People find themselves short on reserves in their retirement years because of so much wasted money in their productive earning years, says retired corporate officer R.D. Quinn. On a lark, he made a list for his blog of some of the things people purchase frivolously rather than stashing the cash in savings.
He cites tattoos at the top of the list.At $200 an hour those artists are expensive.And McMansions. “The average size of an average home in the U.S. is a thousand square feet bigger than the average home in Europe,” he tells KTRH News.
For all the stuff we bought that we didn’t need, we now pay monthly rent on self-storage facilities that are popping up on every street corner. It’s become a #38 billion industry.
Quinn points out our extravagance in clothing, more than we need, shoes – far more than we need – transportation much larger than we require, and meals enjoyed at restaurants that could have been cooked at a much more reasonable cost at home.
And toys. Time was a few pots and pans could keep a toddler occupied and happy for hours.“The average American family spends $6,500 on kid’s toys,” he says.And each kid needs their own version of the latest electronic fascination.Sharing is…passe, and cheap.
And every Christmas we say we’re going to be reasonable, and then go out and over-charge the credit cards with gifts.
It’s about planning ahead, putting something away for a rainy day, anticipating the unexpected, and being reasonable in differentiating between what is needed and what is wanted, Quinn suggests.