(02-04-2013, 01:46 PM)smallcaps Wrote: [ -> ] (02-04-2013, 01:36 PM)Musicwhiz Wrote: [ -> ] (02-04-2013, 01:06 PM)safetyfirst Wrote: [ -> ]I have some relatives who think that they should spent every single cent they earn, to them, it is a sin to hoard money. Such thoughts do surprise me.
Why would it be a sin to hoard money? Because you can't take it with you when you pass on?
I guess it depends on reasons for saving/spending?
There must be thousands of different reasons, like:
- saving in order to provide security for one's family
- spending for a family vacation and so on...
i believe your relatives must be practising some kind of "religious beliefs"? In this world there are many types of religious belief. It is selfdom from your own belief.
I think it is how you define "hoard". Money is worthless if you don't spend it. Just as burying a rock and bar of gold is the same utility.
OTOH there is the extreme consumerism mentality of spending every cent you earn. Aesop's fable of Ant & the Grasshopper comes into mind.
The sensible way is somewhere in between. 中庸之道
For those not interested in leaving a legacy, the most ideal case is to spend the last penny when we breathe our last. Unfortunately we don't know when we will die so we can't mathematically project that
(03-04-2013, 10:44 AM)specuvestor Wrote: [ -> ]I think it is how you define "hoard". Money is worthless if you don't spend it. Just as burying a rock and bar of gold is the same utility.
OTOH there is the extreme consumerism mentality of spending every cent you earn. Aesop's fable of Ant & the Grasshopper comes into mind.
The sensible way is somewhere in between. 中庸之道
For those not interested in leaving a legacy, the most ideal case is to spend the last penny when we breathe our last. Unfortunately we don't know when we will die so we can't mathematically project that
Write a will to spend the last penny is a way to ensure that
(03-04-2013, 10:47 AM)CityFarmer Wrote: [ -> ] (03-04-2013, 10:44 AM)specuvestor Wrote: [ -> ]I think it is how you define "hoard". Money is worthless if you don't spend it. Just as burying a rock and bar of gold is the same utility.
OTOH there is the extreme consumerism mentality of spending every cent you earn. Aesop's fable of Ant & the Grasshopper comes into mind.
The sensible way is somewhere in between. 中庸之道
For those not interested in leaving a legacy, the most ideal case is to spend the last penny when we breathe our last. Unfortunately we don't know when we will die so we can't mathematically project that
Write a will to spend the last penny is a way to ensure that
HA! HA!
Idea is quite brilliant but a little "mean". Maybe only Institution or Bank willing to be your executor. Even then who is to ensure that they do what you want? Just for talk only.
A hoard is useless if it is not productively invested. A hoard will be $1 today and 10 years later when kept in a safe.
These could be better used to create employment (if you are a businessman), invest in companies (to get better returns), donate to a charitable cause (accumulate good karma), etc. Creating employment feed families which is an important contribution to society.