Results 1 to 21 of 21

Thread: How much money do you waste?

  1. #1
    Featured Member
    Joined
    Jan 2007
    Posts
    1,242
    Thanks
    1
    Thanked 4 Times in 4 Posts

    Default How much money do you waste?

    How much money could you have in the bank in 10 or 20 years if you cut out a few expenses? You don't have to live like a monk, but when you weigh a purchase against what it could earn in the future with compound interest those "little things" add up. This is probably oversimplified. It doesn't take into account inflation.

    Here it is on Oprah

    Calculate your Latte Factor
    Quote Originally Posted by Helle View Post
    ::WARNING:: stripperweb does not contain the views of any actual strippers ::WARNING::

  2. #2
    God/dess britneyireland's Avatar
    Joined
    Jan 2002
    Location
    Dallas
    Posts
    2,568
    Thanks
    283
    Thanked 602 Times in 340 Posts
    Blog Entries
    1
    My Mood
    Inspired

    Default Re: How much money do you waste?

    Good Old David Bach.

    I used this mentality to build up capital in my brokerage account.

    However, these days I prefer Kiyosaki's (Katrine is grimacing) idea of increasing your cashflow in, rather than managing expenditures on a fixed income. Its quite a simple philosophy, but not very many people have the risk tolerance to get out there and do it.
    Rebecca Avalon







  3. #3
    Featured Member
    Joined
    Jan 2007
    Posts
    1,242
    Thanks
    1
    Thanked 4 Times in 4 Posts

    Default Re: How much money do you waste?

    I don't think it's worth it to pinch every single penny. Someone could take this philosophy and be miserly and not enjoy life at all. I think it pays off be more aware of expenditures that don't make that much of a difference in quality of life but could really add up over the years if they were saved and invested.
    Quote Originally Posted by Helle View Post
    ::WARNING:: stripperweb does not contain the views of any actual strippers ::WARNING::

  4. #4
    God/dess kitty260's Avatar
    Joined
    Oct 2005
    Location
    Winterpeg, Manitoba
    Posts
    2,042
    Thanks
    0
    Thanked 5 Times in 3 Posts

    Default Re: How much money do you waste?

    Quote Originally Posted by Samba View Post
    I don't think it's worth it to pinch every single penny. Someone could take this philosophy and be miserly and not enjoy life at all.
    I agree. I'm sure I could save a decent sum of cash in a year by cutting out overpriced smoothies and coffee drinks, etc but the fact is that I enjoy them. Ergo, I don't care.
    \

  5. #5
    God/dess doc-catfish's Avatar
    Joined
    Nov 2002
    Location
    123 Tornado Alley Way, Hooterville USA
    Posts
    6,322
    Thanks
    0
    Thanked 36 Times in 30 Posts

    Default Re: How much money do you waste?

    I squirrel money away to insure that I have money to live on in case I become old. I spend money on the occasional luxury to make sure I've enjoyed myself while I'm here in case a car wreck, cancer, or some other untimely demise crosses my path before I get to be old. I call it hedging my bets.

    I had a co-worker who was looking forward to retirement in a few years. I had an ex-supervisor who called it a career five years ago. Both of them had squirreled tons of money away and were looking forward to a comfortable after work life.

    Both of them passed away this year. One from cancer back in the Spring, the other from a heart attack just before Christmas. Don't think I won't keep that in mind when I buy that next lap dance, or double cheeseburger, or trip to the Grand Canyon. You can't make it all about the money. Provided you can afford it, an occasional splurge is good for the soul.
    Former SCJ now in rehab.

  6. #6
    God/dess Lysondra's Avatar
    Joined
    Apr 2005
    Location
    Another Country
    Posts
    18,664
    Thanks
    0
    Thanked 148 Times in 100 Posts

    Default Re: How much money do you waste?

    Holy shit, feeding your kids is a waste of money? hahahaha.

    I also don't agree on the petrol/tolls thing. I -have- to spend that money to make money. Sadly, that equals about $9,000 a year for me.


    Look like a woman
    Think like a man
    Act like a lady
    Work like a dog

    - My Great Grandmother Bessie's Recipe for Success

  7. #7
    Banned Katrine's Avatar
    Joined
    Nov 2003
    Posts
    13,855
    Thanks
    0
    Thanked 0 Times in 0 Posts

    Default Re: How much money do you waste?

    Quote Originally Posted by britneyireland View Post

    However, these days I prefer Kiyosaki's (Katrine is grimacing) idea of increasing your cashflow in, rather than managing expenditures on a fixed income. Its quite a simple philosophy, but not very many people have the risk tolerance to get out there and do it.
    No grimace here! I don't work on a fixed income, and neither do most of the entrepeauneurs here! Most of my successful clients live off a combo of salary employment, their own business, investment interest/dividends/cap gains, and rental income/home flips.

    Kiyosaki makes some knowledgeable generalizations, I think he's just a poor writer and full of BS. But he has a point.

    Its still important to save and live below your means when some of that variable cashflow stops temporarily. It happens to almost all successful enterpeaneuars.

    That being said, even though I get paid to advise people on how to save and generate capital, I blow money on all types of shit myself!

    Today I gave away hundreds in clothes, shoes, purses, and electronics to Goodwill because I am sick of it all taking up space in my house. Then again, I also needed the tax deduction.

    One of these days I will post a version of my business and personal cashflow worksheets here. But I don't want to give away too much for free.

    Edit: I can never spell entrepeneaur to save my life!

    "Have you ever been to American wedding? Where is the vodka, where's marinated herring?" - GB
    "And do the cats give a shit? No, they do not. Why? Because they're cats."-from The Onion

    Quote Originally Posted by Mia M
    If a cupcake was tossed at me... well, I'd only be upset if it missed my mouth

  8. #8
    God/dess Paris's Avatar
    Joined
    Nov 2002
    Location
    Oregon
    Posts
    6,345
    Thanks
    168
    Thanked 801 Times in 419 Posts

    Default Re: How much money do you waste?

    I have my "lazy" factor to deal with. I calculated how much a waste in ATM fees and overdraft protection charges for just the month of December, and I spent $106 on useless bank fees.

    I'm skimming the fat in other areas of my budget that are unnecessary, too. I have about 800 minutes (I have a 1200 minute plan) available every month on my cell phone that I don't use. That needs to be adjusted so that I can save a bit more on that expense.

    I also spend money on memberships that I don't use, that need to go away. It is way too easy to subscribe to services online and really hard to cancel those same subscriptions.


    Promote yourself and earn more money! This is a business that is owned by strippers for strippers. Let's make that money!


  9. #9
    God/dess GoldCoastGirl's Avatar
    Joined
    Oct 2002
    Location
    ...hehehe... email me to ask me where i am ! (i dare you!)
    Posts
    11,486
    Thanks
    42
    Thanked 127 Times in 51 Posts

    Default Re: How much money do you waste?

    I'm actually reading a book based upon the website www.cheapskates.com.au

    I don't agree with everything in the book however it has helped give me the jolt I required to get my financial self back into shape...

    plus I do 'invest' a lot of money back into my business so I can keep making money and/or so I can have plenty of ways to earn money as such.

    I'm Lysondra with the petrol/tolls thing, unfortunately in re private party dancing it is a necessary evil if you want to have any decent chance to earn money. I can attest to it as someone who did private party work without and now with a car. As soon as I got a car, I got more work.


    enter: E3167322D9 for your 10% discount

  10. #10
    mermaidnz
    Guest

    Default Re: How much money do you waste?

    god,im disgusting with money latley.... according to the first link, i have a $7560 yearly latte factor!! and i dont even drink lattes! lol cutting out random expenses is high on my list of priorities this year

  11. #11
    242_fair
    Guest

    Default Re: How much money do you waste?

    The latte factor is about $30 per week for me, but its a lifestyle thing and I like the people I have coffee with, so I would not change that.

    The 'fat' in my bufget is mostly needless luxury, like I valet the car at the mall when its snowy, use the expensive parking lots at school ($19 per day!! x 25 days per month)... my drycleaning could be handwashing... buying prepared foods.

    And the random big ticket items like snowtires and such, better planning would elimenate a lot of this crap. (should have bought all season last spring, not summer tires, now I have to pay for storage and to change them too.)

    Also lazyness is expeisive when it comes to fines and extra charges. Instead of moving my shit out of storage before the months end, I waited, then had to pay another $300 for the next month, just so I can get my shit out.

    And I let the car registration tax lapse every year, instead of doing it on time, so I end up with $500 in fines, instead of just the $98 registration fee.

  12. #12
    Senior Member Private-intellectual's Avatar
    Joined
    Dec 2007
    Location
    Hoya, Germany
    Posts
    78
    Thanks
    0
    Thanked 0 Times in 0 Posts

    Default Re: How much money do you waste?

    I actually dumped my bank after thirteen year last September because they were charging me for things that shouldn't have been debited to me. Looking over what I do and what I could do, I reckon I could have banked double the sum I did over 2007 and, if I carried everything out to its full potential, I could bank ten times my normal income. I need to get to full potential though.

    New Year's Resolution Time? Never done it before, but perhaps it's time: to fulfill the potential from both my Internet Server and the possibilities business through my Server opens.

  13. #13
    Banned Melonie's Avatar
    Joined
    Jul 2002
    Location
    way south of the border
    Posts
    25,932
    Thanks
    612
    Thanked 10,563 Times in 4,646 Posts
    Blog Entries
    3
    My Mood
    Cynical

    Default Re: How much money do you waste?

    Ultimately there's nothing wrong with splurge purchases ... if you truly enjoy them ... and IF you can actually afford them. But there is a classic mistake that many Americans have made and continue to make on a huge scale ... spending 'borrowed' money as if it were the equivalent of real after-tax income.

    Whether that 'borrowed' money came from cash-out refi's of their home mortgage, increasing credit card balances, zero percent five year manufacturer's auto loans, borrowing against their IRA/401k retirement account, or whatever, many people never stop to calculate that the frivolous expenditures they THINK they can afford today are actually funded indirectly by a loan of one sort of another which commits the spender to future loan principal and interest payments.

    As long as a seemingly endless stream of 'easy' credit and 'low' interest rates were available, Americans were allowed to settle into a 'cash flow' borrowing and spending mentality - where all that mattered was the ability to cover monthly payments with little regard for ever being able to actually paying off loans. Borrowers automatically assumed that they would be able to 'roll over' their mortgage debt, auto loan debt, credit card debt etc. indefinitely at continuing 'low' interest rates, continuing 'low' equity requirements etc. In other words, the purchasing / spending habits of a whole bunch of Americans are tied to an assumption that re-fi's to a new 'teaser rate' ARM will be possible when their current ARM resets, an assumption that car dealers will continue to write new factory 'subsidized' auto loans that also permit rolling over the outstanding balance on a previous car loan, an assumption that when the 0% 'teaser rate' on their current credit card expires that another new 0% 'teaser rate' credit card offer will arrive from a different bank etc.

    Now however a huge monkeywrench in the 'cash flow' paradigm is rearing its ugly head. As defaults on all of these types of loans increase toward record levels, the lenders are slamming the door on average borrowers' ability to 'roll over' their existing loans without equity, and are also jacking interest rates on all types of loans in order to help cover lender losses. Some financial types have analyzed this, and are of the opinion that tighter lending standards plus higher interest rates on mortgage / auto / consumer loans will amount to a 6% reduction in 'apparent' after-tax income as more and more Americans reach the point of debt saturation and thus will be denied 'borrowed' money to serve as an 'apparent' source of extra income.

    Circling back to the topic of this thread, in order to truly figure out if you can afford something, you might want to re-run your budget numbers figuring that you have three years to pay off your car loan and save up to buy a replacement car in cash, and that you also have one year to pay down your credit card balances to zero in order to avoid a 21%+ interest rate taking effect.

  14. #14
    Senior Member Private-intellectual's Avatar
    Joined
    Dec 2007
    Location
    Hoya, Germany
    Posts
    78
    Thanks
    0
    Thanked 0 Times in 0 Posts

    Default Re: How much money do you waste?

    Melonie, you're preaching to the converted. Looking at the sub-prime collapse of the housing market in the US is a very good example. In Germany it is possible for a person to declare themselves - through the courts - bankrupt and clear their name, wiping out all the debts, over a seven year period. The way to do this has been made easier in the last few years, not that it makes any difference to banks and other financial sharks, and the number of private bankruptcies is rising. I guess some people merely see it as a good way to spend well over their heads and then take the soft option out for seven years before starting again.

  15. #15
    God/dess threlayer's Avatar
    Joined
    Aug 2003
    Location
    Syracuse
    Posts
    5,921
    Thanks
    369
    Thanked 419 Times in 290 Posts
    My Mood
    Fine

    Default Re: How much money do you waste?

    You have to make some assumptions regarding retirement, though you should have some enjoyments now too. Such a balance is important. This is because if you don't provide for it, you likely will live a miserable life at a critical time, maybe a very long time. But if you get hit by a beer truck tomorrow, you will get to give your remaining money away, if you can just figure out whom to give it to.
    I loved going to strip clubs; I actually made some friends there. Now things are different for the clubs and for me. As a result I am not as happy.

    Customers are not entitled to grope, disrespect, or rob strippers. This is their job, not their hobby, and they all need income. Clubs are not just some erotic show for guys to view while drinking.

    NOTE: anything I post here, outside of a direct quote, is my opinion only, which I am entitled to. Take it for what you estimate it is worth.

  16. #16
    God/dess scarlett_vancouver's Avatar
    Joined
    Jan 2004
    Location
    Vancouver, BC
    Posts
    6,699
    Thanks
    0
    Thanked 22 Times in 20 Posts

    Default Re: How much money do you waste?

    The latte factor givs me severe anxiety, because it's so damn true.

    I was guilting myself over every little purchase for awhile there (and my purchases are comparatively VERY few), so I had to push it out of my mind.

    There's something very crippling about a thought process that goes from "I want coffee...mmmm" to "That $1.50 took $1.75 worth of work-effort to make. If I invested the $1.75 for 40 years instead of buying the coffee, I'd have $10+. So this coffee is costing me over $10".

    *goes crazy*

    Feature costumes for sale!

  17. #17
    God/dess Bunny's Avatar
    Joined
    Feb 2003
    Posts
    2,495
    Thanks
    1
    Thanked 36 Times in 30 Posts

    Default Re: How much money do you waste?

    Quote Originally Posted by kitty260 View Post
    I agree. I'm sure I could save a decent sum of cash in a year by cutting out overpriced smoothies and coffee drinks, etc but the fact is that I enjoy them. Ergo, I don't care.

    I agree. I don't like to waste money, but I can't take it with me when I die, which could be tomorrow. My grampa died saying he "always wanted a Cadillac."

    And when I did the calculation I included gas, which I NEED, eating out, which I NEED to eat, etc. So if I don't eat out, I still have to buy food. Being a single person it is often cheaper to buy lunch out, or very close to the same price. I can't tell you how much wilted lettuce, stale bread, moldy cheese, etc. I've thrown away because I couldn't finish it all.

  18. #18
    242_fair
    Guest

    Default Re: How much money do you waste?

    Focusing on the actual cost pf spending borrowed money is helpful, but sometimes it seems like the banks and other creditors try to make it hard to calculate the rate.

    For example my school charges 1%, which I thought was a good price, until I realized it was 1% per month compounded monthly.

    Also, I have a 19% rate on my credit card, but I don't know if thats yearly or not?

    And my line of credit is even more confusing, its 12% but somehow calcuated daily?

    So when I'm standing in the store and trying to be realistic on how much the $1000 computer is going to cost with interest, its not simple to get that number, at least for me. Like its intimidating, and every time you think you've got it figured out, someone changes the rules.

    Like I used to be able to move money around from VISA to Chequing, now they changed the rule and that is a cash advance, with a higher rate of interest... so I can't 'prepay' my bills before I take trips now.

  19. #19
    Banned Melonie's Avatar
    Joined
    Jul 2002
    Location
    way south of the border
    Posts
    25,932
    Thanks
    612
    Thanked 10,563 Times in 4,646 Posts
    Blog Entries
    3
    My Mood
    Cynical

    Default Re: How much money do you waste?

    ahhh ... APR versus APY. Because of the effect of compounding, your school loan has an APY of 12.68%. As to your credit card, the 19% is probably the APR which translates into an APY of just under 21% based on average daily balance compounding. Your line of credit's 12% APR also probably corresponds to an APY of about 12.8% based on average daily balance compounding.



    And to the degree that any loan APY exceeds the basic inflation rate, it falls into the category of 'wasting money'.

  20. #20
    Featured Member lolagetz's Avatar
    Joined
    Apr 2006
    Location
    Southern California
    Posts
    865
    Thanks
    0
    Thanked 9 Times in 8 Posts

    Default Re: How much money do you waste?

    Wtf? I have to buy gas. There's no public transportation here, and sadly I can't bike 20 miles to and from work. I think gas and groceries are in a different category than the "latte factor."

  21. #21
    God/dess Lysondra's Avatar
    Joined
    Apr 2005
    Location
    Another Country
    Posts
    18,664
    Thanks
    0
    Thanked 148 Times in 100 Posts

    Default Re: How much money do you waste?

    ^Even public transport would cost more than $1 a day.. the site is kinda bs if you ask me.

    Don't feed your kids? Or do they mean lunch money? I don't know what grocery store they shop at, but even when I wanna make food at home I gotta BUY the damn ingredients.

    The total they give you to be under control is five freaking dollars a day. To get around AND feed people AND you'd spend money if you made your own coffee.


    Way to guilt trip people into buying your book, though. Make them feel bad by OMGHOWMUCH they spend... on feeding their family. ugh.

    So a gallon of gas is, what, $3USD? That gets you 22 miles right? So you're allowed to only drive 11 miles somewhere each day; spend $.50 on a loaf of bread you slice yourself and the last dollar fifty goes to plasticcheese or something? woooo.


    Look like a woman
    Think like a man
    Act like a lady
    Work like a dog

    - My Great Grandmother Bessie's Recipe for Success

Similar Threads

  1. OMFG! don't EVER waste your money on this!
    By sassysummer in forum Body Business
    Replies: 3
    Last Post: 02-12-2008, 08:48 PM
  2. A waste of time?? HELP!
    By cutey5032 in forum Stripping (was Stripping General)
    Replies: 10
    Last Post: 09-05-2007, 03:44 PM
  3. if you want to waste some time...
    By Mia M in forum The Lounge
    Replies: 7
    Last Post: 06-12-2007, 01:26 AM
  4. Bartending school - waste of money or worth it?
    By oulala in forum Other Work
    Replies: 26
    Last Post: 05-01-2006, 12:20 AM
  5. Are DJ's a waste at the SC?
    By charismaticenigma in forum Customer Conversation
    Replies: 17
    Last Post: 07-18-2005, 01:40 PM

Bookmarks

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •