More Crazy Money Quotes

A few years ago, I wrote a post on crazy money quotes. In other words, things people actually said regarding money that I found to be rather unusual, with each being an indication that the individual in question clearly viewed money differently than I do.

You can read that original post here, but I’ll list the 6 quotes below:

• “You bought a USED house?”
• “The best thing about guys is the free dinners you get”
• “If we can’t pay for it all now, we’ll just make more money later and pay for it later”
• “Hey, while you’re paying for college, I’m making $7.50 an hour!”
• “I’d rather just stick money in CDs”.
• “I invested EVERYTHING in the company’s stock, and recommend that you do the same”

Again, for context you can check out the post. But needless to say, there are some things people say and do with money that many of us personal finance enthusiasts simply view a lot differently.

Well, since it’s been a while, I thought I’d share another group of interesting things regarding money that I’ve heard people say in the last few years. Here are 5 more crazy money quotes:

1) “I’m planning to work until 70”

This was said by someone in his 40’s. Now, I realize that there are many people that simply need to work later in life, due to financial circumstances. Furthermore, there are quite a few people who simply want to work later in life due to the personal fulfillment they get from it. That’s cool.

But we simply don’t know what life will throw at us later in life. I think that someone younger planning to work until 70, for financial reasons, is a scary proposition!

Better approach: plan as if you’ll be unable to work when older, and be pleasantly surprised if you’re able to do so.

2) “Nobody in my family has had any major health issues, so I’m sure I’ll be fine”

This is thinking that is very similar to the idea of planning to work until 70. However, the context behind this comment was the idea that one can keep on spending without worry, because there will be no health issue to deal with later.   With little likelihood of a health issue, the premise is that there won’t be disruption is earning and no big cash outlay. I think it’s crazy to assume things like that.

Better approach: try your very best to keep healthy, but don’t take anything for granted!

3) “The house is practically uninhabitable. The kitchen is so old, and has laminate countertops!”

The person saying this was house hunting, and visited a home that was in a very nice neighborhood with outstanding schools. Probably a $500,000 home, actually. However, the kitchen was not “updated” with granite countertops, so it was apparently “uninhabitable”.

This goes along with the whole idea of buying a “dream house”. I’m not sure where that concept really fits with the lives of most of us. I happen to think that being able to meet current and future financial needs takes priority over upgrades, though if you can swing both then that’s great! If not, it’s a real departure from reality to consider a pricey home with an older kitchen uninhabitable!

Better approach: understand that while a home is to some degree an emotional purchase, it needs to be grounded in practicality and the broader financial picture.

4) “I’ll be paying for it (new SUV) for another 6 years”

I wrote about this before, and bring it up again here as it clearly made an impression on me. The lady who was cutting my hair, and probably not making a lot of money in her profession, told me excitedly about this new vehicle she had just bought. And, oh by the way, she had a 6-year loan on it.

You know, I felt bad for her. It seems like a lot of stress, making payments on an expensive vehicle for 6 years when your income isn’t high. This is why many folks really need some financial guidance.

Better approach: try to avoid taking on a loan for a car, and buy something within your means. If a loan is obtained, a short-term modest loan would be much better than a 6-year one!

5) “You don’t really need college these days, especially with how much it costs”

I do agree with the sentiment that college is extremely expensive. However, it’s simply necessary in many fields to have a degree, and in some fields a graduate degree is of course a must. In my observation, this is the case more than ever.  Balking at the cost and bypassing a college education entirely just seems like a bad idea. The kicker is that the person who said this original comment has a college degree herself.

Better approach: if younger, get at least an undergraduate degree (or make your kids do so) and really think about the ROI when choosing where to go and how much to pay. It really is an investment.

My Questions for You

What do you think of these money-related comments people make?

Which one really jumps out at you?

Have you heard anyone say anything about money that really made you shake your head in disbelief (or disagreement)?