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02-11-2011, 07:17 AM
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#21
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Sep 2005
Location: Charleston, SC
Posts: 13,566
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Quote:
Originally Posted by BigNick
1. Clothes - serious fashion shopping, not $25 jeans
2. Eating out, drinking out, etc
3. Home stuff ("the one who dies with the most stuff wins")
4. Cars - replace every 2 years, 3 cars in the garage
5. Travel
Anyone else have a model like this? Or a category to add?
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I like your list and I agree, different folks have different priorities for how they burn through money. As others have noted gifts/charity would be a good #6.
I'd say for us 2 and 5 are the most important. We like throwing parties, visiting with friends, and generally value experiences over things.
I'll work like crazy to save $40 on some purchase, but then will drop that much easily on drinks tonight during happy hour.
__________________
“One day your life will flash before your eyes. Make sure it's worth watching.”
Gerard Arthur Way
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02-11-2011, 07:30 AM
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#22
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Thinks s/he gets paid by the post
Join Date: Jun 2010
Location: Palma de Mallorca
Posts: 1,419
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One slightly naughty feature of this list approach is that it provides a quick way to see how your friends are probably doing. If they are buying furniture every odd-numbered weekend in their new car, and away somewhere every even-numbered weekend eating at fancy restaurants in their new clothes, they probably don't spend much time looking at annuity rates.
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02-11-2011, 07:46 AM
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#23
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jun 2002
Location: Texas: No Country for Old Men
Posts: 50,021
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Quote:
Originally Posted by Martha
What happened to sex, drugs, and rock and roll?
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This question seems to be asked a lot once you reach your 50's. Once you make it to your 60's the drugs question usually gets answered...
__________________
Numbers is hard
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02-11-2011, 07:58 AM
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#24
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Aug 2006
Posts: 12,483
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Quote:
Originally Posted by Sarah in SC
I'll work like crazy to save $40 on some purchase, but then will drop that much easily on drinks tonight during happy hour.
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Next time I am in Charleston, you're buying..............
__________________
Consult with your own advisor or representative. My thoughts should not be construed as investment advice. Past performance is no guarantee of future results (love that one).......:)
This Thread is USELESS without pics.........:)
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02-11-2011, 08:03 AM
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#25
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Thinks s/he gets paid by the post
Join Date: Feb 2008
Location: Indialantic FL
Posts: 1,330
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Quote:
Originally Posted by Khan
B
I enjoy giving stuff and money to people/orgs/causes
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Thanks Khan... My own thinking of giving has changed since I ER'd. I use to think that simply paying my taxes was giving enough...Our percentage of giving has gone up in terms of time & dollars. Still have a way to go though...
__________________
JimnJana
"The four most dangerous words in investing are 'This time it's different.'" - Sir John Templeton
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02-11-2011, 08:16 AM
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#26
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Moderator Emeritus
Join Date: May 2007
Posts: 12,901
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Quote:
Originally Posted by BigNick
I'm not sure about "alcohol/tobacco/gambling". Alcohol is cheap if you drink it at home (unless you do it to the point where it affects your ability to work ) and if you drink it outside, that's covered. Tobacco is such an alien thing to me that I didn't think about it, but I know that for people who make below median incomes, 30 a day can be a big chunk of change (especially in Europe where $8 per pack of 20 is not uncommon). I'd probably include gambling under "hobbies".
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You guys have it good in France! Alcohol is not so cheap here. If you drink two decent bottles of wine a week ($10-$20 per bottle with taxes!), which is certainly not excessive for 2 people, you could end up spending $1,000 to $2,000 a year on wine alone. That represents a sizable expense even for my above average $60K budget.
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02-11-2011, 10:28 AM
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#27
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Thinks s/he gets paid by the post
Join Date: Dec 2005
Location: Lake Livingston, Tx
Posts: 4,204
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When we first got married, my older brother, said, 'Go easy on the entertaining, it can eat up your income in a hurry'. You could put that in hobbies, or with eating out. We only have folks over once a month or so, but it can add up. It too, like most of the list can be cut back.
__________________
If it is after 5:00 when I post I reserve the right to disavow anything I posted.
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02-11-2011, 10:43 AM
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#28
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Recycles dryer sheets
Join Date: Apr 2010
Location: Green Valley
Posts: 245
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not too big on #2, #4, #5 (when I would roll into the parking lot at the office in Palo Alto in my 8 year old honda folks would be saying WTH!!!!) but DW's #1 hobby in retirement (hers not mine... ) is still shopping, "it's not for me DH, it's for our home", but my dirty little secret is hobbies - I've got enough carbon/ti bikes in the garage to outfit an entire pro tour cycling team...yikes!
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02-11-2011, 10:44 AM
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#29
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Sep 2005
Location: Charleston, SC
Posts: 13,566
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I'll even spring for the diesel so we can drink aboard the boat lounging around in Charleston harbor!
Considering we took the boat out exactly ONCE in December, for the boat parade (glad you enjoyed that evening vicariously Harley), I'm ready for some warm boating/drinking weather ASAP!
__________________
“One day your life will flash before your eyes. Make sure it's worth watching.”
Gerard Arthur Way
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02-11-2011, 10:44 AM
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#30
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jan 2007
Location: New Orleans
Posts: 47,500
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Quote:
Originally Posted by BigNick
I have a simplified theory of where people spend their money. I reckon that, once you've put a roof over your head and paid for utilities, health insurance/deductibles if you're American, and orange juice to put in the fridge, there are five major categories of ways to burn the rest:
1. Clothes - serious fashion shopping, not $25 jeans
2. Eating out, drinking out, etc
3. Home stuff ("the one who dies with the most stuff wins")
4. Cars - replace every 2 years, 3 cars in the garage
5. Travel
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Quote:
Originally Posted by Sarah in SC
I'd say for us 2 and 5 are the most important. We like throwing parties, visiting with friends, and generally value experiences over things.
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For me, #2 is most important. Living in New Orleans, we do enjoy eating out frequently. I spend zero on alcohol and cigarettes.
Home stuff (#3) and average car expense over the life of the car (#4) are about equal and each is about half of what I spend eating out.
Travel (#5) and clothes (#1) are by far the smallest categories for me.
__________________
Already we are boldly launched upon the deep; but soon we shall be lost in its unshored, harbourless immensities. - - H. Melville, 1851.
Happily retired since 2009, at age 61. Best years of my life by far!
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02-11-2011, 11:05 AM
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#31
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jul 2009
Posts: 5,308
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Entertainment/hobbies and pets.
It is interesting that this probably reflects your own sense of priorities by carving out as separate categories two specific forms of entertainment -- dining out and travel -- while leaving in the dust all other forms of entertainment.
Item 5 really should be not travel (simply one form of entertainment) but something more like Entertainment/hobbies of which travel is simply one example. Or it should be 6 categories with one for entertainment/hobbies if one wants to, in effect, privilege travel as a separate category.
For example, for us technology would be our entertainment/hobby. This manifests in a lot of ways. For some people the occasional new computer (which costs a few hundred dollars) is part of the home category and technology related things is a small part of the budget.
DH and I like high end computers, enjoy playing World of Warcraft on the computer, and pay for a variety of things that is technology related.
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02-11-2011, 01:48 PM
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#32
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jun 2006
Posts: 12,880
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A lot of people spend money on high monthly expenses. That is, Cable TV with all the extras, NetFlix, Fancy cell phone service, (wasted) electricity, heating/cooling the house day and night, frequent housecleaner, etc.
Not saying those are all bad, but they can eat up a lot of dough.
__________________
Al
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02-11-2011, 01:59 PM
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#33
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jul 2006
Posts: 11,401
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7. Personal development. Would include everything from yoga to ayurvedic medicine, taking interesting courses, seminars and classes, e.g. golf lessons!
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02-12-2011, 09:49 AM
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#34
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Recycles dryer sheets
Join Date: Feb 2011
Posts: 225
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None of the above.
We spend a lot on original art and computer equipment (iPads, cameras). We also have hobbies (that we hope will be "work" when we RE) so we buy a lot of art supplies (including a printing press), and jewelry-making supplies.
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02-12-2011, 10:07 AM
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#35
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Full time employment: Posting here.
Join Date: Jun 2009
Location: SoCal
Posts: 569
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BigNick, I think that is a great list. I would add 6. Technology and 7. Hobbies/activities
Personally I spend little to nothing on 1 and 4, a little on 2, 3 & my #6 above, but then a ton on 5 & my #7 above
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02-12-2011, 10:10 AM
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#36
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Recycles dryer sheets
Join Date: Jun 2010
Location: Seatlle
Posts: 185
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For us, only #5 applies as our biggest expense,
but would add # 8: WINE.....!
Being we live in an area known for its reds, we go through quite a stock pile of it and more in the $25-$60 bottle price range....
Our wine budget is sort of scary in fact....
__________________
When a contradiction is impossible to resolve except by a lie, then we know that it is really a door.
S. Weil
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02-12-2011, 11:10 AM
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#37
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Feb 2008
Location: East Nowhere, 43N Latitude, NY
Posts: 9,037
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Quote:
Originally Posted by BigNick
1. Clothes - serious fashion shopping, not $25 jeans
2. Eating out, drinking out, etc
3. Home stuff ("the one who dies with the most stuff wins")
4. Cars - replace every 2 years, 3 cars in the garage
5. Travel
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1. Clothes - always on sale, off season, very few expenditures
2. Eating out, drinking out, etc - special occasion only for eating out or using BOGO coupons or accumulating stamps for the nth free. Beverages at the Legion discount prices only.
3. Home stuff ("the one who dies with the most stuff wins") - none at all except for replacements.
4. Cars - I own 3 cars - 1 midlife crisis convertible (2005), 1 winter rat (1992), 1 Jeep (2002) for boat pulling and winter weather. I was going to sell the winter rat, but Mr B is keeping his older car's mileage at a standstill by using it.
5. Travel - as much as possible within reasonable cost.
__________________
"All our dreams can come true, if we have the courage to pursue them." - Walt Disney
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02-13-2011, 06:17 AM
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#38
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Dryer sheet aficionado
Join Date: Oct 2009
Posts: 28
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I think that hobbies will be the biggest expenses in retirement. My DH is a drag racer and we can spend a small fortune on that alone... pls the travel to races, eating out during that time, etc. But, he's pretty good at it and sometimes it pays for itself. Another category for me is pets.... yikes, do you know how much it costs to get a dogs teeth cleaned these days! Ouch!
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02-13-2011, 07:01 AM
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#39
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Thinks s/he gets paid by the post
Join Date: Oct 2010
Location: Waimanalo, HI
Posts: 1,881
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Quote:
Originally Posted by TromboneAl
A lot of people spend money on high monthly expenses.
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We spend $100/month for satellite TV and $72/month on land line telephone+internet. Seems high to me.
__________________
Greg (retired in 2010 at age 68, state pension)
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02-13-2011, 07:09 AM
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#40
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Thinks s/he gets paid by the post
Join Date: Mar 2009
Location: Pittsburgh, PA suburbs
Posts: 1,796
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I'm not yet retired but my major discretionary expenditure is definitely entertainment. I buy a pair of tickets annually to both the symphony and a theater group (single seat for the opera). I will invite various friends to accompany me when I have two tickets as my guest. I figured the arts can use the money and as my LH and I had two good seats every year, I did not want to give them up. I keep a membership to a couple of museums, the conservatory, the church where I grew up (but rarely attend), and a historical preservation society. I attend a lot of fundraisers for things like the YWCA, the Humane Society, a cultural trust, the Red Cross, the cancer society, which involve purchasing an expensive ticket (will sometimes buy two and take a guest).
Oh, and I am not immune to clothes shopping (particularly shoes!) but try to hit the sales. My friends joke that my two extra bedrooms are nothing more than giant walk-in closets for the spillover from my bedroom. I am trying to temper this.
I am saving money in one area. I like the occasional glass of dry red wine and have discovered some pretty good box wines. I previously turned up my nose at this but sampled some at a friend's holiday party and have since purchased two boxes.
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