# When saving money becomes an irrational obsession



## CPA Candidate (Dec 15, 2013)

http://www.theglobeandmail.com/glob...omes-an-irrational-obsession/article24949946/

Hopefully this is not a re-post. It was refreshing to see this as a counterpoint to praise heaped extreme savers by Rob Carrick lately.

Extreme spending is bad, but the opposite is bad as well. As always, a balanced approach works best.


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## sags (May 15, 2010)

A friend of my dad died a millionaire, wrote his only son out of his will because of an unpaid $3,000 loan he had made to him, and left everything to his EX wife.

He drove an old pickup around, haggling with people over the price of stuff at garage sales, so he could resell it for a profit. He refused to leave a tip to a waitress.

After his death, his wife gave all his money to HER daughter, because she had her own money.

What good did the money do that guy or his own family..............none at all.

The guy died alone in a nursing home, with only my dad visiting him. 

His ex-wife wanted nothing to do with him. They married late in life and it didn't last long. He was too cheap for her to live with.

I shouldn't say he didn't get anything out of his money. Every year the Investors Group sent a secretary over to his house to deliver a birthday cake.


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## KaeJS (Sep 28, 2010)

sags said:


> Wrote his only son out of his will because of an unpaid $3,000 loan he had made to him, and left everything to his EX wife.


Wow. What a nice father...


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## sags (May 15, 2010)

Yea, he didn't talk to his son for years over it............and didn't care.

The only reason he left everything to his ex-wife, was that he had convinced himself she would come back someday, pffft..........as if.

There is another curse with money. Some of those who have lots of it...........suspect everyone else is trying to get it from them.

So they end up not trusting anyone.


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## none (Jan 15, 2013)

This behaviour concerns me. i don't think I'm a money hoarder but I am taking a relatively short but aggressive saving approach - about 50% of my salary. I figure if I do that then I will either be in a good position of retirement when I'm 67 (and not having to save much at all after the next 3 years) or at least be in a position to buy a house in the event of a 30% market correction.

Still, I can see after year 3 that saving can become habit forming and I won't want to stop until the next arbitrary level.


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## Itchy54 (Feb 12, 2012)

My Dad....this is my dad! He is 82, suffered a major stoke in October and due to his refusal of therapy he is going downhill very fast. He lives in a retirement home and can do most things but I hired some help for him, AM/PM checks and help with medication, drives to doctors and other appointments and so on. Yesterday he told me he needs help with laundry (this is a revisited topic) so I said I would have the hired help do it for him. He kept asking me how much it would cost! Really dad, you have lots of money.....ugg.
Funny but he is very generous with friends and family. I just recently helped him hand out money to the grand kids, an old girlfriend and his new girlfriend. But he won't let someone help him with something he really needs help with. I just don't get it. As his POA I know he has more than enough money.....
Drives me CRAZY.


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## gibor365 (Apr 1, 2011)

imho, if people were guarantee normal pension, this problem won't exist , except really "sick" or "addicted" people .... When I worked in police and new that after 25 years of service , I get 70% of my gross salary, I cared much less how much I spend than now... when my projected CPP and OAS are very small


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## Islenska (May 4, 2011)

You only go around once......

But a bit of money does help!


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## sags (May 15, 2010)

My mom was so irrational about money, that it became a phobia with her in her later years.

She was a stay at home mom, so when my dad gave her some of her "own" money, she wanted it in crisp new bills.........in numbered sequence.

Then she would put it on the dining room table in little stacks..........and let the dust gather around it so she could tell if anyone touched it.

She never spent any of it.........the stacks just got higher. It was truly bizarre............now that I remember it.

When she passed away, my dad stuck in all in the bank. It was about $15,000 that was sitting on her dining room table.


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## zylon (Oct 27, 2010)

> Every year the Investors Group sent a secretary over to his house to deliver a birthday cake.


When your financial "advisor" sends over cake and/or flowers, it's probably time to look for a better deal.


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## donald (Apr 18, 2011)

Makes perfect sense.Seems like this is a downside of being born maybe middle class or even under it(in most cases)
.
Sort of like the movie shawshank when the old guy brooks finally got out of jail after 45 yrs or something(couldn't handle life on the outside and hung himself)
Some reason saving money for many decades reminds me of a ex con
You start the journey dreaming of something and than the journey becomes you
I actively make sure to spend money now(use to be a lot worse,getting better)
People seem to really dislike miser also(even though it has f all to do with them or anybody.
You cant take it with you when you leave.


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## sags (May 15, 2010)

zylon said:


> When your financial "advisor" sends over cake and/or flowers, it's probably time to look for a better deal.


LOL....they probably took out their yearly fees, sent him over a cake....and then had a little group prayer back in the office......just one more cake........one more cake.


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