Teach me how to BTD
- Thread starter Ramen
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Winemaker
Thinks s/he gets paid by the post
I have sold 3 Beverly Doolittle prints and made a nice hunk of change. Not enough to buy a car, but enough for DW and I to fly upfront to Hawaii and back after 10 days.
No formula or set plan, but we're both "value oriented" and will spend money if we think it's a worthwhile thing or experience to spend on. But that is tempered with the knowledge that we cannot do that every month and remain solvent so that puts the brakes on a lot of impulse purchases. We almost never make impulse purchases of any kind. But then if it's something we've been considering for a while and a deal comes up we'll jump on it. I'm not sure if that counts as an "impulse purchase".
My last BTD buy was an $1,100 garden tiller and I'm not even a gardener. Although now that I have the most expensive tool for it (aside from maybe a greenhouse) I might try that. I'll be using it for a dozen or so bare areas that have been bugging me for years in the lawn, and I'll be the first to acknowledge that is easily considered an unwise thing to spend lots of money on. But, "you can't take it with you" so at the same time there's no point in keeping gobs of money around for no good reason if spending some will give you a bit more enjoyment. What number that is, is of course a very individual thing and can change a lot with one's circumstances.
I do enjoy pretty much any tool with an engine or motor on it, and this one even has gears in a transmission! I do enjoy using it and am so far very happy with the purchase. It's been something I've "kinda wanted" for a long time but just never had the inclination and the money at the same time. That little Honda FG100 tiller we used at the old house was okay for it's size but it won't come close to doing what I need it to do now. (The link is to the current version but it looks the same.)
DW's BTD project is spoiling the grandnieces and grandnephews rotten. Few things give her more pleasure than that, so we spend on that too.
Important to all of this discussion/outlook is that both of us grew up relatively poor. While we were never wondering where our next meal was coming from there was little extra besides that and we both grew up hearing "we can't afford that" or "that's for rich people". So having the option to go out and buy something like that tiller "just because I want it" still feels somewhat new. We'll probably never completely get over that, and I can understand how someone would choose to live like a pauper and have a seven figure bank account. They don't want the money; they want the options that money gives them even if they never use those options.
Thanks, do you have a link to this podcast? Or an episode number? Is it on Sethi's website?
freedomatlast
Thinks s/he gets paid by the post
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Picture your beneficiaries blowing their inherited money after your death. That may help you loosen up a bit, lol. Really, now's the time to enjoy what you've worked for and it's time to enjoy ER without the burden of counting every cent that you spend.
MC Rider
Thinks s/he gets paid by the post
You all are convincing me to build that garage. Whether you knew it or not. I hate not having one, and it will not make too big a dent in the finances.
Interestingly, another time I hemmed and hawed over $1,400 (or about that amount) was 15 years ago when I wanted a prefab metal carport to keep the sun and snow off my vehicles. I was in deep frugal mode then (saving for FIRE) and felt it was a huge amount. But I went for it anyway and was thrilled with it. I no longer own that place, but I would do it again, this time with no hemming and hawing.
MC Rider
Thinks s/he gets paid by the post
Sounds like you should get that painting before it is gone.
As for our garage, I pfa guesstimated $15k - $20k for a 2 car prefab steel building on a concrete slab. I did not realize permits would be so expensive, did not consider electricity to it (expensive), or insulation which will be especially good for those 100 degree days in summer. Try $30k. I have no comment on the required setbacks.
SnowballCamper
Full time employment: Posting here.
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I started small, and wouldn't say I've gone huge...maybe big. It's about what is enjoyable...and if you're retired, you likely know what that is by now...or figure it out with a few short years of the retirement date. I still have a monthly & annual budget to stick with, but the goal is not to die rich ;-)
Oh, and stuff ain't getting any cheaper over the years!
arcyallen
Recycles dryer sheets
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Sorry about that! I did a good job copying the address...not such a good job pasting.
https://www.madfientist.com/ramit-sethi-interview/
Thanks, great discussion. The last line is what I needed to hear!
iloveyoga
Thinks s/he gets paid by the post
There are plenty of things I think about buying but I don't and I have always been that way. So when I see something that I really want and I think that I will use and the price is right, I usually buy.
Our biggest splurge to date was redoing our backyards decks, adding an in ground pool, and updating the landscaping. We did that in 2018, DH did as much of the work as possible, but it was still expensive. We have used the pool almost every day that we could since it was done, so I have not regretted any of the $$ spent. Probably not good for resale here in Iowa but we plan to stay in our house as long as we are able. I consider my backyard to be my oasis.
Our biggest splurge to date was redoing our backyards decks, adding an in ground pool, and updating the landscaping. We did that in 2018, DH did as much of the work as possible, but it was still expensive. We have used the pool almost every day that we could since it was done, so I have not regretted any of the $$ spent. Probably not good for resale here in Iowa but we plan to stay in our house as long as we are able. I consider my backyard to be my oasis.
ownyourfuture
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If it's something you really want, and you can afford it, don't overthink it.
I've wanted one of these since I was a little boy collecting coins.
Even though gold is approaching $2000 an ounce, I'm going to buy one soon
Arguably the most beautiful US coin ever minted.
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I bought the painting. It will be delivered and installed at the end of the month. Two smaller ones are arriving at the gallery next week. I've seen photos and am considering them, about $500 for both. Good thing my wall space is limited so I won't go too crazy.
The money will come from my MM cash reserves, and I'm not going to record the expenditure. As Ramit says in the podcast above, if you're going to enjoy life, you must get out of the spreadsheet.
The money will come from my MM cash reserves, and I'm not going to record the expenditure. As Ramit says in the podcast above, if you're going to enjoy life, you must get out of the spreadsheet.
My living room is as close to an oasis as I have, so I guess I'll be soaking in a tub of art. My collection will amount to a month of living expenses, so if I have to die a month early to cover it, so be it.
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audreyh1
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
That’s great, enjoy!
Ronstar
Moderator Emeritus
Congrats! You'll get more enjoyment from the painting than from the money in the bank.
I'm considering a painting as well. I met an artist who would turn one of my photos into a painting. Probably a wildlife shot - A grizzly, bison, eagle or moose. Not sure yet.
Winemaker
Thinks s/he gets paid by the post
During the GFC in 2008-9, DW convinced me that if I wanted a 2 stall brick garage, then we should get it. We were both w*rking then, and last year, being retired 8 years, we sprung for a covered deck. Over the winter I built a 9x12 greenhouse, and soon, I'll be digging out under the deck to extend the patio under the deck. I "need" a place for my outdoor kitchen. I'm having a blast with all my projects, it keeps me moving, designing, thinking, and out of the bars. But not out of the wine cellar!
We are enjoying life and are BTD for enjoyable things.
street
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
During the GFC in 2008-9, DW convinced me that if I wanted a 2 stall brick garage, then we should get it. We were both w*rking then, and last year, being retired 8 years, we sprung for a covered deck. Over the winter I built a 9x12 greenhouse, and soon, I'll be digging out under the deck to extend the patio under the deck. I "need" a place for my outdoor kitchen. I'm having a blast with all my projects, it keeps me moving, designing, thinking, and out of the bars. But not out of the wine cellar!
We are enjoying life and are BTD for enjoyable things.
I agree with projects like you mentioned they have been a great thing for me in ER. I have the kitchen cabinets and flooring to do yet. Everything went on hold for a little longer. Life gets busy and with start when the time is right, this year.
I find it so much easier to BTD now than ever before in my life. Still working on more land purchase and all these things keeps me active in many ways.
Lots of great advice! My $0.02: Imagine yourself a few years from now with it and without it. Given that it’s not a true budget blower like an exotic car, think about the monthly — if I buy it and really enjoy for 14 months, then it cost $100 per month. Enjoy it for 28 months = $50 per month. At some point, it becomes a trivial amount.
Alternatively, if you won’t really care in a year or more and will have moved on to other things, skip it.
I try very hard to not indulge in impulse purchases. Thus, if I still feel a strong desire for a $100 acquisition a week later, I will seriously consider it. Or a $1000 acquisition a month later or whatever, those are just examples. And they scale up to my desire for a Dodge Viper or Chevy Corvette — the desire started about 1997, I still want one, but not $90k+ badly enough. No sports car had ever called my garage home. There is a mid-engine ‘Vette calling my name, though! But in the metro area, all it does it get you to the next stoplight a little faster.
Alternatively, if you won’t really care in a year or more and will have moved on to other things, skip it.
I try very hard to not indulge in impulse purchases. Thus, if I still feel a strong desire for a $100 acquisition a week later, I will seriously consider it. Or a $1000 acquisition a month later or whatever, those are just examples. And they scale up to my desire for a Dodge Viper or Chevy Corvette — the desire started about 1997, I still want one, but not $90k+ badly enough. No sports car had ever called my garage home. There is a mid-engine ‘Vette calling my name, though! But in the metro area, all it does it get you to the next stoplight a little faster.
I guess everyone knows what BTD means. It certainly doesn’t make sense as buy the dip or bored to death in the context of your post.
W2R
Moderator Emeritus
"Blow That Dough".... you probably already knew that but just case you didn't, there you go.
Koolau
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Only CRITICAL question when considering a BTD purchase is "Can I afford it." Lots of other ancillary questions, but that's the biggie IMHO. I often find that it's those ancillary questions that stymie my decisions. (Is it "worth" it? Could I get my money out of it? What will DW say?
Where will I put it? etc., etc.)
Where will I put it? etc., etc.)
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