[sukuriant]

6) Avoid expensive hobbies/activities that consume a lot of time and don't contribute much to your marketable skills. If a hobby requires spending a considerable chunk of your monthly income, reconsider whether it's really worth it.

I only have an issue with this remark. But perhaps it's because when I "reconsider whether it's really worth it", I consistently find that yes, yes it is worth it. I rather enjoy extreme sports, and spending $100 on a trip to the mountains + gas is quite a lot of money. (It'll be dropping to around $50 + gas when I buy a snowboard).

I suppose it could also be added that, while certain hobbies may start expensive (snowboarding at $600 for a good board + bindings + other snow gear if it's your first time; or, photography for $1100 for camera + $2000 for a few lenses specialized to your primary interests), they become much, much less expensive as time goes on. (I pay virtually no maintenance on my camera and haven't needed a new lens in a while; so, my camera hasn't cost me any more money in a while. I haven't bought new snowboarding clothes either; and after I buy my board I probably won't buy another for a couple-few years)

That has to be considered as well.

TL;DR: I do have a bit of a problem with #6, but it's probably my own personal issue; and, rare/one-time costs are just that. rare/one-time costs.

[sliverstorm]

The real question I struggle with is related to this. Quite simply, what use is a million bucks just sitting in the bank? Once you've got your retirement, mortgage and rainy day fund covered, money you never use is a piece of your life you traded away for... nothing.

So I guess what you could say is, if you grow to a million in net worth because you have a booming business with great returns, that's wonderful. But I wonder if getting to a million (or whatever number) over a lifetime by simply saving every possible dime is simply wasted opportunity.

[gjm11]

That "retirement, mortgage and rainy day fund" could very reasonably be more than $1M. Especially as the $1M figure here includes your home, which isn't something you can extract an income stream from without grave risk.

(Back of envelope: Suppose you reckon you can safely spend 5% of your initial retirement fund per year, without running out before you die. And suppose you want $50k for medical emergencies, because you're in the USA and aren't sure Medicare will (1) still exist and (2) cover everything. And suppose you want $30k/year of effective income after retirement, which doesn't seem insane. Then you need $650k in that fund. Note that that 5%/year figure depends on the overall growth of the economy and how long you expect to live after retirement.)

Yes, saving a lot of money can just be pointless avarice. But I think the level at which that becomes a reasonable suspicion is rather higher than "total assets of $1M".

[sliverstorm]

Ok, I agree if we include the house in the figure.