Comments on: Saudi Families Overspend http://xrdarabia.org/2010/03/09/saudi-families-overspend/ Informed comment and commentary about Saudi Arabia, reform, and its relations with the US Sun, 12 Feb 2012 20:04:40 +0000 hourly 1 http://wordpress.org/?v=3.3.1 By: John Burgess http://xrdarabia.org/2010/03/09/saudi-families-overspend/comment-page-1/#comment-29171 John Burgess Wed, 10 Mar 2010 12:27:47 +0000 http://xrdarabia.org/?p=9886#comment-29171 I think that every culture has certain 'occasions of financial sin': Weddings, 'Coming Out' parties, Quinceanera, Mahr, etc. But as you say, keeping up with the Joneses seems to be pretty commonly spread throughout cultures. I think that every culture has certain ‘occasions of financial sin’: Weddings, ‘Coming Out’ parties, Quinceanera, Mahr, etc. But as you say, keeping up with the Joneses seems to be pretty commonly spread throughout cultures.

]]> By: Qusay http://xrdarabia.org/2010/03/09/saudi-families-overspend/comment-page-1/#comment-29166 Qusay Wed, 10 Mar 2010 08:37:22 +0000 http://xrdarabia.org/?p=9886#comment-29166 Everyone seems to overspend, a friend of mine from the Philippines told me about the yearly fiestas that they have and everyone wants to be like or better than The Joneses, and they spend what they make that year to impress. If people did not spend too much then rich dad poor dad, or how to be a millionaire in x amount of days would not be best sellers. But yes, people in Saudi live on the edge, and with all the new restaurants, private schools, new gadgets, etc etc... it is very hard to stay within a budget. Everyone seems to overspend, a friend of mine from the Philippines told me about the yearly fiestas that they have and everyone wants to be like or better than The Joneses, and they spend what they make that year to impress.

If people did not spend too much then rich dad poor dad, or how to be a millionaire in x amount of days would not be best sellers.

But yes, people in Saudi live on the edge, and with all the new restaurants, private schools, new gadgets, etc etc… it is very hard to stay within a budget.

]]> By: Chiara http://xrdarabia.org/2010/03/09/saudi-families-overspend/comment-page-1/#comment-29162 Chiara Wed, 10 Mar 2010 06:19:12 +0000 http://xrdarabia.org/?p=9886#comment-29162 hatim alsuhaibani--thank you for the clarification. It is common that people do function with high debt loads as has been seen in the US recently. Your explanation is much more heartening. hatim alsuhaibani–thank you for the clarification. It is common that people do function with high debt loads as has been seen in the US recently. Your explanation is much more heartening.

]]> By: John Burgess http://xrdarabia.org/2010/03/09/saudi-families-overspend/comment-page-1/#comment-29161 John Burgess Wed, 10 Mar 2010 04:46:55 +0000 http://xrdarabia.org/?p=9886#comment-29161 Thanks for the clarification. I went by what Arab News reported. Actually, there are a lot of very over-extended Saudis. That's what made the piece believable as printed. Thanks for the clarification. I went by what Arab News reported.

Actually, there are a lot of very over-extended Saudis. That’s what made the piece believable as printed.

]]> By: hatim alsuhaibani http://xrdarabia.org/2010/03/09/saudi-families-overspend/comment-page-1/#comment-29160 hatim alsuhaibani Wed, 10 Mar 2010 04:37:19 +0000 http://xrdarabia.org/?p=9886#comment-29160 with all due respect, the Kuwaiti "Dr" is not an economist and he is actually a family-related knowledgeable guy. also you, and arabnews, misquoted him and misunderstand the message. he meant that spending increased by 181% which doesn't mean overspending always. may be 10 years ago saudis used to spend 100 riyals but now spend 262 riyals. if saudis spend twice what they earn then all people would be in debt. arabnews needs to learn math again with all due respect, the Kuwaiti “Dr” is not an economist and he is actually a family-related knowledgeable guy.
also you, and arabnews, misquoted him and misunderstand the message.
he meant that spending increased by 181% which doesn’t mean overspending always. may be 10 years ago saudis used to spend 100 riyals but now spend 262 riyals.
if saudis spend twice what they earn then all people would be in debt.
arabnews needs to learn math again

]]> By: John Burgess http://xrdarabia.org/2010/03/09/saudi-families-overspend/comment-page-1/#comment-29155 John Burgess Wed, 10 Mar 2010 03:05:16 +0000 http://xrdarabia.org/?p=9886#comment-29155 Well, I think there are a lot of different 'human factors' at play. Sudden wealth tends to make people go a bit crazy as they don't have any real habit of conservation or savings. It's reported that nearly all lottery winners who take their winnings in cash (rather than as an annuity) end up blowing the whole thing within a year or two. I suspect that that plays out similarly for Saudis and every other group. Well, I think there are a lot of different ‘human factors’ at play. Sudden wealth tends to make people go a bit crazy as they don’t have any real habit of conservation or savings. It’s reported that nearly all lottery winners who take their winnings in cash (rather than as an annuity) end up blowing the whole thing within a year or two. I suspect that that plays out similarly for Saudis and every other group.

]]> By: Chiara http://xrdarabia.org/2010/03/09/saudi-families-overspend/comment-page-1/#comment-29154 Chiara Wed, 10 Mar 2010 02:59:28 +0000 http://xrdarabia.org/?p=9886#comment-29154 Hmmmm consumer societies tend to have this problem, eg the US has high rates of personal debt on credit cards, overdrafts etc. So has new wealth (in historic terms) brought new bad habits of consumerism? or is something else at play? Hmmmm consumer societies tend to have this problem, eg the US has high rates of personal debt on credit cards, overdrafts etc. So has new wealth (in historic terms) brought new bad habits of consumerism? or is something else at play?

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