Why do most people live way above their means?

Question

I saved for 17 years living way below my means and just recently bought a brand new home and all the furnishes and have a huge stock portfolio through investing all these years. Why don't most people have discipline? I sure am glad I do!

Susie, I have been broke broke broke and decided a different path in my life. YOU and ONLY you choose your avenue. Don't blame anyone but yourself.

Answer 1

for some reason people have to keep up with the "Jones's" and "Smith's",I have never understand why,I just make sure my family has what we need,and some of what we want.I'm not going to go into the debt trying to keep up with everyone.

Answer 2

There are a lot of reasons and one being the easy access for getting credit cards, loans and buying cars without having good credit. Of course, the credit rates are through the roof.

People want everything now. We live in an instant society. The I want it now attitude is spreading rapidly.

Usually, this attitude along with gainly worldly goods will catch up with people who do not have the good discipline that you have.
I commend you for you hard work and saving. More people should be like you.

Answer 3

Because of society as a whole. We are taught anymore that we can have whatever we want whenever we want it, and if we don't have the money to pay for it now, we should put it on our credit card or finance it and pay for it later. We are taught that we must have huge homes complete with all the latest technology and brand new cars. And if we can't pay for it now, hey, no problem, we can always finance it and pay for it later. Because cash is no longer king--- everybody accepts credit cards, even McDonald's. Because nobody is taught how to save. Kids today see their parents buying new computers, new televisions, new cars, etc. even though the ones they have are perfectly fine, just a few years old.

Answer 4

People do live way above their means and a lot of it has to do with what they see on television or what their friends have. The problem with this is that most people barely make enough to make ends meet and end up maxing out their credit cards. Living in the moment is not a valid excuse anymore, especially for my generation because the baby boomers have pretty well depleted social security and when it comes to retirement, we can't depend on our employers and government to take care of us. People have to save elsewhere and realize that spending too much money now can put them in the poor house later..

Answer 5

Because sometimes living beyond your means can be very finanacially profitable, as in the example of people who stretched to buy homes in late 2000.

And because life is very very expensive, and there are some things you just don't want to put off because they are important.

Of course, I'm sure you are implying people spending their money on totally stupid crap, but its quite possible to spend your money on very reasonable things too and get overextended.

I have a family, personally. I'd rather spend more now than in my future. My kids are only young once.

Answer 6

insecurity, lack of attn., low self esteem. people wern't taught as a child to save & invest for the future. people want instant gratification & can't wait. the problem w/ keeping up w/ the jones's is that the jone's are getting broke.

Answer 7

They are taught that they are entitled to it now and that they shouldn't have to work for it. We aren't keeping up with the Joneses anymore, we have to keep up with the Hiltons.

It's just that no one has taught them the value of money and hard work. Give me a break! What do you expect kids who grew up getting a trophy even for losing to do?

Answer 8

I'm proud of u. Until u have walked in some one else shoe's, didn't pass judgment.

Answer 9

When Y!A becomes a braggarts' chat room, we will contact you.

Answer 10

they have an inner need that they try to fill by buying things.