“I Don’t Want To Be Rich”

Nov 30, 2012 Comments Off by

Three people have expressed to me that money isn’t important to them in casual conversations when we talked about having an FU fund and investments. Ideally, this attitude should be positive to hold onto as someone realizes that money doesn’t buy happiness. However, money is important as it does provide for the basics such as food on the table and a roof over your head. What I believe someone really means when they say they talk about money is that they don’t care about material goods or retiring early but still want to retire at a normal age and have a modest lifestyle.

What stumps me is that every single person who has said this is actually a big consumer. Take for example Honey in her mid 20’s who claims that making a lot of money isn’t important to her. She doesn’t care about retirement, investments and loves her job. What I find interesting is that she admitted to me that her credit card debt is climbing. Obviously she’s spending beyond her means but how is she doing that if money isn’t important to her. Honey doesn’t have a car and has reduced her shopping affliction. She walks to work and has no student loans. She’s one of those lucky adults to have a trust fund supplementing her already high salary. She does want to repay her mortgage within 10 years.

However, Honey does eat.out.every.single.meal at a restaurant or cafeteria and has a puppy who she spoils like her child. Honey’s mortgage is expensive for her income and she is  renovating her recently built condo and furnish it so that it looks like a page from a design magazine. Honey always appears to be fashionable and I know she will spend more on a single clothing item than what I spend annually on clothes. Honey hasn’t made any additional mortgage principal payment to reach her 10 year repayment plan. She must have other leaks that I can’t account for.

What Honey doesn’t realize is that money is VERY important to her because she’s spending beyond her means in order to maintain the lifestyle that she grew up on. Financing her emotional needs is not sustainable and she knows what to do in order to balance her budget (I coached her) but Honey isn’t interested in doing that if it means not getting what she wants.

Honey’s desire of not wanting to be rich will be a milestone easily achieved. Right now, she has bigger problems to deal with and that is to stop digging herself into debt and make a financially stable plan for the future.

Now when I hear that someone doesn’t want to be rich, I generally assume that money is in fact important to them and they are spending it like they are rich.

Frugality, Lifestyle

About the author

Clara Cannes, the chief author from Goldeneer is a Canadian that works as a full time employee in the engineering field. Her passion is real estate, entrepreneurship and sustainability. Clara has finally reached financial independence in her late 20's and is on the path to a comfortable retirement by 35.
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