"Frugality takes practice." Love this. Even if we don't love how frugality feels when we're not used to it, we can grow into it and even learn to love it. Thanks, Allen.
What happened in 2010 over a web conference call is something I will never forget and still haunts me to this day. I thankfully moved on from that situation and did not have to stay with the new company; however, I did initially accept the role but found new work 1 day later and unaccepted the offer. I am happy that I did and thankful that it worked out for the best. I know many may not have been so lucky. The true lesson is to have enough saved to weather those storms, living from paycheck to paycheck is reckless and sooner or later the storm will get you.
Hi Allen. I was so proud to be part of your team that was eventually paid off. I did not have an IT degree nor any certifications, but I was finally learning and felt that I had something to contribute...then BAM. 26-1/2 years was done...just like that. However, that event was what made us realize that we actually were able to live on much less as our "standard of living" really did not change all that much without my lost income. I took my severance & invested it and it is a sizable chuck of "moola" now after 12 years. We paid off our 30 year mortgage in 16 years by making additional "principal only" payments and as we get older we rarely take money from savings to "pay things off" but, instead will take put a small loan and make larger than expected payments so as to not empty our savings. I feel I have been very fortunate to have parents who drilled into us that you live below your means and you never spend big chunks of money. You invest it and use the interest to make payments on the things you want. That way you still have your investment in the end. I'm so glad you're sharing your knowledge and experiences...they are most certainly valuable. 😊
Well...you've learned it now and have put it in action so you're definitely ahead of the game. And besides...you're the one retired. I'm 61 and still at it (mostly because of health insurance and really wanna squeeze out as much money as I can from this job while it's there. But if they laid me off tomorrow...I'm OK with that.) 🙂
Hi Allen! I love that you picked this topic. I've been noticing my spending has been swelling recently as a reaction to some stressors and desires. I am, I think, experiencing a bit of the "I deserve it"/reward mindset from working extra hard on my new business and seeing my income increase some. So in a way, spending a bit extra on things I want feels satisfying, but I know it's not going to help my long term saving goals. I noticed my savings has not increased with the additional income and in fact has decreased slightly this past month. Hmm. Something to keep an eye on and adjust back. I appreciate the reminder that our base line happiness is more about who we are and our outlook and will return to whatever our personal baseline is, whether we increase or decrease spending. This helps a bit with my mental resistance to "deprivation" that sometimes crops up when I contemplate cutting back on amounts spent on desired items/experiences. P.S. Wish we could see your Mayflower masterpiece. Thanks for sharing your stories!
"Frugality takes practice." Love this. Even if we don't love how frugality feels when we're not used to it, we can grow into it and even learn to love it. Thanks, Allen.
What happened in 2010 over a web conference call is something I will never forget and still haunts me to this day. I thankfully moved on from that situation and did not have to stay with the new company; however, I did initially accept the role but found new work 1 day later and unaccepted the offer. I am happy that I did and thankful that it worked out for the best. I know many may not have been so lucky. The true lesson is to have enough saved to weather those storms, living from paycheck to paycheck is reckless and sooner or later the storm will get you.
Great advice, love the comments about hedonism and frugality taking practice.
Thanks Michael! I always learn something when I write. (And I always learn something when you write :)
I can’t stop laughing at you completing that dare in school 😂👏🏼
and I paid the price!
Hi Allen. I was so proud to be part of your team that was eventually paid off. I did not have an IT degree nor any certifications, but I was finally learning and felt that I had something to contribute...then BAM. 26-1/2 years was done...just like that. However, that event was what made us realize that we actually were able to live on much less as our "standard of living" really did not change all that much without my lost income. I took my severance & invested it and it is a sizable chuck of "moola" now after 12 years. We paid off our 30 year mortgage in 16 years by making additional "principal only" payments and as we get older we rarely take money from savings to "pay things off" but, instead will take put a small loan and make larger than expected payments so as to not empty our savings. I feel I have been very fortunate to have parents who drilled into us that you live below your means and you never spend big chunks of money. You invest it and use the interest to make payments on the things you want. That way you still have your investment in the end. I'm so glad you're sharing your knowledge and experiences...they are most certainly valuable. 😊
I thought about you when I was writing this Sandy. I wish that I knew then what you knew then :P I love the mindset!
Well...you've learned it now and have put it in action so you're definitely ahead of the game. And besides...you're the one retired. I'm 61 and still at it (mostly because of health insurance and really wanna squeeze out as much money as I can from this job while it's there. But if they laid me off tomorrow...I'm OK with that.) 🙂
Hi Allen! I love that you picked this topic. I've been noticing my spending has been swelling recently as a reaction to some stressors and desires. I am, I think, experiencing a bit of the "I deserve it"/reward mindset from working extra hard on my new business and seeing my income increase some. So in a way, spending a bit extra on things I want feels satisfying, but I know it's not going to help my long term saving goals. I noticed my savings has not increased with the additional income and in fact has decreased slightly this past month. Hmm. Something to keep an eye on and adjust back. I appreciate the reminder that our base line happiness is more about who we are and our outlook and will return to whatever our personal baseline is, whether we increase or decrease spending. This helps a bit with my mental resistance to "deprivation" that sometimes crops up when I contemplate cutting back on amounts spent on desired items/experiences. P.S. Wish we could see your Mayflower masterpiece. Thanks for sharing your stories!
Thanks Robin! I wish I had my Mayflower masterpiece! I'm pretty sure that Spider-man was on crew