Can't Justify an Expensive Hobby Even If I Can Afford It

[MercyMe]

My spouse and I have not retired yet, but I'm posting this question in this part of the ER forum because I think it might get the most helpful responses here.

What if you 100%, absolutely, positively can afford a certain very enjoyable and very expensive hobby, but you simply can not justify the cost?

I've read that you should never tally up the expenses of what you enjoy doing for fun whether it be boating, flying a plane/helicopter, travel, etc. But I did it anyhow because we have been tracking all of our expense for many years. I'm a value seeker, though now I can't bring myself to rejoin the hobby because I know the costs all too intimately. Yet I've been miserable ever since I left it a couple of years ago.

I know...

• you only live once
• you can't take the money with you when you pass
• there are no awards for being the richest person in the cemetery
• we tend to regret the things we didn't do

Have you had an expensive and hard-to-justify hobby? Did you leave it due to the cost? If not, how did you carry on with it?

 

[cbo111]

I had a single-engine experimental aircraft for many years that I sold the same year I retired. Cost-wise, before flying it for a single minute, the annual maintenance, hangar, insurance, tax costs were above $15K. Flying it 150 hours in a year added another ~$10K. I could have afforded to keep it in retirement, but just couldn't justify based on limited use. Now I've invested in a couple pickleball paddles and some pickleballs, and fill my leisure time very nicely.

 

[MarieIG]

I'm not sure why you should not "tally" the costs of your hobby. I certainly would want to know what I'm spending.

However, if you can can afford it and are miserable without it - I don't see the point of skipping it.

If I had a very expensive hobby which I had loved, but could no longer afford it, I would substitute something I could afford and not pine over a hobby which I could not afford.

 

[njhowie]

Find a less expensive hobby that you can grow to really enjoy.

Try to find ways to do the current hobby less expensively, or do it less frequently to reduce costs.

 

[captain3d]

If you are a value seeker then you have decided the hobby does not satisfy your value calculation.

I suspect you have not included being miserable in the calculation.

One time we tried to quantify the value of living in expensive California. One element was visiting local friends that we concluded accounted for a portion of the California surcharge equal to several $100 per visit[emoji3]

 

[audreyh1]

If I really enjoy something and am able to spend a lot of time doing it, and can afford it, IMO the cost is already justified! What’s the point of having the money otherwise?!?

 

[RobbieB]

Hehe, OK, I'll play.

I bought a boat last year a nice 21 foot ChrisCraft;

It's for sale now, I don't need it anymore because I upgraded;

Damn the expense, full speed ahead!

 

[MarieIG]

^^^^^ Was waiting for you Robbie. What took you so long?

 

[audreyh1]

Back at ya RobbieB!

 

[skyking1]

I'm still hopeful and paying hangar rent for an old plane that needs some fixing. Practical? Oh no. I'm not quite ready to give it up.

 

[COcheesehead]

Money spent on something you value is always money well spent. I have a hobby that costs us about $5000 a year. It’s not justifiable, but I enjoy it and I will continue to spend the funds. If you remove all you enjoy from life, you just have money, how fun is that?

 

[Trailwalker]

I don't see the problem if you can afford it within your budget. I can't justify an expensive glass of beer or wine or meal or trip, based upon the cost, but if it brings me pleasure and there's room for it in the budget, these are the reasons that I scrimped and saved in other areas.

 

[daylatedollarshort]

There are a lot of hobbies around that don't cost a fortune. It doesn't seem like the last hobby was a perfect fit if you enjoyed it but not the cost. Have you tried a variety of different hobbies? Or looked for creative ways to make your last hobby cheaper?

 

[Car-Guy]

What if you 100%, absolutely, positively can afford a certain very enjoyable and very expensive hobby, but you simply can not justify the cost?

Have you had an expensive and hard-to-justify hobby? Did you leave it due to the cost? If not, how did you carry on with it?

I've had several very expensive hobbies (from my POV) since I retired. Most I started before I retired, but I really cranked them up after retirement. Ten+ years later and at a lower 7 digit cost (I didn't say loss since I had a blast) and I've scaled back on them all and even eliminated a couple... Some due to my age, some due to burnout but none due to cost. Glad I did it while I could since I'm only going this way once!

 

[RobbieB]

Yeah me too.

Selling another motorcycle soon, then down to one. Keeping the Bonneville. Gotta have one motorcycle and Bonnie is a good one!

 

[RobbieB]

Hey, MercyMe.

So you have something you love and can afford, but you won't do it because it's too expensive? Gonna punish yourself in your retirement? Gotta save the dough for a rainy day?

By all means. Do what you want to do. Even if not doing what you want to do is what you want to do. Whatever that means. Maybe you should talk to a pro.

 

[ivinsfan]

How do you define expensive that's the issue. Expensive is a relative term depending on how much money you have. How do you define value that's another issue.


Also different kinds of hobbies . For travel where you pay and you're done until the next trip if you decide to take it. For Robbie B and others there are certain recurring expenses which have to factor in.


And you can afford a hobby but no see the value in it, something about you has changes which is fine...people that want to spend can spend and those that don't can not spend...


FYI farming is a "fun" hobby you should all give it a whirl!

 

[ivinsfan]

If I really enjoy something and am able to spend a lot of time doing it, and can afford it, IMO the cost is already justified! What’s the point of having the money otherwise?!?

No one has to justify spending or even not spending their money...the point of having is freedom which means different things to different people.

 

[NW-Bound]

I don't think a 2nd home can be called a hobby, but it's expensive.

If I did not buy this high-country boondocks home 17 years ago and put the money in the S&P, that money would have turned into $1.6M. And that does not even include taxes, upkeeps, maintenance, utilities, insurance, etc...


PS. How much is my 2nd home worth now? I don't know, but certainly much less than $1.6M.

 

[Koolau]

Back at ya RobbieB!

I love that color on your Tesla. Son got the "any color as long as it's black for no extra charge."

 

[Koolau]

I'm still hopeful and paying hangar rent for an old plane that needs some fixing. Practical? Oh no. I'm not quite ready to give it up.

A life-time ago when I was flying, 3 of us got a plane and paid hangar, insurance, annual, etc. - so fixed costs were cut by 2/3. We threw so-much per hour in the pot for individual usage. All w*rked out pretty well until we realized we still just had a trainer which wasn't very practical. I loved the process of learning but after that, it just made no sense to keep the aircraft. Sad, really. I miss it, but not enough to try that again (then, of course, there's that pesky 3rd class medical at age 75.)

 

[Koolau]

I think I finally decided that my "impractical, indulgent" hobby is living in Paradise. We could buy a McMansion on the mainland for the cost here. But we love it and are willing to be "over charged" for living in Paradise.

MercyMe, are you certain DW is on board with your hobby? To me, that would be the one thing keeping me from doing what I want with money/time. Other than that, if you have the money and you love it and DW is totally okay with it - I'd say "do it." YMMV

 

[Koolau]

I don't think a 2nd home can be called a hobby, but it's expensive.

If I did not buy this high-country boondocks home 17 years ago and put the money in the S&P, that money would have turned into $1.6M. And that does not even include taxes, upkeeps, maintenance, utilities, insurance, etc...


PS. How much is my 2nd home worth now? I don't know, but certainly much less than $1.6M.

Yeah, I don't know if it's $1.6 million but it "Looks like a million bucks!" Enjoy, enjoy, enjoy!

 

[OldShooter]

What is this concept -- "justify? "

 

[Koolau]

What is this concept -- "justify? "

Only to DW! Only to DW.