[quote user=ThomasBeyer]Although I do know people with immense wealth who would not fly business class or buy that new car .. and I always wonder why that is ?
Ironic that you mentioned this.
Although I don't have immense wealth, both these situations have happened over the last year.
During my latest flight to and from California, during the online check-in, I stared at the "upgrade seats" page for a long long time. The amount to upgrade was a relatively meaningless, but I just couldn't pull the trigger. It just felt like a rip off (I'm sure that I get "ripped off" all the time by buying various brands, but this emotion was more pronounced for "upgrading" the seats). I know the money was a relatively insignificant, but I just couldn't do it. It was interesting sitting at my seat in front of my computer, pondering my intent/motivation/emotions/ego.
The same thing happened about a year ago with a car. I just couldn't justify buying a lavishly branded hunk of metal that took me from point A to point B; which doesn't do the task much differently than a less lavishly branded hunk of metal. Again, the difference in price, while more significant than upgrading the flight, was still relatively inconsequential.
I used to know a fairly wealthy pharmacist who owned a number of pharmacies who wouldn't pay the piddly $100 a month "towel service/plus" membership at the gym, and instead, after showering, literally took hundreds of paper towels to dry himself.
I've seen people use their money to find relationships/love/acceptance/admiration/etc.
It's very deeply ingrained habit used to shore up psychological issues I think.
I've long stopped investing just for the money. It's closer to a compulsion/addiction/obsession. IMHO.
[quote user=ThomasBeyer]so what IS the answer then to that ? Slack off when you are young ? Travel more when you are young ? Work
less when you are middle aged ? Spend more lavishly on travel or life
today (business class flight instead of economy, leather seated car
instead of cloth, house with a view as opposed to one without a view,
..) i.e. spend more on life's enjyoable things that are not necessary
but certainly enjoyable ?
I think this is a personal decision. Speaking for myself, I tried the slacking off. That eventually made me into a lazy, unmotivated, blob.
I also tried the traveling. Again, this may sound ridiculous, but after each cruise/5-star resort/"fine-dining"/etc. the pleasure drops off dramatically until you don't even remember where you went because they all look/taste/smell/feel the same, and you'd rather be home anyway.
I also tried doing the consumer-centric buying-stuff thing. That's a treadmill to nowhere. The pleasure hit the first time is great, but it also drops off hard unless more money is spent, and then eventually that doesn't work, and you have to keep buying "the next thing" to get that pleasure "hit". It never ends. Also the feeling eventually becomes empty/pointless/brainless-slave-to-marketing.
My "solution" is to spend the money on my family/friends. I actually find it 10x easier to buy stuff for them. I may
agonize for months on whether I really need another iPad mini, but I'll
buy them for my friends/family. Especially those who are not very financially
well-to-do. For no particular occasion/reason. Just to see them enjoy
it.
So that's what I'm doing now. I use the money to encourage/facilitate time together over food/drink/conversation. It's quite rewarding/fun/enjoyable.
I need to restrain this kind of behaviour with my daughter. I can see buying things to "see her happy" being very destructive to her
personality/ambition/assocation-with-money/ego.
All IMHO.
First world problems.