Like Tree55Likes

Lifestyle creep

Closed Thread
Page 3 of 5 FirstFirst 1 2 3 4 5 LastLast
  1. #21

    Join Date
    Oct 2006
    Location
    Hong Kong
    Posts
    15,557
    Quote Originally Posted by cendrillon:
    I mention this because our budget in Silicon Valley for non-housing related expenses was not far from theirs, about 80%, and we were probably slightly more frugal than the average person. As you can imagine, unlike lawyers and bankers, the engineers that inhabit the valley tend to be a pretty frugal by nature alreasy. So I can easily see how money can seem to dissapear even on this income.

    On the flip side we cut our spending in half and noticed very little impact on our happiness, if anything it increased. So you're right they're not careful with their money, but I'd say the vast majority, probably 95%, are in the same situation.
    I guess this is what I'm trying to drive at. I know a lot of people have mocked, but the reality is ALOT of people live like this. They are just not saving but spending close to what they earn. And this is regardless of what they earn. In HK it could be the following which leads to lifestyle creep:

    - Bigger apartment
    - Joining a club
    - Sending kids to international school
    - Buying a villa in Thailand
    - Second or third helper
    - Eating out all the time
    - Several trips a year
    - Various extra curricular lessons for kids

    And I am sure we all know more than one person who lives their life like that, but what we don't know is if they are actually saving any of their income.
    shri, cendrillon and Mr Tony like this.

  2. #22

    Join Date
    Feb 2006
    Location
    Kennedy Town
    Posts
    1,014
    Quote Originally Posted by pin:
    I guess this is what I'm trying to drive at. I know a lot of people have mocked, but the reality is ALOT of people live like this. They are just not saving but spending close to what they earn. And this is regardless of what they earn. In HK it could be the following which leads to lifestyle creep:

    - Bigger apartment
    - Joining a club
    - Sending kids to international school
    - Buying a villa in Thailand
    - Second or third helper
    - Eating out all the time
    - Several trips a year
    - Various extra curricular lessons for kids

    And I am sure we all know more than one person who lives their life like that, but what we don't know is if they are actually saving any of their income.
    Hahaha, agree completely although I think it's amusing that it's only when you get to two full time household staff that it's considered excessive

  3. #23

    Join Date
    Jun 2004
    Location
    HK
    Posts
    14,624
    Quote Originally Posted by pin:
    I guess this is what I'm trying to drive at. I know a lot of people have mocked, but the reality is ALOT of people live like this. They are just not saving but spending close to what they earn. And this is regardless of what they earn. In HK it could be the following which leads to lifestyle creep:

    - Bigger apartment
    - Joining a club
    - Sending kids to international school
    - Buying a villa in Thailand
    - Second or third helper
    - Eating out all the time
    - Several trips a year
    - Various extra curricular lessons for kids

    And I am sure we all know more than one person who lives their life like that, but what we don't know is if they are actually saving any of their income.
    But:
    - Bigger apartment - MANDATORY FOR MY HAPPINESS
    - Joining a club - MANDARTORY ELSE I DONT BELONG
    - Sending kids to international school - MANDATORY KIDS EDUCATION IS NON NEGOTIABLE
    - Buying a villa in Thailand - MANDATORY THIS IS AN INVESTMENT
    - Second or third helper - MANDATORY SINCE THE FIRST HELPER CANT HANDLE MORE THAN A KID AND MY WIFE/HUSBAND IS SO BUSY
    - Eating out all the time - MANDATORY BECAUSE HK KITCHEN ARE TOO SMALL AND YOU CANT FIND THE RIGHT PRODCUT FROM BACK HOME OR THEY ARE TOO EXPENSIVE SO EATING OUT IS ACTUALLY CHEAPER
    - Several trips a year - MANDATORY WITH ALL THE POLLUTION
    - Various extra curricular lessons for kids - MANDATORY, I ALREADY SAID, NO COMPROMISE ON KIDS EDUCATION

    What are you fluffing about PIN...all of this is totally mandatory.
    pin, cendrillon and z754103 like this.

  4. #24

    Join Date
    Jun 2015
    Posts
    505
    But, kids are not mandatory tho

  5. #25

    Join Date
    Feb 2018
    Location
    Tuen Mun
    Posts
    2
    Quote Originally Posted by pin:
    I guess this is what I'm trying to drive at. I know a lot of people have mocked, but the reality is ALOT of people live like this. They are just not saving but spending close to what they earn. And this is regardless of what they earn. In HK it could be the following which leads to lifestyle creep:

    - Bigger apartment
    - Joining a club
    - Sending kids to international school
    - Buying a villa in Thailand
    - Second or third helper
    - Eating out all the time
    - Several trips a year
    - Various extra curricular lessons for kids

    And I am sure we all know more than one person who lives their life like that, but what we don't know is if they are actually saving any of their income.
    You've absolutely nailed it here.

  6. #26

    Join Date
    Feb 2006
    Location
    Kennedy Town
    Posts
    1,014
    Quote Originally Posted by Mat:
    But:
    - Bigger apartment - MANDATORY FOR MY HAPPINESS
    - Joining a club - MANDARTORY ELSE I DONT BELONG
    - Sending kids to international school - MANDATORY KIDS EDUCATION IS NON NEGOTIABLE
    - Buying a villa in Thailand - MANDATORY THIS IS AN INVESTMENT
    - Second or third helper - MANDATORY SINCE THE FIRST HELPER CANT HANDLE MORE THAN A KID AND MY WIFE/HUSBAND IS SO BUSY
    - Eating out all the time - MANDATORY BECAUSE HK KITCHEN ARE TOO SMALL AND YOU CANT FIND THE RIGHT PRODCUT FROM BACK HOME OR THEY ARE TOO EXPENSIVE SO EATING OUT IS ACTUALLY CHEAPER
    - Several trips a year - MANDATORY WITH ALL THE POLLUTION
    - Various extra curricular lessons for kids - MANDATORY, I ALREADY SAID, NO COMPROMISE ON KIDS EDUCATION

    What are you fluffing about PIN...all of this is totally mandatory.
    This is freaking awesome. Post of the year.
    Mat and kittykaitak like this.

  7. #27

    Join Date
    Feb 2006
    Location
    Kennedy Town
    Posts
    1,014
    If you save more than 20% of your salary for retirement, you're giving up enjoying your present life: you're dedicating yourself to living in holy denial of all worldly pleasures like a monk or a nun, in the hopes of a lavish, or at least an exceedingly comfortable, life when you're over 60-years-old. Twenty percent for retirement is, by the way, an aggressive goal. Most people save much less.
    The Guardian says it so it must be true.

    https://www.theguardian.com/money/us...alary-millions

  8. #28

    Join Date
    Mar 2009
    Location
    Hong Kong
    Posts
    2,260
    Quote Originally Posted by cendrillon:

    On the flip side we cut our spending in half and noticed very little impact on our happiness, if anything it increased.
    I think there have been studies that show more money only equals more happiness to a certain amount. Once enough to live comfortably, then any extra money doesn't have the same happiness increase effect.

    I guess it is the same with spending. So even after cutting spending in half, you were already living pretty comfortably so the extra money you were spending before actually had no effect.

  9. #29

    Join Date
    Mar 2009
    Location
    Hong Kong
    Posts
    2,260
    Original Post Deleted
    Just buy from 7-11! They are no worse than Starbucks. You can also get sandwiches and yoghurt in 7-11 for half the price in Pret. Beer in 7-11 for less than the bars in LKF

  10. #30

    Join Date
    Dec 2002
    Location
    薄扶林
    Posts
    47,964
    Original Post Deleted
    I am quite sure you'll find expenses in your day to day / month to month / year on year spends which will make the $30 on a coffee seem insignificant.