teetee
Full time employment: Posting here.
- Joined
- Jul 11, 2019
- Messages
- 679
Sometimes it is difficult for me to explain the amount I spend versus my net worth.I agree with the point about money making life a lot easier and providing more options, which leads to being happier. I love having enough resources so that we don’t have to worry when unexpected expenses come up. For example, the refrigerator in our rental condo died unexpectedly. We have a tenant there on a 2-year lease that is paying us substantial rent. Between COVID and other issues, appliances aren’t that easy to come by these days. I called a few places and after being told by Home Depot, Lowe’s and Best Buy that nothing could be delivered within the next 5 days, a specialty appliance store quoted us about $2,100 to replace our previous fridge, delivered and installed and hauling away the old one. Sold!
A long time ago, having an unexpected cost of over $2K would have meant something else would have to be cut. Now it’s just “oh well” without really worrying much about it. And in this case since time was more important than pride, I didn’t worry about trying to save $100 or $200 … we just did it. Really great to be able to do that without giving it a second thought.
Just a small example but for me, this type of financial security definitely makes me happy. I remember in college when I had to have a car to have a job, but all the money I made at my job went to fix my crappy used car that was the only car I could afford.
Example: When I had nw of 33k, I was ok to have a $4k used car. Now with 1m, I am ok to have a $10k car, but while I used to be Ok to spend $8k a year on the essentials when I was relatively poor, now I can maintain spending less than $3k annually even without trying.
I think getting a more expensive transportation is a want - I want less hassle of dealing with car not passing the inspections.
My ability of spending less for essentials is likely from years of practice of decisions with mixed success and failures (I have a full storage of junk to prove) that now it becomes easier to make targeted purchase.
Sometime in my retirement I will have to practice the art of splurging. But now, being able to live like when I was at school makes me happy.