A real quandary....how to spend it all

[sengsational]

One wise person suggested to me, when I said I had a hard time with "frivolous" spending:

Try it and just see how it feels.

I did. I picked out something pretty "big" that was out of my comfort zone considering "needs", "wants", "price", "ROI", etc, and paid-up. It felt "uncomfortable", but not "bad". Then I tried again. Something a little farther away from the comfort zone. The world didn't end.


It's a process, not a destination.

 

[joel2125]

I would say keep up the cheap tight wad style that you have been successful with except that you should help your kids out ie. buy them a new set of tires, give them some money. The kids need the money. You have been presumably happy with your approach to money so stick with it. PEACE OF MIND is worth a lot. Sleep with your bank statement under your pillow!

 

[lawman]

I am right there with you..Difficult to make a saver into a spender..I'm trying hard though..I now change razor blades almost weekly..

 

[Retch The Grate]

A poster here once mentioned buying an entire oak barrel of whisky. The problem is that this bulk purchase is not allowed to an end consumer, only to licensed dealers.

Family friends have an oak barrel of whiskey. They filled it with cheap stuff, let it age a while, and started drinking out of it. They just pour more cheap whiskey in to replace what they drank, and the mix keeps on aging. Apparently gets them aged whiskey experience at cheap whiskey prices, after an initial barrel and time investment...

 

[Mansderm]

I bought an Airstream interstate and hit the road. Goal is to see all national parks, all of the lower 48 states over next couple of years, then probably sell the RV. Air streams hold their value pretty well and the Airstreamers are some of the most amazing people you will ever meet. I still have a home and mentally need a home base. You can camp cheap or camp in "luxury". But it's great getting out meeting people, seeing incredible places. You'll find many are like you...worked hard, saved, invested, and now "living" in retirement or semi-retirement. Some have developed businesses out of the RV, some sell crafts at rally's, some just have fun, and others get in tune with nature. Some drink fine wine and liquors, others still live frugally. I like the Interstate because it's easy to drive and if it feels too cramped, you can always pull into a hotel. The hardest part mentally is seeing your net worth decline instead of grow but if you have good investments, it goes up and down like a tide. I retired 5/2017 and my net worth is basically where it was when I retired despite my spending quite a bit. It's been up and down. You worked hard. Enjoy!

 

[Earlygirl]

We also have been frugal and saved our money.

However, we have discovered that we love going on cruises! And we like to get good deals on those. However, even when you look for the best deals, cruising can use your money up fast! I suggest you go on a few.

 

[gooddog]

Why spend it "all"? If you are happy the way you have been living, do a few upgrades and keep on being happy. There is nothing wrong with dying rich, and helping the next generation.

 

[maloney50]

Let’s see I just took a trip to Maui and San Fran over the holiday, that was 10 grand. The new Honda passport is out and they only have the elite model in stock and they only charge list, so let’s call it 50 grand. How about sending a kid to a big time college. You think you have money till you start paying these tuition bills it’s scary. Don’t have kids you can find a student to fund. How about a vacation house in Florida on the water.

 

[levindb]

My DW and and I are savers, but just took a World Cruise on Regent Seven Seas. This is an all inclusive trip, meaning no additional cost for alcohol, for laundry, medical, shore excursions, wi-fi, gratuities, etc. We went to 30 different countries, 62 different ports and learned what places we would want to visit in the future. It took 137 days to complete the cruise, so it is like 10 two week vacations....but you only have to unpack once!
Think about it...seriously. Expensive on the front end, but well worth it when it was done.

 

[sanfanciscotreat]

Do not be splurging on massage parlors in FL. May inhibit further travel and enjoyment.

 

[aja8888]

or an RV.

Or a used BMW...

 

[Eagle43]

We also have been frugal and saved our money.

However, we have discovered that we love going on cruises! And we like to get good deals on those. However, even when you look for the best deals, cruising can use your money up fast! I suggest you go on a few.

So what cruises have you taken? It's time we took another one, as we didn't go on one last year.

 

[imnontrad]

It's great to be frugal but you worked too hard for that money to just leave it for others to spend. Read up on the "Three Bucket Retirement" strategy. Also listen to the "Retirement Answer Man" and "Big Picture Retirement" podcasts.
Set a budget and deliberately budget money for travel, charities, and activities you want to (re)start. Start volunteering someplace that you are passionate about. Make a bucket list of places you would like to see. Take exercise classes that will maintain or improve your health. How about taking some cooking lessons as a couple - or taking it in the country of origin? Offer to reimburse your kids for every dollar they put away in the previous year in a 401K and IRA (grandkids too). Consider setting up funds to pay for any grandkids post secondary education (or a special needs trust if needed). Plan a family trip (you, your kids, & family) to a location that they could not afford on their own (Hawaii, Disneyworld, ocean cruise, Europe, etc). Have fun and create a scholarship or grant for kids in your community who could not afford something otherwise (music lessons/instrument, athletics, summer camp, etc). It's fun to be an anonymous donor too.

 

[travelover]

Or a used BMW...

 

[audreyh1]

My DW and and I are savers, but just took a World Cruise on Regent Seven Seas. This is an all inclusive trip, meaning no additional cost for alcohol, for laundry, medical, shore excursions, wi-fi, gratuities, etc. We went to 30 different countries, 62 different ports and learned what places we would want to visit in the future. It took 137 days to complete the cruise, so it is like 10 two week vacations....but you only have to unpack once!
Think about it...seriously. Expensive on the front end, but well worth it when it was done.

So how much did it cost?

Definitely enter this on the Blow That Dough thread! It wiil probably blow anything else out of the water!

 

[JDARNELL]

I was at a NRA banquet tonight and a guy at my table spend 5 grand on some nice toys.

 

[JohnYaker]

I share your reluctance to spend money during retirement. It took years for my partner and I to grasp that we can spend more.



It helped that we gave ourselves each a monthly allowance that we could spend or save as each of us wished. We transfer $2,000 per month from Vanguard into each of our 'his' and 'hers' bank accounts.



It's only half our total annual spending (3.3% of assets at age 63), but we both feel the freedom in that neither of us have to ask the other before spending or be concerned about spending as we individually wish. It works well for us.

 

[Canopybowstars]

Consider a charitable gift trust. You’ll still have spendable cash for luxuries but sleep great at night knowing that when you’re finished with the money others will benefit from your generosity. (Plus, with the current tax system it’s a way to elevate your charitable giving to the point that it will allow you to itemize your taxes.)

 

[DrRoy]

Fly Business/First. Luxury cruise.

 

[levindb]

So how much did it cost?

Definitely enter this on the Blow That Dough thread! It wiil probably blow anything else out of the water!

As mentioned before, the cruise included a lot of items that are normally add ons from other cruise lines. Business Class airfare to/from departure city, a night in a luxury hotel before departure with gala evening event to get us in the mood. Our room was good size (355 sq ft) with walk-in closet and a bathroom that had a separate shower and bathtub. Most of the rooms (90%) on the ship were the same as ours. No additional charge to have any meal in your room if you felt like having breakfast in bed, or your filet and lobster on your balcony. They also have Fedex ship 4 additional suitcases to the ship since we needed extra clothes for a long journey like this.

On normal cruises, 20-25% of passengers take shore excursions...on our cruise, it was closer to 80% because they were included in the price. That meant we were not walking around the port city looking through souvenir shops. We were taking 2 hour bus rides to bathe elephants in a river, or going on 4 hour safaris, climbing 1200' sand dunes, snorkeling in the Maldives. Each port was like an appetizer for that country to help us decide if we wanted to return for a full portion (multi weeks) of that location.

Back to your question...$150K for the both of us. That works out to about $7600/week for the equivalent of 14 week long, all inclusive vacations...back to back. We would do it again.

Now, you do need to work out a few things...like hard copy mail, who will take care of the cat, how will your yard work get taken care of...but those are relatively minor.

 

[Safe Harbour]

Do something for the next generations

Ok....we have a quandary
We saved our whole lives and lived beneath our means and retired early 50s. Now...how do we spend it all?
We own our house
We do need a new vehicle so that will be done
But how do we break this tightwad mentality and how HOW can we spend it all?
We like to travel and will but we enjoy doing I “on the cheap”.

Help!

Try to offset some carbon. Put solar power on your house or buy into a community solar farm (save up to 20 Tons of carbon/year). Put geothermal heating/cooling on your house (save 8 Tons of Carbon/year). Buy yourself one of the new long range electric vehicles (up to 8 Tons/vehicle/year). They go up to 300 miles on a charge. Be careful of too much jet travel. Each hour in the air is about 1/2 Ton of carbon. Do your part to help save the future for the next generations.

"We Do Not Inherit the Earth from Our Ancestors; We Borrow It from Our Children" Wendell Berry

 

[googily]

My DW and and I are savers, but just took a World Cruise on Regent Seven Seas. This is an all inclusive trip, meaning no additional cost for alcohol, for laundry, medical, shore excursions, wi-fi, gratuities, etc. We went to 30 different countries, 62 different ports and learned what places we would want to visit in the future. It took 137 days to complete the cruise, so it is like 10 two week vacations....but you only have to unpack once!
Think about it...seriously. Expensive on the front end, but well worth it when it was done.

This is probably where a big chunk of my dough will go, eventually. I bet you had an amazing time!

 

[Maidensong]

Take a world cruise! We did it last year and are trying to figure out if we can afford to do it again soon. Nothing broadens one's thinking, or excites the imagination like watching the sun rise over an unknown sea!
[mod edit]

 

[sengsational]

Back to your question...$150K for the both of us. That works out to about $7600/week for the equivalent of 14 week long, all inclusive vacations...back to back. We would do it again.

I noticed that the long cruises are priced much, much higher than the shorter cruises, even after adjusting for freebies and no-charge luxury items. The "efficiency" habit in me has a hard time with $550 a night per person when I can get a shorter (14 day or so) cruise with similar port-density cruise for between 1/5 and 1/3 the long cruise price. What you don't get is the same kind of clientèle. That can be good or bad. I usually get along well with people who are also trying to get their money's worth. They're spending some decent money for longer cruises than those quickie ones, for sure, just not 5X for the very long cruise.

 

[NW-Bound]

Yesterday, I went on the Regent Seven Seas Web site, and saw that they were having a special deal on a 130+ day world cruise for $66K/person. Everything is included, including all the shore excursions you want to take.

I am sure it's a relaxing trip, with everything taken care of for you. The cost is really higher than what I am ready to pay, however. The itinerary for their next trip covers a few places that we have been to. And this being a cruise, you only visit the ports, and do not have time to go further inland at each visit.

Maybe when we get a bit older, I will think about this.