Do you wish you’d have spent more money
Im a second year analyst heading to pe next summer. Since beginning banking, I have: developed almost no memorable experiences, I have gotten almost no play, I have travelled only once, I have not changed my small wardrobe, I’ve avoided taking almost any ubers, I still haven’t fully furnished my apartment, do mediocre quality groceries, etc.
I do have an expensive dinner here and there and buy only the good stuff to drink at home. I live in a luxury apartment building now and that’s about it for what i spend money on and qol. I have more in the bank than any of my friends and most others ik in banking my age. Ive always thought I wanted to save for big purchases down the line like a yacht or mountain house. But recently, I’m wondering is it even worth saving for big things or for anything at all right now. I wonder if my life could be better if I just didn’t care to drop a few bands at the club, on dates, clothes, a car etc. and not care about what’s in my bank account.
When you were an analyst / aso / mid twenties making decent coin, do you wish you had spent more? What on? Do you think it would have made you happier?
While it sounds like what you're doing is a bit extreme, you should be happy knowing you're developing a strong foundation for your future years and ultimately, your retirement. If you invest and save the majority of your post-tax earnings, you will be growing potentially millions (assuming consistent market returns) by your mid-late 30s. Think about the optionality you have with that kind of money. You could completely retire and do something you love, be a teacher, take a job in an industry that you love, travel the world, anything. While your friends have to work later in their lives because they decided to indulge in flashy, meaningless purchases, you were diligent and set up yourself up for future years.
Catch 22...if you save money, you think you should have spent more...if you spend it, you'll look back and think you should have saved it.
Just figure out what you want. For example, if you eat canned tuna fish every night, you can save a lot of money. If you dont mind canned tuna, thats a good deal, if you hate the tuna, you can spend a little more to get something you want. At the same time, it doesn't have to be a steakhouse dinner/seafood tower, there are inbetweens.
Its like investing, price vs value. If you have something you really want to do, spend on it. If there are things that don't bother you, spend less on that.
Life is meant to be lived, but don't feel you always need to spend to live.
I think my problem is that 90% of the time I fall back on the mentality that if I don't need it, I don't buy it. If I just want something, I never know if I want it bad enough. And when there are little things like $20-$30 uber vs 40min walk or metro, I'll go with the latter. The very few things I do pull the trigger tend to be pricey, but I know I want them, and they are one-time or long lasting (like my ski gear, for example). I wonder if I should just get the uber every time, order the appetizer and the desert every time, drop for the table, buy the expensive clothes, grab the next round for my friends, get the lower box tickets - it's not like I can't afford it, but it seems wasteful (maybe i just don't want it enough?). Are these feelings of being wasteful and the incremental savings worth thinking twice about it though and feeling like maybe I'm missing out?
"I don't need it, so I don't buy it" is actually a good mindset to have. That's how I feel people get caught doing stuff, or spending more on things that don't matter. For example, if your pants keep falling down, you need a belt. If you have $50 to your name, a $5 belt from walmart works; if you're worth $50M, then a $500 belt is fine too. If you don't care about fashion, it doesn't matter ether way, but don't be the person who doesn't buy a belt because "i can just hold my pants up", belt makes your life easier. More often then not, the people with $50 to their name are buying the $500 belt, so at least you have the opposite problem.
You can also look at it as quality purchases. Is it worth it to have to buy $50 each year because they fall apart, so buy one pair of $300 shoes that lasts years.
For example, the uber ride. If you're going to see some friends, and running late, I'd say take an Uber, $20 is a good trade I'd say to have more time with family/friends. On the other side, if you don't need to be anywhere at a certain time, and its not bad weather, why not walk. You could get into the small details of taking an uber is harmful for the environment, but try to do the best you can on that, bc if you really thought about that you basically wouldn't do anything (everything affects the environment). Also on the flip side, if you're taking an uber to work every day, maybe you need to move, but if you're trying to get some extra sleep one day, a single day of uber isn't bad.
I'd also add, don't be a person who hoards money. Meaning, if you're not in debt dont be the person whose "I don't want to go to happy hour because it could cost $10", but that doesn't mean you need to spend $15K on a safari vacation you don't really have an interest in bc your friends are going.
Why don't you start budgeting some savings, and then use the rest on wants/entertainment/fun? There's no reason that you can't do both!
One of the greatest pieces of advice for successful business people who make good money and didn't grow up with a trust fund so have to build worth on their own is: "value your time over money and make money maximize the value of your tie." If you don't know anything about fitness and need to get in shape, yeah you can spend hundreds of hours self educating yourself on the internet followed by hundred of hours of wasted piss poor workouts because you don't know your way around the gym.... or you can spend a couple thousand dollars for 4 months worth of personal training at a gym and have the guy whip you into shape and teach you his methods.
If you don't know how to cook, you can spend time learning and going to the grocery store, or you can pay for a premium for HelloFresh.
Recently, instead of going out three nights a week and having average nights out, spending that time and money... I've switched to only going out Saturday nights and balling out with my guys while also exponentially increasing my chances of getting laid.
Think about how much your money and time is worth, and spend up to save time, not money.
You could spend time and money learning how to invest, or you can hire a Barron's Financial Advisor and have him do it for yourself.
Make your time worth more than your money bro.