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Will obgyn65 meet his goal ?
Old 01-14-2013, 05:36 PM   #1
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Will obgyn65 meet his goal ?

My goal is to spend $50,000 this year for personal expenses. I can afford this, as my spreadsheet says I can spend two or even three times as much, even if I FIREd today. Will keep people informed of my progress under this thread.

So far, I failed in January. It looks like I have spent only $2,000 so far. As mentioned in other threads, I have no problem giving some cash for projects helping others here and abroad, such as supporting free clinics, sending kids clothes to third world countries, or sending meds. But I just can't seem to be able to spend on myself. I don't really want anything more than what I have now - that's the simple truth.
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Old 01-14-2013, 05:38 PM   #2
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don't really want anything more than what I have now - that's the simple truth.
Then trying to spend more on yourself would appear to be a pointless goal.
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Old 01-14-2013, 05:49 PM   #3
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You have an altruistic soul. Take care of yourself first. Then put the rest into what your heart says is needed to help others.
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Old 01-14-2013, 05:55 PM   #4
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Originally Posted by obgyn65 View Post
My goal is to spend $50,000 this year for personal expenses. I can afford this, as my spreadsheet says I can spend two or even three times as much, even if I FIREd today. Will keep people informed of my progress under this thread.

So far, I failed in January. It looks like I have spent only $2,000 so far. As mentioned in other threads, I have no problem giving some cash for projects helping others here and abroad, such as supporting free clinics, sending kids clothes to third world countries, or sending meds. But I just can't seem to be able to spend on myself. I don't really want anything more than what I have now - that's the simple truth.
Why don't you just accept your unmatched goodness, and only spend on others?

You live downtown, I'm sure just walking from home to work you see plenty people who might like a nice cigar, a few bucks for some Ripple, maybe a Rubik's Cube to while away the cold hours huddling over a grate.

If these things fail to excite, I recommend reading the Magic Christian, by Terry Southern. It's about another wealthy man who sought to help others in ways that appealed to him.

There are so many opportunities to practice virtue, there must be a few not completely exhausted by your ongoing and very admirable charity.

Ha
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Old 01-14-2013, 06:10 PM   #5
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I'll give you my address. please make the check out to cash.
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Old 01-14-2013, 06:22 PM   #6
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Originally Posted by obgyn65 View Post
My goal is to spend $50,000 this year for personal expenses. I can afford this, as my spreadsheet says I can spend two or even three times as much, even if I FIREd today. Will keep people informed of my progress under this thread.

So far, I failed in January. It looks like I have spent only $2,000 so far... I don't really want anything more than what I have now - that's the simple truth.
$50,000 is a lot of money for non-necessities if you don't travel for pleasure, dine out a lot, belong to a private club, etc. You don't sound like that kind of person. Just spend it when something appeals to you, don't go looking for things or experiences to buy.
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Old 01-14-2013, 06:29 PM   #7
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Get a girlfriend. You'll be burning cash in no time at all.
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Old 01-14-2013, 06:29 PM   #8
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Depends on how you look at spending on yourself. Does that include medical insurance, transportation, taxes, housing, food, taxes and taxes? If spending on charity is benefiting you by making you feel better and providing you a tax deduction, isn't that spending on yourself? If you are spending money on college tuition for your kids so they can be self sufficient, isn't that spending on yourself? My point is, if any of your spending benefits you in anyway, physically, spiritually or legally, count it. I am sure by expanding the definition of benefit and yourself you can achieve your goal.
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Old 01-14-2013, 06:42 PM   #9
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If spending on charity is benefiting you by making you feel better and providing you a tax deduction, isn't that spending on yourself?
My thoughts exactly. There's no need to try too hard to spend extra money specifically on yourself, if you're already content.

Now, if for some reason, you're not content, and you think you may be denying yourself, then that is something to take a look at but otherwise, I wouldn't worry about it.
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Old 01-14-2013, 06:47 PM   #10
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Originally Posted by obgyn65 View Post
My goal is to spend $50,000 this year for personal expenses. I can afford this, as my spreadsheet says I can spend two or even three times as much, even if I FIREd today. Will keep people informed of my progress under this thread.

So far, I failed in January. It looks like I have spent only $2,000 so far. As mentioned in other threads, I have no problem giving some cash for projects helping others here and abroad, such as supporting free clinics, sending kids clothes to third world countries, or sending meds. But I just can't seem to be able to spend on myself. I don't really want anything more than what I have now - that's the simple truth.
Think again! Today is January 14th, which is only 2 weeks into the year. You have spent $2000. Your spending is at a rate of $1000/week. There are 52 weeks in the year, so at this rate you will spend $52,000 this year. So far, you have succeeded in meeting your goal. Relax!

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Old 01-14-2013, 06:50 PM   #11
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First of all, if you are like most of us, expenses are not smoothly distributed throughout the month, so 14 days is too small a sample.

Second, nobody should feel obliged to spend money every week just for the sake of meeting some arbitrary number. Things might look very different to you in April when you suddenly get an idea for a vacation you would like to take, and your spending, prorated for 4 months, tells you that you can do it with a clear conscience.

Third, it may not be a bad thing to underspend your planned SWR if, as you do, a person does not have growth assets in his/her portfolio.

Fourth, assuming that inflation does not eliminate this problem over time, and if your chronic underspending is becoming a burden to you, there are countless charitable organizations who will be only too happy to liberate you from your excess wealth. You might even get tax deductions.

Seriously, I wouldn't worry about being LBYM. We all are to some extent. I had a surplus of $15K from what I allocated to personal expenses in 2012 and last week I used it to pay down debt on investment property, thereby shortening the amortization, and the wait for it to become an income stream, by 3 years. I also dumped $5500 of 2013's expenses into my TFSA (like a Roth) so I've already "spent" a bundle this year....except that I haven't really spent it, just moved money around.
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Old 01-14-2013, 06:57 PM   #12
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....there are countless charitable organizations who will be only too happy to liberate you from your excess wealth. You might even get tax deductions.

....
Am I the only one who thought you were going to invite donations to the Meadbh Property Tax Charitable Foundation?
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Old 01-14-2013, 06:59 PM   #13
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Am I the only one who thought you were going to invite donations to the Meadbh Property Tax Charitable Foundation?
LOL!
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Old 01-14-2013, 07:01 PM   #14
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Am I the only one who thought you were going to invite donations to the Meadbh Property Tax Charitable Foundation?
That was my first thought, but then I realized she would have never suggested cutting back on his first two week rate of spending if she was about to hit ObGy up for a contribution...
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Old 01-14-2013, 07:03 PM   #15
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I don't really want anything more than what I have now - that's the simple truth.
Then why force yourself to spend more? Sounds like a waste.
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Old 01-14-2013, 07:05 PM   #16
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Lindsay Lohan can help you meet the goal in less than a week.
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Old 01-14-2013, 07:05 PM   #17
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That was my first thought, but then I realized she would have never suggested cutting back on his first two week rate of spending if she was about to hit ObGy up for a contribution...
Wait, maybe that $2000 was for Mead's property tax!
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Old 01-14-2013, 07:09 PM   #18
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Wait, maybe that $2000 was for Mead's property tax!
It's not due until June, so no worries!
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Old 01-14-2013, 07:32 PM   #19
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... just when I thought threads couldn't get more ridiculous.

If I am so fortunate to have extra money, it'll be in a trust and eventually help organizations that have enriched my life (in my case, things like PBS or nature centers I have enjoyed over the years)
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Old 01-14-2013, 07:35 PM   #20
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