Confessionals – I’m addicted to collecting cars

Originally posted on CFFC.

We all have that one thing. That one thing we just love and don’t mind spending money on it – even if other people “just don’t get it”. For some, it’s clothes, for others, wine, and for some, like one of the Commission for Financial Capabilities’ (CFFC) own team, it’s a car passion.

In episode four of ‘The Commission Confessionals, a look into, the financial sins of the office’, Glenn Martin spells out an addiction – albeit not a crippling one! – to collecting everything to do with cars.

The confessor sits in the confessional booth and outlines his favourite way to spend his hard earned dollars:

“It really had started with toy cars. I’ve still got those. I’ve still got the models, I’ve still got the car magazines, the books, the videos, the DVDs, the car parts, the personalized plates that don’t appear on cars, the cars themselves… Yeah so I’m a collector – and I live in a tent – but I’ve got some cool cars.”

He is quick to note that, “My wife is luckily she knows about the car that’s not on site it’s hidden in a garage – so I don’t have any secrets… I get to enjoy my investment and it’s great fun! I love it and that’s what money is for’

What is your guilty spending pleasure? And do you need to feel guilty about it?

If:

• your partner knows about your “guilty spending pleasure”, and they’re comfortable with it
• if you’re happy with your life
• and if you’re spending your own money

Then do you really need to feel guilty about it?

The answer is no. Your money is your own – you earned it! How you spend it is completely up to you. If you have something that you love to spend money on that makes you happy, without hurting anyone else, then you should spend without guilt. Guilt is a particularly useless emotion, especially when unfounded.

Remember to budget wisely, and only spend what you can afford. Don’t let others tell you that your interests or hobbies are silly – what makes you happy is important.

Whether you’re living in a tent or a mansion, how you spend your money is your own decision. What makes each particular person happy is completely subjective. If you have an indulgent pleasure then go ahead and indulge yourself, but remember to calculate just how much you can comfortably spend without eating into other areas of your life.

We all make mistakes with money – the main thing is learning from those financial sins. Read more from CFFC here.