Help me spend money

[aaronc879]

Give $1,000 bucks to everyone in this thread. You need to do this to escape your frugal mode.

I just thought I better post in this thread rather than just read it.

OP has gotten some good, useful advice here

 

[travelover]

Check into a dementia ward - $3500 a week. I'm saving my stash so I don't bankrupt DW.

 

[MichaelB]

Check into a dementia ward - $3500 a week. I'm saving my stash so I don't bankrupt DW.

So, when you do reach that point you’re counting on her spending all that money on you? Hope if works out that way.

 

[Rianne]

I could understand not getting much pleasure out of first class on a short domestic flight, but on long overseas flights? Those lie-flat seats are so comfy (compared to cramped coach seats), and the whole first class experience (food, drinks, service) is hands-down better than coach. Way better.

Right, for overseas flights and extended vacation accommodations, I agree.

 

[mystang52]

DW and I were on the same page during our accumulation phase. Now that we are both retired, we are in wonderful financial position. We are spending some more than than usual, but we can easily afford to spend even more....like a 3rd or even 4th week-long vacation.
Alas, since I do the finances DW is simply not convinced we can do so. We're not exactly suffering, so no sympathy needed, but yes I'd like to spend some more.

 

[audreyh1]

Right - increase tips. That’s something DH and I started to do.

 

[Ronstar]

Nope. I married an expert in the art of consuption and she's done a wonderful job at preventing me from spending below our means.

Same issue here.

 

[dcoy]

Wife and I have lived a fairly frugal life. Have always saved maximum for retirement. Well, we are there and now with pension, SS, dividends, company stock, and multiple IRAs and 401k’s. I am overwhelmed with the nest egg and how to spend it. I feel stuck in this frugality mindset and can’t seem to spend more. I know it is a silly problem but for me it is real. Anyone else have this issue or ideas?

Really, you don’t know how to spend money and enjoy life?

 

[travelover]

So, when you do reach that point you’re counting on her spending all that money on you? Hope if works out that way.

Do you think she'll just drop me off in the sticks like an unwanted dog?

 

[HI Bill]

For me, there's always a better projector, better audio/video gear, better dive gear, better travel, better kitchen appliances, more jewelry for my wife, better camera gear, more lenses, and ALWAYS better cars.

I knew an ER couple once, and they replaced all of their stuff when it was old or something better came along. And they got rid of the old stuff so their place wasn't cluttered.

I'll +1 on first/business class upgrades if you travel long-distance.

 

[Hdhead]

Really, you don’t know how to spend money and enjoy life?

I really do enjoy my life, don’t really need more or better stuff for enjoyment. We are living far from destitute. Snowbird with 2 homes. Cars and jewels do little for me or wifey. I did just made a decision today to remodel the Florida kitchen without second guessing myself so I guess that is a good start to more spending.

 

[Ready]

We still spend far less than Firecalc tells us we can spend but we don’t have anything we really want to spend the money on that we aren’t already buying.

But when things break down, and all of a sudden we need a new washing machine, or a new roof, or a major car repair, we no longer sweat those things. We can easily afford them so we just happily pay what we need to pay to keep everything working. There is a certain peace of mind of knowing that no matter what surprises are thrown at us we are covered. It lets us sleep at night. To me that’s worth more than any material purchases we may be holding back on.

We did both buy Teslas in the past year though. That was definitely a splurge for both of us.

 

[Octogirl]

Agree- we don't need more "stuff" - in fact we need to sell "stuff" to enjoy life

But i understand the dilemma .
DH and I are use to a frugal lifestyle and we are still under-spend by quite a lot.
Wasting money does not make me happy!



So I recently joined a community non profit board and will donate more $$.

and More $$ to our church

We also plan to gift more $$ to family in next 5 years.

So grateful to be here !!

 

[UnrealizedPotential]

Buy a boat. I have never owned one, but everyone I have talked to over the years that has , they all said a boat is nothing but a great big hole in which to pour money into.

 

[aja8888]

Buy a boat. I have never owned one, but everyone I have talked to over the years that has , they all said a boat is nothing but a great big hole in which to pour money into.

In addition to that, if you really want to pi$$ away money, buy an airplane and get your pilots license.

 

[bobandsherry]

You don’t say how old you are, and whether or not you have health insurance. I am sort of in your situation (my Fidelity account tells me I will have more than $2M at my death, and we have no heirs to leave it to), but due to ACA and MAGA income requirements, I cannot start spending much until DW and I reach Medicare age (3 more years)....

I have a hard time spending, but expect to be able to get over it.

Well, you could just spend more and pay the additional cost for insurance. That will take a cut from your future best egg [emoji6]

 

[bobandsherry]

We are in the same fortunate position. We travel frequently but our nest egg keeps growing. It is incredible to me.

It's been a great market for past few years, so a downturn could be coming and take a little wind out of that surplus sail.

 

[NW-Bound]

Wife and I have lived a fairly frugal life. Have always saved maximum for retirement. Well, we are there and now with pension, SS, dividends, company stock, and multiple IRAs and 401k’s. I am overwhelmed with the nest egg and how to spend it. I feel stuck in this frugality mindset and can’t seem to spend more. I know it is a silly problem but for me it is real. Anyone else have this issue or ideas?

When I started tracking expenses to see if I could retire, I was not sure if I could stay within the 4% WR. It is only after seeing my expenses shrinking with 9 years of data and the effect of the bull market that I can be sure that there is little danger of me running out of money.

So, I cannot say that I am overwhelmed with money. I am just more comfortable. And I have started to loosen the purse string, but I have a lot more to go with the WR projected to be less than 1.5% in 2020 if I spent the same as in 2019. In 2019, I already paid for a family vacation to Hawaii in addition to our own 6-week European trip, and gave close to a 5-figure amount for charity.

We have been more generous in giving, starting from small things like higher tips and gifts to people, but these do not really make a dent. A big purchase like a new car is more significant, but one every year? We don't care about cars anyway. There's not much that we care to get.

I do not see the need to blow money on things that I do not care for. Maybe I will get a new class B diesel motorhome.

 

[travelover]

In addition to that, if you really want to pi$$ away money, buy an airplane and get your pilots license.

And if you have any money left, get a few horses. That will finish it off.

 

[ugeauxgirl]

I delayed retirement for a couple of years to wait for a retirement package and the portfolio has grown quite a bit. The terms of the package means we won't have to touch the portfolio for 4-5 more years. Even with conservative returns, if we spend what we are now, our withdrawal rate will much less than 3%.

For me spending more isn't a problem but DH grew up poor and doesn't want to increase our spending. I'm going to sell 3% at the beginning of the year and move it to a "spend" account and see if that helps. I know it's mental accounting, but hopefully it will work. That's my plan anyway.

 

[geerman]

Nope. I married an expert in the art of consuption and she's done a wonderful job at preventing me from spending below our means.

That's hilarious!

 

[NW-Bound]

Oops. It was a 5-figure charity donation, not 4-figure as said in my earlier post.

I keep making this common mistake when forgetting that while 10^4 is 10,000, a 4-figure number may be as low as 1,000.

 

[teetee]

It takes practice to enjoy spending and giving. Pick your choice and start practicing.

If I were you and if I were healthy, I would enjoy the money by traveling the country/world and leave anonymously and unusually large tips for strangers in the restaurants or at valet lot. They can use the money. Being anonymous is for own safety.

 

[daylatedollarshort]

Here is a good article - https://www.entrepreneur.com/article/309814


Short version: Experiences, charity, helping loved ones, time savers, things you can frequently appreciate, along the lines of art.

 

[DrRoy]

Give $1,000 bucks to everyone in this thread. You need to do this to escape your frugal mode.

Here's my post!! After 2-3 years I'm starting to get over the frugality, and last year's market also helped. This year we are sometimes picking higher class airline tickets, have a Viking cruise, and have several moderate remodeling projects around the house.