Using a shaving cream pie to prank someone is dangerous. My friend almost had to get an ambulance after someone surprised him and he gasped, inhaling some of the menthol cream.
I'll give you seven reasons why one in 10 American families actually uses self storage: (1) Marriage (two households becoming one) (2) Divorce (one large household going to two smaller households) (3) Retirment (downsizing - saving things the kids might want someday) (4) Death (Grandma departs and there is a need to preserve certain items) (5) College (avoid hauling things back and forth) (6) Military deployment, and (7) Businesses use self storage as a short-term warehouse and for regular supplies, inventory, etc. Some people buy things they intend to hold onto but do not need every day... 100 million families using self storage proves, I'm closer to the truth than you are. Mike Scanlon, President, Self Storage Association, Alexandria, VA www.selfstorage.org
I appreciate your comments, but you make several assumptions: (1) that I've never rented a storage unit, or that I would need to have rented a storage unit in order to have an opinion (2) that an industry is valid simply because it's existed for decades (3) that I'm suggesting any un-stored items should go in a landfill. Your example of the life circumstances that warrant temporary storage (military transfer, foreclosure/eviction, etc) were all mentioned in the article as quite valid reasons when storage may be necessary.
In these times of economic struggle, it really is wiser to set 60% of one’s money aside for saving in a bank and making everything else fit in the 40%. Tom’s story in your “Don’t bet the farm” advice is saddening, and it could totally have been avoided. If he was looking to get a bit more profit, it probably would have been wiser to upgrade his current branch first before he built a new one somewhere else along the way. He would have risked a lot less, and would have had a lot more to keep away in his bank account.
Extreme gear is definitely something you don't want to buy cheaply. If you're out in extreme weather you don't want to be worrying about if your stuff is going to withstand it. The other thing you shouldn't buy cheaply; a mattress. You never know where a second hand mattress has been or how long its been used. Buying a new mattress is an essential big purchase when you need one.
Haha some of these are pretty funny. I think I had one of each. My Dad was all about using our funds to live life to the fullest, where my mom would be the one stuffing her purse with snacks from home to go see a movie! I think when I have kids I'll try to teach them to find a balance. Be frugal for most of the time, but don't give up life's little pleasures by worrying about money too much-its not like you can bring it with you in the ground!
Give the author credit for finding "seven reasons why self storage is a bad idea", it would have been fun to see a top ten list. Having never rented a storage unit is he reallly qualified to make opinions about a 33 year old industry that supports the dynamic American life style? In 2010, over 1 million homes went into bank foreclosure, where do families put their furniture and belongings when they have to move into an apartment? Where do the 2.4 million millitary service people keep their things when they get moved around? Where should 19.7 million college students store their stuff in the summer? Where do entrepreneurs find a space to store their tools? Where could a Mom keep inventory for a home based eBay business? Where do you store your parents things when they are ready for a nursing home? Where do I keep your snowboard in the summer, my lawnmower in the winter? What if I can afford a motorcycle, but I live in an apartment? Why should we live in the greatest country in the world, with the freedom to do whatever you want with your money, but, live like a frugal minimalist, constantly purging your belongings into the overflowing landfills?
I too believe that the value of stored objects declines drastically. It is not worth storing items in storage units for long due to the depreciating value if items stored and exorbitant expenses involved. However, I don’t agree on the security issue. Not all storage units lack adequate security. Most of them have CCTV cameras, fire alarms and other security systems in place.
I personally keep my emergency fund and my youngest daughter's college savings in an online high-yield account. There is not enough money in my youngest daughter's savings yet to invest, so when there is enough it will be invested. I know interest rates are extremely low right now, but the interest still grows regardless. (Interest is "free" money after all.)
As far as my emergency fund goes, the same goes for the interest, plus it takes 2 days to transfer funds to my brick-and-mortar checking, so it's unlikely to be spent on something that's not a true emergency.
What an excellent article. It seems virtually every point you mention could fill a book with the importance of spending more time. We all tend to get so focused on "living" our lives that we forget to enjoy our lives.
I love the idea of challenging your beliefs as this could help us collectively in humanity, but also allow people to stretch their minds to explore ideas from a different perspective. This is great insight I'd love to see more people bring into daily practice. You've inspired me to write about this now.
As for dreams, I cannot think of anything I'd love to see everyone spend more time chasing. It does not require abandoning all you know today, but simply taking the first step and remaining committed. Have changed my life to live my dream it is something I'd love for everyone to be able to achieve.
Thanks for the tips! This reminds me to get all those receipts out of there. I'm so used to just sticking them straight into my wallet and never really thought about the risks.
I enjoyed having friends over back in the 70's and 80's for dinner. Yes, I was frugal that long ago. Only we did mini meals while playing cards. Or pick foods we were not familiar with and cook it together, i.e. one lobster tail, a pound of crab legs, etc. It was fun..
When I had kids I discovered seasonal children's consignment sales - and then started one of my own! Not only do I get to shop first for what my kids need, but I get 40% back into the business!
To save even more $$$, you should stay in a condo, particularly on the "outer islands" [Maui, Kauai & the Big Island].
You'll get more room for the price and be able to cook occasionally -- although don't deprive yourself of some really good foods here, esp. fresh pineapple & other tropical fruits.
This post and subsequent debate has been a fun read, with excellent observations on both sides. Brian S. does make a good point on how self storage could be such an expanding industry if it was in fact largely detrimental.
One could argue that casinos are detrimental, too, yet their abuse by compulsive gamblers does not outweigh their entertainment value to those who use them wisely.
Brian, you make some good points. But I think that Americans often embrace habits and strategies even when they jeopardize us financially (5-year car loans and zero-down mortgages come to mind). I wish I had as much confidence that the overwhelming majority of self-storers were driven by purely practical considerations. Maybe it's simply a different definition of 'practical'.
Using a shaving cream pie to prank someone is dangerous. My friend almost had to get an ambulance after someone surprised him and he gasped, inhaling some of the menthol cream.
You're welcome!
Thanks so much for including our article!
my son is only 2 so we didnt do any back to school shopping :)
I'll give you seven reasons why one in 10 American families actually uses self storage: (1) Marriage (two households becoming one) (2) Divorce (one large household going to two smaller households) (3) Retirment (downsizing - saving things the kids might want someday) (4) Death (Grandma departs and there is a need to preserve certain items) (5) College (avoid hauling things back and forth) (6) Military deployment, and (7) Businesses use self storage as a short-term warehouse and for regular supplies, inventory, etc. Some people buy things they intend to hold onto but do not need every day... 100 million families using self storage proves, I'm closer to the truth than you are. Mike Scanlon, President, Self Storage Association, Alexandria, VA www.selfstorage.org
Thanks for your perspective. I especially like the idea of sequestering the emergency fund so it's less convenient to tap into.
I appreciate your comments, but you make several assumptions: (1) that I've never rented a storage unit, or that I would need to have rented a storage unit in order to have an opinion (2) that an industry is valid simply because it's existed for decades (3) that I'm suggesting any un-stored items should go in a landfill. Your example of the life circumstances that warrant temporary storage (military transfer, foreclosure/eviction, etc) were all mentioned in the article as quite valid reasons when storage may be necessary.
In these times of economic struggle, it really is wiser to set 60% of one’s money aside for saving in a bank and making everything else fit in the 40%. Tom’s story in your “Don’t bet the farm” advice is saddening, and it could totally have been avoided. If he was looking to get a bit more profit, it probably would have been wiser to upgrade his current branch first before he built a new one somewhere else along the way. He would have risked a lot less, and would have had a lot more to keep away in his bank account.
Extreme gear is definitely something you don't want to buy cheaply. If you're out in extreme weather you don't want to be worrying about if your stuff is going to withstand it. The other thing you shouldn't buy cheaply; a mattress. You never know where a second hand mattress has been or how long its been used. Buying a new mattress is an essential big purchase when you need one.
Haha some of these are pretty funny. I think I had one of each. My Dad was all about using our funds to live life to the fullest, where my mom would be the one stuffing her purse with snacks from home to go see a movie! I think when I have kids I'll try to teach them to find a balance. Be frugal for most of the time, but don't give up life's little pleasures by worrying about money too much-its not like you can bring it with you in the ground!
I think Kentin Waits missed the most important sign:
1) Your car has not been repossessed and your house is not in foreclosure.
Give the author credit for finding "seven reasons why self storage is a bad idea", it would have been fun to see a top ten list. Having never rented a storage unit is he reallly qualified to make opinions about a 33 year old industry that supports the dynamic American life style? In 2010, over 1 million homes went into bank foreclosure, where do families put their furniture and belongings when they have to move into an apartment? Where do the 2.4 million millitary service people keep their things when they get moved around? Where should 19.7 million college students store their stuff in the summer? Where do entrepreneurs find a space to store their tools? Where could a Mom keep inventory for a home based eBay business? Where do you store your parents things when they are ready for a nursing home? Where do I keep your snowboard in the summer, my lawnmower in the winter? What if I can afford a motorcycle, but I live in an apartment? Why should we live in the greatest country in the world, with the freedom to do whatever you want with your money, but, live like a frugal minimalist, constantly purging your belongings into the overflowing landfills?
I too believe that the value of stored objects declines drastically. It is not worth storing items in storage units for long due to the depreciating value if items stored and exorbitant expenses involved. However, I don’t agree on the security issue. Not all storage units lack adequate security. Most of them have CCTV cameras, fire alarms and other security systems in place.
I personally keep my emergency fund and my youngest daughter's college savings in an online high-yield account. There is not enough money in my youngest daughter's savings yet to invest, so when there is enough it will be invested. I know interest rates are extremely low right now, but the interest still grows regardless. (Interest is "free" money after all.)
As far as my emergency fund goes, the same goes for the interest, plus it takes 2 days to transfer funds to my brick-and-mortar checking, so it's unlikely to be spent on something that's not a true emergency.
Great tips! I never heard about these things except the nail polish, toothpaste, and toothbrush. Thanks for sharing!
What an excellent article. It seems virtually every point you mention could fill a book with the importance of spending more time. We all tend to get so focused on "living" our lives that we forget to enjoy our lives.
I love the idea of challenging your beliefs as this could help us collectively in humanity, but also allow people to stretch their minds to explore ideas from a different perspective. This is great insight I'd love to see more people bring into daily practice. You've inspired me to write about this now.
As for dreams, I cannot think of anything I'd love to see everyone spend more time chasing. It does not require abandoning all you know today, but simply taking the first step and remaining committed. Have changed my life to live my dream it is something I'd love for everyone to be able to achieve.
Thanks for the tips! This reminds me to get all those receipts out of there. I'm so used to just sticking them straight into my wallet and never really thought about the risks.
I enjoyed having friends over back in the 70's and 80's for dinner. Yes, I was frugal that long ago. Only we did mini meals while playing cards. Or pick foods we were not familiar with and cook it together, i.e. one lobster tail, a pound of crab legs, etc. It was fun..
When I had kids I discovered seasonal children's consignment sales - and then started one of my own! Not only do I get to shop first for what my kids need, but I get 40% back into the business!
Made our list way in advance then hit the stores on Tax Free weekend in NC. Shoes were our most expensive purchases.
I am finding ants in my dishwasher even tho I rinse the dishes before I put them in. I am going to try the white vinegar trick. Thanks for the tips
To save even more $$$, you should stay in a condo, particularly on the "outer islands" [Maui, Kauai & the Big Island].
You'll get more room for the price and be able to cook occasionally -- although don't deprive yourself of some really good foods here, esp. fresh pineapple & other tropical fruits.
And several islands have Costco.
This post and subsequent debate has been a fun read, with excellent observations on both sides. Brian S. does make a good point on how self storage could be such an expanding industry if it was in fact largely detrimental.
One could argue that casinos are detrimental, too, yet their abuse by compulsive gamblers does not outweigh their entertainment value to those who use them wisely.
Brian, you make some good points. But I think that Americans often embrace habits and strategies even when they jeopardize us financially (5-year car loans and zero-down mortgages come to mind). I wish I had as much confidence that the overwhelming majority of self-storers were driven by purely practical considerations. Maybe it's simply a different definition of 'practical'.
Thanks Ashley for all the ideas and for sharing essentials things for your dorm room.