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12-23-2017, 07:50 AM
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#121
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Thinks s/he gets paid by the post
Join Date: Dec 2009
Location: Alberta/Ontario/ Arizona
Posts: 3,393
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Quote:
Originally Posted by athena53
My plan is that when the market tanks I won't have to decrease my spending.
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Yes, I understand. A reasonably conservative approach. I am currently spending more than ever but when the market tanks I will just go back to spending divs. My divs are rock solid and weren’t cut in 2008-2009.
But I think it also depends on your age. I’m 67,been retired 11 years, and the portfolio is at an all time high. I figure if I don’t enjoy things now, I will soon get to the point where all I will want to do is “sit on the porch” (figuratively). This will likely mean a very large legacy left behind. I certainly don’t mind leaving a good size legacy but not something outrageous.
Getting the balance right between current consumption, risk, and legacy is something I think about a lot. I am very much in the minority here, it seems.
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12-23-2017, 08:10 AM
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#122
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Moderator
Join Date: Feb 2010
Location: Flyover country
Posts: 25,197
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Quote:
Originally Posted by Danmar
Getting the balance right between current consumption, risk, and legacy is something I think about a lot. I am very much in the minority here, it seems.
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Maybe not as much as you think. I'm in the same situation, albeit on a much smaller scale. I'm sure others are as well.
__________________
I thought growing old would take longer.
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12-23-2017, 08:26 AM
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#123
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jul 2006
Location: Pacific latitude 20/49
Posts: 7,677
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Just spent a week in a neighboring state (Nayarit) on the beach for a break from our condo in downtown PV. Yea Baby.
Thinking of buying some ETHER as a flyer given the pullback. Having some fun!
Spending down the principle seems to be far away right now. If not now, when? Does not Firecalc assume that?
(Pas de lieu Rhône que nous. Our French teacher said Pas d'elle yeux Rhone que nous! It took us a while to figure it out!)
__________________
For the fun of it...Keith
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12-23-2017, 08:30 AM
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#124
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Gone but not forgotten
Join Date: Jan 2007
Location: Sarasota,fl.
Posts: 11,447
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Quote:
Originally Posted by Danmar
.
Getting the balance right between current consumption, risk, and legacy is something I think about a lot. I am very much in the minority here, it seems.
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I feel the same way .
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12-23-2017, 09:19 AM
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#125
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Thinks s/he gets paid by the post
Join Date: Dec 2009
Location: Alberta/Ontario/ Arizona
Posts: 3,393
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Quote:
Originally Posted by braumeister
Maybe not as much as you think. I'm in the same situation, albeit on a much smaller scale. I'm sure others are as well.
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Yes, probably. But we seem much more interested in discussing honey glazed hams, cognac, wine, knives, shellfish,iPhones, etc. More fun and easier? Well we do live in a consumer society, I guess.
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12-23-2017, 10:01 AM
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#126
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Dec 2004
Location: the City of Subdued Excitement
Posts: 5,588
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Forget legacy for us. My concern is having enough to cover us for late-in-life medical expenses.
__________________
I have outlived most of the people I don't like and I am working on the rest.
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12-23-2017, 10:17 AM
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#127
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Moderator Emeritus
Join Date: Apr 2011
Location: Conroe, Texas
Posts: 18,642
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Quote:
Originally Posted by Ed_The_Gypsy
Forget legacy for us. My concern is having enough to cover us for late-in-life medical expenses.
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Agreed, the legacy is not as much in my mind as the $45 K I blew this year on dental work. That would have been a nice new pickup truck that I could have used (enjoyed?) and left as part of the legacy.
__________________
*********Go Astros!*********
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12-23-2017, 10:38 AM
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#128
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Moderator Emeritus
Join Date: May 2007
Posts: 12,894
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Quote:
Originally Posted by athena53
My plan is that when the market tanks I won't have to decrease my spending.
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That’s my plan as well. I am only giving myself a 1.35% raise for 2018 (less than the CPI increase for the trailing 12 months). Even if the market dropped 50% tomorrow, my WR would remain well below 4% and I would not have to decrease my spending.
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12-23-2017, 12:01 PM
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#129
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Feb 2013
Posts: 9,358
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I gave myself a $200 a month raise for entertainment earlier in the year but ended up not taking the raise and cutting the entertainment budget by $75 instead. We don't go out less, we just spend less. Over time I just keep finding more and more good deals and ways to save. Last night we went to a ballet performance in the city, walked around the fountains and Christmas lights at Yerba Buena Gardens and had drinks at a roof top bar with pretty city views. For us that was a fun night out so I don't see a need to spend more. The bargain hunting part is half the fun for me.
__________________
Even clouds seem bright and breezy, 'Cause the livin' is free and easy, See the rat race in a new way, Like you're wakin' up to a new day (Dr. Tarr and Professor Fether lyrics, Alan Parsons Project, based on an EA Poe story)
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12-23-2017, 01:28 PM
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#130
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jul 2008
Posts: 35,712
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The market return this year is 6.5x my 2017 expenses. And this year's expenses still included some significant non-recurrent charges that will go away.
So, I should have a lot more discretionary spending, but I do not feel I need anything. Surely, buying a 3rd home will blow that money in a hurry, but I do not want one, so why do I put myself through the hassle?
Quote:
Originally Posted by Danmar
Getting the balance right between current consumption, risk, and legacy is something I think about a lot. I am very much in the minority here, it seems.
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I do think about it, but not a lot. Not yet anyway. Two reasons: 1) I am not that loaded yet, and 2) I am 61 and still have time to think of things I really "want". I must be sure what I spend money on gives me pleasure and not more hassle.
Quote:
Originally Posted by Danmar
Yes, probably. But we seem much more interested in discussing honey glazed hams, cognac, wine, knives, shellfish,iPhones, etc. More fun and easier? Well we do live in a consumer society, I guess.
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Consumables are something we all have to buy. So, it's easiest to upgrade these. It is true that they do not really make a dent. To really blow some dough, one needs another home, or at least a luxury car. I do not have enough for, nor want a 3rd home. And having a Tesla in my garage would not bring up my happiness level any.
So, consumables it is. Even there, I only eat and drink so much. I like to travel, but doing too much of it, then it becomes tedious like work.
__________________
"Old age is the most unexpected of all things that happen to a man" -- Leon Trotsky (1879-1940)
"Those Who Can Make You Believe Absurdities Can Make You Commit Atrocities" - Voltaire (1694-1778)
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12-23-2017, 01:48 PM
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#131
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Aug 2011
Location: West of the Mississippi
Posts: 17,169
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Yes, consumables it is for me also.
- Faster Internet.
- $15 a bottle wine bought from a local wine store replaces some of my $5-$12 bottles from Costco and TJ's. And, it is part of the buy from local business that I like to support.
- grass fed beef
- a bottle of fancy bourbon recommended by folks on this site
- cashmere travel sweater
- searching for a very nice Fine Art matte photo paper to replace the cheaper and more ordinary paper I have been using.
- upped contributions to charitable causes that put at least 85% of the money to good use. (OK, not my consumable, but consumed by others.
And, while not a consumable, probably the most expensive vacation year yet.
I am looking to upgrade some of my photo gear, but as of today I just can't justify the expense against the added benefit. Spending for the sake of spending is not my idea of Blowing Dough.
__________________
Comparison is the thief of joy
The worst decisions are usually made in times of anger and impatience.
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12-23-2017, 02:16 PM
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#132
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Thinks s/he gets paid by the post
Join Date: Apr 2013
Location: Gosport, IN
Posts: 1,214
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Just got done replacing 800 sq. ft of carpet with wood flooring. Was going to do it in 2018 but DW convinced me we could "do it ourselves" when she saw it discounted 20%.
I guess it was a win-win because we are still on target with our budgeted 2017 numbers and now we remove it from the 2018 budgeted numbers too!
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12-23-2017, 03:03 PM
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#133
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Thinks s/he gets paid by the post
Join Date: Dec 2004
Location: Minneapolis
Posts: 4,455
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We spend a lot more this year for new windows, furnace, and water heater. Next year, we probably need to spend $$ on roof and car.
__________________
May we live in peace and harmony and be free from all human sufferings.
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12-23-2017, 03:11 PM
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#134
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Thinks s/he gets paid by the post
Join Date: Jul 2009
Location: The Beautiful Blue Ridge Mountains
Posts: 2,781
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One of the kitties has developed chronic kidney disease so she’s doing her part to move the money out of my account.
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12-23-2017, 03:36 PM
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#135
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jul 2003
Location: Kansas City
Posts: 7,968
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Quote:
Originally Posted by Danmar
Yes, I understand. A reasonably conservative approach. I am currently spending more than ever but when the market tanks I will just go back to spending divs. My divs are rock solid and weren’t cut in 2008-2009.
But I think it also depends on your age. I’m 67,been retired 11 years, and the portfolio is at an all time high. I figure if I don’t enjoy things now, I will soon get to the point where all I will want to do is “sit on the porch” (figuratively). This will likely mean a very large legacy left behind. I certainly don’t mind leaving a good size legacy but not something outrageous.
Getting the balance right between current consumption, risk, and legacy is something I think about a lot. I am very much in the minority here, it seems.
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Ditto.
Post 70 1/2 sharing with my new found Pals at the IRS those non Roth portfolio parts is legacy I have mixed emotions about. Also the mental adjustment from early ER 'cheap SOB' to spend it before you croak is a work in progress.
heh heh heh -
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12-23-2017, 03:51 PM
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#136
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Moderator Emeritus
Join Date: Jan 2007
Location: New Orleans
Posts: 47,472
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Quote:
Originally Posted by Spanky
We spend a lot more this year for new windows, furnace, and water heater. Next year, we probably need to spend $$ on roof and car.
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Once you are done with that, you probably won't have any more big irregular expenses for years! Those are most of the big ones for a house, it seems to me.
Oh, that is.... unless your teeth are bad. Dental implants can really add up.
__________________
Already we are boldly launched upon the deep; but soon we shall be lost in its unshored, harbourless immensities. - - H. Melville, 1851.
Happily retired since 2009, at age 61. Best years of my life by far!
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12-23-2017, 04:15 PM
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#137
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Thinks s/he gets paid by the post
Join Date: Mar 2008
Location: Atlanta Suburb
Posts: 1,499
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While you folks were debating spending, I was out..... well, spending. We just returned from a short cruise this week. Okay, it has been planned for awhile and in our regular budget. We did buy two glasses of wine on board to supplement the 2 bottles we brought on board. Clearly our increased net worth is causing us to throw caution to the wind. With tip, the wine was $12 per glass.
__________________
"Oh, twice as much ain't twice as good
And can't sustain like one half could
It's wanting more that's gonna send me to my knees" - John Mayer
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12-23-2017, 04:24 PM
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#138
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Thinks s/he gets paid by the post
Join Date: Oct 2009
Posts: 2,107
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Quote:
Originally Posted by Chuckanut
Yes, consumables it is for me also.
- Faster Internet.
- $15 a bottle wine bought from a local wine store replaces some of my $5-$12 bottles from Costco and TJ's. And, it is part of the buy from local business that I like to support.
- grass fed beef
- a bottle of fancy bourbon recommended by folks on this site
- cashmere travel sweater
- searching for a very nice Fine Art matte photo paper to replace the cheaper and more ordinary paper I have been using.
- upped contributions to charitable causes that put at least 85% of the money to good use. (OK, not my consumable, but consumed by others.
And, while not a consumable, probably the most expensive vacation year yet.
I am looking to upgrade some of my photo gear, but as of today I just can't justify the expense against the added benefit. Spending for the sake of spending is not my idea of Blowing Dough.
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Do tell. What bourbon did you choose to blow dough on?
__________________
“Of all the paths you take in life, make sure a few of them are dirt.” John Muir
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12-23-2017, 04:58 PM
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#139
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jul 2008
Posts: 35,712
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The last cruise we took, we had an unlimited booze package. Even then, I took only 3-4 drinks a day. Could not blow more dough on booze if I wanted to. Guess I could have ordered some premium and rare shots.
__________________
"Old age is the most unexpected of all things that happen to a man" -- Leon Trotsky (1879-1940)
"Those Who Can Make You Believe Absurdities Can Make You Commit Atrocities" - Voltaire (1694-1778)
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12-23-2017, 05:09 PM
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#140
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Recycles dryer sheets
Join Date: Feb 2010
Posts: 416
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New kitchen and some living room furniture this year $$$. Even paid someone to do the lawn for the last half of summer and told my DW she could let the hairdresser color her hair instead of doing it at home! ☺
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