People who are proud of getting a good deal via an app break my heart. Most folks I know like that are not strapped for cash. They just like the feeling of getting a bargain. They don’t consider that the prices are artificially inflated.
Thats why Prime Day is such a big deal.
People think they are getting awesome deals cause its 50% off, are not going and checking price trackers to see the item had a HUGE price spike a week before Prime Day.
But they think they got 50% off and that gives them that massive dopamine rush, and that encourages more spending.
ilinamorato@lemmy.world 5 weeks ago
Whoa. What group do you run in? Literally everyone I talk to on a daily basis is.
I actually just thought through an average day, and the people I talk to regularly. I’ve had conversations with each and every one of them over the past few months about how we’ve had to make major changes to our lifestyles in one way or another because the money is going out faster than it’s coming in. We’re all solidly middle-class, for whatever that means anymore.
So what circles are you in where not everyone is looking for every possible discount they can get? Saving $5 on groceries means I can afford another gallon and a half of gas. I can’t afford to be principled about privacy when those are the stakes. But it doesn’t mean I have to like it.
Rai@lemmy.dbzer0.com 5 weeks ago
My circle of friends are also not strapped for cash. I’m confused as to how that’s so baffling to you. We’re very much NOT upper class.
ilinamorato@lemmy.world 5 weeks ago
I kinda think that not being strapped for cash is being upper-class.
Upper-class: Always having enough
Middle-class: Always having almost enough
Lower-class: Never having enough
sugar_in_your_tea@sh.itjust.works 5 weeks ago
“Class” is determined by income, “enough” is determined by spending habits. You could make $50k and have positive cash flow, or you could make $400k and always be strapped for cash. The higher your income is, the more options you have, but also the more exposure you have to more ways to waste your money.
This is a great video about this. Basically:
At each level, I see two types of people:
By this metric, not being strapped for cash is possible for pretty much anyone in the lower-middle class and above, and even those in the lower class could get there by stabilizing their finances so they can take some risks to increase their income (i.e. night school, quitting a bad job for a better job, getting CDL and financing a truck, etc). On the flipside, being strapped for cash is also quite possible at pretty much any income level, and I’ve heard plenty of stories about lawyers and doctors having trouble keeping up with debt payments because they got caught trying to keep up with those wealthier than them.
So I don’t think “strapped for cash” is a good metric for economic class, income is, because you can make choices that can cause you to be paycheck-to-paycheck at almost any income level, as well as choices to maintain stability at almost any income level.
Rai@lemmy.dbzer0.com 5 weeks ago
sugar summed it up nicely.
We make a decent amount, but we’re priced out of buying a home right now. We have a solid amount of savings and stocks, and our only debt is my partner’s student loans which aren’t a ton. We just don’t think about money day to day.
If we want something, we just get it. But we don’t really want things, so we mainly just spend money on food and booze. And Steam games, but only if they’re 50% off or more.
corbs132@lemmy.world 5 weeks ago
I think age / location / profession have a lot to do with what socioeconomic circles people run in.
Not to mention luck of the draw.
ilinamorato@lemmy.world 5 weeks ago
For sure, but like…I’m a middle-aged software engineer in a low cost-of-living area. My parents always had enough on one income, but we’re struggling on two.
sugar_in_your_tea@sh.itjust.works 5 weeks ago
I’m similar, but probably a bit younger. I make a good salary now (I’m in a leadership position), but the people on my team are a bit more “average.” Software engineering will have a higher than average salary, but I’m talking $80-120k for the people who work for me in an area where the median income is $70-80k ($80-120k), and most are single or single-income.
There’s a pretty stark difference between those who are financially stable and those who… aren’t. I don’t have everyone’s salary, but here’s what I see:
Notice I didn’t say anything about income. Some of the financially unstable people have a much higher income (probably double the range above), and some of the financially stable people have a much lower income (e.g. one of my employees is single and just bought a house in a pricier area, while being at the bottom of the income range).
I obviously don’t know your income or situation, but I think most people can do much better than they are without changing their income. And the more financially stable you can be, the more “quiet” confidence you get (i.e. you’re not distracted by when payday is), and the more likely you are to get that promotion or better paying job. Success tends to breed success.
Check out The Millionaire Next Door, which gives lots of examples about how wealthy people tend to be frugal and careful with money. There’s not really any secret sauce here, just delayed gratification and discipline. Obviously a $100k salary will go a bit further than a $50k salary, but even a median income can rocket you to an upper-middle class retirement if you manage it carefully.