I was listening to episode 426 of the Rational Reminder podcast and they started talking about something I really hadnāt thought much about before. We spend so much time figuring out what kind of investor we are. Whatās my risk tolerance? How much risk should I take? How much do I need to save? But what about the other side of it ā what kind of spender are you? At some point the money weāre saving and investing is actually supposed to be spent. They talked about three types of spenders: Tightwads ā Unconflicted Consumers ā Spendthrifts. Thereās actually a test for this, so of course I had to take it. I scored 15 ā Unconflicted Consumer. What am I actually saving all this money for? For me, I donāt think itās material things anymore. When I was younger maybe it was. Iāve talked before about buying a motorcycle in my early 20s when I finally had a decent job and some money. At this point in my life, I think itās experiences. My wife and I are celebrating our 15th wedding anniversary and weāre going away together for 10 days. Weāre spending more on this trip than we normally would, and Iām completely okay with that. Weāve both worked hard, weāre busy raising our kids, and life seems to move faster every year. Ten days where we can get away together, slow things down and celebrate 15 years of marriage means something to me. Thatās something Iām willing to spend money on. Someone else might look at what weāre spending and think thatās crazy. But maybe theyāve dreamed about owning a Mustang for 30 years and thatās what they want to spend their money on. Iād probably look at the Mustang and thinkā¦ nope. But thatās the point. What do YOU want to spend your money on? I think we spend so much time learning how to save and invest that we donāt really think about what happens when itās finally time to spend it. If youāre a natural saver or a ātightwad,ā after 30 or 40 years of telling yourself NOT to spend money, can you suddenly flip that switch in retirement? Apparently Iām an Unconflicted Consumer, so maybe Iāve got a fighting chance. If you want to try the University of Michigan test, here it is: https://umich.qualtrics.com/jfe/form/SV_55xxAQrYK0WRlY2 Take it and post your score. Iām curious where everyone falls.
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38 Comments
Golden Pancake@free2068 Ā· 1d
I think the real trick is finding the balance between saving for tomorrow and actually enjoying today.
Catherine @ffcatherine Ā· 1dEdited
I scored as unconflicted! I LOVE shopping so I try to only go if I had a number in mind as to what I can afford. Too many years in my life I didnāt have enough & hated it, and often feel like I donāt have enough since I donāt have a pension .. And absolutely ENJOY your wedding anniversary to the max! In my opinion if your vacation was planned for then you should spend šÆ guilt free - after all thatās why you work & save
Lindsay Ross@laross19 Ā· 1dEdited
I'm only cheap with one person and thats me. I'm trying to change that a bit as I get older. You can't take it with you. Really important post.
Kyle Garrett@kgcottawa Ā· 1dEdited
Itās not surprising to me that many Blossomers score in the unconflicted consumer. A lot of folks who understand resource allocation & also how to have fun.
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