why you should spend

[livingalmostlarge]

What a long weekend I had with the in-laws. I am glad that thanksgiving is over. This weekend we blew $5k orize something on everything.

But what did I realize? That not spending your money yehand taking from others is a big problem. That if you continue living like a cheapskate it does affect others. If they weren't my in laws I would happily never see them again.

This weekend my MIL told me she couldn't fathom paying $4 for a bottle of Mayo, so i threw it in the cart. My FIL wasnt an amaryllis plant for $7, same thing. Can they afford it? Yes. How do I know?

Well last night MIL was complaining about how she has to pay too much taxes because she saved too much money. They are canadian. Unsure how many canadians there are here, but my in-laws are pissed they are considered "high" income people because they need to pay back their Canadian Old age pension and do not qualify for free dental. I couldn't say anything since i had no idea about the "threshold."

How much do you need to make? $90k per person. Yep good ole in laws make over $200k/year and my MIL was complaining about paying $75 to desensitive a tooth. Yes she actually said it was unfair that she had to pay back her means tested Old age pension (SS equivalent) and dental insurance.

Seriously I would have said isn't it a better problem to have that you have so much income that you get to live a "high" income life. But instead they sit there quibbling over $4 and $7. And complaining about paying $5 to charge their car. And no they paid for nothing all weekend and only took. This sense of entitlement is unbearable.

 

[skipro33]

Send them a note informing them of their part of the Thanksgiving bill.
Hi Mom and Dad, the bills for Thanksgiving are now all in and your portion comes to $2,000. A check is fine, but VENMO is preferred. Looking forward to Christmas with you both!

 

[VanWinkle]

Send them a note informing them of their part of the Thanksgiving bill.
Hi Mom and Dad, the bills for Thanksgiving are now all in and your portion comes to $2,000. A check is fine, but VENMO is preferred. Looking forward to Christmas with you both!

 

[Koolau]

I take it your Spouse desires their company for Thanksgiving? If so, you're stuck.

 

[target2019]

Lol. You should hear what they said during the drive home.

 

[Flyfish1]

I looked this up, the threshold for partial claw back of Old Age Security Pension is CAD $90,997 in 2024.
For age 65-74 OAS is completely eliminated or " clawed back " if you make CAD $ 148,000 or greater.
Age 75 and up it is roughly CAD %153,000.

I'm thankful the US Social Security system does not operate like that...yet.

My FIL before he remarried would stay with us for 4-6 weeks at a time. He was a retired senior executive from an international aerospace firm. I don't think he was broke. He never once offered to pay anything for groceries- ever. Insisted on polishing off all leftovers. Nice man - but that drove me crazy.

 

[Hyper]

I have at least one SIL that has $ but prefers not to use it.
My BILs were some of the extremely few that were good to me when I was much younger.
We don't see them much and one of them is very wealthy MM.
I have no problem paying for them. Usually just diners n beer, but they CAN seriously put the beer away!
I'll usually just pick up the bill as I hate everyone trying to figure out how to divy their part of the bill.
Plus it makes DW happy to just see them all together.

 

[TheWizard]

I looked this up, the threshold for partial claw back of Old Age Security Pension is CAD $90,997 in 2024.
For age 65-74 OAS is completely eliminated or " clawed back " if you make CAD $ 148,000 or greater.
Age 75 and up it is roughly CAD %153,000.

I'm thankful the US Social Security system does not operate like that...yet...

So that's around CAD $300,000 for a couple then.
1 CAD = 0.71 USD presently so not quite as much as it seems...

 

[Sunset]

And the other extreme, is blow all your money totally, then rely on family to pick up the costs that you can no longer afford, a giant "poor me guilt trip".

That was my sister, and I got to support her for years.

Either way is bad for others who care enough to pony up the expense. At least with the cheapskates, it's only emotional blackmail as they won't really suffer more than they can stand since they do have money.

 

[Music Lover]

I looked this up, the threshold for partial claw back of Old Age Security Pension is CAD $90,997 in 2024.
For age 65-74 OAS is completely eliminated or " clawed back " if you make CAD $ 148,000 or greater.
Age 75 and up it is roughly CAD %153,000.

I'm thankful the US Social Security system does not operate like that...yet.

CPP is the Canadian form of SS and it isn't clawed back regardless of income.

OAS is different than CPP. It's basically an income supplement.

 

[Koolau]

I have at least one SIL that has $ but prefers not to use it.
My BILs were some of the extremely few that were good to me when I was much younger.
We don't see them much and one of them is very wealthy MM.
I have no problem paying for them. Usually just diners n beer, but they CAN seriously put the beer away!
I'll usually just pick up the bill as I hate everyone trying to figure out how to divy their part of the bill.
Plus it makes DW happy to just see them all together.

My "rule" has always been that he who has to travel to the get-together gets a free pass for meals/drinks. But, of course, I don't expect that from others - especially our kids! I always pay when we get together even if we've flown 5000 miles to see them.

 

[pb4uski]

Send them a note informing them of their part of the Thanksgiving bill.
Hi Mom and Dad, the bills for Thanksgiving are now all in and your portion comes to $2,000. A check is fine, but VENMO is preferred. Looking forward to Christmas with you both!

or send then the Charlie Munger video that is on a different thread on the same subject as this.

Stop Saving After 65? Experts Say This Is a Huge Mistake

Has this already been discussed? I just saw this and thought it would be pertinent discussion topic. Both my DW and I are 75, married for 47 years, no children, retired at 53, and it feels like Charlie Munger is talking to me. We've lived on my savings and pension until SS and Medicare. I did...

www.early-retirement.org

 

[badatmath]

I think caring about $4 expenses is the only reason I managed to save any money since I never made much. But I wouldn't let someone else buy it for me either, kwim?

 

[skyking1]

I think caring about $4 expenses is the only reason I managed to save any money since I never made much. But I wouldn't let someone else buy it for me either, kwim?

yea, iapuwyald

 

[COcheesehead]

I get being frugal in the accumulation stage, but staying frugal when you have more than you need is a waste of all the time being frugal on the way up.
Anyone remember Erma Bombeck? To paraphrase her, burn the candles before they melt in storage.
Buy the good mayo.

 

[Irishgirlyc58]

CPP is the Canadian form of SS and it isn't clawed back regardless of income.

OAS is different than CPP. It's basically an income supplement.

So is the OAS similar to our SSI program? If people on social security are under a certain amount of monthly benefits then they would get SSI-supplemental security income. The amount goes up at a certain age-I think 85 for the extreme elderly.

 

[freedomatlast]

I pay for everything when we're together with the in-laws. We get along great and I really don't know or care how much they have. I will say they can go a little overboard at times like when we go out to eat with a group of 10 or 12 and some of them will order three or four expensive mixed drinks each along with the most expensive things on the menu. This is something I wouldn't do when others are paying, but whatever. It won't make a bit of difference in our standard of living so we go with the flow and don't cause any turbulence. We all have a good time and that's what counts.

 

[badatmath]

Buy the good mayo.

There is no such thing as "good mayo". That is my #1 most hated food except maybe avocados. Might be a tie.

yea, iapuwyald

If that is a word I missed it. . .

 

[isisdave]

It took me three years to transition from "squeeze that nickel until the buffalo squeals" to BTD.

And I still buy store-brand mayo.

 

[Flyfish1]

We only buy the good Mayo! Although - it's not exactly a health food and I use it sparingly.

 

[Lorenzo]

DW has always made her own mayo with a stick blender in a jar, as she learned from her mother, and I have come to appreciate it's a lot better than any store-bought mayo because you can adjust the amounts of the ingredients to suit your own taste. Use only the best oil if you wish. Use lemon juice instead of or in addition to vinegar if you prefer. It's up to you. It takes five minutes to make a jar. There is admittedly some bacterial risk from the raw egg, though.

What were we talking about?

 

[Dtail]

Another cheapskate type thread. They need to be introduced to RobbieB if we can find him.
As an aside, I always get Hellmann's mayo but as BOGO, since it is on BOGO at Publix quite frequently.

 

[Morgan22]

So is the OAS similar to our SSI program? If people on social security are under a certain amount of monthly benefits then they would get SSI-supplemental security income. The amount goes up at a certain age-I think 85 for the extreme elderly.

I've never heard or read of this over 85 increase. Is this a specific state program? (I know you can be eligible based on low income, but have to be blind, disabled, or over the age of 65, at least in my state.)

 

[FIYes]

Funny, just a couple of weeks ago we had a discussion about mayo. I insisted that we no longer buy the store brand. We both agreed that the quality of the store brand has deteriorated to the point that it is no longer acceptable.

 

[Irishgirlyc58]

I've never heard or read of this over 85 increase. Is this a specific state program? (I know you can be eligible based on low income, but have to be blind, disabled, or over the age of 65, at least in my state.)

I was pulling that strictly from memory. I should have checked first! I could have mixed it up with something else.
SSI is definitely for blind/disabled people and people over 65 who aren't eligible to social security or to they get social security but it's say $400/month. SSP-State supplement program should make up the difference-that amount can change based on the state of residence. No age requirement.

I was just intrigued by the Canadian programs.