Too Frugal - Anybody Else Struggle Spending Too LITTLE?

[Music Lover]

You assume that he didn't plan to die that young. Maybe after 9 years of retirement, he thought he better not to waste ant more time...

He didn't like work and left as soon as he was able to collect a pension. It was greatly reduced but he didn't care because he spent little and had savings. He died from a heart attack.

 

[street]

Start digging now.
I hear that Medicaid 5 year look back is quite thorough!

True, on the look back.

Not sure what Medicaid could do if the money is out of an institution with no records? Really would have nothing to go after can't proof if there is any money left. Lol

Maybe it was spent on wild women, whiskey and poker. Lol

 

[razztazz]

I used to have a $500 acoustic guitar and it did exactly what I needed it to do. But then I sold it and bought a $1700 guitar. It sounds better, is easier to play, and looks nicer.

Don't want to drag this off topic too much. When you say "easier to play" what exactly are you referring to? A lower action or something else?

 

[Music Lover]

Don't want to drag this off topic too much. When you say "easier to play" what exactly are you referring to? A lower action or something else?

It has lower action and a slimmer neck. Anyone can make a guitar with a slimmer neck so perhaps the more expensive guitars are built to more exacting tolerances and with more care that allows them to take additional steps to make them more playable.

I'm no expert but have found that as a general rule, less expensive guitars are built "sturdier"...thicker wood throughout (including the neck). The goal is to make a playable guitar at an affordable price. Maybe a similar comparison would be a heavier and more sturdy mountain bike for $600 vs. a much lighter $3000 bike.

 

[Major Tom]

I don't even know what I can do to get $100M. Banks don't keep that much in cash at their counter registers for me to rob.

In the 1990's, I lived in Hollywood, just a block from Hollywood Blvd. There was a bank on the corner. Riding my bike one day, as I passed the bank, I saw a group of men lying spread-eagled on the ground, with stockings pulled over their heads. Cops were standing over them, with guns drawn. It all looked quite dramatic and very filmlike. However, these were real LAPD officers, and there was no film or lighting equipment in sight. It was the real thing.

As you said, I also have a sneaky feeling that even if they'd gotten away with it, they wouldn't have scored anything close to $100M - not even a single million! Investing really is a wonderfully easy (and legal) way to make money, if you have the patience.

 

[foxfirev5]

True, on the look back.

Maybe it was spent on wild women, whiskey and poker. Lol

Yep. And they wasted the rest.

 

[NW-Bound]

In the 1990's, I lived in Hollywood, just a block from Hollywood Blvd. There was a bank on the corner. Riding my bike one day, as I passed the bank, I saw a group of men lying spread-eagled on the ground, with stockings pulled over their heads. Cops were standing over them, with guns drawn. It all looked quite dramatic and very filmlike. However, these were real LAPD officers, and there was no film or lighting equipment in sight. It was the real thing.

As you said, I also have a sneaky feeling that even if they'd gotten away with it, they wouldn't have scored anything close to $100M - not even a single million! Investing really is a wonderfully easy (and legal) way to make money, if you have the patience.

I know. I have been doing it.

Don't get anywhere near $100M, but a 7-figure gain in 12 months is quite nice, even if I don't have a need or plan for that money yet.

 

[Jeb-NY]

Check us off as frugal most of our life and that allowed us to retire at 57 in a relatively expensive part of the country. Could have walked out at 55 and told my boss at the time if he wanted me to keep working keep me happy and he did for 2 more years until the company made me an offer I couldn't refuse.

After almost 10 years staying put and still living pretty frugal we moved to a much lower cost of living area, that wasn't the primary reason, I told people the move was because we wanted less snow, less taxes and less politics. We checked off all those in our move. We also made the decision to spend more money. Bought house worth twice what we sold the old one for, started making changes to the house and property that we wanted, now instead of waiting. Buying what we wanted when we wanted it. The biggest shift was, we don't do things we don't like any more. Lawn care, all hired, general repairs in fields I don't like, hired, etc. We still don't spend a third what we could but after all the years of being frugal you don't spend money just to spend. We do eat out more leaving bigger tips, stay at better motels, give more to charity, bigger checks for birthdays and Christmas......

Still have a lot more than we started with when we retired 16 years ago.

 

[street]

I know. I have been doing it.

Don't get anywhere near $100M, but a 7-figure gain in 12 months is quite nice, even if I don't have a need or plan for that money yet.

I have not had a 7-figure gain in one fiscal year. You have done well making a million plus in one year.

Outstanding!!! It takes a lot to make a lot.

 

[JeKa]

I read something a few weeks ago that really hit home. There is only three things that can happen to your money. You can spend it. Your beneficiaries can spend it, or the government can spend it. I would recommend you choose wisely.[/QUOTE]


X100

Set yourself a comfortable budget. Spend what you want from that. At the end of the year, gift the balance to the kids, donate to charity, etc. As long as the bottom line is still growing, everything is AOK.

 

[elisap]

I have comments about this due to experience from family and one friend. Are you Frugal or cheap? Frugal is good, cheap is not. In many cases, frugality only affects the party making the purchases, not those around them, which is why those who are viewed as cheap can sometimes rub friends and family the wrong way with their spending habits.

 

[Bunker]

Yes, I've spend my whole life optimizing spending and diverting the savings to investments. Now I'm at a place (humble brag alert) where my pension covers my actual costs, SS provides mad money and my portfolio is largely untouched. My DW is working on me to pry open the coffers, but it is hard.

Maybe I should buy a boat.

^ That last sentence = Post of the Day!

 

[NW-Bound]

[/B]
I have not had a 7-figure gain in one fiscal year. You have done well making a million plus in one year.

Outstanding!!! It takes a lot to make a lot.

Well, the gain is pre-tax. And what the market god giveth one day, he taketh the next day.

The gain may be fleeting, or ethereal as Greenspan once called the market.

 

[WWDog]

I didn't read the whole thread. Frugality may well save us in the future. Look at the state of the economy. Government spending is way out of hand. The stock market is artificially inflated (in my opinion). Interest rates are artificially low to induce people to invest their money in more potentially volatile investments. If and when the economy crashes, the only safety is the money you have stashed away and hopefully it isn't devalued and/or inflation erases your stash. I have enough to weather these potential storms if I stay modest with my spending and until then I'll just keep stashing it away for us or the kids someday.

 

[Theophrastus Bombastus]

But seriously, why should this be a reason to struggle? I am at peace and happy. That's the whole point of having an adequately funded retirement, I thought.

I buy what I really want or need, and then I stop - - enough is enough.

Who knows, unexpected end of life expenses may use up every last cent. If not, my heirs deserve anything I can leave to them. (least problematic).

Well said.

It's similar to my philosophy. People I know are shocked when I tell them that I have something that neither Gates, Buffett, Zuckerberg, Musk, et al will ever have - - enough.

FIRE-Traveler, you worry too much, keep working on it. I was like that once - for a very long time. It takes time and a lot of brutal adversity and real life experience to become enlightened.

The secret to life is to really be happy with what you have, especially if you've been knocked down on your knees, not once but multiple times. Then you're on your way.

 

[street]

Well said.

It's similar to my philosophy. People I know are shocked when I tell them that I have something that neither Gates, Buffett, Zuckerberg, Musk, et al will ever have - - enough.

FIRE-Traveler, you worry too much, keep working on it. I was like that once - for a very long time. It takes time and a lot of brutal adversity and real life experience to become enlightened.

The secret to life is to really be happy with what you have, especially if you've been knocked down on your knees, not once but multiple times. Then you're on your way.

Also, well said!
Even competing against yourself (I'm One) what real motive are you trying to accomplish, MORE. Being happy and not having to constantly working to acquire more I would think would make for a more relaxed/happy life, once you have enough.

 

[NW-Bound]

... Even competing against yourself (I'm One) what real motive are you trying to accomplish, MORE. Being happy and not having to constantly working to acquire more I would think would make for a more relaxed/happy life, once you have enough.

A successful gardener usually ends up with more veggie than he can eat. A hobbyist woodworker keeps building more furniture.

Why? Would it not cause them stress?

 

[Stormy Kromer]

Also, well said!
Even competing against yourself (I'm One) what real motive are you trying to accomplish, MORE. Being happy and not having to constantly working to acquire more I would think would make for a more relaxed/happy life, once you have enough.

street, you're a wise man. Thank you.

 

[elisap]

My uncle, now 92 yo who was extremely frugal all his life. He tells me that he now regrets it but even now, health failing, he will not spend money where he needs it. A relative has the ability to spend uncle's money to make his last years more comfortable, he is also known in the family for being cheap will not spend the money. I've made phone calls to try to get help in the matter but my effort was fended off. I don't get it.

A one-time gf and her DH who are extremely frugal (cheap) take advantage of "their friends" to avoid spending their money. She has lost friends because of it, even complaining that you can't count on others failing to see that she is the reason. I tried telling her that "you can't expect others to keep paying your way so you can save your money". After many, many times I've decided not to invite her anymore. I'm tired of hearing her complain about money. She was a toxic friend anyway.

Imho, it's good to be frugal but don't be cheap.

 

[Gumby]

A successful gardener usually ends up with more veggie than he can eat. A hobbyist woodworker keeps building more furniture.

Why? Would it not cause them stress?

I always grow more vegetables than we can eat, but the prospect of wasting food bothers me, so I have to work hard to preserve as much as I can and to give stuff away to the neighbors before it goes bad. A little stress. Not too much. I'm working on cutting back the garden some in order to reduce that stress.

 

[NW-Bound]

My uncle, now 92 yo who was extremely frugal all his life. He tells me that he now regrets it but even now, health failing, he will not spend money where he needs it.

A one-time gf and her DH who are extremely frugal (cheap) take advantage of "their friends" to avoid spending their money. She has lost friends because of it, even complaining that you can't count on others failing to see that she is the reason. I tried telling her that "you can't expect others to keep paying your way so you can save your money". After many, many times we just decided not to invite her anymore.

Imho, it's good to be frugal but don't be cheap.

"Frugal is how you treat yourself. Cheap is how you treat others" - Andrew Tobias


For my daughter's wedding a few years ago, I decided to have my own tux. I was happy with the one I got at Men's Wearhouse, as it fit me perfectly. I never drooled over Armani suits, and don't recognize one if I see it.

Talk about having something that's good enough.

 

[elisap]

"Frugal is how you treat yourself. Cheap is how you treat others" - Andrew Tobias


For my daughter's wedding a few years ago, I decided to have my own tux. I was happy with the one I got at Men's Wearhouse, as it fit me perfectly. I never drooled over Armani suits, and don't recognize one if I see it.

Talk about having something that's good enough.

I wouldn't know what an Armani suit is either. At least spend some money on BASIC comforts. Money is to be used to live a reasonably comfortable life, not live to make and save money for the sake of it.

And I agree "Cheap is how you treat others" - Andrew Tobias" People who mooch off friends and family (treat others badly) to save money will lose those people in their lives. They miss out on great experiences in life.

 

[NW-Bound]

I always grow more vegetables than we can eat, but the prospect of wasting food bothers me, so I have to work hard to preserve as much as I can and to give stuff away to the neighbors before it goes bad. A little stress. Not too much. I'm working on cutting back the garden some in order to reduce that stress.

I grew enough of some greens to feed my 3 siblings. They are welcome to harvest out of my backyard anytime. No stress there, except for the garden pests that can be hard to control. Aphids, caterpillar, spider mites. They have been a challenge. Fusarium oxysporum is a nightmare.

My two younger brothers are thinking about retiring now, and started to do some gardening. So, my wife gave them some seeds.

 

[NW-Bound]

I wouldn't know what an Armani suit is either. At least spend some money on BASIC comforts. Money is to be used to live a reasonably comfortable life, not live to make and save money for the sake of it.

And I agree "Cheap is how you treat others" - Andrew Tobias" People who mooch off friends and family (treat others badly) to save money will lose those people in their lives. They miss out on great experiences in life.

I started using Quicken to download and log expenses since 2012. I found that the highest category was housing. No surprise there with 2 homes. The next 2 are Travel and Gifts/Donations. Travel used to be the 2nd highest, but with Covid curtailing travel, Gifts/Donations now beats Travel by a significant margin.

Not to brag, but to show that while I may be frugal I am not cheap. And I don't even think that I am frugal, just LBYM and not extravagant.

 

[elisap]

I started using Quicken to download and log expenses since 2012. I found that the highest category was housing. No surprise there with 2 homes. The next 2 are Travel and Gifts/Donations. Travel used to be the 2nd highest, but with Covid curtailing travel, Gifts/Donations now beats Travel by a significant margin.

Not to brag, but to show that while I may be frugal I am not cheap. And I don't even think that I am frugal, just LBYM and not extravagant.

I lean frugal on some things, others not. I used to invite the girl and her DH over for swimming in the summer but after always eating our food and drinking our wine. One time telling her that we didn't have food and didn't have wine she stopped and got something to eat on the way and brought a bottle over but then hid it in her car. I couldn't believe it.

A couple of years ago we bought a vaca home (my dream and goal). I'd like to live there full time but we have to stay put for now to help care for my FIL.

After she stayed at our vaca home several times "free" and this time being roped into inviting her again, telling her that she had to contribute, she begrudgingly pushed a small amount in my hand while snarling "now you can feed us" I am DONE with her, period. And they are very well off. There is a lot more but shame on me for continuing to let it roll off.

Some people are ridiculous. I'm just saying be frugal, not cheap, and don't treat "friends" like a free ride. If you do, you are not a friend. We worked hard so it is ok to enjoy life too.

They no longer get invites! I'm done with the cheap....