I really struggle with not spending money; is this really a bad thing?

[john kane]

okay.

quick background: 22 year old, last year at university, have about $40K, should have $90K if i didnt spend so much.
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one thing i often find a bit 'ouch'-like is when im reading about some big winners say about how you should never spend your bankroll, or spend very little etc etc, and that as DJSensei put it in a post recently:
[ QUOTE ]
18) don't spend your winnings unless you have to. Building up a bankroll and moving up in stakes will be worth more to you later than buying that shiny new bike/video game/stripper/booze is right now.
19) But, don't forget to enjoy yourself every now and then. Poker is more fun when you know why you're grinding so much.

[/ QUOTE ]


now my problem has always been spending huge amount when drunk. i do. i simply do. for the last 3-4 years ive spent around $50K of what id call 'excesses' when drunk - strippers, stupid number of shots for me and others, drinks i dont remember drinking etc etc, not caring if i get in a round etc etc.

given that i have about $40K to my name, this is a very large chunk ive given in 'excesses'.

Now given what i could of done with that extra money - investments, play higher limits, some might look at me and think - you fool, youve wasted so much money and potential money as well.

but for me it may be a bit worrying that i really dont care enough. i mean, yes it would be cool to be playing 5-10nl and 10-20nl comfortably, rather than 1-2nl to 3-6nl, but does it really matter?

i mean, i honestly have had a great last 5 years or so, and to me i will always end out hopefully having enough money to provide for a future family and myself to enjoy, so does it really matter about this lost money?

Or am i being stupid, should i of looked to save as much as i could of, after all, i could of not spent this $50K and still had a very good time, just not as quite as good.

i suppose its a case of whether this the fun ive had out of this spent $50K has/is > the money ive would of had and made from it.

after all, there are so many big variables in life, who i met at school, at uni, family health, my health etc which are so overriding compared to whether i am comfortable or rich in terms of $$ that surely it is the former i should care about more than the latter.

one side note i'd like to add is that yes i should of probably given some to charity etc, and its something i will do when im older, but just not yet.


anyone else have similar problems, thoughts?

[Pog0]

If you want to save money, you'll have a lot less trouble saving money if you are more aware and specific about what you are saving for.

If you say "I want to save money for the future", then you really aren't saying much, but if you say, I want to save $x for this and then $y to put a downpayment on a house in the next z years, then you'll see more value in keeping your money.

Cheers,
Pogo

[MatthewRyan]

Dont stress too much John, you've only spend 10k a year, thats like $800 a month in college on having fun. Thats an accomplishment not something to be depressed about. besides, any really good player who grinds for about a month will have the bankroll for the next level. So if you really think you're a 5/10 player and are playing 2/4 right now, you can be there in 2-3 months. Bottom line, relax, its not like you lost the money betting on football games. You've enjoyed it, created a ton of memories, and I'm sure your friends have all appreciated it.

[iAmAddicted]

live it up bro

[creedofhubris]

solution #1: stop getting drunk

solution #2: stop worrying about spending money

[Messiahkid]

Spend some, but on investments so you can retire very early (which is a goal everyone should have).

[iggymcfly]

Solution 2 >>> Solution 1

[Kovner]

The way I enjoy my poker winnings is by not caring about daily expenses. A lot of people my age care about how much they're spending on food, but to me a $20 meal feels the same as a $5 meal - they both feel negligible on my check book.
Eliminating that worry from my life is very pleasant.
Having said that, when I need clothes, I get nice clothes, but I don't have a huge warddrobe.

Some people can just save and save and save and save, but if you aren't one of those people, I doubt you ever will be. Just figure out how to spend less while still enjoying your money.

[revots33]

You seem to be debating the age-old question of "pleasure now" vs. "delayed gratification".

There needs to be a balance between the two. You can spend half your life savings on strippers and booze if you want. But you need to realize what you could be getting in the future if you delay some of your present gratification.

Advertisers and credit card companies make a fortune convincing people that they should spend their money NOW. Trust me it is much more rewarding in the long run to see yourself accumulate real WEALTH so that you can do the things you really want to do in your future.

Not saying you shouldn't enjoy youth while you've got it, but again there needs to be balance. Judging by your post it sounds like you pissed away a very large percentage of your money. You could have saved a lot of that and still had some left over for some strippers and booze.

Put a certain percentage of your money and every paycheck in an investment of some sort. Let compound interest work its magic. Then go have fun with the rest. You'll be glad you did.

[stigmata]

You only live once.

15k or so a year in "excesses" really isnt much, definately nothing to feel guilt over.

However, you should be able to strike a better balance between moving up stakes + spending money. This might involve being boring/frugal for a couple of months whilst you try to improve your $/hour.