{"id":236876,"date":"2019-01-31T09:19:56","date_gmt":"2019-01-31T17:19:56","guid":{"rendered":"http:\/\/getrichslowly.org\/?p=236876"},"modified":"2024-03-05T21:42:52","modified_gmt":"2024-03-06T04:42:52","slug":"frugality-is-an-important-part-of-personal-finance","status":"publish","type":"post","link":"https:\/\/www.getrichslowly.org\/frugality-is-an-important-part-of-personal-finance\/","title":{"rendered":"Why frugality is an important part of personal finance"},"content":{"rendered":"
In a recent article in The Atlantic<\/em>, Joe Pinsker shared some thoughts on why many ultrarich people aren’t satisfied with their wealth<\/a>.<\/p>\n There seem to be two reasons.<\/p>\n While Pinsker’s article is about the ultrarich, I think these tendencies apply to nearly everyone<\/em>. Even me.<\/p>\n People in the middle class are just as inclined to hop on the hedonic treadmill. They’re just as likely to compare what they have to what their friends have. The same goes for those who aren’t well off. Even people in poverty get sucked into the comparison game.<\/p>\n In fact, I’d argue that for the poor and middle class, there’s an added element. Time and again, statistics show that folks with lower incomes watch tons more TV than people who earn more<\/a>. (Also here<\/a> — and many more studies.) When you allow yourself to succumb to the “other world” of film and TV, you’re exposed to more ideas about how people should and do live — even if these ideas are baseless. (It’s like “The Grand Illusion” by Styx: “Don’t be fooled by the radio, the TV, or the magazines. They show you photographs of how your life should be, but they’re just someone else’s fantasy.”)<\/p>\n\n