Does anybody want to be rich when they get old?

[NW-Bound]

I have always liked money. Excess of money may not help me be happier, but I do not think it can hurt me. I am always trying to get more, using legal means of course.

"Money can't buy happiness, but it can make you awfully comfortable while you're being miserable." -- Clare Boothe Luce

And if you have way too much money, you can do like Steve Martin.

“I love money. I love everything about it. I bought some pretty good stuff. Got me a $300 pair of socks. Got a fur sink. An electric dog polisher. A gasoline powered turtleneck sweater. And, of course, I bought some dumb stuff, too.” -- Steve Martin

[W2R]

Quote:

Originally Posted by NW-Bound And if you have way too much money, you can do like Steve Martin. “I love money. I love everything about it. I bought some pretty good stuff. Got me a $300 pair of socks. Got a fur sink. An electric dog polisher. A gasoline powered turtleneck sweater. And, of course, I bought some dumb stuff, too.” -- Steve Martin

Hey, I have five pairs of $20 Thorlo socks, does that count? Big luxury and certainly not a necessity, but having comfortable feet is sheer heaven to me. So, that is how I choose to spend my money.

No fur sink or even a dog, much less an electric dog polisher.

[robnplunder]

Back to the OP's question in subject line ....

I don't want to get rich when I get old. I want to get rich when I am young! But, it's too late to be young and rich for me. Do I now want to get old and rich, no and maybe.

Definition of being rich in terms of asset ... keeps moving. When I was much younger, I thought $1M is good enough to retire and live rich. Then, $2M became the new retirement goal and definition of being rich. Based on this forum's discussions, even $2M is not safe enough to retire for my life style. Now I am moving the bar again to $2.5M. Who knows where it is going to stop if this keeps up. Deep down inside, I know I can retire today and make a comfortable living but lacks the courage and conviction to pull the trigger (b/c there is no coming back for me once I do).

[FIREd]

Quote:

Originally Posted by robnplunder I don't want to get rich when I get old. I want to get rich when I am young!

Indeed! The people I really envy are those who make their money fast and early.

[NW-Bound]

Too late for many of us, myself included, to be rich when young.

So, we have to settle for trying to be rich when old, and that is looking more difficult now with the expected future return of stocks and bonds as what has been discussed forever here. Meanwhile, our time is running out. I have never had a dog, but would want to try the electric dog polisher on my beloved cat.

[Danmar]

You know, every time one of these threads come up I say to myself "Don't get involved, you'll just say things you will regret and make an idiot of yourself" But I do enjoy them and can't resist. Here is some more: While I was working out this morning I asked myself "Self, why do you like being wealthy so much? I doubt it makes me happier in the long run, so what is it?
I decided it was because it let's me ignore many eveyday issues. I don't need to apply to get things like gov't assistance or subsidies. I can just pay for it myself. If the wait for health care is too long, I can just go to Buffalo or Seattle and pay for it. If I get sick in Arizona, I don't have to worry if the insurance will cover it. If my car breaks down I just call the dealership. I could think of many more examples but they are summarized as " I can ignore most everyday annoyances" This gives me a sense of control over my life.
Maybe I am an idiot. If you think so please don't tell me.

[NW-Bound]

Quote:

Originally Posted by Danmar ... I decided it was because it let's me ignore many eveyday issues. I don't need to apply to get things like gov't assistance or subsidies. I can just pay for it myself. If the wait for health care is too long, I can just go to Buffalo or Seattle and pay for it. If I get sick in Arizona, I don't have to worry if the insurance will cover it. If my car breaks down I just call the dealership. I could think of many more examples but they are summarized as " I can ignore most everyday annoyances" This gives me a sense of control over my life...

It's not that the plebes do not know what money can get them. Rather, it's because they we cannot or do not know how to get more money. So, they we have to fight with the terrible ACA web site to get health insurance. It's not because they we enjoy it. They We do not have a choice.

[Danmar]

Quote:

Originally Posted by NW-Bound It's not that the plebes do not know what money can get them. Rather, it's because they cannot or do not know how to get more money. So, they have to fight with the terrible ACA web site to get health insurance. It's not because they enjoy it. They do not have a choice.

Yes, I understand that. It is the choices I have that give me such control over my life. Control equates to power. I think that is the key at least for me.
By the way I think your use of the word "plebe" is a little condescending. Not a good way to make friends or influence people.

[NW-Bound]

I should have added that I am one of the plebes. See my edits above.

It's the unknown about ACA that kept me from trying to get in on this "deal" this year, and I was fortunate to have a plan that was grandfathered. Next year, I will join in ACA if it saves me some money. I already found out that without subsidy, ACA will cost me more than my existing plan. I am forced to seek subsidy (if I manage to qualify by manipulating income) to keep the cost the same!

[W2R]

Quote:

Originally Posted by Danmar You know, every time one of these threads come up I say to myself "Don't get involved, you'll just say things you will regret and make an idiot of yourself" But I do enjoy them and can't resist. Here is some more: While I was working out this morning I asked myself "Self, why do you like being wealthy so much? I doubt it makes me happier in the long run, so what is it? I decided it was because it let's me ignore many eveyday issues.

I think I must be wealthy, too! Here's why:

Quote:

Originally Posted by Danmar I don't need to apply to get things like gov't assistance or subsidies. I can just pay for it myself.

I don't need to apply for them, either. With a median income, I don't qualify for any.

Quote:

Originally Posted by Danmar If the wait for health care is too long, I can just go to Buffalo or Seattle and pay for it. If I get sick in Arizona, I don't have to worry if the insurance will cover it.

Although sometimes my doctor gets pretty busy, I never have to wait for as long as it would take to fly to another city like that. Although I haven't tested it, I believe my insurance will cover me nationwide. I do not need international coverage.

Quote:

Originally Posted by Danmar If my car breaks down I just call the dealership.

That's what I did the last time my car broke down, in 2010. The battery died, and so I had the dealer tow the car to their repair facility and replace the battery. Since the car was pretty new, the dealer paid for the battery, labor, and tow.

Just teasing you a little, but really despite my far lower income, I don't have to put up with these particular annoyances either.

On the other hand, I don't have numerous homes like you do! So if I wanted them, then my income would be cramping my style quite a bit.

[haha]

Quote:

Originally Posted by Danmar Yes, I understand that. It is the choices I have that give me such control over my life. Control equates to power. I think that is the key at least for me. By the way I think your use of the word "plebe" is a little condescending. Not a good way to make friends or influence people.

Anyone who is not into hiding reality from themselves would realize that what you say is true. How could it not be? You are not saying that wealth trumps all, or that it is the end of life, only that it is a really good thing to smooth many bumps from your path. It's like being a Colonel rather than a Corporal, things tend to go better for you.

Here is how Jeff Bezos recently got a lot of help dealing with a hard situation on New Year's Day no less.

Amazon's Bezos rescued by Ecuador Navy due to kidney stone: Thomson Reuters Business News - MSN Money

[NW-Bound]

"Money money money
Always sunny
In the rich man's world..." --- ABBA

[ziggy29]

I want to have no money worries. I suppose if I'm rich and smart with my money that would qualify, but in reality I don't even feel a need to be rich. But in reality, just a secure middle class lifestyle where I don't worry about losing an income stream or outliving my money would be good enough for me. A significant excess above that would just wind up going to charity when we kick the bucket, since we'd feel little need to spend it just because we had it.

[haha]

Quote:

Originally Posted by NW-Bound "Money money money Always sunny In the rich man's world..." --- ABBA

ABBA included!

[Apex1]

Quote:

Originally Posted by robnplunder I don't want to get rich when I get old. I want to get rich when I am young!

Quote:

Originally Posted by FIREd Indeed! The people I really envy are those who make their money fast and early.

This reminds me when one of my good friends once told me that as well as my life has gone.... he didn't want to be me, but rather, he wanted to be one of my kids in his next life.

[NW-Bound]

Seriously, back to clifp's OP about why not taking a more aggressive stance with one's portfolio to get more money, I am doing that.

I have had stock AA in the 70-80%, and in my now more "mellow" years, do not see myself with any less than 60% equities. But then, I am used to risk taking. I left my secure job at megacorp to pursue some ventures that ended up being worthless, and I still survived and have done better than many others. Yep, stock fluctuations do not really scare me. They excite me in a perverse way. In dangerous times, one finds opportunities as someone has said.

If everything fails, well, I think I can live on my SS.

[MichaelB]

Quote:

Originally Posted by haha Anyone who is not into hiding reality from themselves would realize that what you say is true. How could it not be? You are not saying that wealth trumps all, or that it is the end of life, only that it is a really good thing to smooth many bumps from your path. It's like being a Colonel rather than a corporal, things tend to go better for you. Here is how Jeff Bezos recently got a lot of help dealing with a hard situation on New Year's Day no less. Amazon's Bezos rescued by Ecuador Navy due to kidney stone: Thomson Reuters Business News - MSN Money

Is it better to be a Colonel and not a Corporal, or Bezos instead of any of us? Perhaps this is so. But there is a price to pay, the benefit doesn't always equal the cost, and the price is different for all of us. For some is it very steep indeed.

One thing we do have in common - we all excel at rationalizing our choice.

[Danmar]

@W2R Keep in mind I am Canadian so health care issues are a little different for me.

[Danmar]

Quote:

Originally Posted by MichaelB One thing we do have in common - we all excel at rationalizing our choice.

For sure.

[Meadbh]

Quote:

Originally Posted by W2R I think I must be wealthy, too! Here's why: I don't need to apply for them, either. With a median income, I don't qualify for any. Although sometimes my doctor gets pretty busy, I never have to wait for as long as it would take to fly to another city like that. Although I haven't tested it, I believe my insurance will cover me nationwide. I do not need international coverage. That's what I did the last time my car broke down, in 2010. The battery died, and so I had the dealer tow the car to their repair facility and replace the battery. Since the car was pretty new, the dealer paid for the battery, labor, and tow. Just teasing you a little, but really despite my far lower income, I don't have to put up with these particular annoyances either. On the other hand, I don't have numerous homes like you do! So if I wanted them, then my income would be cramping my style quite a bit.

W2R, we all make choices in life. You have chosen to forgo travel for pleasure in ER; for me it is an important activity. Therefore I need international health coverage, especially when I visit the US. You have a low cost of living, which is wonderful, but you live in New Orleans, which would not be my location of choice. You choose to eat lunch in restaurants every day, while I enjoy preparing meals at home for the most part. I have no interest in buying video games and consoles, which you do. etc, etc. I do not consider myself rich, and for all I know your NW might be more than mine, but I can and do choose to spend more money than you do. Different strokes for different folks.