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Old 07-14-2016, 06:00 PM   #41
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We will have no problem spending at an appropriate and safe level when the time comes. No problem at all...............That's what we worked and planned for.
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Old 07-14-2016, 06:20 PM   #42
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Originally Posted by RobbieB View Post
Order placed;


1 Russian Osetra Caviar Karat 3.5 oz (100g) $255.00
1 Mother of Pearl Caviar Spoon - Small
1 Paddlefish Caviar Metal Tin 4.4 oz (125g) $89.00
1 CREME FRAiCHE 8oz (227g) $5.99
1 Premium Norwegian Smoked Salmon 4 oz (113g) $11.25
Subtotal: $361.24
Discount: -$10.62
Shipping: FedEx Standard Overnight

Ha, burned another $350 -
Extravagant would have been going with same day delivery!
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Old 07-14-2016, 06:25 PM   #43
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At $350 I got free delivery -
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Old 07-14-2016, 07:02 PM   #44
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You did not derail, you are on topic. The topic is we are so frugal we forgot how to blow dough.

And the answer is "blow more dough". Buy a 6 inch phone for $500 -

I always endeavor to "help" the members here with creative ideas to have more fun by blowing more dough.
Well, you are a "bad" influence re the LBYM theme of this forum but in the spirit of this thread you are certainly a good disciple of Mr. Kitces's
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Old 07-14-2016, 07:29 PM   #45
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My goal in life is to have $0.01 balance in my retirement account the day I pass into the next world. haha.

Withdrawing 5% is not a problem. Spend that money ! Get that social security early and stay healthy.
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Old 07-14-2016, 07:37 PM   #46
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That's the spirit and the goal! Die broke and you win.

Well, maybe not that broke, a couple hundred grand would be nice just in case -
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Old 07-14-2016, 07:40 PM   #47
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...and your last check should be to the undertaker. And it should bounce.
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Old 07-14-2016, 07:55 PM   #48
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Brutal.
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Old 07-14-2016, 08:21 PM   #49
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Our goal on an ongoing basis is to optimize expenses and increase little side income streams and freebies. I would like to reach the point where all the little side incomes added up cover our expenses (without much ongoing work) but that would be a stretch. But then I have the rest of my life to work on it so if I live long enough maybe I can pull it off. We live pretty much as we did before we retired so I don't see a point in spending more. We have a house full of stuff we're trying to declutter and go out a lot now. We just have cheap hobbies like hiking and seeing plays on the discount nights.

Here is a related study from Berkeley Greater Good Science Center on when spending does make people in general happy:

"In fact, a recent wave of research suggests that money can buy happiness—if we spend it in the right ways. Dishing out cash for experiences rather than material goods can give us a boost, as can spending on other people. And we’ll get the biggest happiness bang for our (literal) buck if we indulge in many small treats rather than a few big splurges.
Now, a new paper published in Psychological Science suggests that money can also buy happiness when we spend it on products that fit our personality"

We do follow the spending on experiences and the many small treats model, like lunch out, a trip to an art museum or a hike in the Redwoods. But the lunch is with a Groupon, the art museum is free with an annual pass and my favorite Redwood park is free on weekdays.
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Old 07-15-2016, 06:37 PM   #50
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I haven't read all the comments but I think this is more common then many think, I certainly include myself in those that have saved (and still saving) to much.

I retired a couple of years ago with a defined government retirement plan (California) and easily live off of it including having a couple of extra thousand dollars each month that I just put in an ever growing bank account.

I also have a very sizable investment and cash savings that I can't even for see tapping into.

I think people like myself that have saved all their life find it hard to spend the savings once you get there. In my case I'm on the fence about buying a vacation/second home. I still live a great life and certainly spend my share of money including traveling but still find it hard to come to grips about spending it all.

I would never talk to anyone I know about this simply because it would be embarrassing and make me look like I'm bragging. (I'm not)
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Old 07-17-2016, 07:05 AM   #51
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(BTW the best hotels were Banks Mansion in Amsterdam, Du Danube in Paris and Casselburgh in Brugges)
I recommend Banks Mansion to all foreigners - it's probably the best on offer in Amsterdam. Pulitzer is a nice runner-up.
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Old 07-17-2016, 07:29 AM   #52
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OK that's it. After reading through this thread I am going to stop hemming and hawing about replacing our downstairs carpeting with wood and just do it. And also upgrade our RV to one slightly larger. I'd been planning to push both out to 2017 simply to avoid bumping our SWR, but can see the ridiculousness of hanging on to it 'just because.'

And that's with many lines of income stream still to come once we turn 65.
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Old 07-17-2016, 07:37 AM   #53
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When I was working we saved a very high proportion of our comp. We weren't trying to be frugal, and in fact given how much we spent even then, no one would think we were. After retirement if turned out that our resources would support an even higher spend. So we spent more, mostly travel and purchasing two more homes. 10 years into retirement, I figure we can spend even more. Not sure what though, other than gifting. Still working on it however, new boat, expensive sporty car, expensive first class trips with family or friends? I don't know. Boy life is good!!
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Old 07-17-2016, 07:38 AM   #54
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OK that's it. After reading through this thread I am going to stop hemming and hawing about replacing our downstairs carpeting with wood and just do it. And also upgrade our RV to one slightly larger. I'd been planning to push both out to 2017 simply to avoid bumping our SWR, but can see the ridiculousness of hanging on to it 'just because.'

And that's with many lines of income stream still to come once we turn 65.
Good for you!
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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 07-17-2016, 07:41 AM   #55
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I recommend Banks Mansion to all foreigners - it's probably the best on offer in Amsterdam. Pulitzer is a nice runner-up.
Hmm - I'll have to check that out sometime. Of course we stay just down the street from my brothers place which is incredibly convenient.
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Old 07-17-2016, 08:14 AM   #56
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Sometimes this LBYM really drives me nuts. I've been perfectly happy with my non smart cell phone with zero capabilities other than functioning as a phone for many years. Then a certain Trombonier mentions a $20 smart phone and I go ahead and buy the damn thing with a Tracfone 180 minutes card for another $20. I figure I'll play a little with it put it down and never think about it again. NOOO! I start playing with it and find I like it - this is really cool. Now I'm thinking of bigger and better and costlier mo' data, mo' memory, mo' display . Jeez where does this stop...


Dont beat yourself up Ejman. I bought my first smartphone a month ago. The plan was only $5 more than dumb phone and the phone was less than a $100. Already I enjoy checking my stocks on the golf course and weather forecast at my disposal. Even used the Google Maps app to find me a few locations. It also has helped me kill time at the airport already. No return ever to the dumb phone again.


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Old 07-17-2016, 11:58 AM   #57
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I saved too much by accident. I had enough in 2008 but then recession so worked longer, recovery and extra savings to double enough then mom died suddenly so inheritance.
I retired 2.5 years ago and have made 143K on investments and spent 70K so up 73K so far from more than double enough.
Most of the 70K I withdrew I gave away as gifts and got a new roof. Day to day spending is cheap, same old house and car, SS covers the mortgage and food so only need about 10K-15K from investments for taxes and insurance and utilities so a 1-2% withdrawal rate.
Time to take some trips and if you don't like planning the details, just sign up for the tour type.
Was at lunch yesterday and a woman told me how she took a cruise tour of Italy area, the ship stops in various ports and you go see the sites, only unpack once in the 2 weeks.
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Old 07-17-2016, 12:08 PM   #58
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We will have no problem spending at an appropriate and safe level when the time comes.
Therein lies the conundrum for some folk - deciding what an "appropriate and safe level" actually is.

Waddaya talking about? A 1% WR is entirely appropriate, and you'd better believe that it's safe!
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Old 07-17-2016, 01:14 PM   #59
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Most of these articles imply that spending more money equals more retirement happiness, but the topic is certainly debatable, especially after a certain point. I don't think Bill Gates would be any happier spending more money on himself than he already does.
Yes, but not many have a Bill Gates level of wealth........

Think of a couple who would really love to visit their grand children on the opposite side of the country twice a year instead of once. They aren't doing it because of expense considerations and it makes them sad. Later, after the financial outcome curtain is pulled back in late life, they realize they could have easily afforded the extra travel for the cherished visits. They were just too infatuated with the numbers of the spreadsheet to grab a little of the money and buy the tickets. Sad.
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Old 07-17-2016, 02:47 PM   #60
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Yes, but not many have a Bill Gates level of wealth........

Think of a couple who would really love to visit their grand children on the opposite side of the country twice a year instead of once. They aren't doing it because of expense considerations and it makes them sad. Later, after the financial outcome curtain is pulled back in late life, they realize they could have easily afforded the extra travel for the cherished visits. They were just too infatuated with the numbers of the spreadsheet to grab a little of the money and buy the tickets. Sad.
If retirees do not have enough money for travel for family visits (or basics like groceries, medical care, cancer treatments, housing, helping out family members, or hobbies, etc.) then they probably haven't reached their "certain point" part yet.

There's the oft debated and quoted $75K per year number to be happy. That is over twice the $31,742 the AARP says the average 65+ household income was in 2012, so the $75K number should leave some headroom for visiting the grandkids and other trips. I don't know if there is a universal number for happiness, but most research seems to show people get used to material possessions and at some point buying more and more consumer goods doesn't lead to greater and greater happiness.
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