Kirby on Finance

The “Are you saving too much?” Debate!

My post, “Are you saving too much?” generated a lot of feedback! Most of you agreed with the general principles of the post, but a few people had differing opinions.

Flexo of Consumerism Commentary said, “It’s up to the individual to find the right balance that’s right for him or her, but they’ve got to be a aware of all the choices to make an informed decision…” I couldn’t agree more! The point isn’t that you shouldn’t save because you could die any day, but you should find a balance between your present and future interests and happiness.

However, not every one agreed with me! Tony commented, “If you die tomorrow does it matter if you went on a lot of vacations, spent money etc or lived frugally? You’re dead, it’s not like you’re sitting there saying oh man, I wish I went to Tahiti when I was alive.” That’s a good point Tony - if you’re dead you probably won’t care. This may be a bit “philosophical,” but isn’t it nice to know that you’ve experienced that trip to Tahiti? Also, think about another undesirable situation, you could develop some condition as you age that caused you to have a rather homebound retirement. That trip to Tahiti is sounding pretty good right now, isn’t it?

There’s absolutely a balance that needs to be met. You’ve got to experience life, but you’ve got to understand that some sacrifice is necessary today for you to have a solid and enjoyable future. As Derek put it, “As somebody mentioned, savings does not mean “no fun” (unless you’re talking super-austere budgets). Saving means things like watching TV on an old 17″ tube TV instead of buying a flat screen HDTV, wearing clothes from college instead of that new season’s design, etc. This is hardly great sacrifice.” Well said!

Comments: Does giving to charity hurt your bottom line?

I really enjoyed reading the comments and getting e-mails regarding my most recent post, “Does giving to charity hurt your bottom line?” I was pleasantly surprised to see that most of you agreed with me that giving to charity offers many spiritual and emotional benefits, but few financial advantages.

I think that “real money, real finances” put it best by saying, “Every situation is different and has to be looked at within it’s own context. I think that giving back is important. I’ve been extremely fortunate in my life and I feel that it’s important to help those who haven’t been as fortunate. Would I still donate if it meant me going into debt myself? No. But since I teach people how to save more of their money and many at no cost, I do encourage them to give back to others through charity.”

You should give, whether it be your time or money, because you feel a desire to. It shouldn’t be an attempt to emulate what the rich do.

Comments: How does FREE wireless internet sound?

Jane Dough, from Boston Gal’s Open Wallet left a comment to my previous post “How does FREE wireless internet sound?” that I felt I should share with you all.

Then there is “piggy-backing” on your neighbors WiFi Network. A friend recently went apartment hunting in the Back Bay area of Boston with his laptop. If he liked the unit he would fire up his laptop and see how many unsecured WiFi networks were available. He ended up renting a place that gives him a choice of five strong wireless networks to use for free.

I know that Jane’s friend isn’t alone - a lot of people do this when looking for apartments. This underscores why you should secure your network if you do not wish to share it with others. Many assume, and perhaps correctly, that if you leave your network unsecured you wish to share it with others.