Saved too much? What do you splurge on?

Questions on how we spend our money and our time - consumer goods and services, home and vehicle, leisure and recreational activities
msk
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Saved too much? What do you splurge on?

Post by msk » Thu Feb 09, 2017 12:09 am

OK, I am 72 and have saved far more than our needs. I thank the powers-that-be for my good fortune. I.e. I need less than 1% of my investments annually to maintain our lifestyle, and most of that 1% is spent in give-aways to grown-up kids (and grandkids) and charity. DW and myself survive very well on just my pension and her own rental income (for her impulse purchases, mainly art by young up and coming artists). I have never been into boating (an infinite money pit), private jets (even worse), fine wines (teetotallers), expensive restaurants (wife and housemaid are both great cooks), etc. As age winds on, the urge for travel fades (seen much of the world in our 20s to 50s). Thought of buying a new car. Can't decide between a Mercedes S or await the new Lexus LS500. Perhaps both to upgrade our two current Lexus? Yes, silly. DW decided a Rolls Royce Phantom is too ostentatious... We are truly blessed, like I suspect a number of BH retirees are too. So, fellow BH truly-blessed oldies, after decades of being sensible, what are your splurges in your 70s and 80s?

WannabeEarlyRetiree
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Re: Saved too much? What do you splurge on?

Post by WannabeEarlyRetiree » Thu Feb 09, 2017 12:34 am

This is a very nice problem to have. I am not in my 70s yet So just couple suggestions:
-best seats at concerts or shows you enjoy
-large donation to something so they name it or a building after you
-tip in $100 bills for excellent services just to see shock/surprise reactions
-luxury bed and beddings

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Watty
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Re: Saved too much? What do you splurge on?

Post by Watty » Thu Feb 09, 2017 12:43 am

One suggestion would be to hire a personal trainer and nutritionist to help you stay in the best shape possible.

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John151
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Re: Saved too much? What do you splurge on?

Post by John151 » Thu Feb 09, 2017 1:23 am

Redecorate your house? New wall paint, new flooring, new kitchen, new bathrooms . . .

Nate79
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Re: Saved too much? What do you splurge on?

Post by Nate79 » Thu Feb 09, 2017 1:38 am

Grandkids to spoil? Any charities you like or passionate about?

khh
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Re: Saved too much? What do you splurge on?

Post by khh » Thu Feb 09, 2017 2:02 am

T-Notes! :D

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Re: Saved too much? What do you splurge on?

Post by letsgobobby » Thu Feb 09, 2017 2:14 am

Watty wrote:One suggestion would be to hire a personal trainer and nutritionist to help you stay in the best shape possible.

I like this idea. Especially someone trained in geriatric nutrition, physical training, recovery, healing, etc. Having a really dynamic but safe workout specifically designed for you would be a quite a blessing.

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just frank
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Re: Saved too much? What do you splurge on?

Post by just frank » Thu Feb 09, 2017 6:26 am

Get a Tesla P100D.

SleepKing
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Re: Saved too much? What do you splurge on?

Post by SleepKing » Thu Feb 09, 2017 6:38 am

Im not in my 70s or 80s, but have family that are. While not as financially gifted, i would like to share their perspectives in now various forms of slow/quick declining health.

-legacy to family and charities they hold dear. Perhaps providing gifts for education, first cars , establishing endowd potisitons/funds at your alma matter, charity, church, or something similar
-splurged on a trip they always wanted
-planned more time with family
-car they always wanted

More than anything they want their health and more time with those they love.

cherijoh
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Re: Saved too much? What do you splurge on?

Post by cherijoh » Thu Feb 09, 2017 6:44 am

Watty wrote:One suggestion would be to hire a personal trainer and nutritionist to help you stay in the best shape possible.


+1

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Tamarind
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Re: Saved too much? What do you splurge on?

Post by Tamarind » Thu Feb 09, 2017 6:52 am

Be good to people, take care of yourself. Those would be the two categories for me.

A possibility that might combine them would include sponsoring a kid or family in need more directly. Provide not just money but connections and care. Personal interaction is even better for your well-being than financial donations, and will help keep you engaged with the world as your sphere starts to shrink a bit.

GoldenFinch
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Re: Saved too much? What do you splurge on?

Post by GoldenFinch » Thu Feb 09, 2017 7:34 am

You could create a scholarship in your names and really impact the life of some deserving kid.

You could overfund the grandkids' 529s so nobody has to worry about paying for college (maybe it's not an issue anyways, but just a thought).

RubyTuesday
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Re: Saved too much? What do you splurge on?

Post by RubyTuesday » Thu Feb 09, 2017 7:45 am

For about $3,400 you can save a life. Can you imagine how good you would feel if you could tell stories about how you jumped into a shallow pool of water, ruining your best suit, to save the life of a child? Well you could have one or more of these stories every year!

Very satisfying to use your good fortune to save another.

http://www.givewell.org has good information and assessments on how to be effective with your altruism, programs fighting malaria, etc.

And congratulations!

RT

NotWhoYouThink
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Re: Saved too much? What do you splurge on?

Post by NotWhoYouThink » Thu Feb 09, 2017 7:52 am

Are you living in a home where aging in place is a realistic plan? You might want to think about modifications to your home to allow that, or even moving now while you've got all the energy you'll ever have to a location and building where aging in place is practical. And while you're at it, get rid of your stuff. Not that that takes a lot of money, but still...

kylemerriman
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Re: Saved too much? What do you splurge on?

Post by kylemerriman » Thu Feb 09, 2017 7:56 am

The most valuable thing at your age is time. Go do things. The Lexus will make you happy for about a week and then you'll be on to the next thing. I vote to give it away (to me, jk). Give it to organizations that are making a difference in the world.

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tennisplyr
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Re: Saved too much? What do you splurge on?

Post by tennisplyr » Thu Feb 09, 2017 8:00 am

How about creating a college scholarship fund to help someone get a good education. Eg, in my area the Sons of Italy give $5000 to a needy student.
Those who move forward with a happy spirit will find that things always work out.

Bogel0048
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Re: Saved too much? What do you splurge on?

Post by Bogel0048 » Thu Feb 09, 2017 8:04 am

Watty wrote:One suggestion would be to hire a personal trainer and nutritionist to help you stay in the best shape possible.


I think Watty has got the winning response. From here on in your major investment of time and money should be in staying healthy and flexible (mentally and physically, I guess) so you can enjoy the years ahead.
Last edited by Bogel0048 on Thu Feb 09, 2017 11:08 am, edited 1 time in total.

arsenalfan
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Re: Saved too much? What do you splurge on?

Post by arsenalfan » Thu Feb 09, 2017 8:28 am

kylemerriman wrote:The most valuable thing at your age is time. Go do things. The Lexus will make you happy for about a week and then you'll be on to the next thing. I vote to give it away (to me, jk). Give it to organizations that are making a difference in the world.


+1.

This has been my observation of 70+ somethings that have bought their "Dream ____". They either acclimate to it (eg MB 550S = daily driver now), or treat it like a white elephant (911 Turbo averages 1000 miles a year, battery sometimes dies between outings).

Jags4186
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Re: Saved too much? What do you splurge on?

Post by Jags4186 » Thu Feb 09, 2017 8:28 am

If you're living on 1% and that includes a lot of spoiling of children and grandchildren it's time to get serious about charity.

Scholarship programs--a $5-$10 million seed could potentially forever fund the education of several children at even the most expensive private schools.

It would also give you something to do as a donation that big would put you front line to get on a board of your choice.

Another option would be to fund a school in Africa. Fund a school in an awful place here in the US.

Mrxyz
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Re: Saved too much? What do you splurge on?

Post by Mrxyz » Thu Feb 09, 2017 8:42 am

Donate money to Bogleheads.org forum !

jane1
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Re: Saved too much? What do you splurge on?

Post by jane1 » Thu Feb 09, 2017 8:56 am

Go to some lifestyle retreats (yoga, meditation, food). Stuff like this but based on your interests. You don't have to travel far. Example, http://livingwellmendocino.com

Have you taken trips with grandkids - seeing the world through their eyes may be a very different experience than what you did in your 20s-50s?

Keep buying the latest tech gadgets - it will help your brain adapt faster and be cool grandparents. Tesla?

Rent a luxury place for a few months (extended stay) in a place you have always dreamed of living - beach bungalow, penthouse in manhattan, villa in Tuscany.

Regular Massages (at home)

Hire home help you may not need right now but will be trained, loyal and like family if you reach a stage where you need them.

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Re: Saved too much? What do you splurge on?

Post by KlangFool » Thu Feb 09, 2017 9:04 am

cherijoh wrote:
Watty wrote:One suggestion would be to hire a personal trainer and nutritionist to help you stay in the best shape possible.


+1


+1.

KlangFool

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linenfort
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Re: Saved too much? What do you splurge on?

Post by linenfort » Thu Feb 09, 2017 9:09 am

Congrats to you!

+1 on a nutritionist
. gold coins
. gardening
. subscription to Filmstruck (Criterion collection, etc)
. that flashlight that can fry an egg
+1 on the treasury notes. Remember what Groucho said.
The problem is not that bitcoin is a sham. The problem is that people are nuts.

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DaftInvestor
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Re: Saved too much? What do you splurge on?

Post by DaftInvestor » Thu Feb 09, 2017 9:22 am

I'd travel the world in style if I was in your shoes and still healthy enough. A Billionaire CFO I once talked to told me how he traveled Europe with private guides in each city showing them around.

msk
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Re: Saved too much? What do you splurge on?

Post by msk » Thu Feb 09, 2017 9:22 am

I think this thread has gone somewhat astray. It was not so much a solicitation for suggestions, but more to hear what others in similar circumstances (more than ample savings for desired lifestyle, age 70+) are actually doing. To get where we are, we have always lived beneath our means, be it a lifestyle that many might consider as luxurious (it's all very relative and if you have been blessed financially or talent-wise more than others, so be it. You won the Ovarian Lottery as Warren Buffett calls it, something to be grateful for, nothing to be smug about). Personally what I have done already is set up a forever college endowment for MSc degrees in the STEM fields, and many grad students have already benefited (about 6 annually). Of course all charity is limitless but I am hoping to hear of variations as to what oldies actually do. E.g. I wanted to set up a forever college endowment for all my descendants who succeed in getting admission to my alma mater (it's "competitive"), but the university balked at having to check who qualifies as a descendant 50 years from now :? My current fallback is to simply let my kids inherit and hope they are wise enough to save for the education of their kids. I suppose if my kitty was in the 9 figures and up I could easily be more inventive. I am more in the grey area between just-enough savings and not quite filthy rich, probably not uncommon among the actually-retired BHs, where the older we get the more ample our savings look for the clock time left. PS I did spend a couple of weeks in the Tuscany countryside a few months ago with a bunch of oldie friends. Rented a minibus to drive around to Pisa, Florence, etc. We had all done the rounds way back when we were students or as yuppies. Highly recommended to revisit. We even spent an afternoon at the Ferrari Museum where the most audacious exhibit was the limited edition La Ferrari, sold @ $1.7 million to only select customers. Upon return I mentioned the model to a "filthy rich" cousin (10 figure rich) and he said he has started collecting classic cars and has managed to buy 3 of that particular model! Yes, the filthy rich get even richer :mrgreen: To be fair, he does also give hugely to charity. Nice guy, very modest considering his achievements to date.

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TxAg
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Re: Saved too much? What do you splurge on?

Post by TxAg » Thu Feb 09, 2017 9:23 am

Jags4186 wrote:If you're living on 1% and that includes a lot of spoiling of children and grandchildren it's time to get serious about charity.

Scholarship programs--a $5-$10 million seed could potentially forever fund the education of several children at even the most expensive private schools.

It would also give you something to do as a donation that big would put you front line to get on a board of your choice.

Another option would be to fund a school in Africa. Fund a school in an awful place here in the US.



+1

leonard
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Re: Saved too much? What do you splurge on?

Post by leonard » Thu Feb 09, 2017 9:25 am

You might consider setting up a charity for a cause in which you have interest. Or, find an existing charity to which you'd like to contribute. Set up your estate to maintain that contribution.
Leonard | | Market Timing: Do you seriously think you can predict the future? What else do the voices tell you? | | If employees weren't taking jobs with bad 401k's, bad 401k's wouldn't exist.

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Re: Saved too much? What do you splurge on?

Post by bloom2708 » Thu Feb 09, 2017 9:25 am

A very good problem to have....

It was -5 this morning on my drive to work. I was driving next to a brand new Tesla S (still had the dealer plates on it).

It is below zero, the roads are snow covered. I'm not sure how practical a Tesla is here. But, but, it sure looked good.

Buy the Lexus and a Tesla. Then add a little extra to your donations, gifts to grandkids, kids etc. Good luck!
"We are here not to please but to provoke thoughtfulness" Unknown Boglehead

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Toons
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Re: Saved too much? What do you splurge on?

Post by Toons » Thu Feb 09, 2017 9:25 am

The most comfortable.You can find.
The Best Leather(heated) Seats you can get in your new car.
The finest tasting food.
for starters :happy
"One does not accumulate but eliminate. It is not daily increase but daily decrease. The height of cultivation always runs to simplicity" –Bruce Lee

flyingaway
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Re: Saved too much? What do you splurge on?

Post by flyingaway » Thu Feb 09, 2017 9:27 am

Spend $300,000 for a trip to the International Space Station.

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Re: Saved too much? What do you splurge on?

Post by plumberboy » Thu Feb 09, 2017 9:38 am

Jags4186 wrote:If you're living on 1% and that includes a lot of spoiling of children and grandchildren it's time to get serious about charity.

Scholarship programs--a $5-$10 million seed could potentially forever fund the education of several children at even the most expensive private schools.

It would also give you something to do as a donation that big would put you front line to get on a board of your choice.

Another option would be to fund a school in Africa. Fund a school in an awful place here in the US.


+1

Nicolas
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Re: Saved too much? What do you splurge on?

Post by Nicolas » Thu Feb 09, 2017 9:45 am

WannabeEarlyRetiree wrote:-tip in $100 bills for excellent services just to see shock/surprise reactions

I wouldn't be flashing any big bills around. You could make yourself a target.

obgraham
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Re: Saved too much? What do you splurge on?

Post by obgraham » Thu Feb 09, 2017 10:21 am

After retiring 15 years ago I spent the years doing medical mission trips in various third world countries. Now I'm done with that phase of life. I learned then that there are any number of worthwhile organizations doing such work, mostly on shoestring budgets. Though not at the level OP describes, we are comfortable now, buy what we want, but have few expensive tastes. I support financially several of the organizations I traveled with, and to me that is the best use of any "spare" cash. I like to see my contributions directly benefit people, wherever they live, rather than be swallowed up in overhead and bureaucracy.

barnaclebob
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Re: Saved too much? What do you splurge on?

Post by barnaclebob » Thu Feb 09, 2017 10:38 am

Buy nice woodworking tools and start making some heirloom quality furniture.

tim1999
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Re: Saved too much? What do you splurge on?

Post by tim1999 » Thu Feb 09, 2017 10:48 am

I would focus right now on buying or constructing an "age in place" appropriate residence if you do not already have one. Perhaps one with room for live-in help if needed in the later years.

bluebolt
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Re: Saved too much? What do you splurge on?

Post by bluebolt » Thu Feb 09, 2017 1:06 pm

I am a few decades behind you, but on track to be in the same spot.

I've prioritized spending on three categories of things that I would have not "wasted" money on during my earlier accumulation years.

1) Experiences. Mostly travel. DW and I love to travel. We do look for flight/hotel bargains, but won't blink when it comes to spending on a once-in-a-lifetime type experience. Also, have hired private drivers/guides on vacations because it allows us to be very flexible in where we go and when.

2) Hobbies. I used to be reluctant to buy a new lens or upgrade my camera equipment, but now I do it much more freely. I get a lot of enjoyment out of it and don't feel a need to experience angst over spending money on it. Similar with running/hiking/biking equipment.

3) Making life easier. I now spend much more freely on things that allow me to simplify my life or make my life better. I've spent a bunch of money on home automation/control so I never have to worry about whether lights were left on or the thermostat was set wrong. Also, can control/monitor my irrigation remotely, so when I travel, I don't have to worry about what's happening at my house.

I've always given to charities that are important to me. The amount given has increased as my income/worth has increased.

Lynette
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Re: Saved too much? What do you splurge on?

Post by Lynette » Thu Feb 09, 2017 1:37 pm

.....
Last edited by Lynette on Wed Dec 06, 2017 1:28 pm, edited 1 time in total.

Dottie57
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Re: Saved too much? What do you splurge on?

Post by Dottie57 » Thu Feb 09, 2017 1:53 pm

Nate79 wrote:Grandkids to spoil? Any charities you like or passionate about?


How about donating to college scholarship funds?
Activites or organization? (Local Arboretum, museums)
Take the whole family (kids and grand kids) on a cruise.
Improve your library if you like to read.
Ask your wife for ideas! She just might surprise you.
Look for a hobby you enjoy.
I personally enjoy the local coffe shop a lot.

Doom&Gloom
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Re: Saved too much? What do you splurge on?

Post by Doom&Gloom » Thu Feb 09, 2017 2:28 pm

tim1999 wrote:I would focus right now on buying or constructing an "age in place" appropriate residence if you do not already have one. Perhaps one with room for live-in help if needed in the later years.


Sounds like a winner to me! And one I probably never would have considered.

btenny
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Re: Saved too much? What do you splurge on?

Post by btenny » Thu Feb 09, 2017 2:35 pm

Take your kids and grand kids on a big trip each year in a big group. Some of my friends do this by taking everyone to Maui every year. They bought a time share years ago and started going for a week vacation every year. Then they started taking one kid and then two kids and then everyone. Then they got a second time share for the grand kids. They used to buy plane tickets for everyone but now the kids can afford their own. So start a new family tradition of spending a week together in Maui or Hawaii or Costa Rica or ?

Or if you have the money and time, buy some land and create a city park. One of the ladies at my church owned a ranch and sold most of it. But she converted a 40 acre parcel to a park for kids. See below. She recruited the train people who then installed big trains and little trains and all kinds of stuff for kid to rid on and have fun. So now 35 years later that park is known state wide and is always full of people having a wonderful time picnicking and riding trains and just enjoying life. It is just a beautiful place.

http://www.therailroadpark.com/

Have fun and Good Luck.

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Wildebeest
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Re: Saved too much? What do you splurge on?

Post by Wildebeest » Thu Feb 09, 2017 2:52 pm

I am surprised we are only up to 39 replies.

How can you save too much? I think that there is finite line between what you need to live in comfort and saving. My mother when she was in her 90's refused to spend her money freely or "splurge" unless it was on her children. That is the one thing I completely understood and I could not convince her to splurge on herself.

We live in comfort and splurge for me feels like moral judgement.Would you say: " I splurge on paying taxes or I splurge on salary for employees".

Do we go out for dinner without regard to the bill ? ( Gone are the days, that I would not drink alcohol in restaurants, because I hated to spend the money). Sure and we spend freely on vacations.

However I was born a saver and I will die a saver and I doubt I feel I have ever saved too much.

What we save "too much" will be left a worthwhile cause.
The Golden Rule: One should treat others as one would like others to treat oneself.

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Re: Saved too much? What do you splurge on?

Post by Kevin M » Thu Feb 09, 2017 3:22 pm

just frank wrote:Get a Tesla P100D.

Since OP asked what we're splurging on ... we bought a Tesla Model S 70D in late 2015, and I've been super happy with that purchase. I never thought I'd spend near that much on a car, but a short test drive changed my mind.

I wasn't looking for ways to spend more money, but while finishing up my Tesla test drive, I did a quick mental calculation about what a small percentage of my net worth was involved, and it made the decision easy. I put in my order on the spot.

Since you brought up car purchases, I'd definitely at least test drive a Tesla. I personally would go for the MS 100D instead of the MS P100D, since it's about $40K less expensive and has more range. The 100D is plenty fast, so I don't think it's worth $40K for the extra acceleration of the P(erformance) model, and range is more important to me than shaving a couple of seconds off 0-60 mph performance.

Kevin
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fourkids
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Re: Saved too much? What do you splurge on?

Post by fourkids » Thu Feb 09, 2017 3:48 pm

My Father-In-Law, bless his heart, takes the whole family (kids and grandkkids) on a weeklong vacation each year. It has become a tradition. He usually rents a big beach house and pays for everyone's flights and food. We all have a marvelous time and it is priceless to have that time to come together as a family. I hope to do the same when I'm a grandparent.

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Re: Saved too much? What do you splurge on?

Post by Jack FFR1846 » Thu Feb 09, 2017 3:56 pm

Lamborghini Huracan.
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msk
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Re: Saved too much? What do you splurge on?

Post by msk » Fri Feb 10, 2017 3:30 am

Very nice, gentle (BHs are always nice and gentle!) and "innocent" replies, especially from the young ones. I think I'll offer my own history as perhaps a bit of education for the younger BHs approaching retirement. Also to respond to some of the suggestions. I suspect many of the already-retired BHs have had similar experiences:

I was born a BH. I saved even from my scholarship days at college, simply by questioning each and every purchase. This comes naturally to BHs. As a pre-teen I would buy sweets by the pound and retail them one by one to my mates. I ate the profit. Being a constant saver allowed me to travel a lot on college-student-package trips despite my meager scholarship.
I was quite successful in my career and continued saving extensively till early retirement, age 55. Made a handful of successful Real Estate investments in my 30s and 40s that enabled me to own top-of-the-range Mercedes/BMW/Jaguar/Porsche/Lexus (no Teslas available in those days!) as every day cars. I suspect most BHs, since they are both frugal and sensible will have had similar excursions in their lives. Start impoverished, improve finances structurally as you age. If you were born a BH you ought to be quite well off in your 50s. Most college grads start off on very similar salaries. Differences magnify due to subsequent behavior. Unfortunately some people become BHs only late in life. Better late than never...
Charity: I set up a forever-endowment at my alma mater to support several MSc students annually. This has been my largest one-off act of charity to date and I must admit it's what has given me the most pleasure; much more than similar amounts that I had spent on homes. Perhaps DW got more pleasure from the houses. Yes, my current primary home does have facilities for live-in help and an elevator to get me upstairs for when I need either. Our own mortality looms up larger as we age.
Hobbies come and go. E.g. I was always keen on photography. And then it got boring. So I turned to astrophotography, much more challenging technically and equipment-wise. Now at my age, 72, I find I prefer going to bed early. Have to find something new and requiring more intellectual input rather than physical. And not requiring staying awake till 3 am, even though I do have my own observatory at home. Ought to look at downloading unprocessed images from the Hubble Telescope archives and processing them for the home-office wall...
Health: Had sugar/cholesterol/blood pressure well regulated, using medication. Swam 400 yards in the pool at least 3 times a week. No symptoms of any heart problems. But...
Holidays with kids/grand-kids: Arranged and paid for all to go to the Caribbean for a couple of weeks last summer. Wham! I had an echo to check up on a minor heart murmur (totally asymptomatic otherwise) and suddenly I had open heart surgery (repair mitral valve, replace aortic valve, one bypass) and DW and I had to miss the family vacation. Health deterioration tends to come up suddenly. No warning emails. Managed to get the family together at Xmas.
Bedding: Most people my age and older seem to have issues with their beds, blaming the beds for their backaches, etc. So they spend more on new beds. Did you notice how beds costing $10k and up are proliferating? They are for all the oldies like us. My response. My 89 year-old mother (yes, she got me when she was 17) was admitted for an aortic valve replacement (TAVI-Trans Catheter Aortic Valve Implantation, no chest surgery) a couple of years ago and when she came out she said the hospital bed was so comfortable that she finally managed to get up in the morning without pain in all her joints. So I asked the hospital for the exact brand and model of bed and bought her one for her home. Still has her own home, with a live-in domestic help. So when I came home from my heart surgery I told DW I want the exact same model (I was in the same hospital as my Ma). Guess what? It works! Every time I use a normal bed these days, in hotels or even our conjugal bed, I wake up with back pain. Oldies out there: do consider purchasing a hospital bed. They are infinitely adjustable. Yes, it does mess up the decor but your sleep comfort is more important :beer

gd
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Location: MA, USA

Re: Saved too much? What do you splurge on?

Post by gd » Fri Feb 10, 2017 7:30 am

Appropriate, careful, anonymous (or at least not publicized) no-strings donations to local or regional good causes, then step back and enjoy watching things get better.

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VictoriaF
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Location: Black Swan Lake

Re: Saved too much? What do you splurge on?

Post by VictoriaF » Fri Feb 10, 2017 10:37 am

My discretionary spending is:
90% - experiences
10% - purchases

Experience spending:
- things I want to do
- things I don't want to do

Examples:
- Rent, so that I don't have to deal with the maintenance and repairs
- Live in a metropolitan area within Metro and walking reach to most places in Washington D.C.
- Travel extensively
- Attend lectures and courses that interest me

A splurge is in the eyes of the beholder.
- Paying $26 per night to see films from the Banff Mountain Film Festival locally is normal. Paying $3,200 to attend the Banff Festival itself is splurging.
- Paying $250 for a 5-class Improv comedy course or $350 for a 4-class Standup comedy course is normal. Paying $5,000 to a private editor of my book is splurging.

Victoria
WINNER of the 2015 Boglehead Contest. | Every joke has a bit of a joke. ... The rest is the truth. (Marat F)

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praxis
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Re: Saved too much? What do you splurge on?

Post by praxis » Fri Feb 10, 2017 11:48 am

msk, you keep asking for our own splurges rather than advice. BH's are wired to give advice, but I'll try to stay on track:

As I approach 70, our spending reaches 3% of our net worth. Appreciation of assets and other income cover most of that annually so far.
Things will change a little when I start to take my SS and RMDs.
I identify with your question and can list what I spend above and beyond "living expenses".

The largest, most satisfying ones are:
1-a nice second home where we've spent half of each year for the past 10 years, including the family and friends we host there
2-specific, regular donations to about 6 effective charities that share our values
3-random donations to families in need, locally and on our international trips
4-an annual scholarship to a nursing school that happened to graduate an angel that supported our family through a trying period many decades ago
5-sponsoring and hosting an annual fly fishing retreat for local men coping with cancer for the past 7 years at a nearby lodge including flying in a group dynamics leader perfect for the task of leading the men in conversations about their experiences
6-we still love to travel to unusual places like last month's time in an 18th Century converted convent in the Guatemalan highlands or next month's tour of 10 Portuguese destinations in a nice European sports car
7-special, sometimes international, fishing trips, sometimes guided
8-membership in a large, top shelf health club that inspires us to show up every morning for our workouts
9-one to four visits per month to hospice patients and their families (that costs time, not money, but time is pretty valuable at my age)
10-give large financial gifts to our children rather than save it for their inheritance

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Will do good
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Re: Saved too much? What do you splurge on?

Post by Will do good » Fri Feb 10, 2017 12:15 pm

[quote="praxis"
10-give large financial gifts to our children rather than save it for their inheritance[/quote]

I'm conflicted with this one, I'm afraid it could remove my children's ambition or drive while they are still in their 20's or 30's? Maybe once they are older or establish their career and finance in the 40's?

flyingaway
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Re: Saved too much? What do you splurge on?

Post by flyingaway » Fri Feb 10, 2017 12:21 pm

Why is there nobody to suggest that the OP sends his remaining money to the treasury to pay down the national debt?

Would that be a noble thing to do?

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