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Having more money usually results in no more than a higher Quality of Life (QoL.) It doesn’t necessarily mean you’ll suddenly begin forming new habits because of this big change in your life.

Our hobbies and things we buy are directly correlated to our budget. We implicitly raise our standers of quality and how we perceive purchases. If hiring somebody to fix your shower head will cost $50, and you make $50 an hour, that means you’re spending only $50 vs the 3-4 hour DIY job you’re thinking about to save money. 3-4 hours to do something means the cost (in work hours) comes out to $150-200 and probably low quality work.

People who overspend when they are rich are people who likely overspent and gotten into debt before coming across their fortune. Here’s an example: Spending $300/night on a hotel isn’t that big of a deal to somebody who makes $1000 a day. If that person is making $30,000 a month, $300 to them is only 1% of their monthly income. 1% of $4100/month – a common middle class monthly income (~$50k/year) – is $41. That doesn’t sound absurd. In fact, we will probably opt to spend much more if we feel this is a one time thing, or “we’re on vacation so we might as well stay somewhere nice.”

Posted in Bad Habits, Money, self-awareness, Thoughtless Thoughts at July 19th, 2012. Trackback URI: trackback

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