Blow that dough (It's official now)

[Scuba]

Yeah, you can go crazy on audio stuff for sure. I'm not that crazy, but I like vacuum tubes -

Years ago, the first time DH & I went shopping for an A/V system at a high end store, they asked us what our budget was. We really hadn’t set a budget, but we quickly did when they told us you could spend anything from hundreds to hundreds of thousands!

 

[calmloki]

Perhaps this thread could be combined with the "prepay funeral expenses" thread. A way to stretch out the time for blowing the dough beyond one's demise.

 

[Scuba]

Yes, I understand. A reasonably conservative approach. I am currently spending more than ever but when the market tanks I will just go back to spending divs. My divs are rock solid and weren’t cut in 2008-2009.



But I think it also depends on your age. I’m 67,been retired 11 years, and the portfolio is at an all time high. I figure if I don’t enjoy things now, I will soon get to the point where all I will want to do is “sit on the porch” (figuratively). This will likely mean a very large legacy left behind. I certainly don’t mind leaving a good size legacy but not something outrageous.



Getting the balance right between current consumption, risk, and legacy is something I think about a lot. I am very much in the minority here, it seems.

DH & I are still in our 50’s. We agreed pre-ER not to buy another home or a boat, at least not until we get through the first 5-7 years of ER. We are spending whatever we want on travel and consumables and more than we anticipated on charity/gifting, but until we feel we’re safely past sequence of return risk, and there is more certainty on healthcare (either because we’re on Medicare or costs have somewhat stabilized), we don’t feel comfortable ramping up our spending too much.

If our portfolio is close to or more than what we have now when we’re 65, I think we will either gift a lot more or perhaps consider another home, a smallish boat, or both.

 

[NW-Bound]

Years ago, the first time DH & I went shopping for an A/V system at a high end store, they asked us what our budget was. We really hadn’t set a budget, but we quickly did when they told us you could spend anything from hundreds to hundreds of thousands!

Yes. They can help you blow off any amount that you have. Whether you can hear any difference, or if there is really any difference besides the price tag, is another matter. The most important thing is to blow money.

The above said, if I were rich, I would not mind owning some of the large expensive speakers. Even if my hearing is not good to hear the difference, these are built by craftsmen, and they look good, the finishing perfect. They are like nice pieces of furniture. I cannot say the same thing about electronics.

 

[Looking4Ward]

To those of you struggling to find a way to spend your money, just buy a boat.

They say you can make a small fortune with a boat. It's easy. Start with a large fortune, and buy a boat.

I might even know where you can find a captain

As someone who's owned one boat or another most of my life I'd say that while this is true it's not always true.

I had a list of toys that I wanted to get and enjoy during the early years of my retirement. My first full year of retirement, I bought a new Jeep. Second year, a new diesel pickup and travel trailer. And this third year, another boat.

I thought long and hard about the boat because the idea was competing with the idea of getting some channel front property on the coast. But this last hurricane season brought a dose of reality and I decided that being on a freshwater inland lake would satisfy my desire to be on the water.

And I've always believed that you make your money when you buy a boat, not sell it. In other words, I was able to get an older 35 foot Mainship in relatively great condition for less than one year's worth of depreciation on a newer one. It needs some work, but I could also use a project and enjoy making things look new again.

The kicker is that I was able to get a slip at a marina for less than what my utility bills were on my lakefront home. The slip includes water and electric (the boat has 2 A/C systems so it can use quite a bit of electricity). So I can enjoy the recreational aspect of being on the water without the expense of high property taxes and risk of hurricane.

I accumulated these toys while staying close to my established WR and now that my wish list has been fulfilled I can spend a lot of time enjoying them while spending less.

 

[RobbieB]

A boat and a monthly rent slip are in next years plans -

 

[haha]

Nope, I won't blow my dough on iCrap.

Spend if you need to. Don't if you don't need to.

Finally something makes sense. As does buying lobster if you really want it. But deciding ,"Now I have plenty money so I want to see if I can throw some away", to me that makes zero sense.

I think

Ha

 

[RobbieB]

To me also. I mean who would buy stuff they don't want? You know other than medical expenses? Nobody wants a root canal, but if you have a cracked and infected tooth you will be first in line for a root canal.

As mentioned, I truly enjoy my luxuries to the point of shipping direct from the source. Maine lobsters shipped in from Maine taste better than grocery store lobsters. I find that Wagyu beef is way better than prime, so it's worth the 400% premium.

Have fun whatever that is for you. If you're happier counting your stack than spending it, by all means continue counting -

 

[NW-Bound]

Wouldn't it be nice to be able to count like a true rich man?

"One million, two million, three million..."

I'll never get that rich.

It's really mind-boggling when you think how some people count their money, if they do.

"One billion, two billion, three billion..."

I don't think these billionaires ever talk about "blowing some dough". If they did, it would be like a tornado.

 

[ejman]

Wouldn't it be nice to be able to count like a true rich man?

"One million, two million, three million..."

I'll never get that rich.

It's really mind-boggling when you think how some people count their money, if they do.

"One billion, two billion, three billion..."

I don't think these billionaires ever talk about "blowing some dough". If they did, it would be like a tornado.

Careful what you wish for. They got "that rich" in Zimbabwe in a hurry pretty soon they were saying : "one trillion, two trillion, three trillion..." According to Wikepedia : "fourth Zimbabwe dollar," occurred in February 2009, and dropped 12 more zeros from the currency. It was thus worth 10 trillion trillion original dollars:

 

[NW-Bound]

Then, we would all be in the same boat. Misery loves company. We will count together. "One trillion, two trillion, three trillion..."

If that should happen, the bitcoin holders will say "I told you so. One bitcoin, two bitcoins..."

 

[braumeister]

As mentioned, I truly enjoy my luxuries to the point of shipping direct from the source. Maine lobsters shipped in from Maine taste better than grocery store lobsters. I find that Wagyu beef is way better than prime, so it's worth the 400% premium.

I absolutely agree, and I'm glad to have you remind us occasionally about our inability to take it with us.

Every week I look at the recycle bins out in the driveway and just shake my head when I see my next door neighbor's bin full of Bud Light cans. I'm sure he does the same if he sees a few empty Orval or Westmalle bottles in mine. But I think we're each happy with our choices.

 

[cooch96]

Very nice.

The knife I bought is this one from Burn (Paul Panak), I'm into Italian auto stilettos.

Wow, these are Exquisite. What knife smith would you recommend to someone who is interested in blowing roughly 1/10th as much? Nationality not important. Smoothness of mechanism and durability/reliability are what tickle my fancy.

 

[RobbieB]

I would not hesitate to go with Frank Beltrame or AGA Campolin, both are the real Italian deal and are smooth and well made by hand.

For about 4-500, you can get something from those same makers way more upscale.

Check your state laws on full autos. Here in CA they are legal to own but not to carry.

 

[unclemick]

I donated my Charlie Dake roller blade to Lake Pontchartrain in Katrina.

heh heh heh - He had a shop toward the city(New Orleans).