retirees too nervous to blow that dough

[HI Bill]

I just spent 3 grand on a redo of the "office". New floor, paint, built a new desk, hung a 43 inch monitor on the wall and a 36 inch soundbar. Got a new solid oak file cabinet coming, and going to put a new color laser printer on it.

Sounds nice! I was tired of my 27-inch monitor from a decade ago, and ordered a fancy new w#rk computer...since I'm planning to FIRE in the spring, I was reluctant to buy the new monitor I've been wanting, but I splurged on a 4K 31.5" LG monitor. Now, I can enjoy more of my time here in the office, and big spreadsheets are WAY easier to use.

 

[HadEnuff]

if you read my thread on struggling with the "Blow That Dough" mentality, then you know I'm buying a boat. That's stimulating one guy's economy, I know that.

 

[sheldon cornped]

Kinda hard to get the crowd on this site to just spend on more "stuff". Most of us throw Nickles around like Manhole Covers.

 

[RobbieB]

Sounds nice! I was tired of my 27-inch monitor from a decade ago, and ordered a fancy new w#rk computer...since I'm planning to FIRE in the spring, I was reluctant to buy the new monitor I've been wanting, but I splurged on a 4K 31.5" LG monitor. Now, I can enjoy more of my time here in the office, and big spreadsheets are WAY easier to use.

I'm diggin' my 43 inch 4K! So sharp and easy to read. I figure my eyes ain't gonna get any better as I age -

Cheap too less than six hundred bucks with tax.

 

[Markola]

Kinda hard to get the crowd on this site to just spend on more "stuff". Most of us throw Nickles around like Manhole Covers.

That sounds too wasteful of nickels to my taste, unless you can squeeze the buffalo of ‘em first.

 

[24601NoMore]

As a recent early-retiree, I definitely am in the DON'T "blow the dough" camp..even though we should, in theory, have 'enough' you can never TRULY have 'enough' to consistently and constantly feel secure. Anything can happen at any time - just look at today's market action as an example..I'm afraid there's more to come with the trade wars escalating, and who knows if we're on the verge or in the early days of a full fledged bear market..

 

[jebmke]

I'm diggin' my 43 inch 4K! So sharp and easy to read. I figure my eyes ain't gonna get any better as I age -

Cheap too less than six hundred bucks with tax.

must be one hell of a spread sheet to fill up a 43 inch monitor.

 

[jebmke]

Kinda hard to get the crowd on this site to just spend on more "stuff". Most of us throw Nickles around like Manhole Covers.

stuff just fills up the garage. I'm trying to get rid of stuff, not take on more.

 

[RobbieB]

I don't hang on to the old stuff, it's trashed, sold or given away.

 

[RobLJ]

They finished installing the solar roof panels two days ago and had the inspection sign-off. It will be 2-3 weeks though before the utility installs the meter and I can turn it on.

Next step is selling one of the vehicles and replacing with an EV. Payback period is almost 10 years for the panels, but that goes down to 7.5 with using an EV for most of the miles driven.

Blowing it now; and if I live long enough it will come back in my pocket. I was sitting on too much cash anyway (had enough for 3 years of withdrawals).

 

[Badger]

https://www.bloomberg.com/news/arti...th-money-to-spare-are-sitting-on-their-wealth

"Many of the recovery’s biggest beneficiaries feel anxious. And financial advisers say even very rich clients often have a crippling reluctance to fully enjoy their money. "

"BOTTOM LINE - Wealthy retirees’ reluctance to draw down their savings is trapping millions of dollars that could be stimulating the economy."

We were disciplined enough and sacrificed in order to ensure my wife and I will be financially secure for the rest of our lives. We are content and comfortable with our still frugal lifestyle and make our own decisions on how we spend our savings. We are not anxious or have any reluctance to enjoy our money. It is more like we are not interested in spending just to acquire more "stuff".

We also don't think it is necessary to pay any attention to strangers (like Bloomberg) who tell us how they think we should spend our money or strangers that try to shame us in spending more because it would stimulate the economy.

How silly it is to think increasing our spending would affect the national economy. If all those who have the means to spend more were to increase spending their combined money would not have much of an impact. Are not those with the financial means in the minority - like 1% of the population.

We enjoy gifting the maximum allowed to our 2 grown children and donating to charities of our choosing. They can spend it for what they need.



Cheers!

 

[GravitySucks]

I sure am glad I don't suffer this affliction. But I can see how increasing fear as you age could be a factor.

My fear has lessened as I age. Not only has the stash grown larger, but it has to last a shorter time. Plus that much closer to the SS safteynet.

 

[Rianne]

We struggle with the idea "is it worth it?" Is it worth the extra $150 to get great seats at a Cardinal's game or concert seats? It is worth it, for me to get filet mignon vs some other cut of meat. I rarely eat beef and if I do it's filet.

Is a $250/night room better than a $200/night room? Then again, we spent $50K+ for a remodel in our house and didn't think twice about it.

 

[Chuckanut]

I rarely eat beef and if I do it's filet.

Is a $250/night room better than a $200/night room? Then again, we spent $50K+ for a remodel in our house and didn't think twice about it.

+1 on the filet. When it comes to steak it's filet. Otherwise ground meat is fine for me.

You $200 a night room is probably way better than my <$100 rooms that I often get. Well, I might go over $100 if the hotel includes a hot breakfast.

 

[LarryMelman]

I've just never been one to blow dough on meals. Wasn't raised that way. If part of a good meal is about "the experience" of being with friends or family, blowing a lot of dough on it doesn't make the experience better.

I visit Vegas several times a year. I stay in the moderately priced off-Strip hotel/casinos and I was OK paying full price... but with repeat business and a very modest amount of gambling, I started getting discount package offers and even free rooms from time to time. Woo-hoo.

 

[jim584672]

The next article will be Millennials complaining how their parents are spending "their" inheritance.

 

[T-Minus]

Perhaps they should devise some sort of tax to liberate these selfishly trapped funds in a more equitable manner? It’s just not fair...

</sarc>

 

[GreenEggs]

The market is pretty jittery lately. It's hard to want to blow dough when we see 3% drops regularly.

Not blaming anyone, but...

 

[GenXguy]

The next article will be Millennials complaining how their parents are spending "their" inheritance.

LOL. I can definitely see that. On another forum, I've often seen people talk about the large inheritance they expect to get.

 

[CardsFan]

We struggle with the idea "is it worth it?" Is it worth the extra $150 to get great seats at a Cardinal's game or concert seats? It is worth it, for me to get filet mignon vs some other cut of meat. I rarely eat beef and if I do it's filet.

Is a $250/night room better than a $200/night room? Then again, we spent $50K+ for a remodel in our house and didn't think twice about it.

Of Course the Cardinal's tickets are worth it

Really splurge and get the "Green Seats" (about $300 each, depending on the game)

 

[Rianne]

Of Course the Cardinal's tickets are worth it

Really splurge and get the "Green Seats" (about $300 each, depending on the game)

We're going for the game in St. Louis against the Brewer's. My DB has connections he told us about ). I think we're getting good seats and we'll take them out to dinner. Good trade!

 

[RxMan]

I don’t know what exactly defines the line between “enough” and “more than I’ll ever need” but I assure you some Bloomberg writer I’ve never met sure isn’t qualified to decide what those numbers are for me and then tell me that I’m not spending enough. The more consumer spending goes up then Bloomberg would print the “we’re a country of people in debt” articles.

It’s as ridiculous as the meaningless “fair share” phrase that gets thrown around when tax policies are debated. It’s funny but “paying your fair share” always seems to mean paying more than your paying now.

There’s no “more than I’ll ever need” total ever displayed in my financial spreadsheets just as there’s not a “fair share” button on my calculator when my taxes are computed. These vague terms aren’t very interesting or meaningful when there’s absolutely no definition behind them.

 

[timo2]

This article discounts the people who retire as soon as the have 'won' the game and use their 'get out of work free' card.

 

[Bir48die]

I've just never been one to blow dough on meals. Wasn't raised that way. If part of a good meal is about "the experience" of being with friends or family, blowing a lot of dough on it doesn't make the experience better.

I visit Vegas several times a year. I stay in the moderately priced off-Strip hotel/casinos and I was OK paying full price... but with repeat business and a very modest amount of gambling, I started getting discount package offers and even free rooms from time to time. Woo-hoo.

One man's filet is another man's gambling. Both in a nutshell go in one end and out the other with an empty feeling. I like gambling but with a filet at least I had something solid to remember.

Many of us have been through multiple recessions. My models have a 30% drop in them as a downside. We live very comfortably but I'm not going to go wild and spend knowing that things could end up in the sh*tter very quickly. Plus our goal is not to be a burden on our kids so having money for the later years is very important. If we don't spend to zero so be it.

 

[RobbieB]

Nah, you never want to get to zero, too scary. A couple hundred grand would be cool!

I think we have about 70 grand in the home improvements and probably half as much to go. Getting to the finish line. But that's not bad for not doing anything but plumbing fixtures, a roof, HVAC and waterheaters in 30 years. Place is really spiffy now!