Too many people spend too much money

Posted by Michael Michelini on Dec 01 2009

“Too many people spend money they haven’t earned for things they dont like to impress people they dont like” – Will Smith

This is a great quote…i mean, funny because its so damn true!! But sad at the same time.

And its even sadder because i would have to say americans are feeling the after effects of living the lifestyle summarized in this quote…

Let me analyze each section of it…

Spending money they havent earned….. – wayyy too true, how many credit cards do people have, carrying balances greater then their income can generate…..but the “system” (banks pushing credit cards on us since entering universities) tells us buy now, pay later…..I remember my freshman year in university, all over the campus, and surrounding the campus there were people stands of people pushing me to sign up for a CREDIT CARD. But i was a freshman, I didn’t have an income, well maybe I did some work study…they gave me a free t-shirt I remember, so my friends and I signed on the dotted line…..sad that is how the generation grew up. Spend now….pay later….

….For things they dont need…. -do you really need that 2 story house in the suburbs? And once you get the nice house, you have to fill it with brand new, designer furniture, right? Maybe take out a 2nd mortgage on the house to pay for it. An investment, right? And you need a nice, new fancy car to drive to work, since the suburbs are so far from your office, and there isn’t any public transportation to get there……

….to impress people they dont like…. -and with that nice house and fancy car, you can show off to your co-workers. And they will say to your face how great it is, but then later talk badly about how you show off your money. Or maybe even you do it to show off to your competition in other companies. To impress a guy or a girl to like you.

Its all a scary, but real thing. I hate picking on US of A, but it seems more in that culture than in others I have seen. Maybe its because Americans have this great opportunity to have nice things, money. But then, like so many different proverbs and sayings – money isn’t everything. And does money make us happy and fulfilled…

One would question that….

http://www.dswei.com dswei

The same in china, my first credit card is also in my fresh year, and I only get a small cup. But I barely use it, haha
http://blog.michaelmichelini.com mike

what was the credit limit? I am sure USA gives more credit easily…or at least did, when I was in university…..

maybe the same destiny will happen in China then, if credit cards are t oo ea sy to get, people spend too easy…
http://www.dswei.com dswei

now only 5 thousand, haha.
lots of my classmate and friends go into bank group, almost everybank there are somebody I konw…it’s going crazy, I am already asked to apply credit card for more than 20 times in the past few months..
http://www.mailini.com nigel

hi, mike! seems you are less busy these days, as you blog updates more often….
but is this article finished? seems it stopped abruptly…^_^
http://blog.michaelmichelini.com mike

hey Nigel,
well, yea, I am writing more, and I am just pushing myself to write more actually…before I leave the office, or when I am on the bus, I will write a post on my mobile phone, save it , download when I get back to the office, and post.
Maybe you think this one is not finished because I leave it taht way…I put the “…” at the end to make people think, and hopefully comment on the idaes they see.
http://blog.michaelmichelini.com mike

you know what is crazy, I have been declined maybe 3 times in China for a credit card….because I have no declared income here.

but they give university students credit cards for 5000 rmb? there isn’t income there?

maybe they can chase the parents?
Echo Zhang

sure,money is not anything, but it makes us happy,that’s ture. People realize they exist in this world when they spend it, the money you saved almost spend for someone we loved not for ourself. so spend it when you have it.
http://blog.michaelmichelini.com mike

you don’t seem to say what the normal chinese person would say.

i translate what you say here as “don’t save money, live today, not for tomorrow”

but what about a rainy day? seems China has saved, and now the world is having a rainy day
Echo Zhang

hey mike, you are totally misunderstand. “spend it when you have it” i am not only mean go shopping,buy nice car to live today… it is also inculding do some inverstment in stock market,real estate and other fileds. The money deposit in bank it can not create more fortune,right?
And you can not image that a lot of chinese people,they suppress their personal demand to save money, their whole life is saving money for their children and their family. This life is too hard,why not relax and enjoy life sometimes? China has saved,yes, so what, still in rainy day,everyone still need to work hard….But appropriate deposit is necessary.
http://blog.michaelmichelini.com mike

ok Echo,

now I understand more clearly.
but yes, I think the newer Chinese people are enjoying life more, spending more. China is RICH now, right?
Kim

This post is right on…. The little things in life are being pushed aside for the bigger and better, which in the end, don’t matter.
http://blog.michaelmichelini.com mike

hey Kim!
thanks for reading my blog, awesome!!!

hope all is well – yes, i think by my moving to China, my perspective on life and reality as we think it is , has completely changed……
http://www.mailini.com/blog/380 像马尼拉人一样过日子 | 迈理倪的中文博客-美国人在深圳

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[...] they buy their house in, the style of their car. A year or so ago I blogged about the saying from Will Smith – Too many people spend money they haven’t yet earned to buy things they don&… and damn, isn’t that the [...]

About Mike

American internet dude living in China (since '07) helping western companies leverage Chinese social media for business.

Passionate for working with more like-minded internet entrepreneurs. Love international business & connecting, and working on ways to give hard working people global opportunities. (Read More...)