Join Early Retirement Today
Reply
 
Thread Tools Search this Thread Display Modes
Old 10-02-2013, 09:15 AM   #21
Recycles dryer sheets
 
Join Date: Oct 2013
Posts: 65
I'll offer my perspective. We recently moved across the country and decided that the sum value of our possessions didn't warrant paying for a moving truck so we sold everything that didn't fit in two cars and a 4x8 trailer, probably at least 80% of our stuff by volume not including furniture. I've never been one of those "own less than 100 things" types (ha!), but we love the freedom that comes from only owning what brings real value to our lives and not much else. I guess I'm saying that we look at purchases in terms of "will this bring my life value" more than "can I afford this thing". The afford question is made less relevant by the value question. We love thrift stores and craigslist. We are pretty much planning to sell it all one day and load up a couple big hiking bags to travel.

I do suspect you will feed the "wanting" more and more. Each little consumer purchase rewards our brains with a short term rush. Careful you don't get addicted. I have to watch myself on that as well. My wife and I agreed to each get $220 / month to spend however we wish. Either one of us can raise that so that we don't feel resentment, but neither of us have yet. The rest is for basic cost of living items only. We save about 75% of our net pay that way.
__________________

__________________
FIGuy is offline   Reply With Quote
Join the #1 Early Retirement and Financial Independence Forum Today - It's Totally Free!

Are you planning to be financially independent as early as possible so you can live life on your own terms? Discuss successful investing strategies, asset allocation models, tax strategies and other related topics in our online forum community. Our members range from young folks just starting their journey to financial independence, military retirees and even multimillionaires. No matter where you fit in you'll find that Early-Retirement.org is a great community to join. Best of all it's totally FREE!

You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with our members, see fewer ads, upload photographs, create a retirement blog, send private messages and so much, much more!

Old 10-02-2013, 09:48 AM   #22
Full time employment: Posting here.
 
Join Date: Sep 2012
Location: San Jose
Posts: 607
Quote:
Originally Posted by travelover View Post
Me neither. I can't decide between horses and an airplane.
I'll take the airplane, please

When I quit (hopefully in another 18 months or so), I plan on moving back to Colorado, finding a good flight school, getting my pilot's license, and buying a plane.

I want to do more traveling once retired, but I HATE commercial air travel. HATE it. I'd much rather have the freedom to fly my own plane wherever and whenever I want (weather permitting).

I've often read, don't even bother to try and financially justify owning a private plane. I guess the same is true with boats and horses. When my sister told the family she was buying horses to breed them, we all did a facepalm. My family will do the same with me when they find out a plane is on the agenda
__________________

__________________
LoneAspen is offline   Reply With Quote
Old 10-02-2013, 09:50 AM   #23
Full time employment: Posting here.
 
Join Date: Sep 2012
Location: San Jose
Posts: 607
Quote:
Originally Posted by FIGuy View Post
I'll offer my perspective. We recently moved across the country and decided that the sum value of our possessions didn't warrant paying for a moving truck so we sold everything that didn't fit in two cars and a 4x8 trailer, probably at least 80% of our stuff by volume not including furniture.
When my real estate business went under in Colorado, and I was forced to move back to Silicon Valley for IT work, I did something similar.

Sold or gave away everything that I couldn't box up and put in the back of my Jeep Grand Cherokee.

I've often told people...it's both liberating and depressing, at the same time, to be able to move with all your belongings in the back of a Jeep. But since everything's worked out for the better in the meantime, I'll err on the side of "liberating".
__________________
LoneAspen is offline   Reply With Quote
Old 10-02-2013, 10:29 AM   #24
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
 
Join Date: Feb 2013
Posts: 5,326
Quote:
Originally Posted by Meadbh View Post
Buying something you have wanted and anticipated for ages is wonderful and I think a life of LBYM needs to have these treats built into it. Otherwise it could get dull and you might feel deprived. The trick is not to get sucked into having those treats too often and to keep the cost within reasonable limits. For example, this summer I spent a few hundred dollars on new gadgets for my kitchen. As a result, I am getting far more enjoyment out of cooking at home (as well as eating better and saving money). OTOH, I am not buying a boat anytime soon!
I love kitchen gadgets. Most of my recent kitchen purchases have saved money in the long run. Small appliances like crock pots and rice cookers can be real time and energy savers, especially if they help you eat at home and cook from scratch.

I have a long list of items I have either bought or want to buy that will save more money than they cost - items like thermal drapes, native plants that do not need watering, solar Christmas lights, how to DVDs and courses, used books on simple living, rechargeable batteries and cloth napkins.

Much of our camping and sports equipment have been good deals because we use them over and over again, like our bikes and camping stove. We have also gotten a lot of fun out of things like our backyard grill and fire pit.

Halve45 - Personally, I am glad we sold our collectables. I like paring down to stuff that we enjoy and use frequently. If you really miss your collectables maybe you should replace a small amount with a set dollar value and see how you feel. If you just want to do a little guilt free shopping I would try buying some items that either save money in the long run or are reusable for hours of low cost fun and entertainment.
__________________
daylatedollarshort is offline   Reply With Quote
Old 10-03-2013, 02:46 PM   #25
Thinks s/he gets paid by the post
Jay_Gatsby's Avatar
 
Join Date: Oct 2004
Posts: 1,719
Quote:
Originally Posted by Amethyst View Post
W We still like to talk about those free-spending years, and are not sorry we had them.
Ask yourself if having an extra $10k, $15k or even $25k when you're 80 is worth passing up buying something that will make your life happier, richer and more enjoyable now?

It is a very common question on ER.org whether someone is saving too much. If you have to ask, you probably are. LBYM can be "addictive" in a sense - you're "buying" your freedom. The faster you buy it, the better, right? WRONG Once you have a plan to become FIRE, and that plan contains a specific savings goal and time frame for achieving it, you have to let yourself be free to spend whatever extra you have to enjoy life *now*.

The secret to healthy LBYM is how much you save.
__________________
Jay_Gatsby is offline   Reply With Quote
Old 10-03-2013, 03:11 PM   #26
Thinks s/he gets paid by the post
jollystomper's Avatar
 
Join Date: Apr 2012
Posts: 1,361
My Dad always told me "save first, but don't forget to have fun". Life is a balance. Even in LBYM mode we set aside a "fun" budget so that we can do whatever we what without concern. So we spend that money guilt free, knowing that we are still saving and meeting our FIRE targets.

The one thing I am trying not to do is get "clutter". So I try to balance new things with getting rid of older stuff. I definitely do not want to end up in "hoarding" mode.
__________________
Current target FIRE date: Under negotiation, can happen anytime.
jollystomper is offline   Reply With Quote
Old 10-03-2013, 04:12 PM   #27
Dryer sheet aficionado
 
Join Date: Oct 2010
Location: Ft. Lauderdale
Posts: 32
It's an amount small enough not to change your life in the long term.

Remember, you can always resell the items!

Sometimes I have bought things and sold them a year later and have never regretted it. I got to experience the enjoyment of having them. Then the thrill wore off and my desire for the money was greater than my desire for the item and I sold it.

You pay money for a vacation experience. You pay money for the experience you get from the collectibles. Same thing.
__________________
floridanurse is offline   Reply With Quote
Old 10-03-2013, 04:44 PM   #28
Recycles dryer sheets
 
Join Date: Dec 2012
Posts: 390
Go for it.

Within my own world, I've got all that I need. Today, working out at the gym I looked out at all the people and I thought, my shirt is the nicest shirt here.

Both shirt and shorts from Goodwill. And seriously, I liked my outfit the most. Time, health and no money worries are important items that make me content.

But if you feel you've been scrimping for too long, go have some fun and don't feel guilty about it. Enjoy, you've certainly earned it.
__________________
Elbata is offline   Reply With Quote
Old 10-03-2013, 04:48 PM   #29
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
 
Join Date: Jul 2006
Posts: 11,018
This week I attended a social event at the home of a friend who has been ER for some years (with a DB pension). Her home is larger, very comfortable and more elaborate than mine and is filled with tasteful ornamentation in a reproduction baroque style (lots of gold and glass). She collects clocks (one of which chimes every 15 minutes). She ornaments a modern chandelier by hanging crystal glasses with chips on it (which must be taken down every year for polishing). I kept thinking how many years of work went into buying all that "stuff" and how much maintenance it takes to keep it clean and organized. And how I would never get to sleep with those clocks constantly chiming!

I have a few favourite things that are significant in my life or remind me of great vacations, but I am simply not in the same league. One item on my To Do list for 2014 is to purge my storage locker of things I really should have disposed of when I moved. I am afraid my friend will be very disappointed when she visits my relatively spartan abode.
__________________
Meadbh is offline   Reply With Quote
Old 10-03-2013, 04:54 PM   #30
Dryer sheet aficionado
 
Join Date: May 2013
Posts: 34
Quote:
Originally Posted by Grinch View Post
Ask yourself if having an extra $10k, $15k or even $25k when you're 80 is worth passing up buying something that will make your life happier, richer and more enjoyable now?

It is a very common question on ER.org whether someone is saving too much. If you have to ask, you probably are. LBYM can be "addictive" in a sense - you're "buying" your freedom. The faster you buy it, the better, right? WRONG Once you have a plan to become FIRE, and that plan contains a specific savings goal and time frame for achieving it, you have to let yourself be free to spend whatever extra you have to enjoy life *now*.

The secret to healthy LBYM is how much you save.
I agree with this. BUT I also think that you need to take the time to decide what is important enough to you to sacrifice FI for. (for a little longer, anyway).
For us, it was travel. International and domestic. We would not sacrifice that at all because we would be miserable and would rather keep working and travel than work for 10,15,20 years before we could do it again.

Are the things you want to purchase going to bring you happiness or are you just looking to replace "stuff" now you have the money?

I have found the becoming FI has made me ask myself some touch questions.
__________________
butterfly is offline   Reply With Quote
Old 10-10-2013, 02:05 PM   #31
Dryer sheet wannabe
 
Join Date: May 2013
Posts: 21
Thanks for all the comments. I’ve thought a LOT about this and the comments made here in the last week.

A few responses to the comments:

Selling later on – I’ve bought and sold more things over the years than I care to admit. Once time I was showing off my new purchase to my kids they even told me once “so what, you’ll just end up selling it eventually.” And I did.

I even tried buying gold coins as an investment because I figured it was something I could collect and it’s still an “investment”. I bought and sold $1000s of dollars worth of coins over the past 5 years and never hung onto them long. I even tried storing them in a safety deposit box 40 miles away.

As a matter of fact, before I was married I became a minimalist on a few occasions selling everything of value only keeping the basics. In a way it’s a great feeling not being tied to “stuff”, then again I think “why am I working”? Besides health insurance anyway. J

I was reminded when my kids were very young I used to spend money. I was a competitive shooter (trap, skeet, practical pistol etc) and I would spend money on that. But then I’d wear old jeans or socks forever. J Now, I don’t even spend money on that as it’s gotten VERY expensive to compete.

Make the budget, figure out what you need to save for retirement, then you can spend the rest.
I agree, but finding that balance is tough. I mean, how much should that emergency fund really be? Is saving 10% for retirement enough? What about the kids college? Should I save for my next car even though the one I have may last awhile?

Spending on experiences – maybe I’m a simple man, but Europe, Disney World and all that isn’t appealing. I did take a trip this past winter, and honestly, it was just ok at best. Our family does a lot, but it’s usually fairly economical things.

My wife says I do things “on the cheap”. That’s not necessarily a dig from her, but I see this at times. She says why do you buy used stuff on Craigslist? Just buy new and you’ll know it will work.

Here’s another weird thing: over the past 10 years, we’ve made attempts to buy a new house. For whatever reason, we always get outbid, we can’t sell our house, someone steps in front of our offer etc. It’s like something is working against me to spend money, even the times I want to.

I don’t know. I seem to get in these modes where I want to have stuff, but then somehow the universe won’t let it happen.
__________________
halv45 is offline   Reply With Quote
Old 10-10-2013, 02:16 PM   #32
Thinks s/he gets paid by the post
2B's Avatar
 
Join Date: Mar 2006
Location: Houston
Posts: 4,330
Quote:
Originally Posted by FIGuy View Post
My wife and I agreed to each get $220 / month to spend however we wish. Either one of us can raise that so that we don't feel resentment, but neither of us have yet.
DW and I have a $1,000 per item limit where we don't need to discuss the purchase with the other before buying it. Neither of us follow this rule. We'll each bring up anything more than about $100 before we buy it. We don't have a detailed discussion but its more a "I'm looking at this. What do you think?" When she buys something for $30 I'll usually hear about it the first chance she gets. This excludes the normal gas, groceries, etc. we spend on every month. We also don't buy very much other than normal purchases. I'm always pushing for vacations.
__________________
The object of life is not to be on the side of the majority, but to escape finding oneself in the ranks of the insane -- Marcus Aurelius
2B is offline   Reply With Quote
Old 10-10-2013, 05:49 PM   #33
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
NW-Bound's Avatar
 
Join Date: Jul 2008
Posts: 19,423
Yes, as a frugal LBYM'er, I did have pent-up demand. In 2003, when I saw my father on his deathbed with a feeding tube, I realized that I'd better enjoy life then, and not wait until I was fully retired. I was working way too hard up until then.

So, while already downshifting to working part-time and with my wife having a lot of vacation time (she was with her megacorp for 25+ years then), I said my goal was to have two foreign trips a year (2 weeks each), and two domestic trips (1 week each) a year. This, we kept up for about 3 years. Then, I decided that I wanted a 2nd home, and paid more for it than my main home.

I have slowed down now in my spending. Too much travel and it becomes a chore, unless I spring for 1st class, but I cringe at the cost of that. The 2nd home is still nice, but that takes time and money for maintenance, plus I started to get into RV'ing.

I thought I had enough "stuff", and that was even before I got sick and needed some long-term treatment. Now, I do not crave anything, though my portfolio is a lot higher than when I bought that 2nd home.

My son recently bought an Audi S4 with some fancy options that he was proud of, and when I looked at it, all I could see was another thing that had to be kept clean and pampered. Oh well, he's young, makes good money without any other financial obligation, so I told him that it's OK to enjoy a car when he still cares about it. We do not care that we drive older generic cars and people do not know that I get more joy out of looking at my 7-figure portfolio on Quicken each day.
__________________
NW-Bound is offline   Reply With Quote
Old 10-10-2013, 10:21 PM   #34
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
 
Join Date: Apr 2013
Posts: 5,581
OP, I think they call people like you =normal.

It's a luxury I've never had. Enjoy.

MRG
__________________
MRG is online now   Reply With Quote
Old 10-11-2013, 12:32 PM   #35
Recycles dryer sheets
 
Join Date: Apr 2010
Posts: 269
Will you feel the same about your desire to have stuff if your job situation got worse? I wonder if your appetite increased because the house is paid off and the fear generator (unemployment) slackened.

That said, I think you should enjoy your success. I remember when my great aunt passed my great uncle was taken to a local, midlevel steakhouse after the funeral by my parents because he always wanted to go and his wife had insisted they couldn't afford it. My parents treated, but they later helped him with the estate and all that. My great aunt who was concerned about a couple of $20 steaks had a passbook savings account with over $50K in it (1980s).

If you won't spend it yourself, put a wishlist together and let your wife (or kids) buy the stuff for you on birthdays. May be harder to sell if it was a gift.
__________________

__________________
Sesq is offline   Reply With Quote
Reply


Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


 

 
All times are GMT -6. The time now is 10:20 AM.
 
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2017, vBulletin Solutions, Inc.