On the other-hand, I have seen lots of people who do not have high incomes spend money on luxuriates that make them feel good but the money would be better being invested into something else in the long run.
I am not talking about poor people bringing something into their life to feel good about, I am talking about people who could save thousands of dollars over three months to a year but instead spend on things like EXTRA flat screen TVs, the latest Iphone while they are still under contract to the old one, vacations where they stay in the more expensive rooms, etc.
Many times in talking to them I notice they don't spend the time to do the research on where they should spend the money so they often spend more than me for the same thing and way, way too often demand they want something now.
Example: My landlady was going to sign for a new furnace for her second rental (Installation charge+ $89 a month for the next 5 years), I talked her out of it and it turned out to just need a $50 new motor + installation charge $100).
Last week she had no sound, she wanted to buy a new computer. I backed up her files, used the install partition and reconnected her internet and email.
But she thought no sound means you have to buy a new computer!
I am not talking about poor people bringing something into their life to feel good about, I am talking about people who could save thousands of dollars over three months to a year but instead spend on things like EXTRA flat screen TVs, the latest Iphone while they are still under contract to the old one, vacations where they stay in the more expensive rooms, etc.
Many times in talking to them I notice they don't spend the time to do the research on where they should spend the money so they often spend more than me for the same thing and way, way too often demand they want something now.
Example: My landlady was going to sign for a new furnace for her second rental (Installation charge+ $89 a month for the next 5 years), I talked her out of it and it turned out to just need a $50 new motor + installation charge $100).
Last week she had no sound, she wanted to buy a new computer. I backed up her files, used the install partition and reconnected her internet and email.
But she thought no sound means you have to buy a new computer!