Is spending alot of money a bad thing even if you earn the money yourself?

Question

And also give 20% to charity.

Answer 1

spending a lot of money is a good thing. it stimulates the economy, and creates jobs. be sure,however, to pay yourself first, i.e. a savings account or similar investment.

Answer 2

Well, technically no! But, you should save money also. Put away around 10% - 20% of your earnings into savings! Also look into additional investment vehicles, such as cd's, christmas savings, something with more interest than a regular savings for starters!

Always try to have money available for the near future and further down the line!

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Answer 3

No, you can't take it with you when you die.

Answer 4

In general, it's better to live simply.  It's not wrong to spend money on yourself, but it's very easy to get into a trap of needing to spend more and more money to satisfy yourself, and to neglect things that you really need that don't cost money.  You will often get more satisfaction out of sharing a homemade picnic with friends than you would out of eating a 5-star dinner alone.  Moreover, if you flaunt your money you will attract a lot of people who only want you for your money, when you really need people who will care about you.

And it's great that you give 20% to charity, but there are so many people out there in desperate need.  You could help out an awful lot of people with your wealth, and you would be doing something that matters.  Spending a lot of money on a new gadget or a expensive night on the town is fun, but the fun fades and the money drains away.  But the money you spend to help people who really need it, well, you'll know that it wasn't wasted even years later.  There's not a certain % that's right, but the rule of thumb that I use is, if you aren't giving enough away that it hurts, so there are things you want to buy that you can't because you've given the money away, then you should be giving more.  Sacrifice doesn't mean anything if it doesn't cost you anything.

Answer 5

it's your money .. go buy toys... thats what i do...

Answer 6

Depends on what your spending it ON.

If its Twix bars... then I would say poor choice.

Answer 7

No, not at all.  Just make sure you have a good savings account with at least 6 months salary in case you ever lose your job.  

I also hope you are saving for retirement.  After that, I say  . .spend it freely!!  You worked hard for it.

Answer 8

While the charity is wonderful, spending too much money is being gluttonous -- one of the seven deadly sins.

Spending a lot of money means that you might find your pleasure in material things, which is a bad thing. Examine why you spend so much money (there could be a hidden reason), and what you could do with the money that you might "waste".

Answer 9

You better save as much as you can these days.  It may be great now but want would happen if you lost your job Monday morning, July 14th.  A lot of companies are downsizing.  I think you give too much money to charity.

Answer 10

It depends on what you mean by bad. As long as you aren't hurting those around you (for example spending so much you have to declare bankrupcy or squatting with relatives) spending money appears to be fine.