What is your financial Achilles' heel?

[MarieIG]

Do you have a financial Achilles' heel? For example, I had thought that I was pretty resistant to pleas for money from certain relatives. No, I won't co-sign a loan, no I'm not buying that, you want it you buy it yourself. (I'm not talking about normal expenses when raising a family, and would have kicked in if my or DH's parents needed support - they were good parents and not spendthrifts).

I am the financial hardnose in the family. I reign in DH who has a soft heart and would empty his bank account buying gifts (not necessities) for grown kiddos and me.

Oldest son (an adult) got me though. A call from the vet's office, DGD (grand dog) ate a beer can, not enough money to cover the surgery, put the surgery on parents' card or dog dies. Not to mention the $ we spent (unsuccessfully) trying to save our sweet kitty this month, but I can't regret that.

So, do you have a financial Achilles' heel?

 

[VFK57]

Much Higher than average anticipated inflation, stock market crush followed by depression.

 

[Amethyst]

I'm trying to figure out how this could even happen! Is this a very large dog with a very large mouth and throat? It sounds like the dog survived; I hope so, anyway!

DGD (grand dog) ate a beer can,

 

[Teacher Terry]

I am a sucker for animals too)

 

[Walt34]

Chocolate Mint Ice Cream on sale. Last time it was $2 each if you bought six. I wanted to buy 12 but DW stopped me. Meanie.

Ultra micro (UMX) radio control model aircraft. I think I have about twelve now and two on backorder.

For DW it is any and all perceived needs or wants of grandnieces or grandnephews.

 

[SecondCor521]

Excessive safety over having some fun.

Right now my net spending is less than 1% of my FIRE stash.

I ask myself what am I saving it for, and currently the answers seem to be:

1. Protection against the next pullback - coming soon to a theatre near you - pushing my spending rate over 4%.

2. Having more money in case my kids' college ends up costing more than I have saved.

3. Seeing money pile up is more fun than whatever fun I could have with it, aka SMGDS, aka Scrooge McDuck Gold Diving Syndrome.

 

[harley]

DW

 

[aja8888]

Buying old cars, fixing them up and selling them for less than I have in them. Sounds foolish, but it keeps me occupied and out of the bars.

 

[bada bing]

Getting divorced.

Don't have to worry about that one much anymore, I finally learned my lesson 22 years ago.

 

[USGrant1962]

Health insurance.

 

[lwp2017]

About 20% of retirement income is in a non-guaranteed pension supplemental payment.

 

[Bir48die]

Wine. Especially after 4-5 tastings. Then it's all good

 

[Senator]

Ice cream and strippers.

I hate paying estimated taxes, but I plug my nose and do it.

 

[6miths]

I suspect it will be the children but not really so far but the game is still in the early going. Might be travel too.

 

[YVRRocketSurgery]

Our cat's getting old too but she's been relatively healthy <knock on wood>.
I dread the day if/when we need to make a decision on a big vet bill.

 

[bclover]

Louie Vuitton bags.

 

[DrRoy]

Chocolate Mint Ice Cream on sale.

Well, yes.

Also, it used to be trying to beat/time the stock market. I cured myself of that a few years ago.

 

[Midpack]

Probably (legally) avoiding taxes to a fault. I let avoiding taxes influence rebalancing and asset allocation a little more than most here probably do. I’m a little worried it’s going to catch up with me when we/I reach the tax torpedo years (taking SS, paying RMD’s and withdrawals), but every analysis I’ve done says paying now or paying later will be about a wash even though I am assuming higher personal taxes in the future, so I stand pat.

 

[MarieIG]

I'm trying to figure out how this could even happen! Is this a very large dog with a very large mouth and throat? It sounds like the dog survived; I hope so, anyway!

She she did! Her head and mouth are enormous. She a rather large pit bull.

 

[Meadbh]

Occasional ill-advised purchases.

 

[MarieIG]

3. Seeing money pile up is more fun than whatever fun I could have with it, aka SMGDS, aka Scrooge McDuck Gold Diving Syndrome.

There is something wrong with that?

 

[razztazz]

Excessive safety over having some fun.

Right now my net spending is less than 1% of my FIRE stash.

I ask myself what am I saving it for, and currently the answers seem to be:

1. Protection against the next pullback - coming soon to a theatre near you - pushing my spending rate over 4%.

2. Having more money in case my kids' college ends up costing more than I have saved.

3. Seeing money pile up is more fun than whatever fun I could have with it, aka SMGDS, aka Scrooge McDuck Gold Diving Syndrome.

That's me too. I am budgeted for far more than I've actually been spending.

Two years ago was going to blow some bread on a thousand dollar guitar. Maybe even $1200. I ended bargaining myself down to a $600.00 model which I then purchased for $400.00 because it was on sale. Then Two months later I do my taxes and get $1000 refund! Now I'm stuck with the money

Four years ago I was going to get rid of my 20 yrs old Dodge Shadow and get a slightly used Cadillac or maybe a Lincoln Town Car. So, now I'm driving a top of the line with (almost) all the options Ford Focus. The front end arrives at destinations only fractions of a second later than a Cadillac would.

 

[MarieIG]

Ice cream and strippers.

I hate paying estimated taxes, but I plug my nose and do it.

I'm with you on the ice cream and the estimated taxes. Federal tax, state tax, sales tax, property tax, ALTERNATIVE MINIMUM TAX. Sometimes I feel like more money is going out in taxes than is coming in.

The lovely ladies however will have to supplement their income without my support. I'm sure they'll do fine - but I must wonder - do they pay their estimated taxes?

 

[SheitlQueen]

Competitive shooting.

 

[cooch96]

DW and property. I’d very likely have twice the net worth if I’d stayed in apartments the last 10 years rather than buying a house at the market zenith. I’d likely have four times my wealth had I stayed single. Although I might’ve also been so miserable and lonely I would’ve ended it. So no regrets.