ERIC KIM ₿

Frugality Isn’t a Virtue

Money abstract

A thought:

Too much focus on being overly frugal and economical is bad.

I prefer a world with better/more beautiful tools and technologies

I can easily say that technologies such as Uber, AirBnb, and Google maps has made my life 1000x more convenient. Having a digital camera like RICOH GR III has made my photographic life 1000x easier than shooting film.

Do we “need” technologies like photography, the internet, computers, etc? Technically no. We can survive without it (all we need to survive is freedom from starvation, freedom from dying of thirst, and freedom from dying of the cold).

But certainly, a world without modern conveniences, tools, artwork, fashion, and beauty isn’t worth living.

When is being economical good, and when is it bad?

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My thought:

When you purchase things which remove the degree of freedom in your life, this is bad.

For example, buying a house, expensive car, etc which forces you to remain at the job you hate [in order to pay for it], this is bad.

When is being frugal good?

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Being is frugal when it allows you to live more freely, more recklessly, and more dangerously. To take more epic risks in things you love and care about.

I’m very frugal. I can subsist on eggs, cheap cuts of meat, and coffee. I got a laptop, iPad, and my RICOH GR III. I don’t really need any other tools. As long as I have WiFi and a good coffee buzz, I’m good.

This is great. It means I only do what I want to do, and I don’t do what I don’t want to do. Even with building up my photography startup arsbeta.com, I ain’t pressured to please investors or anyone else. It truly is a passion project (props to Jun, Cindy, Kevin, and Annette).

When it is good to spend a lot of money

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This is what I think. Things to spend a lot of money on:

  1. Spend a lot of money on your laptop. Get the maxed out MacBook Pro (13 inch, refurbished). This is actually a good investment. Just buy the year prior, and you will get 90% of the performance for 30% less money.
  2. Buy a RICOH GR III. It costs about $890, but I think it is a superior camera to the Leica Q2.
  3. Spend a lot of money on two pairs of merino wool clothing. Two black merino wool Tshirts (outlier.nyc or Amazon). Black merino wool leggings (Amazon). Black merino wool socks (outlier.nyc). Exofficio boxer briefs. For shoes, a good pair of Nike running shoes (Flyknit, Free series) are good. To save money on shoes, go to a Nike outlet store.
  4. Experiences with loved ones and family: Traveling with loved ones and family, getting a massage together, eating out together. Money spent on experiences and metaphysical things (emotions, feelings) is the best “bang for the buck”.

Being frugal isn’t virtuous

I see being frugal as practical, not virtuous. Similarly, spending a lot of money on luxurious things isn’t evil or a vice.

Everything we have as humans is technically “unnecessary”. Do we need flavored beverages besides water? Do we “need” coffee? Do we “need” cars? Do we “need” a walled home to block out the elements? Do we “need” flowing water, electricity, and the Internet? No. All these are technically superfluous, but they make life better!

Use your money wisely.

So I guess the question is this:

Really consider what will truly improve your life for the better, and invest a lot of money towards that.

This means don’t get suckered and waste money on what doesn’t actually help empower you, or what doesn’t make a meaningful impact on your happiness.

ERIC

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