Art of Manliness - Latest Comments in The Virtuous Life: Frugality

Re: The Virtuous Life: Frugality

bladerunner — Fri, 27 Jun 2014 20:11:00 -0000

Very nice, Brett!

Re: The Virtuous Life: Frugality

bladerunner — Fri, 27 Jun 2014 16:11:56 -0000

Very nice, Brett!

Re: The Virtuous Life: Frugality

chris — Wed, 28 Jul 2010 16:45:09 -0000

First thing I love that you quoted Tyler Durden, I honestly just wrote that exact quote down yesterday after I finished the book. I think you would appreciate a lot of his other quotes. Ex. “If our father is our basis for God, and our fathers abandoned us, then what does that tell you about God?” Its a little extreme but I think it relates to the "normlessness." If our idea of norm is our fathers which in most men is the case, that's probably why men don't feel a purpose or "mature" as you would say until they are a father. But what about the "generation raised by women."(-Tyler Durden) What norm do we have? Does it then get defaulted to society's which is either nothing or a version of Entourage?
Would love to hear your opinions, thanks.

Re: The Virtuous Life: Frugality

Donna — Sat, 03 Jan 2009 23:43:45 -0000

Hey - just wanted you to know that I stumbled across your site and really enjoyed this article and some others around here!

I posted about your site on my blog as well!
http://momsfrugal.blogspot....

Great job here! Love it!
-I will look over your ebook and likely use it for my teen boys.
Blessings!
-Donna-

Re: The Virtuous Life: Frugality

hogan — Thu, 24 Jul 2008 02:31:41 -0000

Hi,

Just wanted to send out a message about a website I created (www.finmind.com) for personal finance since it could help out people in this group. I used to do all my finance stuff on Excel, but that was a pain because I had different versions floating around on different computers.

This website does stuff like track expenses, create a budget, etc. If you want to give it a try, visit www.finmind.com. It's free and I am not making any money off of it (no ads). Send me any comments if you have feedback or suggestions.

Thanks,
Eugene

Re: The Virtuous Life: Frugality

Eamonn Magrath — Fri, 20 Jun 2008 17:36:39 -0000

I have never saved. I will never save. I have nothing (in monetary terms). I have everything (in non-monetary terms) ... where am I going wrong?

Re: The Virtuous Life: Frugality

Brent Hodgson — Wed, 09 Apr 2008 10:55:43 -0000

Great post.

Recently here in Australia, employees of several financiers have complained that they are pressured to "sell loans" to people that can't afford to repay them.

Fortunately, savings here are (slightly) higher than in the USA.

Re: The Virtuous Life: Frugality

John Michailidis — Fri, 04 Apr 2008 23:29:13 -0000

I just stumbled upon your site and have found it to be a "breath of fresh air." With society's attempt at the emasculation of men, it's good to find a site that celebrates men and manhood. Good job!

Re: The Virtuous Life: Frugality

Rob O. — Tue, 01 Apr 2008 22:10:59 -0000

Credit cards in themselves are not evil. In fact, with the right card and some fierce determination, you can actualy make them work for you. My wife & I use our Citi Platinum Dividend card for virtually every purchase or payment we can so we can get the cashback dividends. But we never - ever - carry a balance. We behave as though it were one of those old-school AmEx cards that wouldn't even allow a balance to roll over from one month to another.

I truly do believe that debt is the freedom killer. So many of our friends have rushed out and bought really prestigious newer homes that're beautiful, yet they're so far in debt with the mortgage that they can't afford a bucket of paint to change anything up.

Conversely, my wife & I bought a dumpy, diamond in the rough, fixer-upper home in a decent, but far from upscale neighborhood. 12 years later, it's unrecognizable! We've redone every room (to some degree), including an extensive overhaul of the kitchen and one of the bathrooms. We're planning to gut & redo the master bath this Summer. Point is, the house was very low priced so we've been able to easily afford to do lots & lots of upgrading to make it into a very nice home. It's still quite modest-sized - and features none of the vaulted ceilings or other trappings of the new McMansions - but we love it!

Re: The Virtuous Life: Frugality

Parker Dutro — Tue, 01 Apr 2008 02:06:40 -0000

While some debt is unavoidable (if only temporarily) Bankruptcy whether resulting from sudden overwhelming medical expense or uncontrollable Starbucks addiction could be avoided in many cases by having 6 months to a year living expenses saved. It takes more discipline than most of us own to put that kind of financial security together, but it is quite possible for anyone who commits to living within their means. The problem is that we are not objective and honest when we discern what our means limit us to, and we therefore are more inclined to make lifestyle decisions that are beyond them.

Re: The Virtuous Life: Frugality

Rodney Hampton — Tue, 01 Apr 2008 00:17:58 -0000

I'm going to write in all caps because I think that everyone needs to get this through their head: DEBT = SLAVERY

All of us are slaves to the banks. Let that sink in. Everything you see, pretty much, is not owned outright. A lot of it has been purchased with consumer credit card debt, mortgages and second mortgages. The boats, the cars, the SUVs, computers, playstations, and the houses are all being purchased on somewhere between 5% and 25% interest. Very few people pay cash on the barrelhead these days.

I worked for a commercial bank for over 2 years. Banks don't like to be undercollateralized. They'll jack up your rate, cut down your access to credit, demand more collateral or interest when they think you're a risk. God forbid you miss a payment or bounce a check. If you don't have money, they'll charge you more! Here's a particularly funny comedy routine about this ironic situation:
http://www.youtube.com/watc...

And, as we can see from the most recent economic news, the banks live by different economic rules than we do.

There is no such thing as good debt. You may think leverage is a good thing, as long as you're on the right side of the lever. But conditions in the marketplace can change rapidly. And -- unless you're like Donald Trump -- you won't be able to negotiate when your creditors come calling or it's time to face a margin call.

I'm on a mission to pay back all of my debt within the next 20 years. I may get lucky and get everything paid off in 10 if I transition from a well paying IT job into an even better paying job at a big law firm. Most people aren't as lucky as me.

This consumer culture is sucking us dry. The inflationary policies of the federal reserve are a disincentive on savings. The concept that there is good debt flies in the face of centuries of human wisdom.

Reject consumerism. Take advantage of the 401k and, if you're lucky like me, the employer matching funds. Invest in precious metals or foreign currencies like the Swiss Franc as a hedge against inflation. Teach your kids that DEBT = SLAVERY. Get off the grid. Live frugally.

Re: The Virtuous Life: Frugality

Brett McKay — Mon, 31 Mar 2008 18:42:19 -0000

@Dan-

Good points. Some debt is inevitable and even helpful, but should be approached with discipline and self-restraint.

Do you have a source for your statement that most bankruptcies are caused by medical expenses? During the summer I worked at the Dept. of Justice, the number of non-medical related bankruptcies were outweighed by those caused by poor financial choices. Of course that isn't a scientific sample, so I would be interested to know if there are any hard numbers out there.

Re: The Virtuous Life: Frugality

Dan — Mon, 31 Mar 2008 17:43:26 -0000

The much publicized -1% Personal Savings Rate is a bit misleading. It does not include 401K or IRA savings. When you include those, the rate is still low, and declining, but it is not negative. (I vaguely recall it being around 4.5%, but a quick Google failed to find the right number.)

I'd also point out that not all debt is bad. Borrowed money is not some evil, corruptible force. Debt is just another tool. One that can be used to great benefit, and even profit, if you possess true discipline and self-control.

Also, unfortunately, some debt is unavoidable. It isn't always about Grande Lattes or pimped out SUVs. More people declare bankruptcy due to medical debt than any other reason.

The American economy is in a downturn, but be cautious of fluff statistics and sensational reporting making things look worse than they really are. Things are rarely so one-sided or bleak.

Lastly, don't lose faith in your fellow Americans. This nation has seen far greater challenges than this. We will carry this burden, just like we always have.

Re: The Virtuous Life: Frugality

cribcat — Mon, 31 Mar 2008 16:00:36 -0000

The Four Hour Work Week is a book that I like by Tim Ferriss. Lose credit cards.

Re: The Virtuous Life: Frugality

Santa — Mon, 31 Mar 2008 09:00:43 -0000

"Personal debt is slavery..." is a concept that a lot of people in my generation (I am 29) do not understand. Most in my generation and the generations after have been brought up learning to spend money, and put enjoyment over investment. I was fortunate enough to learn a few things from my grandfather who grew up in the 20s, fought in World War II, and lived through the depression. It seems like those in his generation knew how to save money and stretch every dollar because even the banks at that time couldn't be trusted. They were forced to learn to do with very little. There is a lot of talk that our nation is setting itself up for another depression and though people aren't completely concerned, when it hits it will be for the better of this nation.

Re: The Virtuous Life: Frugality

Nickoli — Mon, 31 Mar 2008 04:36:22 -0000

I find it somewhat ironic that every response so far appears to be trackback spam advertising credit cards...