Two simple equations for financial success

[mindaugas]

http://lifehacker.com/the-two-simple-equations-that-lead-to-financial-success-1410254972

They think that building wealth is too complicated and it's beyond their reach. So they don't really make an attempt to build wealth. Then you throw in limited self-control and the "I deserve it and gotta have it now" mentality, and you get a financial disaster.

The deserve it now mentality is the #1 thing I struggle with when trying to convince relatives and friends on frugality. But it makes sense, because giving up all the stuff and things was tough for me.

Equations make sense as well.

Income – spending = surplus
Surplus x time = wealth

[Jamesqf]

The deserve it now mentality is the #1 thing I struggle with when trying to convince relatives and friends on frugality.

I'd say it's #2, or maybe even #3.  #1 is "Why the heck would you want THAT, either now or later?"  Possible #2 is mindless waste, like leaving your cars idling, running hot water while doing dishes, etc.

In my case, frugality is seldom tough, because most of what I'm "giving up" is stuff I never had, and mostly never wanted in the first place.

[mindaugas]

I'd say it's #2, or maybe even #3.  #1 is "Why the heck would you want THAT, either now or later?"  Possible #2 is mindless waste, like leaving your cars idling, running hot water while doing dishes, etc.

In my case, frugality is seldom tough, because most of what I'm "giving up" is stuff I never had, and mostly never wanted in the first place.

Sales of iphones disagree with you, and that's just one example. Unfortunately u represent the minority. Most people like to buy shit, and convincing them not to buy shit is more difficult than it seems. It's usually not a question of "why" do I need that, "how" do I get that. Your #1 is a question u ask yourself which a regular American never does.

[Jamesqf]

Yeah, that is why I said frugality is seldom tough for me, because I am not a typical American.  And the iPhone is a perfect example of "Why the heck would you want that?"

[mindaugas]

Yeah, that is why I said frugality is seldom tough for me, because I am not a typical American.  And the iPhone is a perfect example of "Why the heck would you want that?"

I thought u were arguing that #1 isn't the #1 reason in America, not yourself. Honest mistake, most people argue based on their own personal experience and assume its the same for everyone.

[Jamesqf]

I meant that when I deal with friends, the #1 problem is not their feeling that they deserve purchase X now (as opposed to waiting for it), but why they would even want to have an X at all.

Or keep an X that they don't use.  As for instance my neighbors, who at a rough count have an medium-sized RV, a camping trailer about the same size, a power boat, and a jet ski, none of which have left their yard in at least 5 years.  Add two 60s-70s cars they supposedly plan to restore "someday", and a garage that they can barely move around in because it's packed with "stuff".