$464.12 dinner bill last night. No regrets.

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guitarguy
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$464.12 dinner bill last night. No regrets.

Postby guitarguy » Wed Mar 15, 2017 7:43 am

That's not a typo...and even though it might not be very BH-ish to spend that much on a meal...I could not have been more happy to pay it. I would like to tell a nice story that explains why.

When I started college (undergrad) and began trying to figure out how to pay for it, I was pretty overwhelmed. I wanted to go to a rather expensive private school that offered really great opportunities to get paid intern work throughout all 4 years of school. Terrific learning and job experience and one of the top schools in my field in the US. I had some needs based and merit scholarships lined up after the grueling FAFSA process...but certainly not enough to cover all tuition/housing/etc. My dad died when I was 11 years old. My mom was a SAHM with no real outside career. Needless to say I was on my own paying for school.

Well, that was until my DINK well-to-do aunt and uncle (who we were very close with and were basically like my "second set" of parents and still are to this day) decided to pay for the remainder of my first year of school out of their pocket as a gift. Not only that, they agreed to cosign my loans for the remaining years knowing their excellent credit would get me low rates even on the private loans. They stepped in and and not only generously paid for my first year, but took (what I now better understand was) a HUGE risk on me to cosign for all those loans.

Well...as of this past Monday, those loans are paid in full. We diligently chipped away at them and paid off $80k in 9 years since I graduated (married for 7) while not ignoring investing for retirement thanks to the low rates on the loans. The very next night my wife and I surprised my aunt and uncle by telling them we were taking them to one of the fanciest steakhouses around our area because those loans were paid off and we wanted to thank them and celebrate. "Isn't that going to be expensive??" was my uncle's response. I said something along the lines of "stop that...we're going" and we went.

We ate filet mignon and lobster, drank expensive wine, had flavorful appetizers and decadent desserts, laughed and talked about how my wife and I remind them of themselves when they were our age. We thanked them for truly helping to set us up for financial success for the rest of our lives. Just turning 32 with a $275k net worth no we are not the top 1%, but we are years ahead because of their generosity. I would encourage anyone my age who is fortunate to be doing well to think about who helped get you there and find a way to thank them when you reach your own milestones.

:sharebeer
Last edited by guitarguy on Wed Mar 15, 2017 10:28 am, edited 1 time in total.

lernd
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Re: $464.12 dinner bill last night. No regrets.

Postby lernd » Wed Mar 15, 2017 7:45 am

Congrats! And a wonderful story.

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TomatoTomahto
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Re: $464.12 dinner bill last night. No regrets.

Postby TomatoTomahto » Wed Mar 15, 2017 7:47 am

Thank you for sharing your Thankfullness. Your family did well.

radchad3
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Re: $464.12 dinner bill last night. No regrets.

Postby radchad3 » Wed Mar 15, 2017 7:55 am

That is a great story. Congrats on paying off your loans. But even better to hear is that you took the time and effort to thank those that got you there, not many people do that and it is a very good reminder.

Chad

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Re: $464.12 dinner bill last night. No regrets.

Postby Big Dutch » Wed Mar 15, 2017 7:56 am

Amazing story, thank you for sharing!

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JDCarpenter
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Re: $464.12 dinner bill last night. No regrets.

Postby JDCarpenter » Wed Mar 15, 2017 7:57 am

Not unreasonable at all.

You and your spouse had good reason to celebrate, and it was thoughtful/nice of you to invite the aunt/uncle and pick up the tab. That's one of the things money is for--just not saving it up in the vault.

Now, if it were $450 every night for just you and your spouse, it might be another matter. 8-)

Congrats on the milestone!
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LTD
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Re: $464.12 dinner bill last night. No regrets.

Postby LTD » Wed Mar 15, 2017 8:00 am

Well done and well said, thank you!
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poker27
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Re: $464.12 dinner bill last night. No regrets.

Postby poker27 » Wed Mar 15, 2017 8:02 am

$464 for dinner for 4 actually sounds very reasonable at a 'very nice' restaurant. Apparently you have better restaurant deals by you ;)

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mrc
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Re: $464.12 dinner bill last night. No regrets.

Postby mrc » Wed Mar 15, 2017 8:03 am

radchad3 wrote:That is a great story. Congrats on paying off your loans. But even better to hear is that you took the time and effort to thank those that got you there, not many people do that and it is a very good reminder.

Chad


So true. Well done guitarguy. Well done. (Not the steaks I hope).
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livesoft
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Re: $464.12 dinner bill last night. No regrets.

Postby livesoft » Wed Mar 15, 2017 8:06 am

Good story!

So one day who is going to take you and your spouse to dinner and tell us that story?
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fishmonger
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Re: $464.12 dinner bill last night. No regrets.

Postby fishmonger » Wed Mar 15, 2017 8:10 am

Some dinners like that are worth every penny. I've had a few meals approach that level, and every one of them my wife and I still talk about 'til this day.

I rarely go out to expensive dinners (living in rural NH doesn't give us a lot of options). But certain meals, and experiences, that give you joy like that are worth it

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BL
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Re: $464.12 dinner bill last night. No regrets.

Postby BL » Wed Mar 15, 2017 8:11 am

Thank you for the success story and for not forgetting the help you had along the way. It was great to show your appreciation and also to let them know they are off the hook on those co-signed loans they have been at risk for all these years. Well worth the dinner bill!

guitarguy
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Re: $464.12 dinner bill last night. No regrets.

Postby guitarguy » Wed Mar 15, 2017 8:15 am

poker27 wrote:$464 for dinner for 4 actually sounds very reasonable at a 'very nice' restaurant. Apparently you have better restaurant deals by you ;)


We are in the Midwest 'burbs. :wink:

guitarguy
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Re: $464.12 dinner bill last night. No regrets.

Postby guitarguy » Wed Mar 15, 2017 8:18 am

livesoft wrote:Good story!

So one day who is going to take you and your spouse to dinner and tell us that story?


Good question. If we are fortunate enough to eventually be able to have children after having difficulty in that area and going through a still birth...maybe it will be our own son or daughter. If not, then almost certainly a niece or nephew. One way or another, we have every intention of paying it forward.

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Re: $464.12 dinner bill last night. No regrets.

Postby ZenInvestor » Wed Mar 15, 2017 8:20 am

Congrats and great job. Its important to thank people in life!

Your savings rate if maxing 401k's and paying $80k worth of debt is great. Something like $4k - $5k savings per month? If you get a return of 5% on your net worth per year and keep that savings rate, you are a millionaire at 42.

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Re: $464.12 dinner bill last night. No regrets.

Postby camden » Wed Mar 15, 2017 8:34 am

Terrific story. Congratulations to you and to them. I have often been amazed at how people thank others for trivial everyday things that are no more than common courtesy, but then neglect to express gratitude to those who have made a fundamental, life changing positive contribution to their lives. Obviously, you do not fall into that category.

If you want to thank them one more time, if an appropriate circumstance arises in the future, act as they did.

guitarguy
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Re: $464.12 dinner bill last night. No regrets.

Postby guitarguy » Wed Mar 15, 2017 8:36 am

Thanks for all the congrats everyone.

ZenInvestor wrote:Your savings rate if maxing 401k's and paying $80k worth of debt is great. Something like $4k - $5k savings per month? If you get a return of 5% on your net worth per year and keep that savings rate, you are a millionaire at 42.


While our savings rate is pretty good at 22% or so currently...we aren't quite to that level. DW recently went back to school full time and is only working a few hours a week and we're paying her tuition out of pocket so constantly saving for those bills. Plus we have enjoyed life a bit and travel on vacations (not all super luxurious or anything, but we like to get away and visit new places) a few times a year.

From the start, being in the 15% bracket until fairly recently, we set 401k contributions to max employer match, and prioritized Roth IRAs after that, increasing contributions as we were able. 3 years ago we were able to start maxing out both Roths. After that the 401k contributions have been set to increase 1% per year. So we're getting there.

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Re: $464.12 dinner bill last night. No regrets.

Postby ruralavalon » Wed Mar 15, 2017 8:49 am

Congratulations on paying off your debts.

And it's wonderful that you remembered to make a thank gesture you to those who helped you.
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pennywise
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Re: $464.12 dinner bill last night. No regrets.

Postby pennywise » Wed Mar 15, 2017 8:51 am

That's not a typo...and even though it might not be very BH-ish to spend that much on a meal...I could not have been more happy to pay it. I would like to tell a nice story that explains why.


Actually this is probably the best example of perfect Boglehead behavior I can imagine: you had the benefit of someone using the resources they earned and carefully saved (BH behavior) to help someone else realize a goal that would change and improve their lives (BH behavior) and in turn you earned and carefully saved to achieve your financial goal (BH behavior) and then used some of your resources to create a lovely and lasting memory for those who helped you (BH behavior).

Wonderful story, thanks for sharing!

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Re: $464.12 dinner bill last night. No regrets.

Postby fantasytensai » Wed Mar 15, 2017 9:00 am

Being a Boglehead is not about saving every penny. Spend when it's appropriate to do so, and don't spend when it is not. This was more than appropriate.

Also, steak, lobster and wine for 4 for less than 500 at a fancy restaurant is not a bad deal at all, especially if the steak is truly top-notch.

So nice to hear a good family story nowadays.

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Re: $464.12 dinner bill last night. No regrets.

Postby Toons » Wed Mar 15, 2017 9:01 am

Excellent :happy
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Re: $464.12 dinner bill last night. No regrets.

Postby Dottie57 » Wed Mar 15, 2017 9:04 am

Great story! Money well spent on dinner!

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Re: $464.12 dinner bill last night. No regrets.

Postby Doom&Gloom » Wed Mar 15, 2017 9:36 am

Terrific!

barnaclebob
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Re: $464.12 dinner bill last night. No regrets.

Postby barnaclebob » Wed Mar 15, 2017 9:43 am

guitarguy wrote:
poker27 wrote:$464 for dinner for 4 actually sounds very reasonable at a 'very nice' restaurant. Apparently you have better restaurant deals by you ;)


We are in the Midwest 'burbs. :wink:


Yep steakhouses are relatively cheap in the Midwest for the same quality you get out here. In the Seattle area a good steak from one of our top steakhouses will be $75+ by itself. Consequently I'll make steak at home and go out for unusual or hard to make dishes unless my dad is in town and wants to get a steak at a restaurant.

Sounds like money well spent.

cutterinnj
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Re: $464.12 dinner bill last night. No regrets.

Postby cutterinnj » Wed Mar 15, 2017 9:45 am

This is actually not that expensive at all for 4 people!

Regardless, not only have you EARNED it, but you SHOULD treat yourself on an at least semi-regular basis.

Life is ultimately short; it's great to save and be a Boglehead, but ultimately, you need to enjoy life as well.
Money needs to be spent at some point!

Congratulations on your achievements.

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Re: $464.12 dinner bill last night. No regrets.

Postby BrandonBogle » Wed Mar 15, 2017 9:49 am

radchad3 wrote:That is a great story. Congrats on paying off your loans. But even better to hear is that you took the time and effort to thank those that got you there, not many people do that and it is a very good reminder.

Chad


Indeed!

Guitarguy, congrats and kudos. Not only have you set yourself on the path to success from the start, you have considered those who helped get you there and made wonderful memories around the accomplishment. You will do great and go far! And as other said, this was very Bogleheadish in the big scheme.

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Re: $464.12 dinner bill last night. No regrets.

Postby Tyrobi » Wed Mar 15, 2017 9:50 am

That's very good of you! Congrats of paying off the student loans btw.
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guitarguy
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Re: $464.12 dinner bill last night. No regrets.

Postby guitarguy » Wed Mar 15, 2017 10:23 am

fantasytensai wrote:Also, steak, lobster and wine for 4 for less than 500 at a fancy restaurant is not a bad deal at all, especially if the steak is truly top-notch.


cutterinnj wrote:This is actually not that expensive at all for 4 people!


:D

Yeah...I know this!

I didn't get into details...but my wife doesn't eat red meat...she had salmon which was about half the price of the filet and lobster, my uncle doesn't like wine so he had beer instead which was cheaper, etc. Plus being BHs both couples split desserts...they were too large and too rich to eat alone anyways.

So there were a couple factors that I didn't spell out that helped with the cost!

CoAndy
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Re: $464.12 dinner bill last night. No regrets.

Postby CoAndy » Wed Mar 15, 2017 11:03 am

Awesome display of gratitude! :sharebeer

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Re: $464.12 dinner bill last night. No regrets.

Postby RoadHouseFan » Wed Mar 15, 2017 11:12 am

guitarguy wrote:That's not a typo...and even though it might not be very BH-ish to spend that much on a meal...I could not have been more happy to pay it. I would like to tell a nice story that explains why.

When I started college (undergrad) and began trying to figure out how to pay for it, I was pretty overwhelmed. I wanted to go to a rather expensive private school that offered really great opportunities to get paid intern work throughout all 4 years of school. Terrific learning and job experience and one of the top schools in my field in the US. I had some needs based and merit scholarships lined up after the grueling FAFSA process...but certainly not enough to cover all tuition/housing/etc. My dad died when I was 11 years old. My mom was a SAHM with no real outside career. Needless to say I was on my own paying for school.

Well, that was until my DINK well-to-do aunt and uncle (who we were very close with and were basically like my "second set" of parents and still are to this day) decided to pay for the remainder of my first year of school out of their pocket as a gift. Not only that, they agreed to cosign my loans for the remaining years knowing their excellent credit would get me low rates even on the private loans. They stepped in and and not only generously paid for my first year, but took (what I now better understand was) a HUGE risk on me to cosign for all those loans.

Well...as of this past Monday, those loans are paid in full. We diligently chipped away at them and paid off $80k in 9 years since I graduated (married for 7) while not ignoring investing for retirement thanks to the low rates on the loans. The very next night my wife and I surprised my aunt and uncle by telling them we were taking them to one of the fanciest steakhouses around our area because those loans were paid off and we wanted to thank them and celebrate. "Isn't that going to be expensive??" was my uncle's response. I said something along the lines of "stop that...we're going" and we went.

We ate filet mignon and lobster, drank expensive wine, had flavorful appetizers and decadent desserts, laughed and talked about how my wife and I remind them of themselves when they were our age. We thanked them for truly helping to set us up for financial success for the rest of our lives. Just turning 32 with a $275k net worth no we are not the top 1%, but we are years ahead because of their generosity. I would encourage anyone my age who is fortunate to be doing well to think about who helped get you there and find a way to thank them when you reach your own milestones.

:sharebeer


Did you get a Bloomin Onion?

PandaBear
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Re: $464.12 dinner bill last night. No regrets.

Postby PandaBear » Wed Mar 15, 2017 11:18 am

RoadHouseFan wrote:Did you get a Bloomin Onion?


That reminds me of a Sealab 2021 episode where they're pushing the Onion Burst from Grizzlebee's.

http://www.adultswim.com/videos/sealab- ... ion-burst/

They're made from people!

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Re: $464.12 dinner bill last night. No regrets.

Postby stoptothink » Wed Mar 15, 2017 11:39 am

I read the title and expected to come in here and likely make a snarky post, but that is a great story.

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Re: $464.12 dinner bill last night. No regrets.

Postby SQRT » Wed Mar 15, 2017 11:42 am

Yes, amazing story and thanks for sharing. We have helped a number of our nieces/nephews in a similar way. Not to mention our own daughter. I can't think of a better way to use one's funds. You are very lucky to have such family. Hopefully one day you can "pass it forward".

I always say re money "you can only spend it or give it away, now or later".

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Re: $464.12 dinner bill last night. No regrets.

Postby GoldenFinch » Wed Mar 15, 2017 11:52 am

Thank you! I enjoyed reading a happy success story. :thumbsup

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Re: $464.12 dinner bill last night. No regrets.

Postby knpstr » Wed Mar 15, 2017 12:01 pm

Great story!

And congrats on your first (of many) milestone achievements!
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HomerJ
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Re: $464.12 dinner bill last night. No regrets.

Postby HomerJ » Wed Mar 15, 2017 12:07 pm

barnaclebob wrote:
guitarguy wrote:
poker27 wrote:$464 for dinner for 4 actually sounds very reasonable at a 'very nice' restaurant. Apparently you have better restaurant deals by you ;)


We are in the Midwest 'burbs. :wink:


Yep steakhouses are relatively cheap in the Midwest for the same quality you get out here.


Of course it's the same quality. Where do you think all those cattle come from? New York City or San Fran? :)

barnaclebob
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Re: $464.12 dinner bill last night. No regrets.

Postby barnaclebob » Wed Mar 15, 2017 12:47 pm

HomerJ wrote:
barnaclebob wrote:
guitarguy wrote:
poker27 wrote:$464 for dinner for 4 actually sounds very reasonable at a 'very nice' restaurant. Apparently you have better restaurant deals by you ;)


We are in the Midwest 'burbs. :wink:


Yep steakhouses are relatively cheap in the Midwest for the same quality you get out here.


Of course it's the same quality. Where do you think all those cattle come from? New York City or San Fran? :)


Not all cows are the same. One could assume that a cheaper restaurant uses a cheaper grade.

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Re: $464.12 dinner bill last night. No regrets.

Postby 2Birds1Stone » Wed Mar 15, 2017 1:55 pm

Thank you for sharing, I had the opportunity to thank my parents with a similar meal this past year.

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Re: $464.12 dinner bill last night. No regrets.

Postby jrbdmb » Wed Mar 15, 2017 2:10 pm

Adding to the "great story" responses.

My wife and I have occasionally been around the $100/person restaurant tab, and most times we would agree it was worth every penny. Then we''ll spend $5 each for takeout from McDonald's and wonder what the heck we were thinking. :-?

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Re: $464.12 dinner bill last night. No regrets.

Postby Wellfleet » Wed Mar 15, 2017 2:13 pm

Great story. It's hard to find ways to pay back those who we "owe" but this experience sounds excellent.

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HomerJ
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Re: $464.12 dinner bill last night. No regrets.

Postby HomerJ » Wed Mar 15, 2017 4:05 pm

barnaclebob wrote:
HomerJ wrote:
barnaclebob wrote:
guitarguy wrote:
poker27 wrote:$464 for dinner for 4 actually sounds very reasonable at a 'very nice' restaurant. Apparently you have better restaurant deals by you ;)


We are in the Midwest 'burbs. :wink:


Yep steakhouses are relatively cheap in the Midwest for the same quality you get out here.


Of course it's the same quality. Where do you think all those cattle come from? New York City or San Fran? :)


Not all cows are the same. One could assume that a cheaper restaurant uses a cheaper grade.


Cheaper because they don't overcharge, not cheaper because they use lesser meat. Believe me, $100 a person in the Midwest gets you a very fine meal.

Restaurants on the coasts take advantage. They charge more because the people out there are willing to pay it.

I just responded to this because it's a funny topic. I had friends come from California, we took them to a steakhouse, and they were amazed at how good it was... I said "Really? You're amazed that Kansas City has good steaks? The stockyards of Kansas City were the second largest in the world at one point"

Kansas City Strip Steak: A steak cut from the short loin. They were universally called "Kansas City strips" until Delmonico's restaurant in NYC decided some time in the 30's to call it a "New York strip" on their menu.

No difference between a New York strip and a Kansas City strip. But New Yorkers like to think they are the center of the world for some reason. :)

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Re: $464.12 dinner bill last night. No regrets.

Postby retirehappy2014 » Wed Mar 15, 2017 4:19 pm

Best story I have read today. You were really blessed with that Aunt and Uncle.
Congrats to you and your wife being in your financial situation.

Keep up the good work and decision making you are doing, you are making your family proud.

RoadHouseFan
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Re: $464.12 dinner bill last night. No regrets.

Postby RoadHouseFan » Wed Mar 15, 2017 5:19 pm

Midwest, southern and Texas steakhouses are superior.

j0nnyg1984
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Re: $464.12 dinner bill last night. No regrets.

Postby j0nnyg1984 » Wed Mar 15, 2017 7:31 pm

I had one in Vegas last week for around $1300. Gotta love being able to expense those customer dinners 8-)

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Re: $464.12 dinner bill last night. No regrets.

Postby Boglegrappler » Wed Mar 15, 2017 8:08 pm

I liked your story a lot.

Here's to your Aunt and Uncle, who set a fine example of generosity (and judgement). And to you, for taking the time and making the effort to ensure that they know they were appreciated. I fear that I've not done as well for people who were equally important to me. Hats off to you.

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Re: $464.12 dinner bill last night. No regrets.

Postby Grt2bOutdoors » Wed Mar 15, 2017 8:12 pm

HomerJ wrote:
barnaclebob wrote:
HomerJ wrote:
barnaclebob wrote:
guitarguy wrote:
We are in the Midwest 'burbs. :wink:


Yep steakhouses are relatively cheap in the Midwest for the same quality you get out here.


Of course it's the same quality. Where do you think all those cattle come from? New York City or San Fran? :)


Not all cows are the same. One could assume that a cheaper restaurant uses a cheaper grade.


Cheaper because they don't overcharge, not cheaper because they use lesser meat. Believe me, $100 a person in the Midwest gets you a very fine meal.

Restaurants on the coasts take advantage. They charge more because the people out there are willing to pay it.

I just responded to this because it's a funny topic. I had friends come from California, we took them to a steakhouse, and they were amazed at how good it was... I said "Really? You're amazed that Kansas City has good steaks? The stockyards of Kansas City were the second largest in the world at one point"

Kansas City Strip Steak: A steak cut from the short loin. They were universally called "Kansas City strips" until Delmonico's restaurant in NYC decided some time in the 30's to call it a "New York strip" on their menu.

No difference between a New York strip and a Kansas City strip. But New Yorkers like to think they are the center of the world for some reason. :)



Cheaper because you aren't paying NYC rent or wages in Kansas City. How come they don't call it the Omaha strip? Omaha is another stockyard, isn't it? Btw, had the strip at Delmonicos, very good, but don't forget to bring your checkbook.

OP - likes your story. Always a good policy to show appreciation when warranted. Pay it forward one day.
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Re: $464.12 dinner bill last night. No regrets.

Postby Crimsontide » Wed Mar 15, 2017 8:28 pm

j0nnyg1984 wrote:I had one in Vegas last week for around $1300. Gotta love being able to expense those customer dinners 8-)


OP's story warmed my heart, yours, not so much...

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Re: $464.12 dinner bill last night. No regrets.

Postby Incendiary » Wed Mar 15, 2017 9:07 pm

Good for you guys for showing your gratitude. Keep up the good work with your savings, too.

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Re: $464.12 dinner bill last night. No regrets.

Postby ClevrChico » Wed Mar 15, 2017 9:14 pm

That is a great story, and the way you thanked them is excellent. It's inspiring how your aunt and uncle helped you out and the difference it made in your life.

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Re: $464.12 dinner bill last night. No regrets.

Postby LadyGeek » Wed Mar 15, 2017 9:19 pm

This thread is now in the Personal Consumer Issues forum (how you spend your money and your time).
To some, the glass is half full. To others, the glass is half empty. To an engineer, it's twice the size it needs to be.


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