Is this stingy or smart?

[madoka]

Recently a friend asked me to look for a good lease for him. Thanks to those in the Garage forum, I suggested the Genesis for $300 per month, which I think is a great deal.

He responded that he'd have to save up for a few months to be able to afford it. My reaction was WTF.

He is an executive at a global company. Last year he made $750,000 and he is sitting on $500,000 in cash.

To me it's mind-blowing that he won't spend such a trivial amount of money for that car and asked why he's being so tight-fisted. From his point of view, he won't feel financially comfortable until he accumulates $3 million (so that he could retire if necessary). Since he is way more financially savvy than me, I'll give him the benefit of the doubt. But I can't help feeling that he should enjoy life more.

What do you guys think.

 

[Ken g6]

He needs a car, he has the money, but he's not willing to pay for the car? Sounds stingy to me.

A lease, as opposed to buying, also sounds short-sighted in this case unless he needs to keep up appearances with new cars.

 

[gorcorps]

He has $500,000 in cash... you do not

Why you'd question this man's handling of money is beyond me. Maybe work on being less judgmental of people who know what they're doing

 

[AreaAffect]

You seem to have a lot of knowledge about this person and have made several threads for them. I'd probably say let them handle it, they seem to be doing OK without you worrying for them.

Why are you worrying for someone else? If they aren't stressing why are you?

 

[zinfamous]

He has a plan--save 3 million GFY money, at which point he will be happier than most people.

Spending it on cars won't make him happy. Suggest that he lease a Corolla for like $160 or whatever they go for. It does everything that any human needs that a Genesis can do.

 

[Fenixgoon]

He has $500,000 in cash... you do not

Why you'd question this man's handling of money is beyond me. Maybe work on being less judgmental of people who know what they're doing

if his friend wants a lease, he's going to have to pay for it one way or another. so maybe he doesn't want to pay $300/mo, but he's also never going to get $0/month either.

 

[NikolaeVarius]

Dude is smart. Very very smart. Just because you have money doesn't mean you have to spend it like a dumbass.

 

[madoka]

Spending it on cars won't make him happy. Suggest that he lease a Corolla for like $160 or whatever they go for.

If he had his way, I think he would get the cheapest Civic that he could. But given where he works, he understands there will be negative consequences if he shows up in a car worse than his secretary's and when everybody else at his level is coming in $100K+ cars.

 

[madoka]

He has $500,000 in cash... you do not

Why you'd question this man's handling of money is beyond me. Maybe work on being less judgmental of people who know what they're doing

Wow, you are a remarkably judgmental person.

 

[gorcorps]

if his friend wants a lease, he's going to have to pay for it one way or another. so maybe he doesn't want to pay $300/mo, but he's also never going to get $0/month either.

He said he just wanted to save for a few months, not that it was too expensive. I know "save" is not in most people's vocabulary these days, but trust me when I tell you that saving up for something is a smart thing to do regardless of income.

 

[AreaAffect]

Wow, you are a remarkably judgmental person.

But aren't you also judging your friend? Isn't that what you're doing in this thread?

His view of enjoying life and yours are different, yes? I think we established that. So why are you judging your friend because he doesn't do exactly what you would do? And you think he's stingy?

 

[madoka]

Dude is smart. Very very smart. Just because you have money doesn't mean you have to spend it like a dumbass.

The one area of indulgence he has is food. His weekly food budget is $700. Being the type to use coupons before I'll go to McDonald's, I can't wrap my head around how he can spend that much money on food. I sometimes think his wife must be skimming off the top of that grocery money.

 

[zinfamous]

If he had his way, I think he would get the cheapest Civic that he could. But given where he works, he understands there will be negative consequences if he shows up in a car worse than his secretary's and when everybody else at his level is coming in $100K+ cars.

Maybe he'd prefer to show up in a $50k bicycle?

 

[madoka]

Maybe he'd prefer to show up in a $50k bicycle?

Well, he does live in the Bay Area and works for a company selling high end goods (non-tech related). I'm sure they'd appreciate it at his work and think it was cool.

 

[BoomerD]

You say stingy...I say frugal.

 

[leper84]

The one area of indulgence he has is food. His weekly food budget is $700. Being the type to use coupons before I'll go to McDonald's, I can't wrap my head around how he can spend that much money on food. I sometimes think his wife must be skimming off the top of that grocery money.

Some people just care about cars, at all even in the least bit. Sounds like this guy just has different priorities far as what he wants to enjoy in life, nothing wrong with it.

 

[Feneant2]

He's way better off than the people who drive a 6 figure car but yet live in a 500$ a month bachelor's apartment. I know it's all in your priorities but I never understood how someone who make 40-50k a year absolutely has to spend half their monthly take home income on a car.

 

[gorcorps]

Wow, you are a remarkably judgmental person.

I am, but I called you judgemental first so I win

 

[Anubis]

i think he doesn't want to drive a shitty genesis so he gave some BS answer

 

[zinfamous]

Well, he does live in the Bay Area and works for a company selling high end goods (non-tech related). I'm sure they'd appreciate it at his work and think it was cool.

When I was working there at Berkeley, on campus, every other morning you'd encounter a super-nerd zooming down the hill on some 3-wheeled electric scooter or powered unicycle or some nonsense that they had build in one of their labs up in the engineering building.

He'd fit right in riding in on one of those.

 

[sdifox]

Recently a friend asked me to look for a good lease for him. Thanks to those in the Garage forum, I suggested the Genesis for $300 per month, which I think is a great deal.

He responded that he'd have to save up for a few months to be able to afford it. My reaction was WTF.

He is an executive at a global company. Last year he made $750,000 and he is sitting on $500,000 in cash.

To me it's mind-blowing that he won't spend such a trivial amount of money for that car and asked why he's being so tight-fisted. From his point of view, he won't feel financially comfortable until he accumulates $3 million (so that he could retire if necessary). Since he is way more financially savvy than me, I'll give him the benefit of the doubt. But I can't help feeling that he should enjoy life more.

What do you guys think.

Follow the guy's lead.

 

[renz20003]

He should use uber black and tell his co-workers that its his personal driver.

 

[NesuD]

Sounds like your friend has a very rigid sense of fiscal discipline. He has a budget plan and the car lease requires a restructuring of his budget. I'm guessing that once he has moved money into his life savings fund that he will not even consider pulling any out for anything other that it's primary purpose. So now he must adjust his budget and save what he needs to get into the lease without upsetting his savings plan. I can see it. I have a friend who is a bit like that.

 

[disappoint]

He should use uber black and tell his co-workers that its his personal driver.

Uber black lifestyles matter.

 

[Kaido]

Recently a friend asked me to look for a good lease for him. Thanks to those in the Garage forum, I suggested the Genesis for $300 per month, which I think is a great deal.

He responded that he'd have to save up for a few months to be able to afford it. My reaction was WTF.

He is an executive at a global company. Last year he made $750,000 and he is sitting on $500,000 in cash.

To me it's mind-blowing that he won't spend such a trivial amount of money for that car and asked why he's being so tight-fisted. From his point of view, he won't feel financially comfortable until he accumulates $3 million (so that he could retire if necessary). Since he is way more financially savvy than me, I'll give him the benefit of the doubt. But I can't help feeling that he should enjoy life more.

What do you guys think.

1. Well, I guess he's rich for a reason haha - he obviously watches every dollar if he has $500k in savings & won't jump on a Genesis leases for $300/mo (which is a very good deal).

2. Introduce him to FI/RE.