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« A Reminder: Time is on the Side of Long-term Investors | Main | Another Reminder: Time is on the Side of Long-term Investors »

January 25, 2008


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The problem isn't so much that people try to keep up with the Joneses, but that they're also trying to keep up with the Smiths and Browns and Ericksons and Fletchers too. Each family has a certain amount of discretionary money to spend on frivolous things, but we usually spend it on different things. (Our family, for example, buys wine; my parents on the other hand have cable and expensive cell phones.)

When you look around you, it often seems like people have all this stuff. We see the collection of discretionary items as belonging to a single family, not spread out among different families. When we try to keep up with the "collective Joneses" is when we get into trouble.

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