Author Topic: Anti-Mustachian Friends/Acquaintances  (Read 3800 times)

CanadianMustache

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Anti-Mustachian Friends/Acquaintances
« on: December 26, 2017, 05:06:31 PM »
An anti-mustachian friend of mine is always giving me a hard time for living a frugal lifestyle, despite earning more than he does.  I'm 100% debt free and building the portfolio.  He is swimming in debt.. credit cards, line of credit, mortgage, personal loans, auto loans etc.  Goes to Vegas or Mexico like 5 times per year.  Buys a lot of nice things, etc.  He recently traded in his old truck and financed a brand new truck (zero down), rolling the old loan into the new one.  For a loan of $76,000 or so.  We were riding in his new truck and I said to him, "wow, this is a really nice truck!"  He said to me, "Yea, this is the cost of looking like a boss."  I laughed and thought to myself, "see my 8 year old fully paid for manual transmission Corolla over there?  That's the cost of actually being a boss!"  Haha..

jinga nation

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Re: Anti-Mustachian Friends/Acquaintances
« Reply #1 on: December 27, 2017, 05:33:05 AM »
But does he have a $185 Swarovski water bottle?
He's probably a believer of "He who dies with the most toys wins."
Whatever that means.

I can't sleep well when I have stupid debt; just the thought of it being a burden to my wife (and kids) if I were to flop dead one day gives me the shivers. How does your friend do it?

boyerbt

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Re: Anti-Mustachian Friends/Acquaintances
« Reply #2 on: December 27, 2017, 06:38:49 AM »
His monthly car payment is easily over $1,200 per month if it is a "normal" term length and around $850 if he stretched it for 96 months.

HOW/WHY DO PEOPLE DO THIS? I understand the crazy payments for extreme luxury and exotic cars but a truck?

WOW...come one now.

scottish

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Re: Anti-Mustachian Friends/Acquaintances
« Reply #3 on: December 27, 2017, 02:52:29 PM »
One of my colleagues was discussing his new mercedes SUV.

I piped up about my new 2011 toyota yaris & how great it was to have a car that was only 6 1/2 years old instead of 14.  (and $5000 instead of $60,000!)

We then made fun of how I had bought the most boring car ever made.   These guys don't bother me.   New luxury cars?   No problem.   3000 square foot homes?   Whatever works for you.    I still hang out with them at lunch.    They think I'm careful with money because DW doesn't work.   One day I'll just stop working though - then you'll see some surprised looks.

Pioneerw2b

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Re: Anti-Mustachian Friends/Acquaintances
« Reply #4 on: December 28, 2017, 06:04:39 AM »
As my husband would say... "That truck cost more than my first house !"   That is the craziest thing....

We have a set of friends where the DH works and the DW is a stay at home mom. If I had to guess, he probably makes about $100K. They have no hobbies together other then spending money.... no fancy cars but I figure stock in Michaels, Hobby Lobby, Target and Costco are good ideas.

They have one, ONE child and live in a 4 bedroom 3-1/2 bath home in a really nice subdivision. The one child has more toys and gadgets then my 4 children ever did in their childhood. They went on vacation to Disney and I was told by the mom that the 9 year old wanted a room upgrade so they paid the extra for that. He also wanted a hotel with a pool for when they stop halfway, so he can swim. He rules the household..... When they got back they were telling us about the trip. We were told that they went to a sunglass store and the child saw a pair of sunglasses and wanted them so they bought them. They were a pair of OAKLEY that cost $200.00. They are probably broken on the floor of his play room. Oh and he also has a smartphone.... "because it was a good deal to buy three of them at one time"     

He is in his 40's and just within this year started contributing to his 401K.

Dave1442397

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Re: Anti-Mustachian Friends/Acquaintances
« Reply #5 on: December 29, 2017, 09:20:27 AM »
I piped up about my new 2011 toyota yaris & how great it was to have a car that was only 6 1/2 years old instead of 14.  (and $5000 instead of $60,000!)

We then made fun of how I had bought the most boring car ever made.

No, I think that might be the Mitsubishi Mirage - https://www.youtube.com/watch?v=5aCsNs3eYTE&t=0s

My mom has a 1999 Yaris, and I love driving it. When we visit them, I always use that car over my dad's Ford Focus. It's fun to leave the mpg display on and watch it creep over 55mpg (Imperial gallons).

economista

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Re: Anti-Mustachian Friends/Acquaintances
« Reply #6 on: December 29, 2017, 09:42:05 AM »
I have really good friends who are really, really bad with their money.  The husband lost his job a few years ago because the grant that funded his position wasn't renewed and he had a hard time finding a new job, so his wife decided it was the perfect time to quit her job and go back to school full time for a new bachelor's degree.  They both started working part time minimum wage jobs and couldn't make their house payment.  They sold their house but couldn't make the last payment before the closing, and complained when they found out the missed payment prevented them from getting another mortgage for at least a year.  They are still working low-wage jobs at a store and renting subsidized apartments, while receiving medicaid and other assistance.  Yet through it all they continue to spoil their son more than anyone else I've ever met.  They buy him anything and everything he wants.  For Christmas this year he got an X-box OneX.  I said something like "wow, that's really expensive" and they tried to justify it to me.  They said that in their last move (over Thanksgiving) something happened to the power brick for the X-box One and so he hasn't been able to play any games and they couldn't find a new one to replace it.  Microsoft doesn't sell them new anymore at Target or the Microsoft store, and they went to GameStop but the location they were at was out of them.  They did say that the GameStop employee gave them a list of other locations that had it in stock, but it was still $60 for just that part and their son wanted the new one anyway so they went ahead and bought it.  That's insane!!  My husband asked about the monthly cost of having it and they said it's $10 per month for X-box live and some games can be played without it, but most require it and their son prefers to play the games that are online.  I's complete craziness!  This is just one example of their terrible financial decisions, and it is simply setting their son up for financial failure in the future.  He turned 14 this month and it's time for him to learn about finances and budgeting, and that sometimes you can't get exactly what you want right when you want it. 

MgoSam

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Re: Anti-Mustachian Friends/Acquaintances
« Reply #7 on: December 29, 2017, 01:01:34 PM »
But does he have a $185 Swarovski water bottle?

Wow! I remember 10 years ago when my brother commented on my Sigg water bottle that I was gifted second-hand. My brother flipped a switch when he saw that it was a $20 water bottle, but relaxed when I said it was a gift. I can't imagine paying $185 for a water bottle. For that price it better generate water from spare hydrogen and oxygen molecules.

RFAAOATB

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Re: Anti-Mustachian Friends/Acquaintances
« Reply #8 on: December 29, 2017, 02:32:23 PM »
For a lot of people it's a lot easier to say no to yourself than it is to say no to your child.  Especially if you grew up poor and now have slightly more money than you need.  How do you give a child a more luxurious life than you had, while still instilling values of prosperity? 

ysette9

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Re: Anti-Mustachian Friends/Acquaintances
« Reply #9 on: December 29, 2017, 06:03:32 PM »
I worry about that actually because we are in a much better financial position than our parents were at this same stage. I don’t want my kids growing up to be brats, so we at saying “no”. So far she accepts it. Toy stores are for going in and playing and then leaving, not for buying stuff. Ice cream is a rare treat. I admit that I go crazy on the books though. She has books everywhere in her room.