Comments on: Personal Finance – Keeping up with the Joneses http://www.mint.com/blog/guest-post/personal-finance-keeping-up-with-the-joneses/ The blog of the free, simple personal finance solution. Track all your spending automatically, find the best deals, save more money. And save the world. Fri, 20 Nov 2009 20:48:42 -0800 http://wordpress.org/?v=2.8.4 hourly 1 By: Joe http://www.mint.com/blog/guest-post/personal-finance-keeping-up-with-the-joneses/comment-page-1/#comment-32047 Joe Wed, 10 Jun 2009 21:43:14 +0000 http://www.mint.com/blog/finance-core/keeping-up-with-the-joneses/#comment-32047 my question is why not use credit, life is short. good question eh? my question is why not use credit, life is short.

good question eh?

]]> By: StrategyDuck http://www.mint.com/blog/guest-post/personal-finance-keeping-up-with-the-joneses/comment-page-1/#comment-29974 StrategyDuck Tue, 31 Mar 2009 14:15:02 +0000 http://www.mint.com/blog/finance-core/keeping-up-with-the-joneses/#comment-29974 "Keeping up with the jones" can be emotionally draining. I worked with my life coach Kyle Langseth (www.developyourdestiny.com) and we discussed a relevant concept of Financial Self Worth. For me that meant how much money or income I felt I'm worth. I feel dissonance in my emotions when my income is different than my financial self worth. Kyle suggested for some people it goes as far as to shed excess money beyond what feels "normal" to the person. It offers an explanation to why lottery winners will spend every cent they get or when some people get a new higher paying job and go further into debt rather than paying it off. It has nothing to do with right or wrong, it just feels normal to them to shed excess money or be broke when bills come due. It is easy to caluculate what your financial self worth is already at. According to Jon Assaraf "take the average of you last three years income" If you start to earn more than that number he suggest making efforts to train your brain that more is the new normal. Take a look at VP Gates post again and listen to the language that reveals how "normal" it is for him to save money and choose against a $30/month cell phone contract. Even though he makes more than 73% of Americans, I would argue Gates also feels worth his income. “Keeping up with the jones” can be emotionally draining. I worked with my life coach Kyle Langseth (www.developyourdestiny.com) and we discussed a relevant concept of Financial Self Worth. For me that meant how much money or income I felt I’m worth. I feel dissonance in my emotions when my income is different than my financial self worth. Kyle suggested for some people it goes as far as to shed excess money beyond what feels “normal” to the person. It offers an explanation to why lottery winners will spend every cent they get or when some people get a new higher paying job and go further into debt rather than paying it off. It has nothing to do with right or wrong, it just feels normal to them to shed excess money or be broke when bills come due. It is easy to caluculate what your financial self worth is already at. According to Jon Assaraf “take the average of you last three years income” If you start to earn more than that number he suggest making efforts to train your brain that more is the new normal. Take a look at VP Gates post again and listen to the language that reveals how “normal” it is for him to save money and choose against a $30/month cell phone contract. Even though he makes more than 73% of Americans, I would argue Gates also feels worth his income. ]]> By: G.E. Miller http://www.mint.com/blog/guest-post/personal-finance-keeping-up-with-the-joneses/comment-page-1/#comment-18201 G.E. Miller Sun, 24 Feb 2008 15:12:16 +0000 http://www.mint.com/blog/finance-core/keeping-up-with-the-joneses/#comment-18201 In life, I've tried to keep up with the Joneses in many ways, but never in regards to personal finance. I don't care if I ride the bus to work, eat at home every night, or save a ton from retirement while everyone else is spending away. I have created a personal finance website for 20 somethings that talks about frugality, personal budgeting, and choosing the right investment vehicles, and being smart with your money. You can check it out at 20somethingfinance.com. In life, I’ve tried to keep up with the Joneses in many ways, but never in regards to personal finance. I don’t care if I ride the bus to work, eat at home every night, or save a ton from retirement while everyone else is spending away. I have created a personal finance website for 20 somethings that talks about frugality, personal budgeting, and choosing the right investment vehicles, and being smart with your money. You can check it out at 20somethingfinance.com. ]]> By: James R. Malovrh http://www.mint.com/blog/guest-post/personal-finance-keeping-up-with-the-joneses/comment-page-1/#comment-17946 James R. Malovrh Fri, 15 Feb 2008 22:59:28 +0000 http://www.mint.com/blog/finance-core/keeping-up-with-the-joneses/#comment-17946 Great article... Every now and then we all need to stop and think just like that article suggests .... More recent years its "Just Keeping Up" forget the Joneses ! Great article… Every now and then we all need to stop and think just like that article suggests …. More recent years its “Just Keeping Up” forget the Joneses ! ]]> By: used vans girl http://www.mint.com/blog/guest-post/personal-finance-keeping-up-with-the-joneses/comment-page-1/#comment-16900 used vans girl Tue, 05 Feb 2008 16:46:41 +0000 http://www.mint.com/blog/finance-core/keeping-up-with-the-joneses/#comment-16900 Even if your neighbours do have a nicer car than you take more holidays a year than you etc the chances are that it’s not because they can afford more, it’s more than likely because it’s on credit. Even if your neighbours do have a nicer car than you take more holidays a year than you etc the chances are that it’s not because they can afford more, it’s more than likely because it’s on credit. ]]> By: Gates VP http://www.mint.com/blog/guest-post/personal-finance-keeping-up-with-the-joneses/comment-page-1/#comment-16677 Gates VP Sun, 03 Feb 2008 07:35:59 +0000 http://www.mint.com/blog/finance-core/keeping-up-with-the-joneses/#comment-16677 It may be worth noting that this stuff is not new. TVs shows in the 50s were no more accurate about showing off "middle-income life". Most TV shows just suck out by glossing over the whole concept of money and only making an issue of it when it makes for a good plot twist. Look at the <i>Brady Bunch</i>, Mr Brady is an Architect, with a wife and 7 kids. Sure he's making a little above average salary, but he's got 8 dependents! The more recent <i>Step-by-Step</i> also featured a blended family of 6 children. She's a beautician, he's a contractor (read labourer). And yet, neither of these families seems to have any "money issues". I can remember watching Step-by-Step on TGIF (at like 13 or 14) and asking why they didn't seem to have any money problems. And barring a some big life insurance settlement (everyone's a widower), they just gloss over the rest of the details. The typical sitcom or serial is based wholly on "suspension of disbelief". They don't want you to question if this reality is even possible, they just want to show photogenic people who make us laugh and then forget about the rest. MyTwoDollars hits it right on <b>if we truly had an inside look into our neighbors affairs, we would see that they are probably just like us</b>. I make 75k USD / year (and benefits) and I rent a 2 bedroom apartment. I don't own a car and I just signed up for a pre-paid cell phone b/c I couldn't even justify the minimum $30/month plan. I don't own a big screen TV or a 5.1 surround sound system or a cool new MacBook Pro. I don't have any kids or major outstanding debt and I make in <a href="http://en.wikipedia.org/wiki/Household_income_in_the_United_States" rel="nofollow">the top 27% of household incomes</a>, by myself. Of course, I have a bunch of cash in the bank (and invested), that's how I get ahead. That way I can eat well and pay for my gym pass and still have a bunch of money left over at the end of the month. When I was making 50k, living on my own, I didn't have a car then either, but I socked away 5k, guess where that came from? That should give <i>most</i> people something to think about. It may be worth noting that this stuff is not new. TVs shows in the 50s were no more accurate about showing off “middle-income life”. Most TV shows just suck out by glossing over the whole concept of money and only making an issue of it when it makes for a good plot twist.

Look at the Brady Bunch, Mr Brady is an Architect, with a wife and 7 kids. Sure he’s making a little above average salary, but he’s got 8 dependents! The more recent Step-by-Step also featured a blended family of 6 children. She’s a beautician, he’s a contractor (read labourer). And yet, neither of these families seems to have any “money issues”. I can remember watching Step-by-Step on TGIF (at like 13 or 14) and asking why they didn’t seem to have any money problems. And barring a some big life insurance settlement (everyone’s a widower), they just gloss over the rest of the details.

The typical sitcom or serial is based wholly on “suspension of disbelief”. They don’t want you to question if this reality is even possible, they just want to show photogenic people who make us laugh and then forget about the rest.

MyTwoDollars hits it right on if we truly had an inside look into our neighbors affairs, we would see that they are probably just like us. I make 75k USD / year (and benefits) and I rent a 2 bedroom apartment. I don’t own a car and I just signed up for a pre-paid cell phone b/c I couldn’t even justify the minimum $30/month plan. I don’t own a big screen TV or a 5.1 surround sound system or a cool new MacBook Pro. I don’t have any kids or major outstanding debt and I make in the top 27% of household incomes, by myself. Of course, I have a bunch of cash in the bank (and invested), that’s how I get ahead. That way I can eat well and pay for my gym pass and still have a bunch of money left over at the end of the month.

When I was making 50k, living on my own, I didn’t have a car then either, but I socked away 5k, guess where that came from?

That should give most people something to think about.

]]> By: Mack Goodman http://www.mint.com/blog/guest-post/personal-finance-keeping-up-with-the-joneses/comment-page-1/#comment-16518 Mack Goodman Fri, 01 Feb 2008 22:48:30 +0000 http://www.mint.com/blog/finance-core/keeping-up-with-the-joneses/#comment-16518 This is good advice regarding personal spending. I think this is one of the biggest reasons people drive cars they cannot afford. I have quite a few articles about how to buy a used car at my website . Check it out! This is good advice regarding personal spending. I think this is one of the biggest reasons people drive cars they cannot afford. I have quite a few articles about how to buy a used car at my website . Check it out! ]]>