Does anybody want to be rich when they get old?

[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]

...
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]

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]

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:

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.

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.

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]

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]

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

ABBA included!

 

[Apex1]

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.

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]

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]

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

For sure.

 

[Meadbh]

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.

 

[REWahoo]

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"

+1

Exactly why I rarely participate in "mine is bigger that yours/I spend less than you" threads.

 

[robnplunder]

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

"Money, get away
Get a good job with more pay
And your O.K.

Money, it's a gas
Grab that cash with both hands
And make a stash

New car, caviar, four star daydream
Think I'll buy me a football team

Money get back
I'm all right Jack
Keep your hands off my stack"

--- Pink Floyd

 

[haha]

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.

For sure. However, I am fully in favor of money, and I do not have so very much, so in my case it is not a rationalization, just an observation of life.

I feel that being rich enough does not corrode well being and pleasure nearly as much as having to scrimp and deny oneself every day.

We all know people who are always on the make, and they are generally deservedly disliked. In my experience, this does not characterize most highly successful (read rich) people.

Ha

 

[clifp]

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.

Interesting discussion, I'm glad I started it and particularly happy for the response for those of you with more conservative portfolios.

There are obviously several of us like myself who take a perverse pleasure in the ups and downs, and perhaps more importantly take pleasure in playing the game.

There is a class of pure gamblers who'd enjoy flipping a coin for a large portion of their net worth. In my case I will say that I have no interest in flipping coins for a millions though. I think it would have be at least $2 million if I won and $1 million if I lost to play that coin flip game. I guess looking at the long term returns of stocks vs bond that seems to about the right odds I am getting. Which is why like NW I'll keep my AA between 60-80% stocks, unless there are structural reasons that change the relative returns.

Even though I don't really have major spending plans, I have been watching/helping my mom give away her money to those she cares about and it provides a significant pleasure to both her and the receiver. I have too many year ahead of me to do this in a major way, but I am looking forward to doing when I get older. Yesterday I gave a big check on her behalf to my sister, and it actually shut me sister up for a full 10 minutes. Priceless

Still Micheal did nail it we are all excellent at rationalizing our choices.

 

[Walt34]

To us it's just about having more choices. We don't have to choose between paying for heating oil or tires for the car or buying groceries for the week. We both grew up in that world (as did many others here) so by that measure we are "rich".

We have the option to dine at a fine restaurant pretty much whenever we want to, which is not often, and that's not everyone's preference. If we want some new clothes or a new car or to hire a plumber instead of spending a day in frustration struggling with fittings and pipes or take a trip for a week seeing relatives we can afford that. We couldn't do that growing up.

As most have noted it's not about the money. It's about having options that are important to you.

 

[Danmar]

+1

I think that was a cheap shot?

 

[robnplunder]

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.

I can't wait until next life. I am up for sale now if anyone rich here wants to adopt me as brother, son, etc.. . I will shovel the snow for you, get your grand children to visit you on your birthday, will drive you to doctor's appointments and back, ....

 

[Major Tom]

Supporting this is that there seem to be more ready smiles on third world faces than walking down any big city US street.

I have heard many people who have visited 2nd and 3rd world countries report back on the amount of joi de vivre present in the air and on faces. India springs to mind. My only direct experiences of a poorer country were a few visits to Tijuana and the very northern part of the Baja peninsula. I do remember seeing quite a lot of children begging on the streets of Tijuana, selling candy to tourists but they didn't look particularly happy - just driven.

I wonder if we have a tendency to romanticize life in poorer places? I wouldn't mind betting that many of those people would love to have our incomes, if not our culture.

 

[TallTim]

To us it's just about having more choices. We don't have to choose between paying for heating oil or tires for the car or buying groceries for the week. We both grew up in that world (as did many others here) so by that measure we are "rich".

We have the option to dine at a fine restaurant pretty much whenever we want to, which is not often, and that's not everyone's preference. If we want some new clothes or a new car or to hire a plumber instead of spending a day in frustration struggling with fittings and pipes or take a trip for a week seeing relatives we can afford that. We couldn't do that growing up.

As most have noted it's not about the money. It's about having options that are important to you.

+1 to this! I am only 46 (47 this week) ... but this resonates the best. We're not quite all the way to FIRE, due mostly to 2 kids to put through college starting next year, but we're getting a lot closer and the reasoning above resonates!

Personally, I do enjoy 'the game' and continue to actively trade a 80% equity portfolio actively .. chasing my 74 YO FIL who is doing same and pays more in taxed than I make in a year

 

[Moemg]

To us it's just about having more choices. We don't have to choose between paying for heating oil or tires for the car or buying groceries for the week. We both grew up in that world (as did many others here) so by that measure we are "rich".

We have the option to dine at a fine restaurant pretty much whenever we want to, which is not often, and that's not everyone's preference. If we want some new clothes or a new car or to hire a plumber instead of spending a day in frustration struggling with fittings and pipes or take a trip for a week seeing relatives we can afford that. We couldn't do that growing up.

As most have noted it's not about the money. It's about having options that are important to you.

Thanks Walt for putting my feelings into words !