Are you keeping a low profile in these difficult economic times?

[kumquat]

Well, I still wear torn underwear, old shirts, stained pants, shoes with card board in the soles, don't shave, have flies buzzing around me, but I have given up my gold chains

jug

Ha I knew I wasn't the only one who wore torn underwear!

You guys splurge on underwear? Why?, no one knows if you are wearing any. Arg, I can't stand you spendthrifts.

 

[Notmuchlonger]

You guys splurge on underwear? Why?, no one knows if you are wearing any. Arg, I can't stand you spendthrifts.

Right over the plate too. So many possibilities. But Ill behave.

 

[Cruising2022]

But, with the current economic and political climate, are you taking any extra steps to keep a low profile?

Yes. A lot of co-workers' spouses have gotten laid off. It's also hard to keep my trap shut whenever I get prayer requests regarding certain relatives that want God to help the bank pass a re-fi on their home bought with a zero-interest adjustable loan so they can get a much-needed $50/month back (yes, this actually happened).

 

[freebird5825]

You guys splurge on underwear? Why?, no one knows if you are wearing any. Arg, I can't stand you spendthrifts.

I've heard that those 5 lb onion bags make great...um...well, you know.

 

[FIREd]

I hear ya.
Been there done that as a DINK couple, both GS-13 Engineers. No matter what you do, there will always be a grouse who has to try to ruin your day. Today's economy may drive the frequency of comments in an exponential fashion.
Freebird's Method of How to Deal with Disagreeable Comments...
Plan A: Smile and wave .
Plan B: Wave and smile.
Plan C: KMG (G stands for grits)

Good plan to keep asset details to yourselves, even family. Some would say "especially" family.

Given my fiery personality, I'd probably go directly for plan C...

 

[Cattusbabe]

You guys splurge on underwear? Why?, no one knows if you are wearing any. Arg, I can't stand you spendthrifts.

Why? It keeps the fur out of the zipper thats why.

As to the original post. DH and I have always been on the DL re. our money. for a lot of reasons its best to keep it that way.

 

[calmloki]

H'whoa. My name is Elmer J. Fudd, millionaire. I own a mansion and a yacht.

Not.

Drive a '93YO station wagon with the back seat pulled out so the rental supplies all fit. Honey's car is older, an '89. Live in an old house that cost $30,000 (to start). We buy new underwear, but most of our clothes are second hand. OTOH, more goes into savings every month than we spend on living expenses and the gal can jump on the big bird every month to go down and take care of her Mom - and it doesn't pain my cheepazz self. Haven't heard anyone being snide about our income or holdings, i suspect because we are not tall poppies here. Not much lifestyle change a-tall.

 

[unclemick]

Hmmm - I bought new $35 plus tax C.E. Schmidt bib overalls from Tractor Supply for the last New Orleans trip and let them toss in a free car wash when I paid for an oil change after we got back.

Love to to show off and rub their nose in it -once in a while.

However - 1100 sq ft house in an old burb(built 1970's) - working class/retired.

heh heh heh - The ORP calc says we should be spending 20-30% more in retirement since we aren't getting any younger - BUT the current unpleasantness has a sub concious damper - more so than any actual criticism from friends/family.

 

[haha]

I would say that most of us are not rich by any reasonable standard.

What we are is very frugal.

As to profile I don't think I have anything to worry about. Panhandlers don't ask me for money, they just say "high, nice day", or "gotta cigarette?"

ha

 

[FinallyRetired]

I'm far from "rich," and yet DW and I enjoy close to the same lifestyle we would if we were wealthy. I mean, if we had another X zillion $, I don't know what we would do with it, other than give it away to family and charity.

I also don't like the phrase LBYM, since that connotes having to do without things that you could afford, yet you consciously don't spend money on in order to afford early retirement. The problem I have with that is, if I couldn't afford early retirement, I would not be retired, I'd still be working for the day when I could afford to retire. So we live within our means, and can ride out good or bad markets as need be with a combination of pensions, cash, and investments. Our retired lifestyle includes sailing, travel, hobbies, family, etc, and we live it to the full within our means.

As far as keeping a low profile, we don't keep a high or a low profile, we basically live our lifestyle and have friends with similar interests. We never brag about what we do, but if we do something that to us is interesting, we talk about it. If someone doesn't want to hear it, that's fine, but we're not about to change the way we live to adjust to what others may or may not want to accept.

 

[calmloki]

...
I also don't like the phrase LBYM, since that connotes having to do without things that you could afford, yet you consciously don't spend money on in order to afford early retirement. ....

I like "Live well below your means". Both senses.

 

[Moemg]

My 92 year old Mom( who lives on SS and a small pension )was visiting last week and she offered me money .That really made me laugh . She also said I need a new car . So I guess do not have to worry about the low profile .

 

[Notmuchlonger]

Thats so funny. For the longest time the in laws were on us about getting a new car. The paint was faded from CA sun but it was a good runner. Might have something to do with that generation

 

[youbet]

I think the most obvious example of folks NOT keeping a low profile are those who feel compelled to talk about others who don't LBYM, adopt a DINK lifestyle and those sort of things. If you're keeping a low profile, you don't need to comment about others chosing to walk a different path.

 

[HFWR]

I think the most obvious example of folks NOT keeping a low profile are those who feel compelled to talk about others who don't LBYM, adopt a DINK lifestyle and those sort of things. If you're keeping a low profile, you don't need to comment about others chosing to walk a different path.

Hey, if they'll invite me over to their McMansion and let me lounge in their pool while tooting their coke and drinking their champagne, I'll reconsider...

I'm not, nor do I ever expect to be, "rich". My lbym lifestyle is an attempt to trade a j*b for freedom, which is more important to me than most material things I can think of. If I had more resources, I'd undoubtedly loosen the purse strings a bit... But I'd still rather go somewhere and/or do something than to own, say, a Rolex.

 

[youbet]

Hey, if they'll invite me over to their McMansion and let me lounge in their pool while tooting their coke and drinking their champagne, I'll reconsider...

I'm not, nor do I ever expect to be, "rich". My lbym lifestyle is an attempt to trade a j*b for freedom, which is more important to me than most material things I can think of. If I had more resources, I'd undoubtedly loosen the purse strings a bit... But I'd still rather go somewhere and/or do something than to own, say, a Rolex.

Agree with you 100%. But also feel little need to pile on folks who do it their way........ as long as "their way" doesn't interfere with "my way" to any appreciable extent.

 

[UncleHoney]

Never fear folks, the way I got it figured there is always someone out front that will take the hits when it comes to spending or the appearance of spending.

Last week I got an email from an ex-cowroker that is the typical paycheck to paycheck type with a mortgage, a heloc, and piles of CC bills. He's about 50, his wife is about 48 and his two kids are about 16 and 12.

Here's what he had to say;

I'm looking forward to Spring break. Michelle, Jason, Aimee and I are going to Florida and then on a 7 day cruise to the Western Caribbean. I'm spending money like it grows on trees, but the kids will be gone someday, so I might as well enjoy it now and worry about paying for it later.

 

[Notmuchlonger]

Never fear folks, the way I got it figured there is always someone out front that will take the hits when it comes to spending or the appearance of spending.

Last week I got an email from an ex-cowroker that is the typical paycheck to paycheck type with a mortgage, a heloc, and piles of CC bills. He's about 50, his wife is about 48 and his two kids are about 16 and 12.

Here's what he had to say;

I'm looking forward to Spring break. Michelle, Jason, Aimee and I are going to Florida and then on a 7 day cruise to the Western Caribbean. I'm spending money like it grows on trees, but the kids will be gone someday, so I might as well enjoy it now and worry about paying for it later.

Haha! yeah there another trooper! Need a few more of them and its good as gold

 

[UncleHoney]

Haha! yeah there another trooper! Need a few more of them and its good as gold

This was from a guy that was worried about getting laid off a few years ago. On one of our lunch time walks he said, "If I lose my job we will be in deep doggie do in less than 60 days". Then he said to me, "I'll bet you could last for a year or two if you got laid off".

I kinda grinned and said we might be able to make it for about fifteen years if we are careful. I thought I was going to have to give him CPR. Medic, Medic we got a man down over here.

 

[NW-Bound]

We do not drive fancy cars, nor trade them in every few years. We have no fancy clothes either, because we prefer comfy clothes. However, people who know us also know that we have two houses (though each of them is just above average), retire early, and love to travel. So, of course they think we are rich!

Well, despite losing a bunch of money in the market last year, our net worth is still more than most, but do we think of ourselves as rich? No way! We would be able to spend much more (if we wanted to, that is) if we were still working full-time. But, without any pension nor health benefits, if one remembers that a $1M provides you with only $40K/year of before-tax income, that hardly qualifies as rich. One would need a portfolio of several times that to replace the dual income of a working couple.

Rich? No way! So, we do not need to intentionally keep a low profile. We have to keep our expenses down just to survive.

 

[FUEGO]

Well, I still wear torn underwear...

Well, I've done pretty well for myself, so I treat myself to some luxuries. I've started buying the premium pre-torn underwear. All the cool kids are doing it these days. It's like the jeans with pre-torn holes in the knees from the 90's.

 

[FUEGO]

I'm not rich by any means, but we have sort of been doing the opposite recently and living it up some, and taking a bunch of vacations. None are or have been particularly expensive but I don't think people realize how little we actually spend on these vacations. So the outward appearance is "you're going on vacation AGAIN? But, but, but you just got back?!?!". From the deeeep in debt house-underwater coworker.

I did reveal inadvertently the extent of our portfolio to a close friend and coworker who was lamenting the loss of $20,000 in his 401k. He told me he's sorry because he knows I probably lost closer to $50,000. That's when I had to break it to him that the losses were well into the hundreds of thousands unfortunately. The response was "wow that sucks". Yep. But he's the kind of guy that understands how savvy I am with money and that I save a lot by design.

 

[FIREd]

Well, despite losing a bunch of money in the market last year, our net worth is still more than most, but do we think of ourselves as rich? No way! We would be able to spend much more (if we wanted to, that is) if we were still working full-time. But, without any pension nor health benefits, if one remembers that a $1M provides you with only $40K/year of before-tax income, that hardly qualifies as rich. One would need a portfolio of several times that to replace the dual income of a working couple.

Rich? No way! So, we do not need to intentionally keep a low profile. We have to keep our expenses down just to survive.

I agree, $1M is not a lot of money in the world of FIRE. But I haven't been immersed in this world long enough to have forgotten that, to most people, $1M is more money that they'll ever dream to have in their lifetime. You may not think of yourself as rich, but you better believe that if the average joe out there knew you had $1M in the bank, you'd be just another fat cat. You can rationalize it all you want, it doesn't change a thing... In the context of my question, what matters is other people's perception of your financial situation. Whether you think you are rich or not is irrelevant.

 

[NW-Bound]

I agree, $1M is not a lot of money in the world of FIRE.

...In the context of my question, what matters is other people's perception of your financial situation. Whether you think you are rich or not is irrelevant.

Hey, that's why I hang around here with people who understand the concept of 4%SWR. Heh heh heh... And I can even brag that I still have more than $1M not counting the houses. Won't say how much more... Rich? Hey, I recently said I am back working, didn't I? I am posting this in a hotel room, away from home.

 

[FIREd]

I am posting this in a hotel room, away from home.

Glad we can keep you entertained then...