The Same Vimes Boot Theory is based on the conception that it's easier to save money when you're rich. AKA socioeconomic unfairness. No I'm not whining, but in reality I am. But also here's my new theory I ran into.
It depends on what boots you're born with.
Current system of economics means that it's cheaper to produce a better boot for less work time. But that doesn't mean we're in a better place, quite the opposite. For this to function there must be an imbalance of wealth in great proportions. And that's bad.
Boots have gone down in price, they are no longer the custom made hand designed amazing 10 year boots from 100 years ago. Now you can pay 200-300 for a good pair and technically that's a week's pay on minimum wage. But you know what has gone up in price? Everything else. There's a few things that exist nowadays that existed then. Let's go over some of them.
Homes. If you want to live in a home, you have quite a few options. Some of the cheapest options are renting an apartment for 800-1000. I'm using the town of Sacramento as an example. This is the LOW end. Let's go higher. 1,200-1,400 for a decent apartment. Yes I've lived in both scenarios and the price goes up $100 to $50 every YEAR. I'm not kidding. This is the true inflation and social economic unfairness. In 2030 we can expect $2000 rent for a decent apartment, and you know maybe sooner thanks for the inflation rate we're going through.
The reality is inflation is generally not seen in the cost of the consumer goods, (until recently) but living expenses and associated costs. Having worked for the Department of Housing and Community Development I personally saw the demand for low income housing rise within the past 5 years and fewer living opportunities just because it's not as profitable as other ventures. I've been in the meetings where we try to incentivize owners, businesses and companies to do this, with grants, free money and yet Capitalism just don't care about that until it's economically viable for them to do it, and by then any agreements will only be temporary profits can be maximized.
These negotiations were tough and frankly pathetic.
"Oh it's not profitable for me to make low income housing"
"What if we guarantee tenants, that we provide? and back their rent?"
"Nah, it's going to lower my property value."
"We can ensure it won't."
"I can't afford to make it low income".
"We'll pay you in government money?"
"Hmm maybe only 10% and for 5 years."
"YAY?"
And they take the money, and lie. Nothing happens.
Do we really want to rely those who only care about profits to watch out for you? Of course not. Do you have a choice. HAHA no. So what do we do? Don't play the capitalism game, fall for their traps and just keep your expenses down.
Credit cards, sure you can get a good credit card, but let's rack up points shall we? Those free points that give you airline miles so you can go on vacation, the flight is free and all your business expenses are put on the card and wammoo. you pay it off every month and have enough to fly the world at least once a year. Sure we can all do that! HAHA no. That's just incentive to make you spend more, and on a trip to boot!
Like most poor thrifty people we limit to how much we spend every month. Keep it as low as possible. Any extra that does happen like an unexpected expense we use our savings or put it on a card because we HAVE to, not because we're racking up points. Sure you can put stuff on the credit card and pay it off at the end of the month and rack a few points. But what's wrong with that? When you are poor, there are guaranteed unexpected expenses, if you have little to no debt, you are a hairline away from going over budget. And this happens. So not a good idea to put your life on credit because when you do encounter that expected unexpected expense, your credit may not handle it, and guess what's paying for it? The credit card's monthly payment, and now you're set back a month. Stressful, not fun and your are definitely not going to Europe this year.
In fact, most responsibly economic poor folk avoid credit cards and using their credit, save FIAT currency for the trips and just live like that, is it limiting? Of course but what choice is there?
The old boot theory goes like this.
You work hard and can either pay for:
1. A cheap pair of boots that will last a short while and probably hurt you in the long run.
2. The nice boots that cost more but will last LONGER and let you work more with less foot pain.
If you're broke, the idea is that spending money on assets or things that will benefit you in the long run is difficult to see or choose in the moment. Why put myself further into debt if I don't need to? But the boot theory no longer literally applies. I can go to Walmart, buy a cheap pair of $20 boots, modify them with sole inserts and bam I have good working boots since I work in IT and don't need Redwings since I don't do construction that often. But when I do... I can use my cheap ones that will last a long time, because I will not be on my feet all day like a real construction worker. Therefore my options are...
1. A cheap pair of boots I will only use a few times for around the house projects, then toss when I no longer have room for them.
2. The nice boots I will only use a few times for around the house projects, then feel bad when I toss when I no longer have room for them.
I've discussed scenarios with my peers and we disagree on when this applies. So everyone is clearly different. Don't listen to me, but determine your actual "needs" I've seen so many Doc Martens at the thrift store barely used. I've actually purchased a $120 pair of Doc's for my daily non-work use and yes I can say I've gotten my money's worth but to each their own. Sometimes you have to buy the cheapest thing, and sometimes you need the more expensive one. I've gifted a pair of Redwings to my in-law since he DOES need them. I would never buy that for myself so it goes to show, we don't all need the same thing, but we all do need to think about how we're making these choices.
And lastly let's look at the other side of the coin, even if you are broke and you NEED the boots because you work in construction, you should buy them even on credit, because doing that will save you money and pain in the long run. We have a small cheat code not available in the past, easy credit, so long as it's used for those needs. We're meant to abuse that cheap code and in today's world of commercialism, we're told we need the best. But really we don't. Cheat codes are fun when used sparingly, not abused.
And yet, we're also constantly told that buying cheap stuff will cost more in the long run, but realistically.... Being broke already does that. We pay more for transportation, food, housing and travel compared to rich folk. While they can live for free in their homes because all their rentals cover the mortgage. We pay more. While they travel in new cars because fuel economy is better, we pay to repair our daily junker. The boot theory no longer applies because we're born with cheap boots. So when you start at that disadvantage, moving onto new boots is harder and takes longer. Understanding that disadvantage is something that people with nice boots struggle with, because it's easy for them to save. And being broke means we need to spend more in order to save less. If that makes sense.
