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Blow that dough (It's official now)
12-19-2017, 02:20 PM
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#1
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Moderator
Join Date: Feb 2010
Location: Flyover country
Posts: 25,357
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Blow that dough (It's official now)
Funny bit in Bloomberg today:
Quote:
You should be spending more money in 2018.
Some financial services firms are telling retirees to make an unusual New Year’s resolution: start blowing through more of their savings. In theory, that should be a pleasant prospect. In reality, it’s hard to flip a mental switch after decades of saving.
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Why You Should Be Spending More Money in 2018
Just like RobbieB has been telling us all along.
__________________
I thought growing old would take longer.
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12-19-2017, 02:28 PM
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#2
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Thinks s/he gets paid by the post
Join Date: Mar 2009
Posts: 2,985
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My biggest problem is that if you endured years of sacrifice to get this point of picking up on the W/D is pretty sad. WOW you missed out on your best years. If I had any advice to give it would be a balance of savings and spending. Of course my opinion is biased based on my own situation.
__________________
Took SS at 62 and hope I live long enough to regret the decision.
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12-19-2017, 02:31 PM
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#3
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: May 2014
Posts: 7,373
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I'm going to ignore them. Just as I'm going to ignore the "experts" who tell us to spend less next time the market takes a dive.
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12-19-2017, 02:32 PM
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#4
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Thinks s/he gets paid by the post
Join Date: Feb 2012
Location: Tampa Bay Area
Posts: 1,866
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Over the past few weeks I've been concerned that I've been sort of "complacent" about the extra spending I've been doing. I'm still within overall budget, but some of the spending is "wasteful" in my LBYM mind.
Rather than spending more next year I am resolving to get back to my normal spending habits, which give me a comfortable life without waste.
__________________
"For the time being no discipline brings joy, but seems grievous and painful; but afterwards it yields a peaceable fruit of righteousness to those who have been trained by it." ~
Hebrews 12:11
ER'd in June 2015 at age 52. Initial WR 3%. 50/40/10 (Equity/Bond/Short Term) AA.
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12-19-2017, 02:35 PM
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#5
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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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Yes, I plan to spend more next year and this year too. Have liquidated funds to do so. The Canadian market hasn’t risen as much as the US but still double digits returns for me 5his year and about 25% last year. Pretty clear to me I am past the worst period of sequence of return risk.
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12-19-2017, 02:42 PM
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#6
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gone traveling
Join Date: Mar 2015
Posts: 3,508
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The article says "wealthy" retirees should learn to decumulate faster. Fair enough.
Those who aren't so wealthy probably should be more careful.
One thing I'll disagree about. The article stated "Boomers have defined benefit pension plans ". If they had written "some Boomers" it would have made more sense.
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12-19-2017, 02:44 PM
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#7
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jan 2007
Location: New Orleans
Posts: 47,500
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I keep trying to increase my WR (thus spending percentage), but my portfolio keeps growing so it hasn't gone up this year. What's a retiree gonna do?
Oh, maybe I know! Buy a new SUV, that ought to do it.....
I'm doing my best to singlehandedly prop up the US economy.
__________________
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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12-19-2017, 03:18 PM
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#8
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Thinks s/he gets paid by the post
Join Date: Jun 2004
Location: Diablo Valley (SF Bay Area)
Posts: 2,705
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Trying to do my part but as foxfirev5 said it's hard after a lifetime of being frugal. But I'm learning. Started RE with a goal of putting aside $1375 month for travel / transferring to next generation. Wound up with 3 long trips paid in full (next one on February), handing out $$ tonight (last night of Hanukkah), only shifted 6k to investments, and savings up only 1k -- so close.
Like joeea I also wonder about the definition of 'wealthy.'
Agree with Athena53 -- markets go up & down -- ignoring market gurus is probably safest course
Happy Holidays Yall!
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12-19-2017, 03:31 PM
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#9
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Thinks s/he gets paid by the post
Join Date: Apr 2011
Location: Madison
Posts: 1,337
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I finally started to take the "magical" 4% and can't really spend it all! Guess I need to order more appetizers and deserts. . . .
__________________
Wild Bill shoulda taken more out of his IRA when he could have. . . .
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12-19-2017, 03:34 PM
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#10
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jul 2014
Location: Spending the Kids Inheritance and living in Chicago
Posts: 17,094
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Quote:
Originally Posted by athena53
I'm going to ignore them. Just as I'm going to ignore the "experts" who tell us to spend less next time the market takes a dive.
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I agree, as these same experts probably told people the same thing in 1928....
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12-19-2017, 03:37 PM
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#11
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Moderator
Join Date: Dec 2007
Location: Eastern WV Panhandle
Posts: 25,340
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But wait... It's different this time!
__________________
When I was a kid I wanted to be older. This is not what I expected.
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12-19-2017, 03:41 PM
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#12
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jan 2007
Location: New Orleans
Posts: 47,500
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Quote:
Originally Posted by dtbach
I finally started to take the "magical" 4% and can't really spend it all! Guess I need to order more appetizers and deserts. . . .
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Today I ordered one of those oh-so-tempting fancy salads, even though it cost twice as much as my usual cup of soup. It consisted of mixed greens, marinated artichokes, red onions, roasted cherry tomatoes, capers, walnuts, salami, and basil pesto vinaigrette dressing. I thought it had some feta cheese in it but apparently that was just my active imagination because it isn't supposed to have cheese.
Anyway it was huge, and probably wasn't one bit slenderizing but I thought it was delicious and sure filling. Brought half of it home. The cost and calories are why I hadn't ordered it before. I literally did justify it to myself by thinking of recent market gains.
__________________
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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12-19-2017, 03:42 PM
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#13
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Aug 2013
Location: Texas
Posts: 10,932
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Trust me, you are not alone.
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12-19-2017, 03:44 PM
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#14
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Moderator Emeritus
Join Date: Apr 2011
Location: Conroe, Texas
Posts: 18,731
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__________________
*********Go Yankees!*********
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12-19-2017, 03:47 PM
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#15
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jan 2007
Location: New Orleans
Posts: 47,500
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__________________
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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12-19-2017, 03:48 PM
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#16
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Thinks s/he gets paid by the post
Join Date: Dec 2015
Posts: 2,232
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Dow went down 34 points today. Time to tighten the belt a notch.
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12-19-2017, 03:55 PM
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#17
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Apr 2013
Posts: 11,078
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The ole man told me the party continued well into '29.
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12-19-2017, 04:01 PM
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#18
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Thinks s/he gets paid by the post
Join Date: Oct 2009
Posts: 2,115
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Quote:
Originally Posted by W2R
Today I ordered one of those oh-so-tempting fancy salads, even though it cost twice as much as my usual cup of soup. It consisted of mixed greens, marinated artichokes, red onions, roasted cherry tomatoes, capers, walnuts, salami, and basil pesto vinaigrette dressing. I thought it had some feta cheese in it but apparently that was just my active imagination because it isn't supposed to have cheese.
Anyway it was huge, and probably wasn't one bit slenderizing but I thought it was delicious and sure filling. Brought half of it home. The cost and calories are why I hadn't ordered it before. I literally did justify it to myself by thinking of recent market gains.
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Really? A salad? Slow down girl! You’re blowing that dough like a maniac. [emoji4]
__________________
“Of all the paths you take in life, make sure a few of them are dirt.” John Muir
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12-19-2017, 04:04 PM
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#19
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jan 2007
Location: New Orleans
Posts: 47,500
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__________________
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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12-19-2017, 04:08 PM
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#20
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jan 2007
Location: New Orleans
Posts: 47,500
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Quote:
Originally Posted by HadEnuff
Dow went down 34 points today. Time to tighten the belt a notch.
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But Wellesley dividends showed up, so today the total of my investments plus bank accounts was higher than it has ever been in my life.
Plus, it is hard to get upset about the Dow being down to 24,755. Simply amazing!
__________________
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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