What Do You Call These People?

[yveskleinsky]

It's comical how some people see the value of a "few dollars", yet cannot fathom the same when the amount is larger. Probably a separate chapter in your book, MJ, but along the same lines of time wasters. IOW, some people will squabble over a purchase price of $25 vs. $20, but think nothing of buying a $25,000 vehicle or $250,000 home without haggling much (or even finding something just as good, while not as fancy) for a much cheaper price - thereby saving $1,000's, $10,000's, or even $100,000's.

I've heard these people called "Penny wise and nickle poor" and I think that's about as accurate of a description as you can get.

As far as the waiting in line 24 hours to save $200, this is really a three part reality as I see it.

First part, is strictly the monetary value of time from the perspective of someone who works 9-5. When you fall into the trap of linking your time directly to hours worked then this line of thinking makes sense. For example, if someone works 9-5 making $x/hour, and their income is shut off at 5pm, then yes, they might as well stand in line for 24 hours to save $200.

Second part is also a monetary value of time, but from the perspective of someone who been able to make money 24/7. These people view money as more of a constant in their life and not a variable. The money faucet isn't shut off at 5pm. Perhaps they invest in RE, stocks or have some sort of business that can function without them (or at least without them being there 40 hours a week.) These people realize that they make $x/hour around the clock, so since their earning power is 24/7, time takes on a different form of value. Waiting in line for 24 hours to save $200 probably means that they are losing money, as waiting in line isn't the highest and best use of their time. Their time is generally either reinvested into something that will make their income increase, or invested into their family, friends or something fun. ...The value of their time becomes more based on a quality of life.

In the quality of life value of time model, these people realize that they only get one shot here on Earth and value making a life more of a priority than making money. Not to say that these people don't value money, most of them are probably quite wealthy--however, their true definition of wealth is measured in more personal ways (health, family, etc.)

That's my 02.

 

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[Russ H]

Interesting points, Yves.

Reminds me of the time I heard 2 people discussing how much Bill Gates made per second (i.e., his annual income, divided by the number of seconds in a year).

The first person made the point that Gates was making *so* much money, that if he saw a $100 bill on the sidewalk, he shouldn't bother picking it up-- b/c the "waste of time" would cost him money!

I kind of butted in then, pointing out that Bill Gates had a system in place for making money-- MIcrosoft ran and Bill raked in his millions even when he was sleeping. So picking up that $100 would just make him that much richer-- b/c he was still earning the same crazy money as he stooped to pick up the bill!

They didn't much like my logic, and walked away.

Serves me right for butting in!

People have a very different sense of how money and time are related. That's why I loved "Yor Money or Your Life" (the book) so much-- for the first time, it showed me how the 2 (money, time) are interrelated. I realize the book is a bit preachy, and was not recieved well on these forums-- but it was that concept-- that you had to give up your precious life/time/energy to get $$$-- that gave me my first big AHA! on the path to financial freedom.

-Russ H.

 

[yveskleinsky]

Good points Russ. I agree, if you have a system already in place that generates money 24/7, anything over that is gravy--the ROI is still there. For the record, I thought the "Your Money or Your Life" book had a lot of valid points, and it does get you thinking about money differently. I see so many people who sacrifice their life away, and for what? More frivolous crap they don't need and that isn't important to them in a week.

 

[madison]

Time spenders (they spend time instead of money)

 

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[Operation_OPM]

Time Nukes
Clock Killers
Minute Marauders
Second Sippers
Hour Cowards

BTW Montexan great video

 

[StreetsofSilver]

Time bombers
Mutchizits (cause they always ask "How much is it")


The person who drives across the city to use their Gas Rewards Card to save 10 cents on gas. :coco:


The inexperienced homeowner who wants to sell their house FSBO (even though it has already sat on the market for a year) to save on RE agent commissions.