| Monday, October 19, 2009 |
| Frugality falling out of fashion? |
The Washington Post reports:Frugality falling out of fashion? about folks wanting to start spending again after being so good about not spending for the past year. Over the past year, Arash Shirazi, 35, a music agent from Arlington County, saw his income remain steady but his stock portfolio dip. He said "no" to a new MacBook computer, a new Bang & Olufsen stereo and a new Audi S5 -- all of which he would have purchased without a second thought in the pre-recession days.
But now that the stock market is rebounding, he's been itching to buy an Italian diving watch. He has been making trips out to Tysons Galleria to try them on, the heft reassuringly solid on his wrist. It would set him back anywhere from $5,000 to $30,000.
The recession "made everyone sort of take a pause and think about how they spend their money, needs versus wants," Shirazi said. "However, I work all the time. . . . And if you work hard, you like to reward yourself in some capacity."
Exactly, agreed local TV personality Paul Wharton, who cut his maid service and made other economies during the recession.
Wharton recently plunked down more than $1,000 for a pair of python shoes. For him, the shoes are a talisman of better times to come.
"It's almost like I've come out of the recession before the market," he said proudly. "I made a choice! I just refused to be in the recession any longer!" I get the need to let your hair down a bit and reward yourself with a little retail therapy. But why such large amounts on small items like a pair of shoes or a watch? The watch really amazed me - $30,000 to wear on your wrist? Personally I would far rather declare my independence from the recession and my confidence in my future earning capacity by putting chunks of money like that toward paying off my last remaining debt - my home mortgage.
Once we do emerge from this recession will the ultimate status symbols once again be overpriced shoes, handbags, cars, McMansions, or "bling" or will it be a paid-in-full debt-free lifestyle with the reward of time? |
| posted by Boston Gal @ 11:21 AM *
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| 9 Comments: |
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Let him spend his money. Let's get the economy spinning again. I'll maintain my frugal lifestyle; my investments will grow. Works for me!
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Frugality was a trend that is fading fast.
Naturally, the really cool people will continue with their frugal efforts ... :)
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Hey, if the "dumb" want to help out the economy again, let them.
As for "local TV Personality Paul Wharton", I live in the DC area and never heard of the guy. A little googling and I see he is some guy that makes his living off of others buying into his insane fashion sense. Yeah, he's really unbiased when it comes to extravagant spending. Yikes, I'm afraid this is what the "new" Washington Post will be publishing in the future.
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I agree with Scott...The Washington Post is a very scary newspaper! This article baffled me, as to go back out and do the same stupid stuff is acceptable? Dumb.
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men tend to spend in large amounts
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It's all about compounding. Spend it now and you have less of it later. Hopefully the people you are trying to impress today will still be around to remember how good you used to look.
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I too believe that frugality was definetely a huge trend that is slowly starting to fade away. There's not much we can do to help people who just do not GET IT. If they want to spend their money on unecessary crap like $30,000 watches, that's their choice. I will continue livingmy frugal lifestyle and I truely believe I will be much happier than someone who wears a $30,000 watch on their wrist.
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These people need to read the new book Stop Acting Rich And Start Living Like A Real Millionaire!
I haven't read it yet, but Liz Pulliam Weston mentioned it in one of her columns -- and the title alone has the ring of wisdom.
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You would've thought the economy would have taught people a lesson about why and how we got there in the first place. But, people are slow learners and it happen again. If it leads to some of the country changing their ways I guess that's better than nothing. Our only insurance from the next recession is living honestly.
Jerry
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Let him spend his money. Let's get the economy spinning again. I'll maintain my frugal lifestyle; my investments will grow. Works for me!