$360 flip-flops

[disneysteve]

We were at a mall a couple of weeks ago while out of town and just for fun, we went into Nordstroms. My daughter had never been there. We walked through the shoe department among other things and there was a pair of Prada flip-flops. I swear they were very plain, simple flip-flops like you would get at Target or Wal-Mart with gray rubber bottoms. The only difference was that the strap was leather. They were $360. I'm sorry but you have to be a special kind of stupid to spend $360 on a $15 pair of flip-flops.

[bjl584]

That's just stupid.

[coach2wealth]

The funny thing is most people buying products like this aren't in very good shape financially. They may have great incomes, but they very little in the way of appreciating or income earning assets. Unfortunately, it is the way most of us have been programmed to behave with money.

I was a victim. I thank God that I had people speak truth into my life and turn me around. I'm doing what I can to help others do the same.

[disneysteve]

The funny thing is most people buying products like this aren't in very good shape financially. They may have great incomes, but they very little in the way of appreciating or income earning assets.

That is so true. Look at all of the stories we hear about celebrities going bankrupt or having tax issues, lottery winners bouncing checks, etc. People always think that if they earned more, their financial problems would go away. In reality, it isn't their income that is the problem but rather their spending habits.

[snshijuptr]

$15! Old Navy sold flip flops the other weekend for $1 each then this last weekend $2 each. Better be nice flip flops for $15 (I am just going to ignore the other price before my poor head explodes).

[disneysteve]

$15! Old Navy sold flip flops the other weekend for $1 each then this last weekend $2 each. Better be nice flip flops for $15 (I am just going to ignore the other price before my poor head explodes).

I was being generous saying $15. I'm sure I've never paid that much for a pair.

You probably want to stay out of Nordstroms if your head is prone to exploding.

[Bluezy]

There will always be a market for high end items because there will always be goofy status seekers to buy them. People I know that came from families of "old money" wouldn't buy such a thing. Target sells a good flip flop with all the bells and whistles for $7.00 and they last a long time.

[terces]

The funny thing is most people buying products like this aren't in very good shape financially.

This always come to mind when I'm sitting in my college class. I'm one of those older returning students. And I see every young college kid with the latest greatest phone and all the gadgets. Do they really need it? Probably not.

Shoot some of my 13 years old son's friends have fancy phones than me. What are the parents teaching them?

[disneysteve]

This always come to mind when I'm sitting in my college class. I'm one of those older returning students. And I see every young college kid with the latest greatest phone and all the gadgets. Do they really need it? Probably not.

Shoot some of my 13 years old son's friends have fancy phones than me. What are the parents teaching them?

I often have the same thought, but one thing to keep in mind here is that gadgets have gotten cheaper and cheaper and cheaper. The kid with the phone fancier than the one you got a year or two ago might not have spent any more than you did because prices have dropped that much in a short time.

The other thing, as we always discuss here, is priorities. My daughter has a good phone (it was $19). She has a Dell netbook computer (she paid for with gift money). She has a couple of other splurge type of items - some she paid for, some were gifts. But that's about it. She otherwise is not a spender. She doesn't buy a lot of clothes, doesn't go to concerts, buys music online but only when she receives an iTunes gift card and even then, the credit may sit in the account for months until she finds songs she really wants. So someone just looking at her with her computer, phone, Nintendo DS, etc, may think she blows a lot of money on that stuff (or that we do for her) and it really wouldn't be an accurate assumption.

[mandyjune]

Well I guess for the not so average consumer who buys thousand dollar shoes that $350 might not be too out of their price range either. Still a stupid purchase if you ask me. It's just a fairly relative thing to consider because not all of our bank accounts are the same. Billionaires would not consider a couple hundred "too much" for a pair of flip flops.

[disneysteve]

It's just a fairly relative thing to consider because not all of our bank accounts are the same. Billionaires would not consider a couple hundred "too much" for a pair of flip flops.

You raise an interesting point, but I still disagree. Have you read "The Millionaire Next Door"? One thing that is crystal clear in that book is that the typical millionaire got that way because they lived well below their means. They didn't buy things just because they could. I'll bet that if you spoke to Warren Buffet and asked if he would buy $360 flip-flops he would tell you that would be insane. As I recall, in the book, they say that the typical millionaire has never spent more than $100 on a wristwatch. That means the folks out there buying Rolexes and other high end watches are not wealthy. They are just trying to look wealthy.

[mandyjune]

Steve, I totally agree with you. I don't think that $360 flip flops are okay in any respect but for those who are on a seemingly limitless budget, $360 may not be "too much." And in Los Angeles, you see a young guy in a Porsche and chances are he probably rents that Porsche. Looks can be deceiving like in the millionaire next door.

[dmontngrey]

Eek... and here I was thinking I was being extravagant spending $10 each on two pair of marked down Teva flip flops. I'll tell ya though - BEST flip flops I've ever seen. So light weight, yet sturdy. I'll be shocked if I ever destroy these. I'm sure those $360 flip flops would not last as long as my Teva flip flops. Not in my life!

[Snodog]

I myself am saving up for a Golden Opulence Sundae. Would buying one on credit be a bad move?

[SnoopyCool]

That is one fancy sundae!