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Old 06-22-2016, 06:15 PM   #101
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That's why I like to spend my extra money on experiences, not stuff/toys. Upgrading an experience usually means less hassle, more comfort. There is an almost smooth gradation in how one can upgrade - little bit by little bit. And I find the little extras are enjoyable. And once it's over - nice memories and no obligations.
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Well, I thought I was retired. But it seems that now I'm working as a travel agent instead!
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Old 06-23-2016, 12:19 AM   #102
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I am happy with low income because I have a nest egg. My income is SS 11K and some dividends maybe 15K a year but I can draw lumps out of ROTH or IRA or taxable investments so if I need a roof or something not need to save for it. RMD will give me a few thousand a year more in 2 years. But I don't want another house or car or much of anything so can live on 2-3K a month average and a annual 10-15K splurge.

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Old 06-23-2016, 06:14 AM   #103
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Jumping into the fray after trying to read most of the posts. A few of my own personal experiences/observations from someone who started with nothing, but have had a successful career (3 - 4 yrs from FIRE).

- Agree that there is some relative income where after your needs are met, additional income only buys so much more happiness. However, creep sets in and I find your "needs income" natural rises as income does. As someone who is a sole income provider and self-employed, I find that as of every Jan 1 when my income is 0, I operate with extreme motivation (some healthy fear as well) to hit my nut (needs/budget expenses) asap. Once I hit that number, I find I am still motivated, but I tend to downshift my drive.
- Regarding nice cars... Yeah, I made a conscious decision to buy a 2015 BMW 650 which I love driving and get a "happiness" return on, but that's just me. In my case, I acknowledged all the reasons I shouldn't buy it, but frankly, with my income/savings/living significantly below my means, relatively speaking for me, it does not jeopardize my RE. My strategy is to hold it for 3 yrs, enjoy it, then go back to a "practical" car.
- My wife and I took 2 of our college age kids to Italy recently. While we could have back packed, taken the train everywhere, stayed in hostels, we had the means to stay in nicer hotels, rent nice hotels/B&B, take a personal wine tour with driver/guide, etc. would we have had a good experience back packing... probably, but I can tell you in our case, spending the extra $ improved the experience for me/us.

These are just a few of my own experiences. My plans are to spend less than I do now and simplify once I FIRE, but my RE income goals are still very high compared to many on this site. Having started with nothing, I think I could significantly ratchet back my "needs income", but I would be lying if I didn't get some better experiences/some additional happiness by spending more in certain instances.

Ok, now you can hit me with a MMM face punch!
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Old 06-23-2016, 06:33 AM   #104
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We are geared to experiences-travel, etc.

Our living costs have become lower and our travel expenses has grown considerably. We downsized our accommodation, our clothes... just about everything. It happened by accident vs design as we moved towards a lifestyle that is focussed away from 'things'. They simply do not seem to matter as much to us any more.
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Old 06-23-2016, 07:06 AM   #105
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Originally Posted by audreyh1 View Post
That's why I like to spend my extra money on experiences, not stuff/toys. Upgrading an experience usually means less hassle, more comfort. There is an almost smooth gradation in how one can upgrade - little bit by little bit. And I find the little extras are enjoyable. And once it's over - nice memories and no obligations.
Agree that experiences can create high quality fun/happiness. We travel first class, often with family/friends that we pay for. Five star hotels, business class air, private guides, etc. Being able to give happiness to others on these trips, as well as being able to share these experiences with them, is very enjoyable to me and makes me happy. But I can certainly see how others would be very happy spending less.

Sometimes it gets a little murky trying to differentiate "experience" from "toys" or "things". I love the experience of driving my expensive convertible on a beautiful sunny day in Arizona. Wind in my face, sun on my shoulders, that wonderful sound of a high performance engine as I accelerate through the gears. Experience or toy? Both? Does fun make you happy? Seems to for me? But everybody is different.
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Old 06-23-2016, 07:11 AM   #106
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Originally Posted by RobbieB View Post
Yup, once you take in a half mill a year that may be enough -
Before or after taxes?

OMY * 3 2ish
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