Tweets on 2008-08-05 — Ours is Now an Economy Based on Waste

by Vinaya HS on August 5, 2008

in Finance

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The big issue today is inflation. In my view, frugality can beat all inflation. I still don’t own a car, I don’t have a mobile. Ours is now an economy based on waste. If you change that, other factors will correct themselves.

Source: A senior citizen’s quote in the latest issue of Outlook Money when asked about his life experiences.

Wonderful statements!

  1. Frugality can beat all inflation, and
  2. Ours is now an economy based on waste.

How many times have you heard dumb advise on the lines of “In the long run, equity is your only hedge against inflation?” But, no one really wants to admit what “the long run” is. Is “your long run” different from “my long run?” Frugality, on the other hand, has an immediate impact. You and I can feel it’s good effects today, right now. Brilliant thought.

And when I look at my own spending patterns, about 15 to 20 percent of my expenses each month easily classifies as “waste.” In the past, I have bought expensive stuff that I really did not need, kept them for a long time falsely convincing myself that I will use them one day, and then finally selling them at a deep discount to their purchase price. My 80GB iPod with video is a great example. When I recently sold it, I had used it for a grand total of 54 hours in just under two years!

How about you? How much do you waste each month?




Thanks for reading this article. I'd love to hear your opinion. Please use the comments section below to share your thoughts. I frequently write new articles that also cover several other aspects of personal finance including credit cards, financial goals, health insurance, income tax, life insurance, mutual funds, retirement planning, and much more. You can Subscribe through Email and receive new articles directly in your Inbox or you can Subscribe through the RSS Feed and receive new articles in your feed reader.

{ 4 comments… read them below or add one }

Vinay August 6, 2008 at 12:59 PM

Hi Vinaya- You sold your 80GB Ipod??? You should mentioned in your blog ya. I was looking for one very badly.

Anyways, do keep these stuff on your blog. —Vinay

Vinaya HS August 6, 2008 at 2:05 PM

I listed it on Craigslist, Bangalore and sold it within a couple of days. Will advertise on my blog from next time.

Girish August 6, 2008 at 9:11 PM

Nice thoughts…
Keep the blogs flowing..
Regards,
Girish

Anoop August 22, 2008 at 1:56 PM

You may hate small screens mate, but honestly speaking that IPOD i brought recently gives me great company especially when travelling a sick long distance from my home to play cricket on Sat/Sundays.. Trains are usually slow it takes 1.5 hrs to reach the ground and IPOD is the best way to kill time watching a movie or listening to a song.

its multipurpose as well, u can use it to store documents. I use it extensively when compared to urs.

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