A real quandary....how to spend it all

[Col. Klink]

Hire others to do anything you or the DW don't like to do.... landscaper, cleaning service, etc. Just had my home professionally cleaned - the carpets, upholstery, and tile floors. Worth every penny watching it being done from out in our lanai while drinking tea with the DW.

Happy wife, Happy life!

 

[davebarnes]

Some travel experiences do not need a lot of money.
Looking for a place to stay to visit the Guggenheim Museum in Bilbao, I discovered an agroturismo just outside of town.

More ways to spend money in Bilbao.
Lunch - https://www.yelp.com/biz/laidatxu-bilbo
Funicular to park overlooking the city - https://www.yelp.com/biz/funicular-de-artxanda-bilbao-3
Dinner (not pintxos) - https://www.yelp.com/biz/amarena-bilbao
Dinner or pintxos - https://www.yelp.com/biz/la-olla-bilbao-2

 

[NW-Bound]

More ways to spend money in Bilbao.
Lunch - https://www.yelp.com/biz/laidatxu-bilbo
Funicular to park overlooking the city - https://www.yelp.com/biz/funicular-de-artxanda-bilbao-3
Dinner (not pintxos) - https://www.yelp.com/biz/amarena-bilbao
Dinner or pintxos - https://www.yelp.com/biz/la-olla-bilbao-2

And these still do not bankrupt you, or drive up your WR.

 

[FANOFJESUS]

Ok....we have a quandary
We saved our whole lives and lived beneath our means and retired early 50s. Now...how do we spend it all?
We own our house
We do need a new vehicle so that will be done
But how do we break this tightwad mentality and how HOW can we spend it all?
We like to travel and will but we enjoy doing I “on the cheap”.

Help!

What kind of dough are we talking about? 1M or 10M

 

[Mdlerth]

The tool can sit in the toolbox until it's needed

Ok....we have a quandary
We saved our whole lives and lived beneath our means and retired early 50s. Now...how do we spend it all?

Don't.

Perhaps your real quandary isn't an absence of things on which to spend it all, it's that you appear to feel pressured to spend it all.

Consider that your financial independence should be insulating you from outside pressures, not sensitizing you to them.

Consider where that spending pressure is coming from. Madison Avenue? The Joneses next door? The Blow That Dough threads? Put them all on Ignore.

Consider also that, even during the accumulation years, the money itself was never The Goal. It was always just a tool to help you reach your True Goal of freedom/security/flexibility/comfort/wanderlust/etc.

So now that you're in a position to savor whatever those True Goals were, immerse yourself in them and disregard whatever pressure is driving you to think spending is the answer. It isn't.

 

[The Cosmic Avenger]

Or a horse.

Trust me, a horse can definitely cure you of the problem of having too much money!

But seriously, I would urge you to try the things you can afford but don't feel you need, the kinds of things people have already mentioned -- business class travel, expensive foods, upgrades to the house. Just find one thing you already like and try an upgrade to what you're used to. You don't need to spend down everything you have, but you certainly have earned the right to keep it from piling up, so to speak!

And if you're looking for advice on blowing a lot of dough on whisky...actually, I can't help you there. I've tried some expensive (at least five digits per bottle) single malt scotches, and to be honest, I could tell the difference, but they didn't taste 100 times better than my current favorites, which I can usually pick up when they go on sale for $50-100 per bottle. (Johnnie Walker Green Label, which I think is better than the Blue Label, Glenmorangie Ealanta and Milsean, and Ardbeg Uigeadail.)

 

[gwraigty]

Don't.

Perhaps your real quandary isn't an absence of things on which to spend it all, it's that you appear to feel pressured to spend it all.

Consider that your financial independence should be insulating you from outside pressures, not sensitizing you to them.

Consider where that spending pressure is coming from. Madison Avenue? The Joneses next door? The Blow That Dough threads? Put them all on Ignore.

Consider also that, even during the accumulation years, the money itself was never The Goal. It was always just a tool to help you reach your True Goal of freedom/security/flexibility/comfort/wanderlust/etc.

So now that you're in a position to savor whatever those True Goals were, immerse yourself in them and disregard whatever pressure is driving you to think spending is the answer. It isn't.

+1 to all of the above.

 

[Chuckanut]

We like to travel and will but we enjoy doing I “on the cheap”.

Help!

There's your answer. Travel to where you want and do it cheaply. Since you enjoy that, do it. FWIW, traveling cheaply is often the best way to see more and enjoy more. Picnic if the weather is nice. In Germany I lived off of $3 sandwiches. In Turkey it was $2 gyros. In Italy, it was a panino and wine for about $6. Wander three blocks away from the tourist center and save 20-50% on food and drink.

Just don't be to cheap and waste your travel time. Since you can afford it get a room near the places you will visit. Take a cab if it wills save you time and energy walking through uninteresting sections of town. Buy the Metro pass and hop on and off buses and trains at will without having to worry about individual tickets. Put more value on your traveling time than the money. After all you can afford it.

 

[RobbieB]

Hey, I'm the "blow that dough" guy and I'm not going to spend it all

Just more than before. Better food, better booze, first class air, jacuzzi suites -

Go out tomorrow and enjoy a $50 lunch!

 

[Aerides]

What do you enjoy most? Start upgrading there.

For example, yes, there's fun in having a good trip that's cheap, but there's a hidden luxury in spending more on travel:
Direct convenient flights/upgraded seats - you arrive faster, save time, and arrive at your destination more rested.
Better hotels - usually are in better locations, have nicer amenities, restaurants, services, views, vs. cheaper ones. If your hotel is $100 more, chances are it is closer to the places you are there to see, and you'll save an hour per day while on your vacation vs. staying out of the peak area

If it's food/cooking, upgrade your cuts, try the gourmet shops, get nicer knives and cookware.

Spending more willy-nilly isn't a smart way to go, but spending more on things you love to get back time and value, experiences, etc., almost always is worth it.

 

[Souschef]

What do you enjoy most? Start upgrading there.

For example, yes, there's fun in having a good trip that's cheap, but there's a hidden luxury in spending more on travel:
Direct convenient flights/upgraded seats - you arrive faster, save time, and arrive at your destination more rested.
Better hotels - usually are in better locations, have nicer amenities, restaurants, services, views, vs. cheaper ones. If your hotel is $100 more, chances are it is closer to the places you are there to see, and you'll save an hour per day while on your vacation vs. staying out of the peak area

If it's food/cooking, upgrade your cuts, try the gourmet shops, get nicer knives and cookware.

Spending more willy-nilly isn't a smart way to go, but spending more on things you love to get back time and value, experiences, etc., almost always is worth it.

+100! Well said!

 

[haha]

Ok....we have a quandary
We saved our whole lives and lived beneath our means and retired early 50s. Now...how do we spend it all?
We own our house
We do need a new vehicle so that will be done
But how do we break this tightwad mentality and how HOW can we spend it all?
We like to travel and will but we enjoy doing I “on the cheap”.

Help!

Definitely a quandary, in some make-believe world.

I interpret posts like this as meaning that we are due for some real crap to be upset about, so we don't have to work so hard to make something up.

A recession and stock market crash might fit the bill perfectly.

Ha

 

[NW-Bound]

What do you enjoy most? Start upgrading there...

I am going to get a short-term lease car for my Europe upcoming trip. I did that a couple of years ago for a 6,000-km trek, and will do that again. A brand new car that will be registered and insured in my name. Full insurance coverage, with no deductible. Cheap enough for peace of mind. And autotransmission, although I can drive stickshift. Parallel parking in congested places is hard enough without being busy with the clutch and stick to go back and forth to gain a few inches at a time.

Will try to avoid traffic tickets, so that they will not have to mail them to the owner address in the Europe registration database as they did last time: NW-Bound in AZ, France.

 

[NW-Bound]

Definitely a quandary, in some make-believe world.

I interpret posts like this as meaning that we are due for some real crap to be upset about, so we don't have to work so hard to make something up.

A recession and stock market crash might fit the bill perfectly.

Ha

Yes. When there's no excess money, there goes the need to stay up nights finding a way to "blow" it.

 

[daylatedollarshort]

Support your local arts and culture community by paying for events, subscriptions, annual memberships, etc. It is a bit of giving back to your local community as well as spending it on yourself every time you attend events like a regional play, college play, symphony orchestra, hike at a park or visit a local museum, winery or botanical garden.

 

[HI Bill]

I'm reading Ernie Zelinski's book, How to Retire Wild, Happy and Free. Focus on finding something that will increase your happiness, satisfaction with life. Use it to hire a personal trainer if you need to get in shape. Buy a new mountain bike if it will help you get/stay fit. Travel. Whatever it is that can give your life more meaning. Don't waste it on frivilous things whose shininess will fade in a few days, or will get thrown in the closet. Don't buy a boat, unless you live for boating. Upgrade the level of your dining out if you love to eat out. Upgrade the home theater if you love to watch movies at home.

We can't really guess what would be best for you. If it were someone else's money, and you were going to lose it if you didn't spend it, how would you spend it?

 

[googily]

I just mapped out a week-long road trip to take this summer, through what will be some heavily visited areas, and initially blanched a bit at the hotel prices. But it's basically $100 more each night, which will not bankrupt me, and are in great locations with great views and will make me feel safe and content. It's not like buying a boat [emoji16], but this money has piled up (plus I'm still working) and I am going to do my darndest to spend it in ways that are satisfying.

 

[robnplunder]

I does not have to be "real" and/or "quandary." Just spend what you want to spend as long as FireCalc says 100%.

 

[NW-Bound]

I does not have to be "real" and/or "quandary." Just spend what you want to spend as long as FireCalc says 100%.

Yes.

If what I spend is less than that 100% WR and I am happy enough, can I stop there, or do I have to keep spending more?

 

[kitesurfer2]

even though saved my entire life, always doing the last years models , doing without mostly I still have problems spending money--mostly. but, with RMD's starting in 4 years of about $1200 a month , I realized I am never spend it all. I would never spend $3500 on a guitar or huge money like a vette, but let me tell you those two things pay dividends in my retirement enjoyment.

 

[NW-Bound]

I splurged with buying my 2nd home in 2005. I could have a lot more money if I did not do that.

But that big splurge satiated my desire to spend, and I do not wish for more stuff anymore.

 

[pacergal]

OP-- realize you don't have to "spend it all", and its prudent not too, as you don't know what end of life care you might need.
DH and I started by flying first class and upgrading hotels. That was an eyeopener on costs, but the benefit had been worth it regards to comfort.
Spend a little more on something that you want for now. The rest will come in time. Retirement is all about being able to live your life the way you want. If you don't want to spend more money, you don't have too.

You never know what the future holds. We have been able to help both of our kids this past year financially on things that were beyond their control. It felt good to be able to do that, but it wasn't in our plans at the time. And it has not affected our retirement plans.

 

[athena53]

I also over-saved and it's not a bad problem to have. I agree with the people who have said it brings peace of mind and a sense of security. Nothing wrong with that. You also have many years till Medicare so health care costs are an uncertainty. Even if you have some sort of retiree coverage it can be taken away unless it's protected by some sort of union contract; it happened to my brother. They just stopped providing it as of 1/1/18. Now he and DSIL are paying $20K+/year for health insurance.

I travel and I now fly Business Class on long hauls. I still get many of my meals from local grocery stores and have "discovered" Airbnb for cheaper accommodations. I'm perfectly happy making my own coffee in the mornings.

I've been consistently donating about 15% of my AGI to charity, mostly to my church. There are many members who aren't as blessed and love this church community. Keeping the lights on and the parking lot plowed isn't glamorous but it helps with attendance!

You're in a great position and there's no need to give in to the pressure of the marketers and buy stuff you don't need. If you die with money left over, think of what charities are important to you.

 

[athena53]

Two other thoughts (can't edit my original post):

First, "upgraded" travel may be imposed on you as you get older. My husband was 15 years older and although he was a wonderful travel companion, at one point it became just too much for him to get back to normal after a long-haul in Coach. (He was over 6 feet tall and had back problems, which didn't help). We also booked hotels closer to the action, sometimes bypassed public transportation to and from the airport if it meant multiple train, bus or subway changes, etc. So, have some reserves for those changes as your body gets older.

Second- you have the luxury of making purchases that reflect your values. You don't have to buy the cheapest thing made in a country with poor working conditions, or questionable track records on pollution, human rights, etc. If you do a search on "---- Made in USA" you can find many things made right here, including clothing and boots. Other items may be made in Europe. Bonus: they're typically more durable and thus don't get thrown into landfills and replaced as often. I don't buy a lot but when I do it's not at Wal-Mart.

 

[Dawg52]

I splurged with buying my 2nd home in 2005. I could have a lot more money if I did not do that.

But that big splurge satiated my desire to spend, and I do not wish for more stuff anymore.

Similar for me. Bought a vacation condo in 2014. Not wanting more stuff either which is a good thing as condo fees and assessments eliminates the desire to blough more dough. Ha.