Struggling with "Blow That Dough" Mentality

[HadEnuff]

I live on a lake. I have an older, yet serviceable runabout. As I age, and as my cronies age, we are finding it harder and harder to get into and out of the thing. Also the seating is not as comfortable on our backs as it once was, especially for me, the pilot.

So, I want to buy a pontoon "party boat", aka "floatboat". Not an old beat up one with a crappy motor, but a nice new one with a nice new motor. I am looking at one that fits my needs. I can pay cash. I could literally buy 20 of them without diminishing my "nut" to the point that I'd have to go to a 4% WR to live the way I live. Yet, I struggle internally with the idea of spending that much money on a toy.

I thought I was over this, but I'm not. I'm going to do it, I just wish I felt more joy about it, rather than something more akin to guilt, or dread.

I remember my dad, the consummate depression baby, remarking to me that while he furnished his Florida retirement condo, he felt terrible guilt, expressing to me that his mom must be "rolling over in her grave" with all of the money he'd been spending. I tried to soothe him by suggesting that his mom might be happy to see him enjoying the fruits of his success.

Now I tell myself the same thing, but I'm not sure it's working. It's not so easy to change one's stripes, after all, is it?

[Ronstar]

I understand struggling with the "Blow that Dough"mentality. But the struggle should not extend to a pontoon boat. I've had 3 since 1985 and enjoyed all of them.
I felt a little guilt when I bought my last one, but the guilt faded fast when I got it on the water.

Buy the boat now! You're not getting any younger. Enjoy!

[HadEnuff]

Quote:

Originally Posted by Ronstar I understand struggling with the "Blow that Dough"mentality. But the struggle should not extend to a pontoon boat. I've had 3 since 1985 and enjoyed all of them. I felt a little guilt when I bought my last one, but the guilt faded fast when I got it on the water. Buy the boat now! You're not getting any younger. Enjoy!

thank you, that was just the advice I was hoping to get.

BTW I redid the math. I could not buy 20 without getting to a 4% WR...only 14. But I still think I should buy the boat.

[RunningBum]

Think about the pain and suffering you'd endure if you slipped getting in or out of the old boat, not to mention the medical expenses and the time you'd lose. How about the guilt if one of your buddies suffers that injury? There's no doubt you'll use it, right? This seems like a no-brainer to me. Buy it, guilt-free!

As far as the money goes, put it in terms of the small % of your total assets, or as profits from the market run up this decade, rather than a dollar amount, if that helps.

[beowulf]

Do it while you can. No one lives forever and the older you get, the harder it is to do things you enjoy.

[kcowan]

I have a proforma financial plan that runs out to age 100. When I consider a major purchase, I incorporate the cash withdrawal and then see when my money will run out. So far it hasn't in any proforma view.

The biggest hit was $350k for a new snowbird property. Still OK.

(That would be $24K for each of 14 boats!)

[RobbieB]

Buy that boat and go fishing!

[Live And Learn]

Nothing better than a new boat. If your old runabout is getting older you will save on potential repairs. Go for it. (ps: I hate spending money but buying a new boat <went from a 16 ft to an 18 ft> is a decision I have never ever regretted)

[audreyh1]

Quote:

Originally Posted by HadEnuff I live on a lake. I have an older, yet serviceable runabout. As I age, and as my cronies age, we are finding it harder and harder to get into and out of the thing. Also the seating is not as comfortable on our backs as it once was, especially for me, the pilot. So, I want to buy a pontoon "party boat", aka "floatboat". Not an old beat up one with a crappy motor, but a nice new one with a nice new motor. I am looking at one that fits my needs. I can pay cash. I could literally buy 20 of them without diminishing my "nut" to the point that I'd have to go to a 4% WR to live the way I live. Yet, I struggle internally with the idea of spending that much money on a toy. I thought I was over this, but I'm not. I'm going to do it, I just wish I felt more joy about it, rather than something more akin to guilt, or dread. I remember my dad, the consummate depression baby, remarking to me that while he furnished his Florida retirement condo, he felt terrible guilt, expressing to me that his mom must be "rolling over in her grave" with all of the money he'd been spending. I tried to soothe him by suggesting that his mom might be happy to see him enjoying the fruits of his success. Now I tell myself the same thing, but I'm not sure it's working. It's not so easy to change one's stripes, after all, is it?

If this is something you are going to use a lot, and based on past behavior it seems like you have, then I say go for it. Sounds like you and your buddies will have tons of fun with it and that’s what retirement is all about!

[HadEnuff]

I love you guys!

[HI Bill]

I'm not sure about the OP, but the pain of making a major purchase for something you really want/need, usually fades moments after actually making the purchase. So, buy, ignore the pangs of guilt, and then enjoy!

[LarryMelman]

As I get closer and closer to my own retirement, I wonder if I'll have the gumption (is that still a word?) to spend money that heretofore, I've never been comfortable spending. On frivolous toys like RV's and such. I think I can rationalize it by treating it like any other essentials of life that I've bought over the years - buy at a good price (perhaps used and well-maintained), get my enjoyment out of it, maintain it properly, and resell it myself when I've done with it.

[W2R]

Quote:

Originally Posted by HadEnuff [...]I want to buy a pontoon "party boat", aka "floatboat". Not an old beat up one with a crappy motor, but a nice new one with a nice new motor. I am looking at one that fits my needs. I can pay cash. I could literally buy 20 of them without diminishing my "nut" to the point that I'd have to go to a 4% WR to live the way I live. Yet, I struggle internally with the idea of spending that much money on a toy. [...]

I wonder if you are having doubts about the value of this party boat to you, relative to what it costs. Even if we can afford to blow that dough, it's perfectly legitimate to choose something that has the greatest value to you, in exchange for that dough.

But if buying the party boat gives you the best value (most happiness) for your dough, by all means, have at it! You deserve it. You worked hard for your money and you didn't do that just for no reason at all. Now is the time to enjoy "the fruits of your labor" as the expression goes.

Robbie (famed creator of "Blow That Dough"), recently had 10 pounds of super colossal King Crab legs shipped to his doorstep. But he probably would not spend the same amount on, oh, say a box of Twinkies. He blows his dough on the good stuff! The stuff that has the greatest value to him, for the money. That's the way to do it.

[RobbieB]

Yup, that's it! It's a "splurge", if you will. Something out of the ordinary, a treat!

[foxfirev5]

When we built our lake house we were advised by the neighbors that a pontoon boat was mandatory. Buy a new, quality pontoon and enjoy yourself. We've had row boats, sailboats, roundabouts and pontoons. Now in our 60's the pontoon is all we use. A 25' walk out the backdoor to a level dock and pontoon should serve us well into the future.

[RAE]

You should buy the boat and not feel guilty about it for one minute. I've always been very frugal too, but I'm slowly starting to loosen up, as I get older. You only have so much time on this earth, and if you have the resources to acquire a few things that you know will bring you happiness in your remaining years, just do it.

By the way, we have a pontoon boat at our lake cottage, and we love it....

[daylatedollarshort]

Purchasing the boat is probably relatively cheap thrills if you consider the cost / number of uses, plus resale value.

[pb4uski]

Quote:

Originally Posted by HadEnuff I live on a lake. I have an older, yet serviceable runabout. As I age, and as my cronies age, we are finding it harder and harder to get into and out of the thing. Also the seating is not as comfortable on our backs as it once was, especially for me, the pilot. So, I want to buy a pontoon "party boat", aka "floatboat". Not an old beat up one with a crappy motor, but a nice new one with a nice new motor. I am looking at one that fits my needs. I can pay cash. I could literally buy 20 of them without diminishing my "nut" to the point that I'd have to go to a 4% WR to live the way I live. Yet, I struggle internally with the idea of spending that much money on a toy. I thought I was over this, but I'm not. I'm going to do it, I just wish I felt more joy about it, rather than something more akin to guilt, or dread. I remember my dad, the consummate depression baby, remarking to me that while he furnished his Florida retirement condo, he felt terrible guilt, expressing to me that his mom must be "rolling over in her grave" with all of the money he'd been spending. I tried to soothe him by suggesting that his mom might be happy to see him enjoying the fruits of his success. Now I tell myself the same thing, but I'm not sure it's working. It's not so easy to change one's stripes, after all, is it?

I live on a lake too. We had a runabout... a nice 18' Larson 125hp I/O. However, it got to the point where my DM, who also lives on the lake and was 84 at the time, wouldn't go for rides with us because it was too difficult getting in and out of the runabout.

So I bought a pontoon... best thing I ever did. We use it a couple times a week... usually for a slow "cocktail cruise" around the lake... takes about an hour round trip. Often with friends and family.

I got a deal from a neighbor who was desparate for cash... 20' 2001 Bennington with 40 hp Honda for $8,250 in 2014... sold the runabout for $6,250 in 2015 so basically the runabout + $2k for the pontoon.... I added a trailer for $2,200 last year.

I was at a dealer earlier this year and he was prepping a new 22' pontoon (not a Bennington) with a 115 Merc and trailer... $43k! Wow!

[robnplunder]

Quote:

Originally Posted by HadEnuff Now I tell myself the same thing, but I'm not sure it's working. It's not so easy to change one's stripes, after all, is it?

It's hard. 4 years into ER, I have bought my 1st ever luxury car today. Ok, I bought a 2018 model to save tons of money. Sure, we could have bought it much earlier & new but we opted to save for ER. Now that we have ER'd successfully, it's time to enjoy our hard earned savings. But I must admit that I felt unease at buying it especially when we already have a perfectly good car. My mind struggles when splurging but I am determined to enjoy the savings as "best" we could - apologies in advance to my only heir, DS.

[Scuba]

Buy it and enjoy it! Life is too short. It sounds as though this is well within your means.