Originally Posted by MDJO
I follow my dad's advice about houses. When I asked him why we did not have a bigger house when I was a kid. He said, "Son, you can't eat your house."
Dad would be upset with my spending.
But then again, I make a lot more than Dad did, thanks to him pushing me to go to college and expecting me to be successful, and I think he would be proud of what I've accomplished.
My current plan is to build the nest egg to $1.5 M over the next two years and then re-assess. I hope it will be enough for me to hang up my current spikes at age 59 and play a lot of golf. I want to do volunteer work, work on my physical fitness, and travel to visit friends and family I have not seen for many years. If I feel good about the job, I may stick it out a little longer and go for $2M.
I liked your dad's answer about the house. But, alas, in the modern times many people were 'eating' their houses so to speak and in the end many of such people are stuggling to put that roof back on their house (meaning that they're going through hell to get modications on their mortgages) or got foreclosed.
Have you decided to remain in your current position or move to your friend's co.? Just curious
Another note. Don't wait until retirement to 'work on your physical fitness'. It's an ongoing process.
With regards to your current spending, I do think it needs some "fat trimming", but as I'm reading S.Burns & L.Kotlikoff's book "Spend till the End", it seems that you are enjoying your life now and that's good. I just began to read the book, so I cannot decide whether it's good to recommend or not. I myself don't know where I fit yet: as an oversaver or just over an edge to become one, according to the authors.