Comments on: The Money Diaries: The spoiled 20-something used to living beyond his means http://www.iwillteachyoutoberich.com/blog/the-money-diaries-the-spoiled-20-something-used-to-living-beyond-his-means/ Personal finance blog for college students, recent graduates and everyone else -- including entrepreneurship -- for getting rich. Featured in the Wall Street Journal and New York Times. Thu, 18 Mar 2010 00:49:56 -0700 http://wordpress.org/?v=abc hourly 1 By: The Money Diaries « elle & ish – shopping, decor, fashion, makeup and figuring out how to pay for it all http://www.iwillteachyoutoberich.com/blog/the-money-diaries-the-spoiled-20-something-used-to-living-beyond-his-means/comment-page-2/#comment-103269 The Money Diaries « elle & ish – shopping, decor, fashion, makeup and figuring out how to pay for it all Tue, 14 Jul 2009 05:36:40 +0000 http://www.iwillteachyoutoberich.com/blog/the-money-diaries-the-spoiled-20-something-used-to-living-beyond-his-means#comment-103269 [...] The Money Diaries: The spoiled 20-something used to living beyond his means [...] [...] The Money Diaries: The spoiled 20-something used to living beyond his means [...]

]]> By: ArsBars http://www.iwillteachyoutoberich.com/blog/the-money-diaries-the-spoiled-20-something-used-to-living-beyond-his-means/comment-page-2/#comment-87371 ArsBars Fri, 23 Jan 2009 21:32:18 +0000 http://www.iwillteachyoutoberich.com/blog/the-money-diaries-the-spoiled-20-something-used-to-living-beyond-his-means#comment-87371 As a 20something myself...one spending habit I've worked on that makes a big difference is the Starbucks spending! $3.50 on a drink, adds up after a couple fancy coffee drinks in a week. Invest in a mug and bring your own, or I'm sure your office has a coffee maker, start taking advantage of that. Another way to cut back on Starbucks spending is instead of buying the fancy espresso drinks, order straight up coffee instead! Good luck! As a 20something myself…one spending habit I’ve worked on that makes a big difference is the Starbucks spending! $3.50 on a drink, adds up after a couple fancy coffee drinks in a week. Invest in a mug and bring your own, or I’m sure your office has a coffee maker, start taking advantage of that. Another way to cut back on Starbucks spending is instead of buying the fancy espresso drinks, order straight up coffee instead! Good luck!

]]> By: Doctor S http://www.iwillteachyoutoberich.com/blog/the-money-diaries-the-spoiled-20-something-used-to-living-beyond-his-means/comment-page-2/#comment-80806 Doctor S Tue, 18 Nov 2008 16:51:26 +0000 http://www.iwillteachyoutoberich.com/blog/the-money-diaries-the-spoiled-20-something-used-to-living-beyond-his-means#comment-80806 Sometimes when people open themselves up like this, they do it to try and find answers to move forward from the past. He did not do this to get ridiculed, regardless of how bad or good his past decisions were. Congrats to him for wanting to change and opening himself up to the public. I would do it in a second. Whatever you do, dont cash out your 401K, you will thank all of us later! If you have to, pick up an extra part time job if possible, and devote all those earnings to additional payments on credit cards. Stop going out for a month and see how much you save. You want changes in the future you gotta make moves now! These comments are amazing, I might have to share my issues with everyone. Sometimes when people open themselves up like this, they do it to try and find answers to move forward from the past. He did not do this to get ridiculed, regardless of how bad or good his past decisions were. Congrats to him for wanting to change and opening himself up to the public. I would do it in a second.

Whatever you do, dont cash out your 401K, you will thank all of us later!

If you have to, pick up an extra part time job if possible, and devote all those earnings to additional payments on credit cards.

Stop going out for a month and see how much you save. You want changes in the future you gotta make moves now!

These comments are amazing, I might have to share my issues with everyone.

]]> By: finance girl http://www.iwillteachyoutoberich.com/blog/the-money-diaries-the-spoiled-20-something-used-to-living-beyond-his-means/comment-page-2/#comment-80735 finance girl Tue, 18 Nov 2008 00:28:56 +0000 http://www.iwillteachyoutoberich.com/blog/the-money-diaries-the-spoiled-20-something-used-to-living-beyond-his-means#comment-80735 Well, it sounds like you know you need to change some of your daily habits so you are more financially disciplined, and that's a great start. Is there a way you can bring some basic foodstuffs with you to work to keep you from impulsive food purchases? That way you will eat more healthy food (assuming you are bringing things like fruits, grains, veggies to work) and save money? Anyway that when you go out, you alternate between alcoholic drink and bottled water? 2 birds with 1 stone in that it's healthier and cheaper. Do Not Touch That 401k!!!!!! Well, it sounds like you know you need to change some of your daily habits so you are more financially disciplined, and that’s a great start.

Is there a way you can bring some basic foodstuffs with you to work to keep you from impulsive food purchases?

That way you will eat more healthy food (assuming you are bringing things like fruits, grains, veggies to work) and save money?

Anyway that when you go out, you alternate between alcoholic drink and bottled water? 2 birds with 1 stone in that it’s healthier and cheaper.

Do Not Touch That 401k!!!!!!

]]> By: robwiss http://www.iwillteachyoutoberich.com/blog/the-money-diaries-the-spoiled-20-something-used-to-living-beyond-his-means/comment-page-2/#comment-80687 robwiss Mon, 17 Nov 2008 17:19:27 +0000 http://www.iwillteachyoutoberich.com/blog/the-money-diaries-the-spoiled-20-something-used-to-living-beyond-his-means#comment-80687 Don't cash out your 401k. The automatic deduction from your paycheck and the obstacle of having to actually cash it out are the only reason you have any money at all right now. The only reason you have that money is because you've never thought about it. Stop thinking about it and keep contributing to it. Consider setting up an automatic saver plan with an ING account. It takes 15 minutes to set up an ING account, link it to your bank account, and set it to automatically deduct from your account once a paycheck. You saved around $200 this week. Put around $400 a month into your ING account every month. Consider going to $500. You may be surprised how easy it could be to have $500 less a month. Remind yourself that you must save this money and use it to pay your debt at the end of the month. Once your debt is paid continue saving the money. Go to the ATM once a week and take out $100. Use this money for food/entertainment/cigarettes. Keep any extra in your wallet. Don't purchase anything unless you do it with cash. It is <a HREF="http://seattlepi.nwsource.com/business/363489_singletary17.html?source=rss" rel="nofollow">well established</A> that people spend more when they buy with credit cards instead of cash. If you manage to save some of your $100, take it out of your wallet and set it aside. You only get $100 a week. I keep gas out of the $100 since I view it as a necessary expenditure and it's harder to stay under $100 with gas involved. You felt horrible about some of your decent decisions this week because you had no budget. $9 for a pizza buffet wasn't bad. $16 on gas wasn't bad. Considering that I know someone who dropped $40 on Touchtunes (the jukeboxes in bars) this weekend, I don't think you're doing that bad. However, you lack a plan. Whether you choose my plan, another poster's plan, or decide on one of your own, you need to pick one or you will soon be right back to foolish spending. Don’t cash out your 401k. The automatic deduction from your paycheck and the obstacle of having to actually cash it out are the only reason you have any money at all right now. The only reason you have that money is because you’ve never thought about it. Stop thinking about it and keep contributing to it.

Consider setting up an automatic saver plan with an ING account. It takes 15 minutes to set up an ING account, link it to your bank account, and set it to automatically deduct from your account once a paycheck. You saved around $200 this week. Put around $400 a month into your ING account every month. Consider going to $500. You may be surprised how easy it could be to have $500 less a month. Remind yourself that you must save this money and use it to pay your debt at the end of the month. Once your debt is paid continue saving the money.

Go to the ATM once a week and take out $100. Use this money for food/entertainment/cigarettes. Keep any extra in your wallet. Don’t purchase anything unless you do it with cash. It is well established that people spend more when they buy with credit cards instead of cash. If you manage to save some of your $100, take it out of your wallet and set it aside. You only get $100 a week. I keep gas out of the $100 since I view it as a necessary expenditure and it’s harder to stay under $100 with gas involved. You felt horrible about some of your decent decisions this week because you had no budget. $9 for a pizza buffet wasn’t bad. $16 on gas wasn’t bad.

Considering that I know someone who dropped $40 on Touchtunes (the jukeboxes in bars) this weekend, I don’t think you’re doing that bad. However, you lack a plan. Whether you choose my plan, another poster’s plan, or decide on one of your own, you need to pick one or you will soon be right back to foolish spending.

]]> By: xmasy http://www.iwillteachyoutoberich.com/blog/the-money-diaries-the-spoiled-20-something-used-to-living-beyond-his-means/comment-page-2/#comment-80605 xmasy Mon, 17 Nov 2008 01:05:54 +0000 http://www.iwillteachyoutoberich.com/blog/the-money-diaries-the-spoiled-20-something-used-to-living-beyond-his-means#comment-80605 oh yeah...another thing...drink a lot at home before going out to the bars...... oh yeah…another thing…drink a lot at home before going out to the bars……

]]> By: xmasy http://www.iwillteachyoutoberich.com/blog/the-money-diaries-the-spoiled-20-something-used-to-living-beyond-his-means/comment-page-2/#comment-80604 xmasy Mon, 17 Nov 2008 01:04:13 +0000 http://www.iwillteachyoutoberich.com/blog/the-money-diaries-the-spoiled-20-something-used-to-living-beyond-his-means#comment-80604 people dont listen to me but i say the hell with 401K. i dont have a dime in a 401K plan but have a lot to show.....trust me...a lot. people dont listen to me but i say the hell with 401K. i dont have a dime in a 401K plan but have a lot to show…..trust me…a lot.

]]> By: quinsy http://www.iwillteachyoutoberich.com/blog/the-money-diaries-the-spoiled-20-something-used-to-living-beyond-his-means/comment-page-2/#comment-80587 quinsy Sun, 16 Nov 2008 21:13:48 +0000 http://www.iwillteachyoutoberich.com/blog/the-money-diaries-the-spoiled-20-something-used-to-living-beyond-his-means#comment-80587 Hi there, I am a physician and I am glad to see you making changes in your life. I am hoping that since you are now getting into the hang of financial change, you might be interested in quitting cigarettes too. It is the best thing you can do for your health. I also worry about the fact that you seemed to treat the cigarettes as a reward for good behavior. My #1 suggestion to you would be to look at the things you enjoy and try to come up with other reward systems for yourself. Many of my patients tell me "it's my only bad habit" (sort of the way you say "it's my guilty pleasure"). I tell them "you picked the wrong bad habit." Tips on quitting smoking: 1. Do it in a way that works for you (cold turkey vs. cutting down). Don't feel like you have to do it one way or the other since it is about you and your behavior and you know best how to change that. 2. Visit your doctor. The simple fact that your doctor tells you to quit smoking has been shown to help people quit smoking. Especially since you seem to be the type that performs well when being watched by an audience, hence the diaries. Also, we have many great resources to help people quit these days, from Chantix to Zyban to nicotine patches. We can help you come up with a great plan to help make quitting easier. Your insurance will likely cover this. Expenditures from both you and your insurance company will be saved big time by quitting! 3. Think about your habits in order to break them. The best way to break habits is to think about what causes them to manifest. Same as with finances, you have found that avoiding going out with friends saves you money. It might help keep you from smoking too if it keeps you out of bars! If you smoke in the car, put gum or mints or something in the car to keep yourself busy. If you smoke at home, throw your ashtrays away. Those are my best quick tips, I hope they're helpful! Best of luck in both knocking out your debt and improving your health. We are rooting for you. Hi there, I am a physician and I am glad to see you making changes in your life. I am hoping that since you are now getting into the hang of financial change, you might be interested in quitting cigarettes too. It is the best thing you can do for your health. I also worry about the fact that you seemed to treat the cigarettes as a reward for good behavior. My #1 suggestion to you would be to look at the things you enjoy and try to come up with other reward systems for yourself. Many of my patients tell me “it’s my only bad habit” (sort of the way you say “it’s my guilty pleasure”). I tell them “you picked the wrong bad habit.”

Tips on quitting smoking:
1. Do it in a way that works for you (cold turkey vs. cutting down). Don’t feel like you have to do it one way or the other since it is about you and your behavior and you know best how to change that.
2. Visit your doctor. The simple fact that your doctor tells you to quit smoking has been shown to help people quit smoking. Especially since you seem to be the type that performs well when being watched by an audience, hence the diaries. Also, we have many great resources to help people quit these days, from Chantix to Zyban to nicotine patches. We can help you come up with a great plan to help make quitting easier. Your insurance will likely cover this. Expenditures from both you and your insurance company will be saved big time by quitting!
3. Think about your habits in order to break them. The best way to break habits is to think about what causes them to manifest. Same as with finances, you have found that avoiding going out with friends saves you money. It might help keep you from smoking too if it keeps you out of bars! If you smoke in the car, put gum or mints or something in the car to keep yourself busy. If you smoke at home, throw your ashtrays away.

Those are my best quick tips, I hope they’re helpful! Best of luck in both knocking out your debt and improving your health. We are rooting for you.

]]> By: Bridget http://www.iwillteachyoutoberich.com/blog/the-money-diaries-the-spoiled-20-something-used-to-living-beyond-his-means/comment-page-2/#comment-80445 Bridget Sat, 15 Nov 2008 07:22:25 +0000 http://www.iwillteachyoutoberich.com/blog/the-money-diaries-the-spoiled-20-something-used-to-living-beyond-his-means#comment-80445 @author Good start! You might want to consider giving your parents rent money. I think they'd appreciate the gesture and you'd have an even better idea of how you'll need to budget in the future. Not that your parents might, but my friends saved their son's rent money unbeknownst to him and then gave him a cool sum of money when he left home. @author

Good start! You might want to consider giving your parents rent money. I think they’d appreciate the gesture and you’d have an even better idea of how you’ll need to budget in the future. Not that your parents might, but my friends saved their son’s rent money unbeknownst to him and then gave him a cool sum of money when he left home.

]]> By: Raj http://www.iwillteachyoutoberich.com/blog/the-money-diaries-the-spoiled-20-something-used-to-living-beyond-his-means/comment-page-2/#comment-80409 Raj Fri, 14 Nov 2008 23:40:17 +0000 http://www.iwillteachyoutoberich.com/blog/the-money-diaries-the-spoiled-20-something-used-to-living-beyond-his-means#comment-80409 20-Something: I sympathize with your situation tremendously. It is difficult to live the basic and typical young urban professional lifestyle without spending a ton. Kudos to living at home: that saves a ton of money, provided the parent units are ok with it. I know Ramit does not put much stock in trimming little costs here and there, but I've found that ordering an espresso shot instead of a fancier drink from Starbucks can save a ton, especially if you do it every day. After all, it's the caffeine that we want, right? Also, if you're overzealous with the bar scene, consider committing to buying only one alcoholic drink per bar per night. Have subsequent drinks (if any) be non-alcoholic. This saves a ton of money as well. And I agree with previous comments regarding the credit card debt. I would even recommend stopping 401(k) contributions completely (making sure not to withdraw from the account) and applying those funds directly to paying off your credit cards. The minute the credit card debt is clear, restart the 401(k) contributions before you even blink. All the best, Raj GoalSpring 20-Something:

I sympathize with your situation tremendously. It is difficult to live the basic and typical young urban professional lifestyle without spending a ton. Kudos to living at home: that saves a ton of money, provided the parent units are ok with it. I know Ramit does not put much stock in trimming little costs here and there, but I’ve found that ordering an espresso shot instead of a fancier drink from Starbucks can save a ton, especially if you do it every day. After all, it’s the caffeine that we want, right? Also, if you’re overzealous with the bar scene, consider committing to buying only one alcoholic drink per bar per night. Have subsequent drinks (if any) be non-alcoholic. This saves a ton of money as well. And I agree with previous comments regarding the credit card debt. I would even recommend stopping 401(k) contributions completely (making sure not to withdraw from the account) and applying those funds directly to paying off your credit cards. The minute the credit card debt is clear, restart the 401(k) contributions before you even blink.

All the best,

Raj
GoalSpring

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