Search found 1288 matches

by SQRT
Sun May 24, 2020 8:27 am
Forum: Personal Finance (Not Investing)
Topic: What do people spend money on?
Replies: 52
Views: 4946

Re: What do people spend money on?

I spent money on the usual things. Fabulous vacations, multiple homes, charitable giving, family giving, art, really nice everything. These have certainly been fun. No regrets. Currently almost 70, totally retired almost 14 years. Every body is different. I wish I had the choices you currently have ...
by SQRT
Fri May 08, 2020 1:35 pm
Forum: Personal Consumer Issues
Topic: Should you tip landscapers?
Replies: 51
Views: 3225

Re: Should you tip landscapers?

I often tip people who come into my home to do certain manual tasks (movers, repair men, etc). I give Christmas gifts (tips really) for regular workers (pest guy, Gardiners, pool guy, property manager, etc). They are always grateful and I feel good about it. I can easily afford it so why not? Defini...
by SQRT
Sun Apr 26, 2020 8:00 am
Forum: Personal Finance (Not Investing)
Topic: What to do about remodeling project?
Replies: 13
Views: 1410

Re: What to do about remodeling project?

We were planning on starting a rebuild of our lake house this fall. In order to finance it, I was planning on liquidating a significant amount of stock. Started doing this early this year but still had quite a ways to go. With the market decline we have decided to defer the project for at least a ye...
by SQRT
Sun Apr 26, 2020 7:52 am
Forum: Personal Finance (Not Investing)
Topic: Take Social Security now, at 66, during Corona-virus?
Replies: 61
Views: 4965

Re: Take Social Security now, at 66, during Corona-virus?

It seems to me that when enough savings are available, it's less important to maximize the amount received from social security and more important to cover the potential for an unexpectedly long life combined with late failure of nest egg. Agree. If you have enough other assets, longevity insurance...
by SQRT
Mon Apr 20, 2020 12:23 pm
Forum: Personal Finance (Not Investing)
Topic: How many paid for kids' college?
Replies: 282
Views: 13464

Re: How many paid for kids' college?

My lesson was that a student trying to self-fund college was a miserable, stressful, lonely existence. I vowed that come hell or high water I was going to fully fund my own kid's college education. I have and am fully funding my girls' college education. Neither of them is lacking in character in t...
by SQRT
Sun Apr 19, 2020 10:22 am
Forum: Personal Finance (Not Investing)
Topic: How many paid for kids' college?
Replies: 282
Views: 13464

Re: How many paid for kids' college?

@Wander, my parents and I came to the US 60 years ago, also without anything and not speaking English. I did better than my parents (who never attended college but valued it enough to pay for their kids’ education), and my kids, in turn, will do as well or better than me. A good part of the reason ...
by SQRT
Thu Apr 16, 2020 9:25 am
Forum: Personal Finance (Not Investing)
Topic: How many paid for kids' college?
Replies: 282
Views: 13464

Re: How many paid for kids' college?

One child. Paid full tuition, lodging, allowance, auto. Up to Masters degree. Best investment I ever made and very happy we were in a position to do so. My parents couldn’t support my education and even if they could felt it was a waste. I was the first of our extended family to attend university bu...
by SQRT
Tue Mar 10, 2020 2:24 pm
Forum: Personal Finance (Not Investing)
Topic: Airfare and corona virus
Replies: 21
Views: 2083

Re: Airfare and corona virus

We’ve been cancelling flights “left and right”. Usually we get a credit to use them within a year, often with a small fee. These credits are really piling up and it will be a challenge to use them all.
by SQRT
Thu Feb 27, 2020 3:16 am
Forum: Personal Finance (Not Investing)
Topic: Teaching kids about saving money and investing
Replies: 44
Views: 3057

Re: Teaching kids about saving money and investing

I think the best way to “teach” your kids is through example. Most kids don’t really listen to their parents when they are younger, I certainly didn’t. Basic lesson is LBYM. If they “get” that you can talk about your approach to saving for retirement, if they express an interest.
by SQRT
Sat Feb 22, 2020 5:25 pm
Forum: Personal Finance (Not Investing)
Topic: Retirement expenses vs pre-retirement expenses?
Replies: 28
Views: 2998

Re: Retirement expenses vs pre-retirement expenses?

In retirement, we ended up in the lucky position of having more assets/pensions, etc than we expected. This allowed for more spending than when working. Gradually increased spending, including 2 more homes. At this point (13 years of retirement) spending about twice what we were when working.
by SQRT
Fri Feb 14, 2020 12:03 pm
Forum: Personal Finance (Not Investing)
Topic: Help find balance between saving vs spending: married and 3 young kids
Replies: 55
Views: 3948

Re: Help find balance between saving vs spending: married and 3 young kids

I say spend the money(within reason) now on building a “portfolio of family memories” that will last as long as your kids are alive. . I still treasure the vacations we took 30 years ago when my daughter was young. Was a bit of a stretch then but inconsequential in the overall scheme of things. Even...
by SQRT
Thu Feb 13, 2020 9:55 am
Forum: Personal Finance (Not Investing)
Topic: How much money do you want to retire?
Replies: 968
Views: 132231

Re: How much money do you want to retire?

Wannaretireearly wrote:
Thu Feb 13, 2020 12:37 am
Whatever I have at age 50. By that time we'll have universal healthcare, joining the rest of developed civilization. 🤑
How old are you? I’m beginning to doubt the US will have this in my lifetime. I’m 69.
by SQRT
Thu Feb 13, 2020 9:50 am
Forum: Personal Finance (Not Investing)
Topic: How much money do you want to retire?
Replies: 968
Views: 132231

Re: How much money do you want to retire?

I certainly agree that the extra happiness that might result from more money declines as the “more money” increases. But other than that, I find these studies not very useful. Happiness is such a personal, ill defined and difficult to measure thing. All my life Ive been a “happy guy”. I would still...
by SQRT
Wed Feb 12, 2020 7:51 pm
Forum: Personal Finance (Not Investing)
Topic: How much money do you want to retire?
Replies: 968
Views: 132231

Re: How much money do you want to retire?

What I have seen is that having too many physical assets (cars, houses, boats, planes) can be a huge hassle. I would say "Mo possessions, mo problems" instead. Having money can demotivate some people, so I guess it could cause some unhappiness by eliminating a driving force for self-fulfillment in ...
by SQRT
Wed Feb 12, 2020 7:24 pm
Forum: Personal Finance (Not Investing)
Topic: How much money do you want to retire?
Replies: 968
Views: 132231

Re: How much money do you want to retire?

I wonder why wealth or “money” gets compared with “happiness” so much? Presumably because people tend to believe that more money or, more commonly, spending will make them happier. Could be but I think it’s more than that. To speculate what the “more” might be will only cause an argument, I think. ...
by SQRT
Wed Feb 12, 2020 6:14 pm
Forum: Personal Finance (Not Investing)
Topic: How much money do you want to retire?
Replies: 968
Views: 132231

Re: How much money do you want to retire?

I wonder why wealth or “money” gets compared with “happiness” so much? Presumably because people tend to believe that more money or, more commonly, spending will make them happier. Could be but I think it’s more than that. To speculate what the “more” might be will only cause an argument, I think.
by SQRT
Wed Feb 12, 2020 5:08 pm
Forum: Personal Finance (Not Investing)
Topic: How much money do you want to retire?
Replies: 968
Views: 132231

Re: How much money do you want to retire?

I can also tell you that every time we hit our number, it appears we find new ways to spend money and our "want to retire number increases." So maybe there is no limit. It sure sounds like this is at work. https://ilovekadampabuddhism.files.wordpress.com/2018/12/hedonistic-treadmill-1.png?w=366&h=2...
by SQRT
Wed Feb 12, 2020 11:12 am
Forum: Personal Finance (Not Investing)
Topic: How much money do you want to retire?
Replies: 968
Views: 132231

Re: How much money do you need to retire?

I don't think there is a problem with people having different spending habits... It's all in the delivery. If someone rich says "I spend $1 million a year", that's fine. If someone rich says "I can't even imagine a life without at least $1 million a year", that starts an argument. And if someone wi...
by SQRT
Mon Feb 10, 2020 4:26 pm
Forum: Personal Finance (Not Investing)
Topic: How much money do you want to retire?
Replies: 968
Views: 132231

Re: How much money do you need to retire?

Agree that the issue goes both ways. Not sure about the proportion of attitudes but either way it tends to make these threads battlegrounds of divergent lifestyles and attitudes, often including the implied judgemental criticism. Folks are really invested with trying to identify with a “group, fami...
by SQRT
Mon Feb 10, 2020 4:24 pm
Forum: Personal Finance (Not Investing)
Topic: How much money do you want to retire?
Replies: 968
Views: 132231

Re: How much money do you need to retire?

Yes, you’ve uncovered the basic problem with these types of threads. If I may state it: “my spending level is perfect for me and should also be appropriate for you”. Another variant: “ the average person in this country lives on less than $60k per year so you certainly don’t need any more than that...
by SQRT
Mon Feb 10, 2020 12:20 pm
Forum: Personal Consumer Issues
Topic: What is your most luxury/expensive hobby.
Replies: 262
Views: 19226

Re: What is your most luxury/expensive hobby.

First class travel. Has averaged into 6 figures/year since we retired 13 years ago. Other expensive things would include clothing, luxury cars, boating, skiing, Biggest discretionary expense would be gifts to others and charity though.
by SQRT
Mon Feb 10, 2020 12:15 pm
Forum: Personal Finance (Not Investing)
Topic: How much money do you want to retire?
Replies: 968
Views: 132231

Re: How much money do you need to retire?

Agree that the issue goes both ways. Not sure about the proportion of attitudes but either way it tends to make these threads battlegrounds of divergent lifestyles and attitudes, often including the implied judgemental criticism. Folks are really invested with trying to identify with a “group, fami...
by SQRT
Sun Feb 09, 2020 11:11 am
Forum: Personal Finance (Not Investing)
Topic: How much money do you want to retire?
Replies: 968
Views: 132231

Re: How much money do you need to retire?

Whatever his reasons, they are his. And his business. People retiring on just SS or $10M don't need the scorn of those who think their perfect number isn't that. Yes, you’ve uncovered the basic problem with these types of threads. If I may state it: “my spending level is perfect for me and should a...
by SQRT
Sun Feb 09, 2020 10:11 am
Forum: Personal Finance (Not Investing)
Topic: How much money do you want to retire?
Replies: 968
Views: 132231

Re: How much money do you need to retire?

My old business partner is 73...retired 8 years ago...lives in a $500k home in a very nice part of the city. Is debt free and has $1.5M. He told me he takes our $80k in income from various iras, ss, etc. Spends $20k a year on travel to Europe....gives his kids $10k for grandkid college...and still ...
by SQRT
Sat Feb 08, 2020 5:40 pm
Forum: Personal Finance (Not Investing)
Topic: How much money do you want to retire?
Replies: 968
Views: 132231

Re: How much money do you need to retire?

I can list dozens of nice inexpensive areas to live in with 6 months of good weather. So get two homes. And two homes in two LCOL areas is still cheaper than one home in HCOL coastal CA. That's how expensive parts of CA are. I can buy TWO bigger nicer homes, pay two property tax bills, insure them ...
by SQRT
Sat Feb 08, 2020 1:44 pm
Forum: Personal Finance (Not Investing)
Topic: How much money do you want to retire?
Replies: 968
Views: 132231

Re: How much money do you need to retire?

I can list dozens of nice inexpensive areas to live in with 6 months of good weather. So get two homes. And two homes in two LCOL areas is still cheaper than one home in HCOL coastal CA. That's how expensive parts of CA are. I can buy TWO bigger nicer homes, pay two property tax bills, insure them ...
by SQRT
Tue Feb 04, 2020 4:13 pm
Forum: Personal Finance (Not Investing)
Topic: 22 year old - Should I focus more on saving for a house or retirement?
Replies: 41
Views: 3165

Re: 22 year old - Should I focus more on saving for a house or retirement?

Everything in balance including living your life today. You’re only 22 and have lots of time.
by SQRT
Tue Feb 04, 2020 2:30 pm
Forum: Personal Finance (Not Investing)
Topic: $3 million the new rule of thumb?
Replies: 653
Views: 50666

Re: $3 million the new rule of thumb?

vipertom1970 wrote:
Tue Feb 04, 2020 1:59 pm
I am aiming for 10M NW at 60 but will be happy with just half of that. My yearly expenses is 65K per year.
So let’s say you do get $10million, will you increase your spending? If not do you have a plan for your very large estate?
by SQRT
Tue Feb 04, 2020 11:47 am
Forum: Personal Finance (Not Investing)
Topic: $3 million the new rule of thumb?
Replies: 653
Views: 50666

Re: $3 million the new rule of thumb?

stoptothink wrote:
Tue Feb 04, 2020 11:33 am
That's kind of the point of this entire thread: "rules of thumb" in this regard are pointless. What one should target is completely distinct to them; where they live, their lifestyle.
Yes. Yet it’s taken 12 pages to get to this point. “Rules of thumb” are almost always just click bait.
by SQRT
Mon Feb 03, 2020 12:35 pm
Forum: Personal Finance (Not Investing)
Topic: $3 million the new rule of thumb?
Replies: 653
Views: 50666

Re: $3 million the new rule of thumb?

Right. Agree. But with more money, you get more choices. In the end, if you don’t want to spend your assets you can enjoy giving them away. Hard to see the downside of a higher net worth that results from a career you enjoyed. But, as this thread has proven, everyone is different and the diversity ...
by SQRT
Mon Feb 03, 2020 11:03 am
Forum: Personal Finance (Not Investing)
Topic: $3 million the new rule of thumb?
Replies: 653
Views: 50666

Re: $3 million the new rule of thumb?

Your wants are not applicable to what others want, though. I am like you. But plenty of people don't like to travel oversees. Or they prefer a cruise or seeing their grandkids two states over. Others like to hike, which costs nothing. True, hiking is mostly free. But only in your own neck of the wo...
by SQRT
Sun Feb 02, 2020 5:21 pm
Forum: Personal Finance (Not Investing)
Topic: $3 million the new rule of thumb?
Replies: 653
Views: 50666

Re: $3 million the new rule of thumb?

Some threads, this one included, seem to bring out a backlash against FI and FIRE. Not sure why, (and I'm not asking for input as to what the reasons are), but there seems to be a vocal minority of FI/ FIRE naysayers on Bogleheads. Guess it's a more financially conservative crowd. That said, usuall...
by SQRT
Sun Feb 02, 2020 10:00 am
Forum: Personal Finance (Not Investing)
Topic: $3 million the new rule of thumb?
Replies: 653
Views: 50666

Re: $3 million the new rule of thumb?

My thoughts are that for many retirees, $3,000,000 is at the low end of being just enough. As long as they have a created a budget and watch their spending very, very closely. For myself, no. I could never survive on this amount in retirement. I wish we could all just agree that we have different r...
by SQRT
Sat Feb 01, 2020 12:25 pm
Forum: Personal Consumer Issues
Topic: I have a question for those in early FIRE or planning on early FIRE
Replies: 81
Views: 8283

Re: I have a question for those in early FIRE or planning on early FIRE

It is easy to pass the time. You just take your time on myriad trivial things, take it easy, and time just evaporates. Sleep in, shop at multiple places to get the stuff you like most, take good care of the pets, get all the stuff done at the house, including decluttering and renovations (very time...
by SQRT
Sat Feb 01, 2020 11:58 am
Forum: Personal Consumer Issues
Topic: I have a question for those in early FIRE or planning on early FIRE
Replies: 81
Views: 8283

Re: I have a question for those in early FIRE or planning on early FIRE

I've heard from a substance abuse counselor that some men turn to drinking as a hobby to occupy their time. The wives tell him that they never drank that much when working. I hope everyone has better things to retire to! 24x7x365 is a lot of time to fill if you don't have some hobbies you can do so...
by SQRT
Sat Feb 01, 2020 11:52 am
Forum: Personal Consumer Issues
Topic: I have a question for those in early FIRE or planning on early FIRE
Replies: 81
Views: 8283

Re: I have a question for those in early FIRE or planning on early FIRE

It is easy to pass the time. You just take your time on myriad trivial things, take it easy, and time just evaporates. Sleep in, shop at multiple places to get the stuff you like most, take good care of the pets, get all the stuff done at the house, including decluttering and renovations (very time...
by SQRT
Fri Jan 31, 2020 7:00 pm
Forum: Personal Finance (Not Investing)
Topic: LBYM vs Not Really Wanting More (NRWM(?))
Replies: 78
Views: 6534

Re: LBYM vs Not Really Wanting More (NRWM(?))

Once your rich you can buy whatever you want. There will always be some things out of reach no matter how rich you are. I think you missed the whole point of my post and cut the a small snippet that on its own does not convey what I meant. Sorry if that’s what I did. Going back and looking at it ag...
by SQRT
Fri Jan 31, 2020 3:40 pm
Forum: Personal Finance (Not Investing)
Topic: LBYM vs Not Really Wanting More (NRWM(?))
Replies: 78
Views: 6534

Re: LBYM vs Not Really Wanting More (NRWM(?))

EnjoyIt wrote:
Fri Jan 31, 2020 3:31 pm
Once your rich you can buy whatever you want.
There will always be some things out of reach no matter how rich you are.
by SQRT
Fri Jan 31, 2020 6:02 am
Forum: Personal Finance (Not Investing)
Topic: LBYM vs Not Really Wanting More (NRWM(?))
Replies: 78
Views: 6534

Re: LBYM vs Not Really Wanting More (NRWM(?))

When people talk about “saving”, it’s feels a little weird to me. I don’t intentionally save money, or restrict what I buy. I just happen to earn more than I need. And whatever I don’t spend, is called savings. It seems like “saving” is a virtue, but what I’m doing is not virtuous. I’m not motivate...
by SQRT
Fri Jan 31, 2020 5:46 am
Forum: Personal Finance (Not Investing)
Topic: $3 million the new rule of thumb?
Replies: 653
Views: 50666

Re: $3 million the new rule of thumb?

It’s the criticizing of others’ spending “amounts” or “needs” that gets judgemental. No need to talk about “caviar for lunch” and “24 trips to Paris every year”. These types of statements are dripping with judgemental criticism and are more common than they should be here. IMHO. Yes please! Funny t...
by SQRT
Thu Jan 30, 2020 1:19 pm
Forum: Personal Finance (Not Investing)
Topic: $3 million the new rule of thumb?
Replies: 653
Views: 50666

Re: $3 million the new rule of thumb?

My thoughts are that for many retirees, $3,000,000 is at the low end of being just enough. As long as they have a created a budget and watch their spending very, very closely. For myself, no. I could never survive on this amount in retirement. I wish we could all just agree that we have different r...
by SQRT
Thu Jan 30, 2020 12:32 pm
Forum: Personal Finance (Not Investing)
Topic: $3 million the new rule of thumb?
Replies: 653
Views: 50666

Re: $3 million the new rule of thumb?

My thoughts are that for many retirees, $3,000,000 is at the low end of being just enough. As long as they have a created a budget and watch their spending very, very closely. For myself, no. I could never survive on this amount in retirement. I wish we could all just agree that we have different r...
by SQRT
Wed Jan 29, 2020 11:49 am
Forum: Personal Finance (Not Investing)
Topic: $3 million the new rule of thumb?
Replies: 653
Views: 50666

Re: $3 million the new rule of thumb?

Disagree. Yearly spending of $120k is not unusual (in the US) and certainly wouldn’t support travelling to Paris 24 times a year. There is tremendous wealth in the US. Many people seem to have difficulty imagining others that spend more than they do. Obviously this kind of money isn’t necessary for...
by SQRT
Wed Jan 29, 2020 10:56 am
Forum: Personal Consumer Issues
Topic: I have a question for those in early FIRE or planning on early FIRE
Replies: 81
Views: 8283

Re: I have a question for those in early FIRE or planning on early FIRE

When I ask a question like this it is basically because I am wondering if I lack the imagination to properly picture how things would be. I didn’t have a very clear idea how retirement would play out before actual retirement either. I just thought more freedom to travel and work out. Took a couple ...
by SQRT
Wed Jan 29, 2020 10:47 am
Forum: Personal Finance (Not Investing)
Topic: $3 million the new rule of thumb?
Replies: 653
Views: 50666

Re: $3 million the new rule of thumb?

Disagree. Yearly spending of $120k is not unusual (in the US) and certainly wouldn’t support travelling to Paris 24 times a year. There is tremendous wealth in the US. Many people seem to have difficulty imagining others that spend more than they do. Obviously this kind of money isn’t necessary for...
by SQRT
Wed Jan 29, 2020 10:30 am
Forum: Personal Finance (Not Investing)
Topic: $3 million the new rule of thumb?
Replies: 653
Views: 50666

Re: $3 million the new rule of thumb?

Essentially, the financial planner quoted in the article says that retirees should expect to need $120K a year from their retirement savings, If you are having caviar for lunch and drinking expensive wines with every dinner and traveling to Paris every 2 weeks then yes, you need that much. If you a...
by SQRT
Tue Jan 28, 2020 6:37 pm
Forum: Personal Consumer Issues
Topic: I have a question for those in early FIRE or planning on early FIRE
Replies: 81
Views: 8283

Re: I have a question for those in early FIRE or planning on early FIRE

I’ve been retired for about 13 years. 69 years old. Excellent health, workout strenuously most days. Well read, self manage our portfolios and that of MIL. Just after retirement we moved across the continent and took up downhill skiing and mountain biking. Not as active in this regard as we used to ...
by SQRT
Tue Jan 28, 2020 3:17 pm
Forum: Personal Finance (Not Investing)
Topic: How much money can I spend on a car?
Replies: 59
Views: 5245

Re: How much money can I spend on a car?

phxjcc wrote:
Tue Jan 28, 2020 1:46 pm
991 GT3, CPO

Have them throw in a Cayenne.

Done.
+1. That’s what a car guy would do.
by SQRT
Tue Jan 28, 2020 9:33 am
Forum: Personal Finance (Not Investing)
Topic: How much money can I spend on a car?
Replies: 59
Views: 5245

Re: How much money can I spend on a car?

So it's a Mercedes G-Wagen. Which was originally designed for off-road and military use, whose purpose now is to separate Hollywood celebrities and poseurs from their money. Have you ridden in one on roads? It's horrid. A Honda Civic is a much more comfortable car. For $156K it's probably the worst...
by SQRT
Mon Jan 27, 2020 4:28 pm
Forum: Personal Finance (Not Investing)
Topic: How much money can I spend on a car?
Replies: 59
Views: 5245

Re: How much money can I spend on a car?

Duh, great place to come for advice on this kind of thing. Mercifully, it won’t last long before the mods shut it down.