Do you regret saving too much?

[JustCurious]

Most of us on this board (including me) understand the virtue of LBYM, and the need to save a significant portion of our income during our working years so that we can achieve financial security later in life. However, I fear that some of us (including me) may take this to an extreme, and we might be foresaking some of life's pleasures while we are young enough to enjoy them, only to find that when we are older, we have more than we need or want.

Therefore, my question is, do any of you who are retired regret that you saved too much when you were younger? Do you look back and wish you would have spent a bit more to enjoy your youth, or your kids' youth? Do you now realize that you oversaved and you have more than you need, and you should have spent a bit more when you were younger?

[HFWR]

[REWahoo]

Quote:

Originally Posted by JustCurious Therefore, my question is, do any of you who are retired regret that you saved too much when you were younger?

No. Although I always avoided going into debt beyond a mortgage and car payment, I didn't begin saving for retirement until I was in my early 30's. And I didn't really start getting serious about it until I was in my 40's.

Quote:

Originally Posted by JustCurious Do you look back and wish you would have spent a bit more to enjoy your youth, or your kids' youth?

No. If I had it to do over again, I would probably not change anything much. I don't think my two grown children look back on their youth as having missed out on anything important because ol' dad was too tight with money.

[Spanky]

No regret. Life is too short to look back to all those "could haves or should haves".

[audreyh1]

Quote:

Originally Posted by JustCurious herefore, my question is, do any of you who are retired regret that you saved too much when you were younger? Do you look back and wish you would have spent a bit more to enjoy your youth, or your kids' youth? Do you now realize that you oversaved and you have more than you need, and you should have spent a bit more when you were younger?

Believe you me, the only thing I regret about my younger years is how much I worked and how much my job pulled my creativity and energy away from my private life. So early retirement was a great way to fix that problem!

We LBYM'd but not to such an extreme that we didn't enjoy a lot of things. Still, the demands of the career made it difficult to really have a great private life, and one of the reasons that we saved a lot of money is because we didn't have time to spend it! I didn't "work so hard" because I was trying to earn more money to retire early, I just worked so hard because that is the demand placed on high-tech employees. Companies expect you to give everything. There are very few who truly want their employees to live a "balanced" life. Lots of hypocritical lip service though.

We didn't have children. I just don't imagine how we would have balanced children and careers. I don't see how young people do it.

So, no regrets! I got my life back.

Audrey

[Gone4Good]

Quote:

Originally Posted by JustCurious I fear that some of us (including me) may take this to an extreme, and we might be foresaking some of life's pleasures while we are young enough to enjoy them, only to find that when we are older, we have more than we need or want.

My hunch is, if you have to ask this question, you probably already have your own answer. If you feel like you are taking saving to an extreme, you probably are. No harm in loosening up a bit and enjoying the ride . . . you only get one go-round. (That is, of course, unless you feel "deprived" by not owning all the latest designer doo-dads and high-tech gizmos).

As for me, I don't regret much of anything. I feel I have a pretty good balance in life and, perhaps more importantly, a pretty good attitude about my spending and my needs. Whenever I see someone who has something I don't, I tend to find myself quietly pleased not only that I didn't spend money on that particular thing, but that I've somehow avoided the trap of thinking that these things, whatever they are, will bring happiness. But at the same time, I have no remorse when spending money on things that I do value like traveling and other hobbies. I guess the trick is knowing the difference between the two.

For a long time I did regret going to night school for my degree while working full-time (it sucked). While I worked and took summer classes most of my friends partied and traveled around Europe. Although I probably saved something in the low six figures by going to school part-time, it wasn't worth it. But now with some distance, and with the prospect of being able to stop working before I hit 40, I don't feel so bad. While I'm looking forward to spending months on end traveling, learning languages, and pursuing many other ambitions, all of those friends will still be working 70 hour weeks trying to keep up with the payments on their new McMansions and kid's private school tuition. Although I may have missed out on some experiences in my 20's, I've righted the ship and put myself in a position to more than make up for it over the next 30-60 years.

[2B]

This is an interesting question that I've been pondering but not exactly the same way it was raised. We've all developed our ER plans but they are also based on the lifestyle we need desire after we pull the cord. We've all seen stories of people that have left the workforce with far fewer assets and have had many more years of enjoyable retirement. Billy and Akaisha come to mind.

Audrey1 mentioned building her career. That had been my cop out. Once the concept of ER is accepted, the concept of a "career" seems out of place. A career was only a j*b and that was only a means to an end.

My illusions of a "career" were eliminated in 2002 when my years of 60 hour weeks and being available 24/7 were rewarded with a severence package. I was sent out into the world no longer needed and my potential future contribution not considered to be worth much. Only in the following 2 years did I come to realize what a fool I had been.

I'm ready to bail now except for several questions. The first is what lifestyle are DW and I aspiring to? The second is why ER when trapped in Houston with DW taking care of her parents? If we can only disappear a few weeks a year (in her mind), I might as well keep pretending to work at an easy j*b with good pay.

[dex]

Quote:

Originally Posted by audreyh1 Believe you me, the only thing I regret about my younger years is how much I worked and how much my job pulled my creativity and energy away from my private life. So early retirement was a great way to fix that problem! We LBYM'd but not to such an extreme that we didn't enjoy a lot of things. Still, the demands of the career made it difficult to really have a great private life, and one of the reasons that we saved a lot of money is because we didn't have time to spend it! I didn't "work so hard" because I was trying to earn more money to retire early, I just worked so hard because that is the demand placed on high-tech employees. Companies expect you to give everything. There are very few who truly want their employees to live a "balanced" life. Lots of hypocritical lip service though. We didn't have children. I just don't imagine how we would have balanced children and careers. I don't see how young people do it. So, no regrets! I got my life back. Audrey

Great answer - mine too

[Khan]

(Expletive deleted) no!

If I'd started serious saving a bit earlier, I could've taken an early retirement offer at age 50.

[Spanky]

Another question: Do you have any regret for not saving enough money?

[PPT]

Quote:

Originally Posted by Spanky Another question: Do you have any regret for not saving enough money?

I regret the amount of taxes I pay each year.

Between fed, state, country, property (homes), property (cars), property (boat), sales, school taxes that zaps nearly 58% of my income.

[Cb]

In hindsight, yes.

IF I had known my wife and I would have hung onto our megacorp jobs (my location went from 22,000 employees to <7,000 by the time I quit) we could have worked a bit less of the overtime, stretched out our evening college programs, and spent a bit more money and time on our kids when they were young.

Of course if we'd done that I might not have made it through all the cuts at the defense plant I worked at, and she might not have been accepted into the new-recruit training program when she was in her early 30's (along with all the 22 year olds the filled the rest of the spots - it was a bit of a fluke that she was able to make the jump from a secretarial position into the exempt finance training program - all the night school & Dean's List mailings to her boss made him a real advocate for her)

In summation, I dunno.

Cb

[Non sequitur]

Quote:

Originally Posted by audreyh1 We didn't have children. I just don't imagine how we would have balanced children and careers. I don't see how young people do it. Audrey

The answer to that is simple...

They simply do NOT raise their children.

[brewer12345]

Quote:

Originally Posted by 3 Yrs to Go For a long time I did regret going to night school for my degree while working full-time (it sucked). While I worked and took summer classes most of my friends partied and traveled around Europe. Although I probably saved something in the low six figures by going to school part-time, it wasn't worth it. But now with some distance, and with the prospect of being able to stop working before I hit 40, I don't feel so bad. While I'm looking forward to spending months on end traveling, learning languages, and pursuing many other ambitions, all of those friends will still be working 70 hour weeks trying to keep up with the payments on their new McMansions and kid's private school tuition. Although I may have missed out on some experiences in my 20's, I've righted the ship and put myself in a position to more than make up for it over the next 30-60 years.

Are you my clone? A pretty good summary of my experiene and the way I feel about it. I guess I am less sanguine about the outcome, but we will see how my perception changes as I get closer to ER.

[youbet]

Quote:

Originally Posted by Non sequitur The answer to that is simple... They simply do NOT raise their children.

It's always a blessing when folks who didn't want to have children didn't have children!

[Gone4Good]

Quote:

Originally Posted by brewer12345 Are you my clone? A pretty good summary of my experiene and the way I feel about it. I guess I am less sanguine about the outcome, but we will see how my perception changes as I get closer to ER.

All's well that ends well. As I become increasingly giddy about my future, I find I have little reason to lament my past.

[Nords]

Quote:

Originally Posted by JustCurious Therefore, my question is, do any of you who are retired regret that you saved too much when you were younger?

Heck no. I started my savings career in 1982, when things had been getting worse since 1966 and everyone knew they'd never get better. I was pretty sure that I'd be saving "not enough" until 2022 and hoping that Social Security would keep me from being homeless...

Quote:

Originally Posted by JustCurious Do you look back and wish you would have spent a bit more to enjoy your youth, or your kids' youth?

Yes and no. I missed out on a lot of life experiences by doing things my way, although I still achieved my teen fantasy of living in a beach house with two gorgeous women. But by taking on a fast-moving high-pressure job I missed a lot of technological & cultural shifts that I now regard somewhat maudlin wistfully and wish I'd been able to spend more time on.

Our kid was a somewhat fussy baby and work provided a welcome escape from a 24/7 job. (You parents of fussy babies know whereof I speak, and the rest of you will never understand.) But as she grew older I began to resent the work/family conflicts and that was a big push to ER. So kids are perhaps an important part of ER.

Quote:

Originally Posted by JustCurious Do you now realize that you oversaved and you have more than you need, and you should have spent a bit more when you were younger?

Well, sure, in 20/20 hindsight. But that parabolic slope didn't really start taking off until a couple years ago and could easily have failed to transition from boost to flight. Even today it's still possible to be wiped out by disability or long-term care expenses. So on one hand we overshot the mark, but on the other hand we were lucky to end up on a moving target, let alone in the bullseye.

Quote:

Originally Posted by Non sequitur The answer to that is simple... They simply do NOT raise their children.

IMO that answer is not only simplistic but guilt-mongering.

Most working parents spend way too much of their waking hours either working or parenting, and not enough on life's other essentials-- like sleeping and having a life. Very few working parents give up and abandon their children to contractors (or to self-employment). Most are motivated to find a better work-life balance, especially when they can use the tools provided by this board. Again if you really want to be motivated to work hard for ER, then start raising a family...

Quote:

Originally Posted by 3 Yrs to Go All's well that ends well. As I become increasingly giddy about my future, I find I have little reason to lament my past.

What he said!

[Alan]

No regrets at all. After we came to the USA with 2 small kids (4 & 6) we treated it like a great adventure. A number of my colleagues treated the assignment as a way to earn a lot of money in a short time and pay off their mortgages etc, but we travelled all over the place including Hawaii & Australia. Wonderful memories and experiences for all of us.

By the time I started saving for ER I was 38 and although we cut spending quite a bit, we still spent on great vacations. I might add that I travelled a lot with work so had many `free`plane tickets. (we also had our children young so plenty of time in our peak earning years to do some serious saving).

[lazygood4nothinbum]

it might have been possible to have enjoyed life more than i already have, but, like my two best friends, it probably would have killed me. deprived? only of my dead friends. i have not missed many opportunities to enjoy a fun life. and most of that fun did not require much money. only good friends.

[Mwsinron]

Easy for us to save. Both us really dont have many wants or is it needs. So I guess the answer is no I dont regret how much we have saved.