My wife is incredible at earning money and brings in $500,000 a year. But she drops $1,500 at the mall and is jeopardizing our retirement.
My wife is at the director level for one of the most powerful healthcare companies in the world, so she’s been bringing home total compensation north of $500,000 for the last several years.
While I own and operate a successful small business, it can’t be a primary source of income living the way we do. It works best as a glorified tax shelter. We have two children, ages 7 and 5, and my primary focus is giving them the best private education we can afford until graduation. To your wife, it could mean a sense of freedom — freedom to go shopping and buy whatever she pleases. But that reward wears off, and she needs to do it all over again to get the same effect. There are other kinds of freedom: Freedom from worry, freedom to retire at 50. That’s 1/3 on that freedom scale. Not a great result.
She also recommends a “retirement budget” that would likely show the income your wife will need upon retirement to keep her in the lifestyle to which she would like to become accustomed after she gives up work. This income will probably be little different from the income she currently enjoys, Lee Krochman adds.
Reward means different things to different people, of course. “For example, many people would think that I am crazy because my mountain bike retailed for about $10,000,” he says. “However, I am not a car nut, and typically keep mine for 10 years. My point is that people should follow their passions, but not spend blindly.”
They identified seven telltale signs of a shopping addiction: 1. You think about buying stuff all the time. 2. You shop in order to change your mood. 3. It negatively affects your daily responsibilities. 4. You need to shop more to get the same buzz. 5. You can’t stop. 6. It makes you feel bad. 7. Shopping has impaired your well-being.
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