, for example, if you have $100K earning a measly 2 percent, and the inflation rate is 8 percent, you are actually losing $6,000 every year in buying power and real wealth regardless of what you spend for food or other essential items. If you have a million dollars or more, the effect is much worse. I am not asking for sympathy, but I think we should encourage and reward savers as a responsible policy.
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rg123, I think it goes beyond just your “savers and spenders” b&w categories. I think it’s more of a spectrum because there are extremes at either end.
The psychology of money is fascinatingly complex.
There are savers who are quietly careful with their money because they need to be. That makes good sense.
And there are savers who are sensible savers because they are planners and that makes sense to me, too.
But then there are other types of “savers” whose personalities go beyond need or just that “rainy day” routine.
Sometimes certain types of “savers” go overboard because they are control freaks and that trait carries over into other parts of their lives, too. That is just their nature. Control freaks are toxic to relationships.
Then we have the “savers” who make a game out of being just plain cheap — you know, like those who conceal-carry their individual packets of Crystal Light into TV restaurants and then order water — and if they are really tacky, they order water with lemon. (I don’t care if somebody needs to order just water with their restaurant meal, but to whip out those little make-your-own packets is ill-mannered, to say the least.)
If I may, I will add my interpretation of your statement that you have more money saved than you will ever spend………
I am not going to go all judgey on you and say you are bragging……..
I think what you mean could be the same thing as what a very wise woman (who taught me some things I know about money) told me when she was a few years into a comfortable, no money worries, retirement………
She said, “Ya know, by the time you can buy anything you want, you don’t want it anymore.”
Boomer