Selective extravagance-- the perfect antidote for frugality

[VagabondMD]

I posted a reply to today's reprise WCI post of PoF's blog on frugality. It is awaiting moderation, perhaps because of the incendiary content.

A Cliff notes version is included herein...

I do not embrace frugality, it makes me feel like I am left wanting. Being unfrugal is also undesirable as it sounds like spendthrift, which is clearly undesirable. Therefore, I coined (or discovered) the term, "selectively extravagant" as an apt description of my own spending philosophy.

Briefly, no pun intended, I save on the unimportant things, largely avoiding luxury items, but do not hesitate to spend up for great life experiences and to purchase comfortable socks and underwear.

The End.

[q-school]

Especially socks if you are going to be on your feet all day.

[jfoxcpacfp]

Or underwear if you're going to be sitting on your rear all day. My hubs likes Tommy Johns. (TMI?)

I love the term "selectively extravagant"!

[hightower]

Good term.  I agree with spending on experiences, but within reason. You can be frugal without feeling like you're missing out with experiences.  Travel for instance.  Example, a lot of people equate European vacations with extravagance, but I don't believe this has to be the case.  When we go to Europe we follow Rick Steve's books almost exclusively.  He believes in traveling cheaply and blending in with the locals for the best experience.  $125/day all inclusive is his motto and it works.  His books show you were to stay, eat, and how to get around for very fair prices.  I think it fits perfectly with a frugal lifestyle and feels "selectively extravagant" as you describe.  Spend money on things that will create memories and avoid wasting your money on frivolous purchases.

[Donnie]

I like the term and agree with your premise. I think most people making mid 6 figures can afford to reasonably splurge on one thing while still saving aggressively for retirement. It could be clothes, house, vacations, jewelry, cars, etc.

The issues occur when you have the large house, and the fancy cars, and the nice clothes, and take the extravagant vacations. Then you really limit your cash flow to savings and perhaps as dangerously, get used to an inflated lifestyle.

[VagabondMD]

Donnie wrote:

I like the term and agree with your premise. I think most people making mid 6 figures can afford to reasonably splurge on one thing while still saving aggressively for retirement. It could be clothes, house, vacations, jewelry, cars, etc.

The issues occur when you have the large house, and the fancy cars, and the nice clothes, and take the extravagant vacations. Then you really limit your cash flow to savings and perhaps as dangerously, get used to an inflated lifestyle.

Click to expand...

Then, we are talking about "non selectively extravagant" or just plain extravagant.

[VagabondMD]

jfoxcpacfp wrote:

Or underwear if you’re going to be sitting on your rear all day. My hubs likes Tommy Johns. (TMI?)

I love the term “selectively extravagant”!

Click to expand...

Actually, the TJs are great for being active, too.

[triad]

Vagabond MD wrote:

jfoxcpacfp wrote:

Or underwear if you’re going to be sitting on your rear all day. My hubs likes Tommy Johns. (TMI?)

I love the term “selectively extravagant”!

Click to expand…

Actually, the TJs are great for being active, too.

Click to expand...

$40 for one boxer brief?  jeez, whats so great about these?

[VagabondMD]

triad wrote:

Vagabond MD wrote:

jfoxcpacfp wrote:

Or underwear if you’re going to be sitting on your rear all day. My hubs likes Tommy Johns. (TMI?)

I love the term “selectively extravagant”!

Click to expand…

Actually, the TJs are great for being active, too.

Click to expand…

$40 for one boxer brief?  jeez, whats so great about these?

Click to expand...

Actually, you can buy them for a bit less than that with various promotions, but the attributes are best discussed on one of the numerous men's underwear forums, not here.

[q-school]

At some point if you are frugal long enough you are just plain rich. It just becomes a choice. You don't have to be selective anymore, and it doesn't affect your retirement plans. Plus you are old so you feel you need more creature comforts.

[Drsan1]

Awesome term! I am selective, and I often don't realize it until I hear friends talk about how much they spend on things like furniture and vacations. I have a friend thats a social worker and her house cost the same as mine, that makes me feel good as her income doesn't even approach mine. Still do a lot of driving for vacations since there is five of us...but I drive a Range Rover...Please don't stone me  ops:

[VagabondMD]

Drsan1 wrote:

Awesome term! I am selective, and I often don’t realize it until I hear friends talk about how much they spend on things like furniture and vacations. I have a friend thats a social worker and her house cost the same as mine, that makes me feel good as her income doesn’t even approach mine. Still do a lot of driving for vacations since there is five of us…but I drive a Range Rover…Please don’t stone me  

Click to expand...

Paraphrasing the WCI and others, as a highly paid doc, you can do or have just about anything, but you can't have everything.

[Stealth Wealth mD]

Love the term! Agree with you, we've spent our early years studying/training and delaying gratification more than other professions. Now that you have a doc's paycheck, why not "selectively" live a little? I like your philosophy because it follows my version of the stealth mentality-avoiding luxury and maybe wasteful items and instead spending it on life experiences.

-SWMD

[Craigy]

Why have the money if you never spend it.  Why work hard if you don't enjoy it.  Overspend on stuff you enjoy.  Underspend on stuff you don't. Better yet, don't spend on stuff you don't enjoy.

I love luxury items.  I just only buy a few.  I order off the dollar menu at McDonalds, but a $100 bottle of wine is something I also like to enjoy.  Perhaps not at the same time.

 

[q-school]

Why not? Have to dress up the quarter pounder somehow. I feel like a nice red would go a long ways.

I like to mix and match, rather than go all in nice some nights and economy other nights.

Ymmv