Is "live below your means" really good advice?
Investor · Fort Lauderdale, FL · Member since 2017 · 95 posts · 72 votes
Is "live below your means" really good advice?
Most Popular Reply
Handyman · Pittsburgh, PA · Member since 2018 · 5k+ posts · 13k+ votes
6yWhile I wait on John to clear up his thoughts on mindsets...
BP moderators, the following pie chart was released by the Bureau of Transportation Statistics in 2009. It is in the public record.
US household expenditures today are roughly the same. The main points to take away are that the three biggest categories are Housing (your house), Transportation (your car(s)), and Food.
There is a rather clear connection between people who live in too much house, drive too much car, stand in line to buy overpriced coffee, and complain about not having enough money.
If you plan on cutting out the coffee without doing anything about the house and the car, you're very likely not going to get anywhere in living below your means. Nobody who's shelling out a $2000/month in mortgage/rental costs and $650/month for their car payment/gas/insurance is going to get rich cutting out their occasional pumpkin-spice lattes.
72 Replies
- 6yJay HinrichsBusiness MemberReal Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
@Jim K. I hear ya.. there is a version of living on the cheap in the Bay area though.
I was a guest speaker at Google last year.. those kids get all their meals for free and I mean these are first class
chef's and they make vegan they make all sorts of ethinic food.. there are Barista stations snack stations
All for FREE you work at google and you knock down 150k to start and get all your food for free.. One person told me that many will sleep under their desks.. LOL.. not sure how true that is..
but if your making 150k a year to start and there are 3 or 4 of you in a 4k a month apartment and you have no food costs and you as you state take ride share or even buy a cheap car.. not bad way to go.. plus stock options and raising salaries.
- Handyman · Pittsburgh, PA · Member since 2018 · 5k+ posts · 13k+ votes6y
Originally posted by @Jay Hinrichs:
@Jim K. I hear ya.. there is a version of living on the cheap in the Bay area though.
I was a guest speaker at Google last year.. those kids get all their meals for free and I mean these are first class
chef's and they make vegan they make all sorts of ethinic food.. there are Barista stations snack stations
All for FREE you work at google and you knock down 150k to start and get all your food for free.. One person told me that many will sleep under their desks.. LOL.. not sure how true that is..
but if your making 150k a year to start and there are 3 or 4 of you in a 4k a month apartment and you have no food costs and you as you state take ride share or even buy a cheap car.. not bad way to go.. plus stock options and raising salaries.
Thanks, Jay. To work that hard in school to get into a job like that with those kinds of financial prospects and then to blow it all...and we both know it happens every day. I know and I'm related to people who went that way. They got into it from childhood backgrounds similar to mine. They couldn't stop themselves from overspending. All their money decisions came out of this baggage and shame they carried through school until they landed that job and then it was buy-buy-buy and nowadays they're in debt up to their eyeballs with next to nothing in actual wealth.
- 6yJay HinrichsBusiness MemberReal Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
Originally posted by @Jim K.:
Originally posted by @Jay Hinrichs:
@Jim K. I hear ya.. there is a version of living on the cheap in the Bay area though.
I was a guest speaker at Google last year.. those kids get all their meals for free and I mean these are first class
chef's and they make vegan they make all sorts of ethinic food.. there are Barista stations snack stations
All for FREE you work at google and you knock down 150k to start and get all your food for free.. One person told me that many will sleep under their desks.. LOL.. not sure how true that is..
but if your making 150k a year to start and there are 3 or 4 of you in a 4k a month apartment and you have no food costs and you as you state take ride share or even buy a cheap car.. not bad way to go.. plus stock options and raising salaries.
Thanks, Jay. To work that hard in school to get into a job like that with those kinds of financial prospects and then to blow it all...and we both know it happens every day. I know and I'm related to people who went that way. They got into it from childhood backgrounds similar to mine. They couldn't stop themselves from overspending. All their money decisions came out of this baggage and shame they carried through school until they landed that job and then it was buy-buy-buy and nowadays they're in debt up to their eyeballs with next to nothing in actual wealth.
Maybe some of them but a whole heck of a lot of these kids working high tech in the bay area are BUYING income properties out east and mid west.. not sure if that's wise for them or not.. but they are doing it in droves there is no arguing that fact.. that's why they invite folks like me to talk about real estate to the compass
- 6yJennifer T.Pro MemberInvestor · New Orleans, LA · Member since 2014 · 1k+ posts · 944 votes
It's fun that the proverbial $5 cup of coffeehouse coffee has become the symbol for wasteful spending in just about every financial article ever. However, as some of you pointed out, it can make a good point that people who are mindful enough of their spending to not spend an unnecessary $X/day. Are the same positive habits they are more likely to employ for the bigger decisions that matter even more.
I haven't always been great with my personal finances. But I was also never terrible. However, I did make two life-changing decisions that set me up for a better financial future. I think long/medium range plans for the future are another key to financial success.
1) I was born in, grew up, and went to college (and graduated) in Southern CA. After I graduated, I faced two choices. I could stay in the familiar place with the culture I knew and where all my friends and family were. But had an insanely HCOL and I'd probably have to have a roommate until I was 30, lol. Maybe never be able to buy a house. I was also young and in a new chapter in my life anyway. So why not move to a lower COL area? And that was exactly what I did. I moved to New Orleans 20 years ago. The wages aren't as high here, but the cheaper housing way more than makes up for it. I was able to comfortably afford my own apartment from Day One, even as a fresh college graduate.
I often hear people giving the excuse that they live in a HCOL area and that is why their finances are so difficult. My first question is, what is stopping you from moving to a lower COL area? The reaction is often like I suggested they murder a puppy. And I'm certainly not saying there aren't a lot of good reasons for people to stay where they are. But I think there are also a lot of people who never get past that knee jerk reaction. When, it at least deserves some thought. Which leads me to point 2...
2) With lower housing costs and lower property prices, I started with not just buying my first house, but being able to buy enough of a first home that it is a duplex. I sacrificed my own comfort to do that. I could have bought a bigger, nicer house if it was just for me. But collecting rent that covered my whole mortgage PLUS a few hundred extra was well worth the sacrifice. However, that is a different mindset to see past the initial sacrifice and "scariness" of being a first-time landlady.
And back to the proverbial $5 cup of coffee. Do I buy those on occasion? Yes. Do I buy those regularly? No. Could I buy those regularly and hardly notice? Yes. But I don't because it is normally a waste of both my time and money, so it isn't a value to me. A "win" for me isn't necessarily a low cost. It's a high value as compared to the price I'm paying. And that's true whether it is coffee. Or an investment property. Though certainly the higher the stakes are, the more exciting a good value is!
- Real Estate Agent · Murfreesboro, TN · Member since 2019 · 194 posts · 181 votes6y
Originally posted by @Jim K.:
Originally posted by @Jay Hinrichs:
Originally posted by @Jim K.:
Originally posted by @Jay Hinrichs:
@Jim K. I think i have a pretty good picture on this question since i work or have worked in half the states in the US.. from the most expensive Hawaii CA etc to the lowest priced Mississippi Alabama and rural PA and Rural Ohio and Indianapolis..
this is just a HIGHLY regional situation.. when you say 2k house payment that would be opulent in the lower priced states but the ghetto or simply not possible in the higher priced areas.
and car payments of 6oo bucks are mid level car payments or lease payments of high end cars is far above 1000k a month and 2 to 3k is common.
To me if you can stroke a check for it then hey thats what money is for.. short of your home you live in and investments you leverage.. everything else should be paid for in cash.. Well except the airplane of course.
Sure, there's plenty of variation in this country but I'm positive I can safely stand by my statement that anyone who's broke and bleeding upwards of $30K a year on their home and transportation costs is just never going to be honestly able to attribute significant wealth creation to the elimination of their cup of tony coffee in the morning.
I am with you on the coffee.. I would never pay 4 or 5 dollars for a fancy coffee.. I have a Nespresso machine at home the pods are 50cents each I drink one or two cups a day.. Rarely buy coffee out.. Average rent or mortgage in Portland market is 2k to 3k then there is car.
average rent on the SF peninsula is probably closer to 4 to 6k plus car.. our average sales price in Portland is just over 400k.. so with Fha loan tax's and insurance about 3k for a home to live in .. and of course SF bay area double to triple those numbers. its why so many on the West coast that dream of owning rental properties come out east to the cheap markets.. how they do long term who knows.. but that's why they flood out there. Even if they wanted to buy a rental in a high priced market many simply cant afford them.. but they can scrape the 20 to 30k they need to leverage a 100k mid west rental. And or in your case Western PA were you can buy rentals for 10 to 40k all day long. I am funding two this week for one of my Vendors one is 36k the other is 17k.
I understand the Portland situation. I understand high rent in the Bay Area. I used to live in a room on College Hill in Providence, RI and pay $400/m for the privilege to walk 20 minutes to my department. This was 1999, and I was living on a grad student's fellowship stipend of $12K a year. What I knew about money could be written in very big letters on a sticky note. And all the money mistakes I made and years I lost were ALL MY FAULT.
If people want to live in that $4K/month house that's generating zero cash flow for them and pay for that $2K lease/gas/gold-plated insurance policy on their shiny new depreciating luxury car out of their own pocket and live paycheck to paycheck, THAT'S ON THEM. If it was me, with what I've learned about making some money from zilcho, I'd be sleeping on a couch as close to my workplace as I could get and riding the bus.
Here are the two excuses about that we always get here on BP: my spouse just...couldn't do something like that. OK, THAT'S WHY YOU DON'T MARRY DUMB BIMBOS, MALE OR FEMALE. And the second excuse is always the kids. Oh, the kids. The kids are supposed to have as close to an idyllic childhood in a perfect house in a perfect neighborhood as they can get...NO THEY'RE NOT. The kids are supposed to learn how to make their money work for them FROM THEIR RESPONSIBLE, FORWARD-THINKING PARENTS.
Ninety percent of Americans who own a car have a car payment to go along with it. 90%. In the age of Lyft, universal cell phone coverage, and the $87/year tow-anywhere-in-150-miles AAA membership, all these people NEED a car they have to buy on credit. THAT IS MIND CONTROL, pure and simple. That is decades of sitting in front of a television and nodding along with commercials and product placements that convince you that you are what you drive, that it's not just a wheeled and powered box to get you from Point A to Point B, oh no, it's something that defines you. And your wife. And your kids. It will fix all your insecurities about your receding hairline and your expanding waistline and your not-so-impressive wang, too.
If these people living in the pricey houses and driving the pricey cars want to own real estate so bad, they can call up one of the solid property managers here on this site and get in on a reputable B-class turnkey, Then they can grouch all day about how their property manager is ripping them off in the forums.
Or maybe they can just use the best tool in their toolbox to move toward financial independence, their income. Vanguard and Fidelity aren't waving these people off. I live in what these people think are the paradise of cheap properties and monster rental ROI, and even I have money in index funds.
I grew up poor and on food stamps, and in those days, I really believed all the idiots I saw driving around in nice cars and going home to A-class properties and picking up the pumpkin spice lattes had money. I reasoned they couldn't possibly be stupid enough to be mortgaging their life away to have that car and the house. I really believed it. And then I learned better.
We live in a gigantic swamp of pretension and posing about money we don't have, we listen to the opinions of the broke as if they matter, we suck in daily messages to work, work, work HARDER HARDER HARDER and spend, spend, spend MORE MORE MORE from our media every day. And the people that own the media and the building we work in and the stock in the company we work at sit back and count their money.
You live in a HCOL area? Move, or adjust your lifestyle to take maximum advantage of your increased income as a tool for wealth-building. You live in a LCOL area? Move or adjust your lifestyle take maximum advantage of the lower housing prices as a tool for wealth-building. Whatever you do, DO SOMETHING. COMMIT. Don't think you're gonna get rich going with the flow, you ain't. The flow has nothing but misery and regret for you and your family at the end.
Either way, that coffee had better be really damned good to blow your money on it. And as you said, Jay, with the ups and downs you've weathered over the decades, the rewards you've gained from it, EVEN YOU DON'T PAY FOR IT.
Can we be friends?
- Rental Property Investor · La Quinta, CA · Member since 2014 · 1k+ posts · 779 votes6y
Incremental wealth is a function of the capital you have to deploy, and the return you can get on that capital (excluding one's salary, or fixed income). Living below ones means gives us more capital to deploy (from savings / accumulated cash flow). If living below your means for a year means you have added 20% to your investable reserves, that's significant. If skipping a few cups of coffee means you've added only 1% to your investable reserves and you've distracted yourself from getting a greater return on your investable capital, well that seems a poor choice.
To have more money (again absent salary.fixed income, and at a high level) you need to either have more to invest, or get a greater gain on that which you have to invest. Focus on those things which maximizes those components. - Los Angeles, CA · Member since 2019 · 512 posts · 301 votes6y
@John Wijtenburg yes, divert money to all resources. You are the commander of your money.
But I promise you not buying that cute girl a drink at the bar or going golfing with your boss are not troops you want sidelined because you eat potatoes, ramen and have a IRA.
Earning potential is #1. It’s why all business risk everything they already have
- Member since 2019 · 1 post · 0 votes6y
@Frank Wong
I love your thinking on this topic because people need that motivation to be great and if it’s the coffee so be it.
- Real Estate Broker · Bay Area · Member since 2018 · 1k+ posts · 3k+ votes6y
Originally posted by @Will Johnson:
@Frank Wong
I love your thinking on this topic because people need that motivation to be great and if it’s the coffee so be it.
Exactly Will! Anything to give you an edge. The mental game is everything.
- Rock Star Extraordinaire · Northeast, TN · Member since 2015 · 10k+ posts · 16k+ votes6y
Originally posted by @Brian Ellis:
@Mike Dymski summed it up well for me. Its like the saying "let me see your bank account and Ill know what you value most", or something along those lines. Mike was probably the one who quoted it.
Im not ashamed to say I eat a bologna sandwich for dinner sometimes, it tastes great and its inexpensive. I don't need a $40 steak. A couple times a year just to satisfy the girlfriend.
Its a lot more enjoyable to make coffee at home and sit down for 10 min rather than rush to get stuck in a drivethru at 7am. I don't notice or care about the bean quality, so Folgers at home is perfectly ok.
But I will spend more money on a quality tool, or materials because I value it more, and it will produce far better results for something that is going to make me money long term.
Augh! You should be drinking New England Coffee. It is delicious and not very expensive. Once you've made a cup you'll thank me, Folgers is some rough stuff (and I'm pretty frugal)! I get it on sale for about 3-4 bucks a bag at Ingles or Walmart, and when it goes on sale it's usually half price or less so I'll buy 10 bags of it and not have to buy it again for 6 months. I prefer the Donut Shop blend, but Columbia roast and San Francisco roast is really delicious too.
Anyway, I digress :)
Skyline Properties - Rental Property Investor · South shore, MA · Member since 2017 · 1k+ posts · 1k+ votes6y
Originally posted by @JD Martin:
Originally posted by @Brian Ellis:
@Mike Dymski summed it up well for me. Its like the saying "let me see your bank account and Ill know what you value most", or something along those lines. Mike was probably the one who quoted it.
Im not ashamed to say I eat a bologna sandwich for dinner sometimes, it tastes great and its inexpensive. I don't need a $40 steak. A couple times a year just to satisfy the girlfriend.
Its a lot more enjoyable to make coffee at home and sit down for 10 min rather than rush to get stuck in a drivethru at 7am. I don't notice or care about the bean quality, so Folgers at home is perfectly ok.
But I will spend more money on a quality tool, or materials because I value it more, and it will produce far better results for something that is going to make me money long term.
Augh! You should be drinking New England Coffee. It is delicious and not very expensive. Once you've made a cup you'll thank me, Folgers is some rough stuff (and I'm pretty frugal)! I get it on sale for about 3-4 bucks a bag at Ingles or Walmart, and when it goes on sale it's usually half price or less so I'll buy 10 bags of it and not have to buy it again for 6 months. I prefer the Donut Shop blend, but Columbia roast and San Francisco roast is really delicious too.
Anyway, I digress :)
Haha, well im halfway through a 51 oz tub. There is no turning back now, JD! I will agree with you here, it isn't the best coffee ive ever had.
Being from New England, New England Coffee is just about everywhere you go. I think the best bargain is Choc full o nuts, it is delicious.
- Rock Star Extraordinaire · Northeast, TN · Member since 2015 · 10k+ posts · 16k+ votes6y
Originally posted by @Brian Ellis:
Originally posted by @JD Martin:
Originally posted by @Brian Ellis:
@Mike Dymski summed it up well for me. Its like the saying "let me see your bank account and Ill know what you value most", or something along those lines. Mike was probably the one who quoted it.
Im not ashamed to say I eat a bologna sandwich for dinner sometimes, it tastes great and its inexpensive. I don't need a $40 steak. A couple times a year just to satisfy the girlfriend.
Its a lot more enjoyable to make coffee at home and sit down for 10 min rather than rush to get stuck in a drivethru at 7am. I don't notice or care about the bean quality, so Folgers at home is perfectly ok.
But I will spend more money on a quality tool, or materials because I value it more, and it will produce far better results for something that is going to make me money long term.
Augh! You should be drinking New England Coffee. It is delicious and not very expensive. Once you've made a cup you'll thank me, Folgers is some rough stuff (and I'm pretty frugal)! I get it on sale for about 3-4 bucks a bag at Ingles or Walmart, and when it goes on sale it's usually half price or less so I'll buy 10 bags of it and not have to buy it again for 6 months. I prefer the Donut Shop blend, but Columbia roast and San Francisco roast is really delicious too.
Anyway, I digress :)
Haha, well im halfway through a 51 oz tub. There is no turning back now, JD! I will agree with you here, it isn't the best coffee ive ever had.
Being from New England, New England Coffee is just about everywhere you go. I think the best bargain is Choc full o nuts, it is delicious.
LOL. Hey man, I get it. I feed my Board Folgers. But they don't have a discriminating palate :D
Skyline Properties - Handyman · Pittsburgh, PA · Member since 2018 · 5k+ posts · 13k+ votes6y
Originally posted by @Brian Ellis:
Originally posted by @JD Martin:
Originally posted by @Brian Ellis:
@Mike Dymski summed it up well for me. Its like the saying "let me see your bank account and Ill know what you value most", or something along those lines. Mike was probably the one who quoted it.
Im not ashamed to say I eat a bologna sandwich for dinner sometimes, it tastes great and its inexpensive. I don't need a $40 steak. A couple times a year just to satisfy the girlfriend.
Its a lot more enjoyable to make coffee at home and sit down for 10 min rather than rush to get stuck in a drivethru at 7am. I don't notice or care about the bean quality, so Folgers at home is perfectly ok.
But I will spend more money on a quality tool, or materials because I value it more, and it will produce far better results for something that is going to make me money long term.
Augh! You should be drinking New England Coffee. It is delicious and not very expensive. Once you've made a cup you'll thank me, Folgers is some rough stuff (and I'm pretty frugal)! I get it on sale for about 3-4 bucks a bag at Ingles or Walmart, and when it goes on sale it's usually half price or less so I'll buy 10 bags of it and not have to buy it again for 6 months. I prefer the Donut Shop blend, but Columbia roast and San Francisco roast is really delicious too.
Anyway, I digress :)
Haha, well im halfway through a 51 oz tub. There is no turning back now, JD! I will agree with you here, it isn't the best coffee ive ever had.
Being from New England, New England Coffee is just about everywhere you go. I think the best bargain is Choc full o nuts, it is delicious.
Jesus Christ, Brian, I know you're hardcore frugal and DIY, but you can't give up good coffee. Choc-Full-O-Nuts? Are you kidding me?
For me, the real fun of DIY is enjoying the absolute best stuff, whatever it is, for pennies on the dollar. I try not to cultivate expensive tastes, but coffee is one of the few great joys in the world where skill and knowledge makes all the difference. I buy some incredible coffee from a local roaster, grind it myself in my little modded Hario, and do everything from French press to Turkish. Get a Flair Espresso Maker and learn how manually pull world-class shots of espresso out of a hundred-dollar machine. I don't buy five dollar coffee because I make ten-dollar coffee at home for fifty cents.
- Belfast, Northern Ireland · Member since 2018 · 128 posts · 56 votes6y
@John Wijtenburg
I feel what ‘live below your means’ really means is that you should not over indulge on stuff you don’t need. However, we must also remember that taking risks to make money may not always mean taking a financial risk.
- Contractor · Indianapolis, IN · Member since 2016 · 267 posts · 144 votes6y
@John Wijtenburg spend money to make money would be better stated “spending money on assets will make you money”. It does not mean you need to lack discipline to make money.
I’m not sure why so many try to separate the concepts of frugality and investing. The fastest way to wealth is when the concepts of frugality and intelligent investing are married.
True, you need to spend money in a biz on marketing or assets to make money.
True a penny saved is a penny earned.
False, spending money like you are wealthy now will make you wealthy.
False, being frugal is a scarcity mindset.
It’s not about the cup of coffee at Starbucks, it’s about discipline. Can you budget your cup of coffee ? If so fine, but know that a lack of control will make your account porous.
Make a budget so you live well within your means. Budget in some nonsense like coffee if you want. But stick to that budget and save as much as you can to INVEST in investments that will make you more money that you can then SAVE and SPEND later on investments.
I think I’ve said the same thing 5 different ways now so I’m done for the night.
- Rental Property Investor · South shore, MA · Member since 2017 · 1k+ posts · 1k+ votes6y
Originally posted by @Jim K.:
Originally posted by @Brian Ellis:
Originally posted by @JD Martin:
Originally posted by @Brian Ellis:
@Mike Dymski summed it up well for me. Its like the saying "let me see your bank account and Ill know what you value most", or something along those lines. Mike was probably the one who quoted it.
Im not ashamed to say I eat a bologna sandwich for dinner sometimes, it tastes great and its inexpensive. I don't need a $40 steak. A couple times a year just to satisfy the girlfriend.
Its a lot more enjoyable to make coffee at home and sit down for 10 min rather than rush to get stuck in a drivethru at 7am. I don't notice or care about the bean quality, so Folgers at home is perfectly ok.
But I will spend more money on a quality tool, or materials because I value it more, and it will produce far better results for something that is going to make me money long term.
Augh! You should be drinking New England Coffee. It is delicious and not very expensive. Once you've made a cup you'll thank me, Folgers is some rough stuff (and I'm pretty frugal)! I get it on sale for about 3-4 bucks a bag at Ingles or Walmart, and when it goes on sale it's usually half price or less so I'll buy 10 bags of it and not have to buy it again for 6 months. I prefer the Donut Shop blend, but Columbia roast and San Francisco roast is really delicious too.
Anyway, I digress :)
Haha, well im halfway through a 51 oz tub. There is no turning back now, JD! I will agree with you here, it isn't the best coffee ive ever had.
Being from New England, New England Coffee is just about everywhere you go. I think the best bargain is Choc full o nuts, it is delicious.
Jesus Christ, Brian, I know you're hardcore frugal and DIY, but you can't give up good coffee. Choc-Full-O-Nuts? Are you kidding me?
For me, the real fun of DIY is enjoying the absolute best stuff, whatever it is, for pennies on the dollar. I try not to cultivate expensive tastes, but coffee is one of the few great joys in the world where skill and knowledge makes all the difference. I buy some incredible coffee from a local roaster, grind it myself in my little modded Hario, and do everything from French press to Turkish. Get a Flair Espresso Maker and learn how manually pull world-class shots of espresso out of a hundred-dollar machine. I don't buy five dollar coffee because I make ten-dollar coffee at home for fifty cents.
I drink it black too. John Wayne style.
If im feeling crazy ill take a shot of café brustelo.
Im a simple man, Jim. Maybe I do need to loosen up a bit. Im going to look into those machines youre talking about.
- Specialist · West Hills, CA · Member since 2019 · 6 posts · 2 votes6y
@Jim K nice shirt dude I agree
- Handyman · Pittsburgh, PA · Member since 2018 · 5k+ posts · 13k+ votes6y
Originally posted by @Brian Ellis:
Originally posted by @Jim K.:
Originally posted by @Brian Ellis:
Originally posted by @JD Martin:
Originally posted by @Brian Ellis:
@Mike Dymski summed it up well for me. Its like the saying "let me see your bank account and Ill know what you value most", or something along those lines. Mike was probably the one who quoted it.
Im not ashamed to say I eat a bologna sandwich for dinner sometimes, it tastes great and its inexpensive. I don't need a $40 steak. A couple times a year just to satisfy the girlfriend.
Its a lot more enjoyable to make coffee at home and sit down for 10 min rather than rush to get stuck in a drivethru at 7am. I don't notice or care about the bean quality, so Folgers at home is perfectly ok.
But I will spend more money on a quality tool, or materials because I value it more, and it will produce far better results for something that is going to make me money long term.
Augh! You should be drinking New England Coffee. It is delicious and not very expensive. Once you've made a cup you'll thank me, Folgers is some rough stuff (and I'm pretty frugal)! I get it on sale for about 3-4 bucks a bag at Ingles or Walmart, and when it goes on sale it's usually half price or less so I'll buy 10 bags of it and not have to buy it again for 6 months. I prefer the Donut Shop blend, but Columbia roast and San Francisco roast is really delicious too.
Anyway, I digress :)
Haha, well im halfway through a 51 oz tub. There is no turning back now, JD! I will agree with you here, it isn't the best coffee ive ever had.
Being from New England, New England Coffee is just about everywhere you go. I think the best bargain is Choc full o nuts, it is delicious.
Jesus Christ, Brian, I know you're hardcore frugal and DIY, but you can't give up good coffee. Choc-Full-O-Nuts? Are you kidding me?
For me, the real fun of DIY is enjoying the absolute best stuff, whatever it is, for pennies on the dollar. I try not to cultivate expensive tastes, but coffee is one of the few great joys in the world where skill and knowledge makes all the difference. I buy some incredible coffee from a local roaster, grind it myself in my little modded Hario, and do everything from French press to Turkish. Get a Flair Espresso Maker and learn how manually pull world-class shots of espresso out of a hundred-dollar machine. I don't buy five dollar coffee because I make ten-dollar coffee at home for fifty cents.
I drink it black too. John Wayne style.
If im feeling crazy ill take a shot of café brustelo.
Im a simple man, Jim. Maybe I do need to loosen up a bit. Im going to look into those machines youre talking about.
Ain't nothing wrong with simplicity. Also nothing wrong with compromising on quality because the best isn't worth the expense. And I'm pretty sure I like my coffee more than I should.
- Investor · Jackson, MS · Member since 2014 · 1k+ posts · 769 votes6y
Investing means taking risks. I'm comfortable with that. It also can't be done without access to good credit and I was fine borrowing to make money. The biggest thing negatively effecting my credit score right now, believe it or not, is the lack of a car loan. I'm certainly not going out to buy another car in order to improve it. I went through all my assets and debts the other day and realized I was a millionaire, though barely so. I still can't bring myself to stand in line and spend 4 or 5 dollars for a cup of coffee. Not sure if it is because of the frugal Scotch in me or the fact I hate to stand in line, but when I went to San Diego for a conference this weekend I ate in the nice restaurants in the Gaslamp district and only once went to Subway instead. It is nice to reach the point where working is optional. It is nice to reach the point where going to a nice restaurant with friends doesn't set me back, but if I hadn't been willing to drive an eight year old car and live in a house that cost me 30K would I be able to do all that so easily? Probably not. Yes, not everyone lives where there are such cheap houses but everyone can settle for an eight year old car.
- Rental Property Investor · Providence, RI · Member since 2015 · 1k+ posts · 594 votes6y
Live for today, plan for tomorrow. Encapsulates the best of both worlds.
- Rental Property Investor · San Diego, CA · Member since 2013 · 3k+ posts · 4k+ votes6y
Originally posted by @John Wijtenburg:
I think a lot of people have trouble reconciling an abundance mindset with the omnipresent, "live below your means," advice.
To achieve great success, we're told that we must take risks, act as if, and spend money to make money. The other side of the personal finance tells us to skip the daily coffee, never eat out, and live a life a step or two below our current status.
This is something I struggled with and still do.
Are these two sides of the same coin or different coins?
It's bad to live ABOVE your means, right?
So what's the opposite?
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