Anyone else fed up of saving money for ER/FI?

[just_hatched]

A private Jet would be nice he and very useful to explore the planet, fly fishing.

I guess fishing from a jet does give a whole new twist to "fly fishing".

 

[laurence]

Is anyone else fed up of this?

The way ive been feeling lately is that saving money is one long compromise and im really getting fed up the mindset.

Its not really that I want to spend all my disposable income, far from it but sometimes i just think it would be nice to relax a bit and chill out when it comes to money instead of thinking i have to stick rigidly to the savings plan to acheive ER/FI. And then I look at the board and read the "hi I am" sectiion and think well whats the point anyway of saving when people are asking if 2 million is enough - i will never have that amount.

In short im fed up of constantly thinking about money and ways to save more, its not healthy i dont think .

Dont get me wrong im not interest in buying designer clothes or an expensive new car its just the little stuff really, the little stuff which would make a difference to health and temper but which really adds up.

I think it is difficult in this society when we are bombarded with the notion that spending money and buying stuff improves onself

Sorry to ramble on - anyone else feel the same?

WildCat (come back!), BMJ and I are right there with you.  I do the "pay myself first" thing, that way I can just spend the rest and enjoy a little bit.

 

[haha]

Yeah, I feel the same way.  So I'm done saving money for FIRE.  I now spend what I want, when I want.  I am improving myself at the same time. 

Maybe you should be Stumbling on Happiness instead as well?

I ordered this book. A long time ago I noticed that what was supposed to bring me happiness for the most part did not, though many of these things, such as getting FI, did make me less anxious.

Aside from the birth of my two sons, the only things that I am sure has and still does bring me happiness involves my membro virile. This sounds like a joke, but it isn't. In fact, as a 65 year old man I am a bit embarrasses by this realization..

Money does buy a degree of confidence, just as size and strength bring the same to a football player or a kid on the playground.

Ha

 

[Tim Bates]

So I guess you are still Master of your own domain Good to hear !!! Don't know what I'd do all day if it stopped working.

Yeah, I feel the same way.  So I'm done saving money for FIRE.  I now spend what I want, when I want.  I am improving myself at the same time. 

Maybe you should be Stumbling on Happiness instead as well?

I ordered this book. A long time ago I noticed that what was supposed to bring me happiness for the most part did not, though many of these things, such as getting FI, did make me less anxious.

Aside from the birth of my two sons, the only things that I am sure has and still does bring me happiness involves my membro virile. This sounds like a joke, but it isn't. In fact, as a 65 year old man I am a bit embarrasses by this realization..

Money does buy a degree of confidence, just as size and strength bring the same to a football player or a kid on the playground.

Ha

 

[MasterBlaster]

To the OP:

What is it that you really want ? That's the question. If you can figure that out grasshopper, then your problems are over.

My theory has always been - Buy what you want, but really want what you buy.

So if you want something go for it - that's what you are working for. Just don't get caught up in the gotta have the great car/house/exotic vacations/designer clothes etc just cause the man says that's what you should have. That stuff won't make you happy and you'll slave away for it much to your detriment.

The "Your money or Your Life" lifestyle goes along way with me.

 

[d]

im fed up of constantly thinking about money and ways to save more

then by all means stop!

 

[Telly]

I think it is difficult in this society when we are bombarded with the notion that spending money and buying stuff improves onself

It only affects you if you choose to let it.  If you really decide to march to a different drummer, then it doesn't matter.  In fact, you can quietly smile to yourself, and say "those fools, they are like sheep".

I am totally unimpressed by other people's possesions.  I look at people who buy some fancy expensive car, or house, or whatever, and they think they are so "rich" by doing so.  That just buying (or borrowing, more correctly!) that article improves them greatly.  But since I have always been a science & technology person, and an extreme D-I-Y, I long ago realized that 98% of the population didn't know how things worked, couldn't fix them, couldn't understand them. 
Just one example: When BMW's were becoming a very "in" vehicle in the 80's, I used to enjoy asking the proud BMW owner who was busy impressing others that "he was a BMW owner", a few technical questions about his car.  In no time at all, they avoided me like the plague!  Because the typical owner was all status, and was totally thrilled by a write-up in a car-nut magazine. And totally clueless.  But happy that his 3000 or 6000 mile checkup cost so much, as that showed real upper class status  :
Ahhhh, the happiest sheep are the ones that are shorn while saying they like it.

 

[rw86347]

We currently save 60% of our income, or $60k/yr.

Wait?! I am in the same tax bracket and I pay $30,000 in taxes and FICA. That means you live on $10,000. ($800/mo) Wouldn't this mean that you have a paid off house and no transpertation?

Rodger

 

[Andre1969]

I just ran the number, and figure that, as of yesterday's close, I'm off about $23,750 from a peak I hit on May 9. At first glance that sounds scary. For example, that's more than I've ever paid for a car. In fact, if you subtract out the one new car I've ever owned, that's probably almost the purchase price of all the rest combined! But in reality, it's about an 8% drop.

So the way I look at it, if the market stays down, the next time a contribution gets made to my 401k or my mutual funds, I'll be buying at discounted prices. And this isn't money that I'm going to have to touch anytime soon.

Also, I keep track of two running totals. The first is just stocks, mutual funds, 401k's, IRAs, etc. That's the number where I'm down 8%. Then I keep another total that adds in savings bonds, my checking account, and my Emigrant MMA. With these factored in, I'm down about 7%.

The reason I separate these out is because I look at the stock/mutual fund/401k/IRA pile as long-term, not to be touched unless absolutely necessary. But the checking account will fluctuate, and the savings bonds will gradually go down as they hit final maturity. My Mom started taking them out for me when I was born in 1970, and I think my most recent bond is around 1994. So every few months I cash in a couple of them. Oh, and then there's that I-bond I took out last year which, in light of the recent readjustment may not have been such a good idea. : And then there's the MMA, which gets raided every once in awhile if my checking account balance gets a bit low, and which I'm also going to start depleting to pay down the HELOC now that its rate isn't quite so pretty.

So yeah, it is a bit annoying to be down $23K+ that quickly. However, looking at my little spreadsheet, I'm about where I was in February. So it's only a minor step back. Only difference is that it was a lot more exciting getting to this level back in February than it is today!

 

[rmark]

I invest a fixed percentage of income each month, after that my wife can spend it all. LBYM exists by default. Minimal budgeting, minimal arguements. Occasionally I sneak in a bit extra when she isn't looking.

 

[justin]

We currently save 60% of our income, or $60k/yr.

Wait?! I am in the same tax bracket and I pay $30,000 in taxes and FICA. That means you live on $10,000. ($800/mo) Wouldn't this mean that you have a paid off house and no transpertation?

I was using round numbers for the sake of simplicity. We do save ~$60k/yr, but our total income is a little higher than $100k due to a few things I make money from on the side (outside of the 9-5 job). Taxes are much smaller - around $13000-$14000/yr total including FICA. I'm a good tax planner. Not sure how much we spend, probably $30-40k/yr depending on what you consider an expenditure.

 

[azanon]

And then I look at the board and read the "hi I am" sectiion and think well whats the point anyway of saving when people are asking if 2 million is enough - i will never have that amount.

You're right, you won't.   If for no other reason, it'll be because you have a defeatist attitude.   

In short im fed up of constantly thinking about money and ways to save more, its not healthy i dont think .

Want to try something REAL mentally and emotionally unhealthy?  Try spending everything you make, and keep getting older and older knowing you couldnt support yourself if you couldnt w*rk.  That should really do the trick!

* The $1M or $2M number is a bunch of crap.  You can retire on much less.  Lots of people do.

Yup, they sure do!   I think of all the hundreds of delapidated houses i see when i go back to my rural hometown in Arkansas.   I bet many of them dont have a fraction of that, and probably a lot of them dont w*rk either (aka retired, disabled, etc).   Course, i know I wouldn't want to live that way!  This is definitely a case of, .. to each his own.

 

[kaudrey]

Hi Claire,

It won't seem like a burden if you find the right balance. I probably save about 35% of my salary. Could I save more? Probably. But I love to travel and I spend money on vacations. I just bought new golf clubs (although I did buy good knock-offs instead of the super expensive brand-names). DBF and I go out with our friends and eat out 2 or 3 times a week. I also just bought tiles for downstairs (although we are doing the tiling ourselves).

On the flip side, I try to spend less money in areas that aren't as important to me: I bring lunch to work, my Volvo S40 was bought used, I reuse ziploc bags (what's wrong with that?), I drink water from the tap, I don't have any designer clothes, and I rarely shop. I buy things used on Ebay if I can find what I want.

Finding the balance will make it seem less like a burden - to me, the things I do are just part of how I live - I don't even give them a thought.

 

[haha]

And then I look at the board and read the "hi I am" sectiion and think well whats the point anyway of saving when people are asking if 2 million is enough - i will never have that amount.

You're right, you won't.   If for no other reason, it'll be because you have a defeatist attitude.   

In short im fed up of constantly thinking about money and ways to save more, its not healthy i dont think .

Want to try something REAL mentally and emotionally unhealthy?  Try spending everything you make, and keep getting older and older knowing you couldnt support yourself if you couldnt w*rk.  That should really do the trick!

* The $1M or $2M number is a bunch of crap.  You can retire on much less.  Lots of people do.

Yup, they sure do!   I think of all the hundreds of delapidated houses i see when i go back to my rural hometown in Arkansas.   I bet many of them dont have a fraction of that, and probably a lot of them dont w*rk either (aka retired, disabled, etc).   Course, i know I wouldn't want to live that way!  This is definitely a case of, .. to each his own.

Oh Azanon, there you go being a Sweetie--Pie again! aren't you afraid of all the flies you will attract?

Ha

 

[HFWR]

Short of winning the lotto or Dow 36000, I'll never have a million bucks, let alone two... I expect to retire around 2014, with maybe $750k and hopefully subsidized health insurance. SS will be two years away...

My folks (that's parents, to all you Northerners... ) retired on a couple of pensions, subsidized HI, and, three years later, SS. They also had some home equity, to help make their place in FL more affordable. They lived fairly nice in retirement, including buying their cars for cash, and dealing with my mom's cancer. Granted, they didn't retire at 40, but to say one can't retire with less than a couple million is inaccurate at best...

 

[Andre1969]

Short of winning the lotto or Dow 36000, I'll never have a million bucks, let alone two... I expect to retire around 2014

That's about when I expect to retire. My goal is by the summer of 2015 at the latest. I estimate I could have $1M+ by then, plus a paid-off house.

Of course, $1M won't be worth quite as much by that time, but I think I'll be okay. And if I'm getting a bad vibe as that time draws near, well nobody's holding a gun to my head telling me to retire or else!

 

[maddythebeagle]

I was using round numbers for the sake of simplicity. We do save ~$60k/yr, but our total income is a little higher than $100k due to a few things I make money from on the side (outside of the 9-5 j*b).

Oh, I see. some of that income on the side. wink wink nudge nudge.

 

[justin]

I was using round numbers for the sake of simplicity. We do save ~$60k/yr, but our total income is a little higher than $100k due to a few things I make money from on the side (outside of the 9-5 j*b).

Oh, I see. some of that income on the side. wink wink nudge nudge.

You know, 0% interest credit cards, a secured auto loan, etc. All legit

 

[claire]

Re Azanon's post - you do not know me so please do not make such a sweeping assumption that i am a defeatist - i resent this, the rest of your comments directed towards me are similarly unhelpful and somewhat caustic. If this is a battle of "who has had the toughest life" then im not playing, but trust me i will beat you hands down any day. The reason for my thread was not to imply that i am hard done by in the grand scheme of life (as you appear to consider it is).

claire

 

[TargaDave]

As for living now or living later, I would happily give up retirement to return to the non-stop party of my 20s. It didn't matter that I was w*rking, what mattered was that I was having a lot of fun and life-experiences.

Ha

Hey, that's sort of me. Fond memories of being 25 and flying down the highway in my Oh-so-nice silver 78 911SC Targa stuffed to the brim with windsurfing gear. It's how I met DW . Picked up a pristine red 89 Targa 15 years later. My kids loved it, but it just didn't feel the same and had zero practicality. Now I'm happy as a clam with a nice little all-weather WRX stuffed to brim with kids or kitesurfing gear. I guess it's hard to figure out the perfect balance, so I just experiment without breaking the bank and have fun along the way.

"Targa"Dave

 

[aaronc879]

Short of winning the lotto or Dow 36000, I'll never have a million bucks, let alone two... I expect to retire around 2014, with maybe $750k and hopefully subsidized health insurance. SS will be two years away...

My folks (that's parents, to all you Northerners...  ) retired on a couple of pensions, subsidized HI, and, three years later, SS. They also had some home equity, to help make their place in FL more affordable. They lived fairly nice in retirement, including buying their cars for cash, and dealing with my mom's cancer. Granted, they didn't retire at 40, but to say one can't retire with less than a couple million is inaccurate at best...

I will be getting no pension and no subsidized HI so if I want to retire in my fifties i'll need close to 2 million even with my low spending(> $30,000/yr). Retirement for me is 20+ yrs away. Your right, if you have a pension and paid HI then you don't NEED much in savings.

 

[haha]

As for living now or living later, I would happily give up retirement to return to the non-stop party of my 20s. It didn't matter that I was w*rking, what mattered was that I was having a lot of fun and life-experiences.

Ha

Hey, that's sort of me.  Fond memories of being 25 and flying down the highway in my Oh-so-nice silver 78 911SC Targa stuffed to the brim with windsurfing gear.  It's how I met DW .  Picked up a pristine red 89 Targa 15 years later.  My kids loved it, but it just didn't feel the same and had zero practicality.  Now I'm happy as a clam with a nice little all-weather WRX stuffed to brim with kids or kitesurfing gear.  I guess it's hard to figure out the perfect balance, so I just experiment without breaking the bank and have fun along the way.

"Targa"Dave

Hi Targa,

Last fall I was in a wreck that totaled my Integra GSR. I wasn't feeling very good when I went shopping for a replacement car. My kids said, Dad if you are going to buy a Subaru, get the STi, or the WRX. For me it would have to be the WRX, because I need the roofline of a wagon. The post accident caution caused me to underestimate my pleasure in handling and speed, and I bought the Impreza 2.5i instead of the WRX. Big mistake! It is a nice car, but for $5 or $6K more I could have had a lot more push on the back with the WRX. How do you like yours?

I may trade in a year or so. What I would really like is a Porsche Cayman. But as you say, how practical is that?

Ha

 

[bow-tie]

Claire,

I don't have much for wisdom for you, but know that you aren't the only one.  I guess... try to find a healthy balance and keep reminding yourself that in the long run, it's a smart/right/positive/etc thing to do.  I get beat down sometimes, and wonder what the point is. 

Perhaps some of that has to do with comparisons.  I find myself slipping and comparing myself to the yuppies I work with.  I have to stop and remind myslef that one, possibly the only, thing I have in common with them is the place that signs our paycheck.  But considering how much time I spend here around them, I find myself comparing their lavish lifestyles to my own, and its not healthy.

Hang in there, and fight the good fight.  Be proud of your accomplishments.

 

[Nords]

The way ive been feeling lately is that saving money is one long compromise and im really getting fed up the mindset.

Looks like you've put your finger on the line between frugality & deprivation.

There are the compromises where each side thinks they got 60% of the deal, and then there are the compromises where everyone loses.

You're probably ready to back away from the line a bit and "compromise" on saving a little less and spending a little more... especially if you're contemplating that poster who was picking the shards of glass out of her spouse's peanut butter!

 

[Focu$ed]

Claire, If you feel that you are sacrificing and saving so much that it's a chore, maybe you are indeed trying too hard. I agree with the posters who suggested  that saving is partly about not spending, and partly about making thoughtful purchases and maximizing what you get for your money. My husband and I are not spenders compared to most people, but we take three weeks vacation a year and have a lot of nice things. The difference is that our "nice things" are generally purchased at auctions or elsewhere, used, at a steep discount. Our vacations are at timeshares I bought resale for a fraction of what they cost from a developer. We seldom spend money on things that can't be resold for at least what we paid for them, preferably at a profit. We drive vehicles a few years old. We don't care about new clothes or all the latest "widgets." Saving and seeing our net worth increase is entertainment that is as much fun, to us, as blowing money is to other people. Hey, the savings can be tapped at anytime if there is something we're dying to have. So relax, take a few evenings out for dinner and a movie, take a vacation now and then, do what gives you a sense of "quality of life" and don't try to save every dollar. Find the right balance that makes you happy about your investment accomplishments, rather than resenting them.