Attitudes toward money

[NW-Bound]

Yeah, if their money were in cash, they could only count it by weight in 18-wheelers. YMMV

YMMV? Compared to the fat cats, my mileage is about, oh, 2 ft and 8".

But I don't envy them. I have more food than I can eat, more homes than I can live in, more toys than I have time to play with. And I may have more people loving me than they do.

 

[Gumby]

Closet, I saw a story yesterday that said liquor store sales were up 10% in our state during the pandemic.

Most people think the opposite they now realize you can cook a steak and/or get takeout and have better quality and more drinks then buying booze when dining out.


I think restaurants are going to be in real trouble going forward. Booze is a huge money maker for most of them.

I agree.

The young wife I were talking over dinner one night recently about how we don't go out to eat much anymore. When we were both working, we just had a routine - for Friday dinner, Saturday lunch and Sunday lunch, we would go out to a restaurant. Heck, when I was commuting to NYC every day, we might go to a restaurant for dinner 4-5 times a week, just because life was too busy to shop, cook and clean.

Retirement in 2019 put the first dent in that routine, as we had more time and also wanted to avoid restaurants on the weekends when all the working people were there. Then COVID put a halt to all restaurant going. And, you know, we found out we didn't miss it at all. The food is better and healthier at home (we grow almost all of our own vegetables), and so is the wine. As a result, our food and wine spending is way down. Now, we need a really good reason to go out, which includes getting food better than we can make for ourselves. There are many mediocre places that we used to frequent purely for convenience. We probably won't be going back to them. (and, yes, we always have a bottle of wine for dinner, which is a big profit center for any restaurant we patronize.)

 

[Koolau]

YMMV? Compared to the fat cats, my mileage is about, oh, 2 ft and 8".

But I don't envy them. I have more food than I can eat, more homes than I can live in, more toys than I have time to play with. And I may have more people loving me than they do.

I totally agree. I honestly think the down-sides to being super-rich would out weigh the advantages. I have enough to do what I want - what else is there? Dying with billions for the relatives to fight over does not seem my idea of fun. YMMV

 

[NW-Bound]

I totally agree. I honestly think the down-sides to being super-rich would out weigh the advantages. I have enough to do what I want - what else is there? Dying with billions for the relatives to fight over does not seem my idea of fun. YMMV

I want to be able to go out incognito, not fearing being kidnapped for ransom. I don't want to need bodyguards around me.

I still like to have a bit more money though. Enough to pay for business class seats on an international flight without having to think about it. That's it. I can afford it now, but still have to think a bit about how much it may drive up my WR.

 

[Gumby]

As a boy, my principal financial goal was one day to be rich enough to buy anything I wanted at the grocery store. I achieved that as soon as I graduated from college. And, since then, no other financial achievement has meant as much to me. Of course, gaining enough money to retire was a big deal, but nothing can duplicate the feeling of having free rein in the produce section for the first time. I'm fairly certain that having more money would not make me any happier than I am right now.

 

[Lewis Clark]

I want to be able to go out incognito, not fearing being kidnapped for ransom. I don't want to need bodyguards around me.

I remember a poll a few years ago that asked who people would prefer to be:

A) LeBron James, who had gazillions of dollars and lots of fame as a basketball player.

B) Mark Zukerberg of Facebook, who had many multiples of what LeBron had, but at the time was generally unknown to the public.

Most of the respondents preferred to be LeBron and have the fame, even though they had a lot less money.

I'd also prefer to be more anonymous.

 

[RobbieB]

Currently working on the electricals for the boat. New stereo, VHF radio, all the lights (none of them work) the transom well plate and the teak.

My boat dude charges $110/hr. My $2700 repair bill was $500 parts and $2200 labor. I pay him to make sure the motor doesn't conk and leave me up the river w/o a paddle and to eliminate the leaks so the boat doesn't sink. Yeah, the important stuff!

The not so important stuff I'll do myself -

 

[RetiredHappy]

We have nothing that we want which we cannot afford.

We live in a nice 3000 sq ft house and have no desire to live in a bigger or fancier house.

We have been consistently flying business class/first class for the past 15 years with the exception of hour long/short flights b/w NV and CA. We usually use reward miles and occasionally paying for the flights. We have gone to Europe and Asia a number of times and gone on many cruises and staying in suites each time.

We belong to a country club and golf 4 days a week. We travel 3 months a year, staying in very nice Westin/Marriott/Four Seasons timeshare in 2BR villas.

We only shop prime grade meat and wild caught seafood. We dine out whenever we want.

I think we have enough money.

 

[RobbieB]

Yeah, you do! And you also know how to blow that dough -

What good is money if you don't spend it?

 

[RobbieB]

I remember a poll a few years ago that asked who people would prefer to be:

A) LeBron James, who had gazillions of dollars and lots of fame as a basketball player.

B) Mark Zukerberg of Facebook, who had many multiples of what LeBron had, but at the time was generally unknown to the public.

Most of the respondents preferred to be LeBron and have the fame, even though they had a lot less money.

I'd also prefer to be more anonymous.

I like LeBron, I hate Zuckerberg.

 

[NW-Bound]

Hmmm... Maybe I overthink the cost of business class seats. I just did a simple calculation, and found that even taking a couple of international trips a year on business seats will drive our WR to just 1% total.

I guess I am not accustomed to paying for the seat, as our megacorps had been paying for it (but only for flights lasting longer than 6 hours).

 

[RetiredHappy]

Hmmm... Maybe I overthink the cost of business class seats. I just did a simple calculation, and found that even taking a couple of international trips a year on business seats will drive our WR to just 1%.

I guess I am not accustomed to paying for the seat, as our megacorps had been paying for it (but only for flights lasting longer than 6 hours).

You are definitely over thinking!

Your comments about Megacorp paying for business class seats for flights longer than 6 hours - it was the policy of the megacorp which I worked for as well. However, in the last couple of years of tightening the belt while I was working there, they did away with business class tickets altogether.

 

[Ronstar]

We were looking at new houses in Arizona in 2018/2019. I’m still somewhat looking, but house prices are out of control. One house I was looking at in 2019 was listed at $550k back then. New house - never lived in. The listing was pulled and recently listed at $850k - still never lived in. Almost 50% increase in 2 years.

I can’t buy a new house at these prices even though our portfolio value is outpacing house price increases. I’m all for blowing some dough, but I’m not going to overspend. Frugal principles learned long ago are tough to break.

 

[ivinsfan]

RS just read a story that Zillow is underwater on 90% of their direct purchase homes in PHX.

 

[aja8888]

We were looking at new houses in Arizona in 2018/2019. I’m still somewhat looking, but house prices are out of control. One house I was looking at in 2019 was listed at $550k back then. New house - never lived in. The listing was pulled and recently listed at $850k - still never lived in. Almost 50% increase in 2 years.

I can’t buy a new house at these prices even though our portfolio value is outpacing house price increases. I’m all for blowing some dough, but I’m not going to overspend. Frugal principles learned long ago are tough to break.

Wait, we may see a rerun of 2010 - 2011 again. I made put like a bandit then picking up a newer house in 2010 for less than it sold for new in 2007. DD lives in it now.

 

[RobbieB]

Man has 2 houses, and worries about business class. The same guy making lotsa dough on the options market and refuses to drink the XO Cognac because the VSOP is almost as good and costs less. Man has less than 1% WR.

So, you are depriving yourself for your children?

Yeah, attitudes towards money. One man's norm is another's excess. Same as it ever was -

 

[NW-Bound]

You are definitely over thinking!

Your comments about Megacorp paying for business class seats for flights longer than 6 hours - it was the policy of the megacorp which I worked for as well. However, in the last couple of years of tightening the belt while I was working there, they did away with business class tickets altogether.

I was once on a work trip to the Middle East. The leg from the East Coast to there was business class. However, the seat from East Coast to AZ was coach because it was less than 6 hours. ARGHHH! It was freaking murder. I swore I would quit.

Well, I worked for a couple more years after that, but that was the last work trip I took. A small consolation out of that was that as a contractor, I was paid for travel time. Ah, I got paid for my suffering time at the airport and in the coach seat, but it would pay the same to suffer in the business seat, and I much prefer the latter.

 

[aja8888]

Man has 2 houses, and worries about business class. The same guy making lotsa dough on the options market and refuses to drink the XO Cognac because the VSOP is almost as good and costs less. Man has less than 1% WR.

So, you are depriving yourself for your children?

Yeah, attitudes towards money. One man's norm is another's excess. Same as it ever was -

Robbie, you forgot to mention his nice RV! (he does spend a ton on the solar system he built though)

 

[NW-Bound]

Man has 2 houses, and worries about business class. The same guy making lotsa dough on the options market and refuses to drink the XO Cognac because the VSOP is almost as good and costs less. Man has less than 1% WR.

So, you are depriving yourself for your children?

Yeah, attitudes towards money. One man's norm is another's excess. Same as it ever was -

Hey, if I drink XO all the time, how would I notice that my palate has deteriorated and I could no longer appreciate it beyond VSOP? You've got to mix it up, to test yourself about your senses of smell and taste.

It's not about the money, but whether it brings any return.

 

[RetiredHappy]

Man has 2 houses, and worries about business class. The same guy making lotsa dough on the options market and refuses to drink the XO Cognac because the VSOP is almost as good and costs less. Man has less than 1% WR.

So, you are depriving yourself for your children?

Yeah, attitudes towards money. One man's norm is another's excess. Same as it ever was -

 

[daylatedollarshort]

Wait, we may see a rerun of 2010 - 2011 again. I made put like a bandit then picking up a newer house in 2010 for less than it sold for new in 2007. DD lives in it now.

Smart move. We would like to help our adults kids with houses on the next big drop, if they are interested.

 

[aja8888]

Smart move. We would like to help our adults kids with houses on the next big drop, if they are interested.

I'll never forget that time. There were so many houses underwater or in foreclosure it was crazy. I was bidding on bank repos, workouts, HUD sales, etc.

If we see that again, act fast as the RE agents will buying for themselves.

 

[Ronstar]

Wait, we may see a rerun of 2010 - 2011 again. I made put like a bandit then picking up a newer house in 2010 for less than it sold for new in 2007. DD lives in it now.

Yep. I’m waiting. We will see a rerun at some point.

 

[RetiredHappy]

Where we live, the home prices are nowhere near 2003-2007 prices. Many homes are still 20% below that high. Banks are much stricter in lending practice. I don't see a crash and instead I think it will flatten out with possibly a 10% dip.

 

[daylatedollarshort]

I'll never forget that time. There were so many houses underwater or in foreclosure it was crazy. I was bidding on bank repos, workouts, HUD sales, etc.

If we see that again, act fast as the RE agents will buying for themselves.

Good advice! Our kids were too young back then to live on their own. There was a condo in our town going for under $100K we thought about buying as an investment, but we really aren't the landlord types. We can barely take care of our house. But that condo would easily rent for $2K a month these days so if we had bought it, it would have been an amazing ROI.