tag:blogger.com,1999:blog-2980246226076317453.post5171525910622222350..comments2024-03-27T09:17:51.095-07:00Comments on Done by Forty: Mental Accounting, Equality, and MotivationDone By Fortyhttp://www.blogger.com/profile/06246597867355460723noreply@blogger.comBlogger13125tag:blogger.com,1999:blog-2980246226076317453.post-87827390237724698992019-01-12T23:08:48.798-07:002019-01-12T23:08:48.798-07:00This comment has been removed by a blog administrator.fortnitehttps://www.blogger.com/profile/01045597712306377453noreply@blogger.comtag:blogger.com,1999:blog-2980246226076317453.post-40138979573769733282018-07-23T10:48:35.023-07:002018-07-23T10:48:35.023-07:00Thanks, Deni.Thanks, Deni.Done By Fortyhttps://www.blogger.com/profile/06246597867355460723noreply@blogger.comtag:blogger.com,1999:blog-2980246226076317453.post-80788633742108596452018-07-22T08:43:30.745-07:002018-07-22T08:43:30.745-07:00You guys really find a way to make it work. I admi...You guys really find a way to make it work. I admire y'all.denihttp://hubpages.com/education/lysine-for-treating-epstein-barr-virus-snd-chronic-fatigue-syndrome-symptoms/noreply@blogger.comtag:blogger.com,1999:blog-2980246226076317453.post-642057350965706732018-06-03T11:32:34.625-07:002018-06-03T11:32:34.625-07:00Hey Emily! So glad to see your comment. Hope all&#...Hey Emily! So glad to see your comment. Hope all's well. And congrats on buying a new home!<br /><br />We, too, are dealing with roughly the same amount in new expenses from our new home. It's an adjustment for sure, but I wish I'd thought of what you did, and came up with the idea for a new income stream to cover the delta.<br /><br />Maybe we'll nudge our future kiddo into modeling/acting.Done By Fortyhttps://www.blogger.com/profile/06246597867355460723noreply@blogger.comtag:blogger.com,1999:blog-2980246226076317453.post-2842352342629178882018-06-03T10:18:54.637-07:002018-06-03T10:18:54.637-07:00Yes! We used to be hard core frugal, too: eventual...Yes! We used to be hard core frugal, too: eventually, we turned the corner from focusing just on efficiency, to also focusing on effectiveness. Sure, biking the three blocks to the store is more efficient. But is that sort of tactic effective at all? <br /><br />Lots of the uber frugal shit does not move the needle in any material way.<br /><br />And yes, we need to all use whack ass more. :)Done By Fortyhttps://www.blogger.com/profile/06246597867355460723noreply@blogger.comtag:blogger.com,1999:blog-2980246226076317453.post-18368267104311935822018-06-03T10:17:28.034-07:002018-06-03T10:17:28.034-07:00I think that's a good way to be, Revanche! At ...I think that's a good way to be, Revanche! At least for people who are really into personal finance and are debating between two very beneficial choices.Done By Fortyhttps://www.blogger.com/profile/06246597867355460723noreply@blogger.comtag:blogger.com,1999:blog-2980246226076317453.post-28141678507702429752018-05-26T14:26:41.191-07:002018-05-26T14:26:41.191-07:00This is so smart. Money is the number one cause of...This is so smart. Money is the number one cause of divorce, at least that's what they always say. Regardless, it's definitely a source of conflict as it presents a power differential. Whoever decides or wins on how money is spent is happy, and the other is not. Makes perfect sense to identify each individual's motivation and then align their surplus there so that their hard work is more fulfilling, and efforts can be sustained, like navy showers. I appreciate that you provided the singles perspective, too. I just bought a house solo - resulting in $700 in new expenses each month, plus improvements to operate a larger business out of the home. So, to stay motivated, I have a target of producing enough new income from the expanded business to cover all of the renovations in the first year and the additional ongoing overhead on a monthly basis after that. It's a measurable number to target and helps my prioritize the extra work, even after a long day of my existing business. Em Capito, LCSWhttps://www.blogger.com/profile/07690949620210399390noreply@blogger.comtag:blogger.com,1999:blog-2980246226076317453.post-45614655312087554032018-05-25T03:51:59.153-07:002018-05-25T03:51:59.153-07:00I think we're in similar situations these days...I think we're in similar situations these days. I remember harping on my wife for wanting to drive three blocks to the grocery store, back when I first dug into the MMM crazy train. <br />Interesting theory about our cognitive biases as money nerds. We probably sweat the details more than we should, quite honestly. Wack ass. I need to use that adjective in my posts. :-)Cuberthttps://www.blogger.com/profile/05284434513106168111noreply@blogger.comtag:blogger.com,1999:blog-2980246226076317453.post-89887385540068844402018-05-24T16:23:39.009-07:002018-05-24T16:23:39.009-07:00I can't banish my mental accounting so I lean ...I can't banish my mental accounting so I lean into it, hard :) Revanchehttps://www.blogger.com/profile/07293868300535734672noreply@blogger.comtag:blogger.com,1999:blog-2980246226076317453.post-15972183457488063542018-05-24T08:39:56.315-07:002018-05-24T08:39:56.315-07:00We're engaging in the mental accounting stuff ...We're engaging in the mental accounting stuff plenty, too. I think it can be healthy to think about things in the way you're framing them, Mrs. Pop: we can spend money, or time at our current work, or time in DIY work. I kind of wish more of us ran through the alternatives like that!Done By Fortyhttps://www.blogger.com/profile/06246597867355460723noreply@blogger.comtag:blogger.com,1999:blog-2980246226076317453.post-29405618568677983852018-05-21T17:04:32.777-07:002018-05-21T17:04:32.777-07:00For us it seems like it's been kindof the oppo...For us it seems like it's been kindof the opposite... the closer we get to the RE part of the FIRE journey, it seems like we are doing more of this mental accounting. "2 more months of working an easy desk job or a few weeks of miserable labor on top of a roof" "what about putting money into this 'fun money' cash account to allow for guilt free treats the first couple years of retirement before we settle down?" We pretty much never did this stuff when we started out! Mrs PoP @ Planting Our Pennieshttps://www.blogger.com/profile/03092406694266872975noreply@blogger.comtag:blogger.com,1999:blog-2980246226076317453.post-10545654762286413292018-05-21T10:39:10.104-07:002018-05-21T10:39:10.104-07:00Hey there, ECL.
I hear you on the baby expense (a...Hey there, ECL.<br /><br />I hear you on the baby expense (and indeed, all the expenses) really being 'ours' not 'hers". But the whole idea of the post is that our emotions, and the weird way we humans think and feel about money, has a material impact on our finances. Illogical as it may be to see a bra as 'her' expense, to the degree that she sees it that way, it's true on some level. <br /><br />I often will hear arguments for logic as a retort: we should combat the illogical and harmful biases we often fall victim to.<br /><br />But I also wonder if we're tilting at windmills. That, rather than trying to overcome our cognitive biases (the 'big win' but much harder to pull off) if we're better off manipulating them, or using them to our advantage.<br /><br />As you noted with your example with that couple, it's kind of hard for the lower earning spouse to really avoid feeling, at least occasionally, like they're not pulling their weight. Systems and approaches that acknowledge those feelings are probably going to be there, maybe forever (rather than trying to overcome them) might have quicker (if not better) results.Done By Fortyhttps://www.blogger.com/profile/06246597867355460723noreply@blogger.comtag:blogger.com,1999:blog-2980246226076317453.post-89349156472269619582018-05-21T09:34:45.703-07:002018-05-21T09:34:45.703-07:00Very interesting post. I think we absolutely have ...Very interesting post. I think we absolutely have a different sort of emotional attachment to money from different sources, and if you can use that to your advantage, why not? <br /><br />I do sorta want to shake your wife for that comment about the nursing bras. IMHO that expense isn't at all for her, it's for the baby, and um... the baby expenses are just as much yours as hers. <br /><br />That being said, I know a lot of women who have struggled with those sorts of issues, especially if they're not working because they're raising kids etc. I know one couple where he works and she doesn't - they don't have kids, but he's disabled so she deals with all of the household repairs, shopping, cooking, and virtually everything else - including some stuff they'd normally have to pay an in home nurse for. I think she occasionally struggles with feelings like she's somehow sponging off of him. I have to remind her that if they had to pay someone to do all of the things she does, it would probably be in the six figures. I think one of the ways they deal with it is that she's the financial manager of the couple. So he hands his checks directly over to her, and she deals with paying all of the bills and keeping track of the finances. So even though he earns the money, he's the one that has to go to her to OK the expenses. <br /><br />You know, back in the olden times, it was common for a man to pay his wife a monthly or weekly allowance for her personal expenses. Many people look on that as a sexist relic of sorts, but I'm not so sure. In my mind it's a good way of acknowledging the value of work that doesn't have an income attached to it.EcoCatLadyhttps://www.blogger.com/profile/15704811319510740473noreply@blogger.com