Which Philosophy Do You Subscribe To?

June 11, 2008

Off Topic

The way I see it, there are three ways you can go about dealing with money you earn.

  1. Live above your means.
  2. Live within your means.
  3. Live below your means.

Breakdown of #1

Spend all the money I’ve got; spend a lot of money I don’t got and worry about it later.

Breakdown of #2

Spend all the money I’ve got; don’t spend any money I don’t got.

Breakdown of #3

Spend some of the money I’ve got; don’t spend any money I don’t got; invest and save the rest for the future.

If you answered #3 you win a gold star! If you said, “Number 3 is best but I’m really a 2 or 2 and a half,” then you get a silver star for knowing which is best.

If you answered #1 is how I live and I see nothing wrong with it, what do you think my answer would be?

I subscribe to number three’s logic, however, I’m probably more like a 2 and a half.

Which logic do you subscribe to?

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About John Hoff

John is the lead instructor inside the Blog Training Classroom Video Course. He's been blogging since 2007, authored a WordPress Security ebook, and was recently featured at Niche Profit Classroom as an affiliate rising star.

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3 Responses to “Which Philosophy Do You Subscribe To?”

  1. Lillea Woodlyns Says:

    I’m more of a 2 1/2 too.

    I’ve known some 1s who eventually had to declare bankruptcy. Ironically, one of them blew out most of his money attending expensive wealth management seminars!

    And sometimes if a 1 type suddenly gets a lot of money from, say, a lottery win, they will continue to be in debt. They simply escalate their spending in proportion to what they did before the win instead of paying off their debts and moving toward a 3.
    .-= Lillea Woodlyns´s last blog ..Affiliate Site Builder: 7 Reasons Why WordPress is Ideal =-.

    Reply

  2. John Hoff Says:

    That really is ironic about the wealth management people, such a shame.

    It’s funny Lillea that you commented on this article today because yesterday we heard on TV how some rich person had to file bankruptcy and I told my wife, “If we ever become wealthy, let’s make sure we don’t go so overboard that we have to file bankruptcy.”

    I guarantee if that wealthy person lived my lifestyle, that wouldn’t of happened.

    Reply

  3. Lillea Woodlyns Says:

    It is a shame for sure. And the person I know got lots of good advice from family and friends to avoid those seminars (particularly because they had no wealth to manage!) and they ignored them.

    That’s funny about the overlap between my comment and your comment to your wife. So true! Amazing how much people (and governments!) can overspend.
    .-= Lillea Woodlyns´s last blog ..10 Good iPhone & iPod Touch Apps for Online Business =-.

    Reply

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