The blogosphere sizzled, both pro and con, over a post in which University of Chicago law professor Todd Henderson claimed he and his physician wife are not rich.
Sure, they have a 4,700-square-foot home, two cars, a gardener, several kids in private school, a full-time nanny for their new baby and someone who comes in to clean a few times a month.
Wonder what that particular brand of poverty feels like? (Also, why two cars if he lives within walking distance of the university?)
Laura Rowley did a swell blog post called Why the rich don’t feel rich at Yahoo! Finance. You need to read it. You should also follow this link within her piece and enjoy economist J. Bradford DeLong as he scores points off Henderson, whom he designates an “unreliable narrator.”
Ain’t no schadenfreude like scholarly schadenfreude.
But do find time also to look at:
Points, miles and cash back: The LV guide to credit card rewards at LearnVest
Swapping convenience for low costs at Get Rich Slowly
A 40-pound weight at Girl With the Red Balloon
Why be wealthy? Focus on real goals, not net worth at Consumerism Commentary
3 lessons from babies at Bucksome Boomer
How to spend your money without feeling guilty at Currency
Haven’t faced a big repair yet? You will at Ask Liz Weston
A crash course in financial freedom at Get Rich Slowly
I loved the Scalzi riff on that with his New Rules. http://whatever.scalzi.com/2010/09/24/new-rule-for-the-internets-six-figure-income-division/
@Nicole:
>>I loved the Scalzi riff on that with his New Rules….
Wow! Thanks for posting that Scalzi link. Definitely worth reading, lots of opinionated people too.
So much to read today! Great selection. I am amazed by Todd Henderson’s point of view. It’s so far from my reality I can’t even imagine $250,000.
What an interesting collection of articles.
I never cease to be amazed by friends who comment about how “lucky” I am to stay home while my wonderful DH works. While I will frankly agree that I’m “blessed and fortunate” to be able to do so, I can’t help but WANT to point out to these friends that (a) we chose to buy a house significantly less expensive than theirs; (b) we aren’t driving + financing brand new cars every few years; (c) we’re very frugal when it comes to everyday spending, eating out, using the air conditioning, etc.; and (d) I don’t do weekly Starbucks runs, mani/pedis, trips to the spa/salon; I don’t have the latest and greatest electronic toys (and $200 cell phone plans), etc.
For some people, the problem isn’t the amount of income they earn, it’s the amount of spending they choose to do.
Oh well.
@Molly: It’s not what you’ve got, it’s how you use it, right? 😉
Seriously. Friends/family sometimes say, “How can you afford all these trips you’ve made in the past year?” I reply, “Have we met? You know how I live!” Specifically, they know how I spend — or choose not to spend.
All the money I don’t hand out for new clothes, coffee, fancy foods, cable TV or Netflix, car insurance/upkeep, those mani-pedis, etc. etc. is money I can spend on airline tickets. Additionally, I go with the best fares I can find through Hotwire — and I get a 3% cash-back by accessing Hotwire through Mr. Rebates. I don’t check a bag ($50 RT saved), I tend to visit places where I have family or friends* so I have a place to stay, and I like hanging out with those folks rather than spending a ton on tourist-y things.
*I do sing for my supper. Cleaning, laundry, babysitting, throwing dead Christmas trees into pickup trucks — whatever’s needed, I’m on it.
You’re not “lucky,” Molly — you’re prudent. There’s a big difference.
Thanks for reading, and for leaving a comment.
Donna,
I am heading to Seattle at Thanksgiving to see my sister. Any recommendations for some frugal hidden gems to go to with my teenage children? LOL.
I already have used restaurant.com for a nice dinner out but I am stumped as to some fun things to do that aren’t costly and have a seriously quirky factor to them.
@Lori: I’m writing you at your personal e-mail with some thoughts.