Isn't it time to spend the savings?

[EVENKEEL]

You know we work hard, save. Many of my working years I would never think of buying lunch or eating out much.......cost to much. If I bring my own food to work I'll save. No car payments, bought with cash what I could afford. Maxed out my retirement fund, stayed working at a Co. because they had a pension.

Did OK considering no college degree and no real plan. Brings to mind the movie "Cool Hand Luke" where he says "I never planned a thing in my life"

 

OK so now after retiring I'm thinking <deleted> I've got to start  spending. It's going to be a new world for me going to expensive restaurants, buying expensive clothes. I used to think about leaving a nice inheritance to my kids, but now I'm thinking you know my son is doing extremely well, my daughter still young might marry a smuck, and he's damn sure not spending or enjoying my money. 

 

Time to start ringing bells.

[SCOTT FITZGERSLD]

9 minutes ago, EVENKEEL said:

Time to start ringing bells.

why won't you invite all of us the forum posters here for a nice party in your favorite restaurant? we can help you spending and we'll get to know each other better.

to make things easier at start, you can buy each one of us a tablet, and we will cominucate only in writing, using this tablet, but this time off line.

[EVENKEEL]

17 minutes ago, SCOTT FITZGERSLD said:

why won't you invite all of us the forum posters here for a nice party in your favorite restaurant? we can help you spending and we'll get to know each other better.

to make things easier at start, you can buy each one of us a tablet, and we will cominucate only in writing, using this tablet, but this time off line.

Stand by for date and time. 

[DrJack54]

54 minutes ago, EVENKEEL said:

. It's going to be a new world for me going to expensive restaurants, buying expensive clothes.

If that floats your boat then that's sad.

Like some I got a kick out of huge houses and flash cars etc in mid life, however you quickly grow out of that.

[EVENKEEL]

33 minutes ago, DrJack54 said:

If that floats your boat then that's sad.

Like some I got a kick out of huge houses and flash cars etc in mid life, however you quickly grow out of that.

Flash cars and huge houses don't float my boat. Saw an old foreigner today stepping into a nice BMW SUV, probably cost more than my house but I have zero envy. So having money to spend is all relative. I'm sure his cash flow is on another level than mine. I'm thinking along the lines of spending money on international travel.

Edited October 14, 2021 by EVENKEEL

[CharlieH]

Sounds to me that may be you need to just take brake off!.All your working like you have applied those brakes for many reasons, no its time not to be so hard on the brake. Enjoy your time, in whatever shape that takes.Tomorrow belongs to no one and why shoukdnt you relax a little and cruise with the brake off !

[EVENKEEL]

5 minutes ago, CharlieH said:

Sounds to me that may be you need to just take brake off!.All your working like you have applied those brakes for many reasons, no its time not to be so hard on the brake. Enjoy your time, in whatever shape that takes.Tomorrow belongs to no one and why shoukdnt you relax a little and cruise with the brake off !

It's hard not to feather the brake. I have family members who were at polar opposites, some never saved a penny and others saved and never used their money. I think for some saving becomes a way of life and they can't change. Me, well I'm trying to change.

[CharlieH]

Just now, EVENKEEL said:

It's hard not to feather the brake. I have family members who were at polar opposites, some never saved a penny and others saved and never used their money. I think for some saving becomes a way of life and they can't change. Me, well I'm trying to change.

Its not easy, when you have always had to do things a certain way. If you just try to remove the consideration on price and shift emphasis on what you really want. Dont let the price dictate the choice you make.

[bkk6060]

I paid for my kids education and gave my him a sizeable down payment for his families first house.

He is doing well so now I really am fortunate to do pretty much what I want. If I save some one month fine, if not oh well time to enjoy myself and not think about it.

[In Full Agreement]

1 hour ago, EVENKEEL said:

Stand by for date and time. 

You don't mention the location of this super event for TVF members so I should add, please be sure to plan for any and all member transportation costs.

 

This will be a party for all of us to remember.

 

Many thanks,  EVENKEEL.

[EVENKEEL]

57 minutes ago, In Full Agreement said:

You don't mention the location of this super event for TVF members so I should add, please be sure to plan for any and all member transportation costs.

 

This will be a party for all of us to remember.

 

Many thanks,  EVENKEEL.

When I drink, everybody drinks. When I pay, everybody pays. I'll be sure to hang balloons.

 

And, party will be for 6 dotters and above. We have standards. 

Edited October 14, 2021 by EVENKEEL

[Captain Monday]

Good luck. It can be hard to change financial ways. 

 

Some of the cheapest skinflints I ever encountered were pilots who got wealthy buying real estate, more than flying airplanes. Criminal stingy with major personality problems like a guy who rented out multiple properties on Oahu but lived in his car off of 3 day old crew meals and pocketed food from free breakfast buffets. Not all grew up poor but it is a factor too.

[Kwasaki]

I spent all my savings the first 7 years of retiring in Thailand my Mrs kept me for 2 years. ????????

[tonray]

10 hours ago, EVENKEEL said:

Time to start ringing bells.

Bravo...and do it before the Bell Tolls for you. I have loosened the grip on my cheapness once I realized that pension/SS/Dividends were well in excess of my normal monthly drawdown. So a new car this December and after that I need 3 guitars to fill up some blank space on the wall (told the GF those spaces were for artwork...so technically not a lie). Enjoy...I might even splurge at the IKEA cafe with dessert today...ha ha ha

[internationalism]

start off with good health insurance in a range of high tens of thousands and if you are going to live another 30 years be prepared for premiums in range 200k per year (that, if you are still healthy).

That would be my priority, if I had that much money.

Another long term investment, I would think, is setting up family, even with kids, so they will take care of you later on and not ending up at senior's home.

Travel is fine, even international one, but the best done in companionship, with family

[KhunLA]

I've been practical most of my life also, though dined out a lot.  No the 'show' kind of shopper though.

 

Now have oops fund and wife / kid have not future worries, so I don't save anything.  Bought an E-scooter this week, surely don't need, but simply wanted.  Collection of RC toys, drones, all fun by frivolous spending to me.  Puts a smile on my face, so all that matter.

 

Daughter at present gets most of my extra, while she starts her business.  Once self sufficient, my liquid will double, should be fun.

[473geo]

I have friend in a similar situation, invited him to visit, but ever since he flew back to the UK from OZ sitting on a rubber ring to protect an abscess on his butt long haul has lost its appeal ???? so don't leave it too long get spending

Edited October 15, 2021 by 473geo

[tonray]

16 minutes ago, internationalism said:

start off with good health insurance

And if you are extending an old OA Visa...make sure you budget for 2 policies...one for real protection and one for your IO visit

[1FinickyOne]

interesting subject...

 

it is difficult to change from being a lifelong saver/investor to spender... 

 

I can splash down on a nice car [then keep it until it does 10 years later] or home but then be cheap w/myself on other things... I am not into material things/clothes etc... so, I can have trouble finding things to spend on... I give it away in small denominations to lots of unsuspecting people.. 

 

Has anybody tried the 4% approach? 

[HappyGoLuckyLife]

10 hours ago, EVENKEEL said:

It's going to be a new world for me going to expensive restaurants, buying expensive clothes.

I've always believed if it brings value to your life, then it's money well spent. Spending money simply to spend it? I guess if that's what brings you joy. I'm not going to judge.

[Leveraged]

10 hours ago, EVENKEEL said:

OK so now after retiring I'm thinking <deleted> I've got to start  spending. It's going to be a new world for me going to expensive restaurants, buying expensive clothes. I used to think about leaving a nice inheritance to my kids, but now I'm thinking you know my son is doing extremely well, my daughter still young might marry a smuck, and he's damn sure not spending or enjoying my money. 

 

Time to start ringing bells.

Sounds to me like you're a prime candidate for a SPIA (Single Premium Immediate Annuity) 

 

Dont want to leave anything to family? Want to spend the most amount of money and leave nothing when you die? Put it all in an Annuity(s) and let a corporation take all the risk and you get more out of your money per year than you would with a normal retirement SWR of 4%. Payments continue until death, then stop, with nothing left over. 

[Leveraged]

7 minutes ago, 1FinickyOne said:

Has anybody tried the 4% approach? 

Thats typically what most people do when they have a 30 year retirement horizon. If youre already older (like 70) you might be able to go higher, if your portfolio has done well (which anyone invested in the last 10 years would no doubt have done very, very well)

[KannikaP]

9 hours ago, EVENKEEL said:

Flash cars and huge houses don't float my boat. Saw an old foreigner today stepping into a nice BMW SUV, probably cost more than my house but I have zero envy. So having money to spend is all relative. I'm sure his cash flow is on another level than mine. I'm thinking along the lines of spending money on international travel.

And quarantine, and COE, and Covid tests, and Insurance.......oh yes, fly First Class!    LOL

You do know that there is a special lane for over 70s at Swampy.

Edited October 15, 2021 by KannikaP

[BritManToo]

9 hours ago, CharlieH said:

Dont let the price dictate the choice you make.

I've always let the price dictate my choice.

I'm not broke, just tight as .................

[4MyEgo]

11 hours ago, EVENKEEL said:

OK so now after retiring I'm thinking <deleted> I've got to start  spending. It's going to be a new world for me going to expensive restaurants, buying expensive clothes. I used to think about leaving a nice inheritance to my kids, but now I'm thinking you know my son is doing extremely well, my daughter still young might marry a smuck, and he's damn sure not spending or enjoying my money. 

Wow, congratulations on your retirement.

 

The way I see it is that you work so hard for so long to try and get ahead in life, then when you cash in, that money can go in no time.

 

I retired 6 years ago at age 55 and the first thing I said to myself after selling my place in the old country is that I will need to do a monthly budget, once I have established that budget, then I will need to make that monthly income to pay for my budget, which has been 70,000 baht per month.

 

To put you in the picture, just because I made all that money from the sale, it doesn't mean I can go out and spend it, it has to last, that said, I have enough on that monthly budget of 70,000 baht to last me till I am 101, so I don't really need to do anything, just draw down, but why, you see I prefer to use that money to make money to pay for my monthly budget which includes overseas travel, domestic holidays, staying at a nice hotel occasionally and buying the things that I like to spoil myself with every now and again.

 

I could let loose, but hey, I have my big house which was paid for and built just before I retired so the sale of my house didn't pay for it, it was saved money, I also had enough for a new car and furniture, suffice to I also have the same amount of money that came from the proceeds of selling of my house 6 years ago, so I have lived here for free so to speak.

 

Not here to boast, but spending your life savings is easy, investing it and living a good life is just as easy. One just has to think outside the square because there would be nothing worse for me to wake up one day and say, $hit, what am I going to eat today as my budget is about 200 baht, excluding what I have allowing for my drinks.

 

Enjoy it, make it grow, but continue to live within your means so that it lasts and if there is anything left, sure the kids will get it, that said, I want my kids to get what will remain because I don't want them to bust their guts like I did, although I do want them to work to earn, maybe in a business of their own as opposed to working for the man.

 

Edited October 15, 2021 by 4MyEgo

[Gecko123]

No, it isn't time to go on a consumption binge.

 

With all the damage our generation has done to the planet and the environment, if anything, we all ought to be making an effort to consume less as an act of kindness and atonement towards future generations.

 

Just a thought.

 

 

 

[tonray]

8 minutes ago, Gecko123 said:

No, it isn't time to go on a consumption binge.

 

With all the damage our generation has done to the planet and the environment, if anything, we all ought to be making an effort to consume less as an act of kindness and atonement towards future generations.

 

Just a thought.

 

 

 

You intend to save all your 'carbon' credits for the final burning at the local temple ?

[Gecko123]

2 minutes ago, tonray said:

You intend to save all your 'carbon' credits for the final burning at the local temple ?

What many think of as 'deferred consumption' is in reality 'deferred over-consumption.' It's over-consumption because it's environmentally unsustainable.

[KhunLA]

1 hour ago, 1FinickyOne said:

it is difficult to change from being a lifelong saver/investor to spender... 

 

 

Agree, and still have hard time spending frivolously.  Makes me wonder how all those lottery millionaires end up broke 5 yrs down the line.  Those who never had and worked, seem to value what they have.  

 

When I do spend on toys, they're well researched and try to buy the best bang for my buck / baht.

 

Spend more now, since on borrowed time, and interest on savings can't keep up with inflation, so what's the point, if you don't need it.  

 

 

[DaLa]

35 minutes ago, Gecko123 said:

No, it isn't time to go on a consumption binge.

 

With all the damage our generation has done to the planet and the environment, if anything, we all ought to be making an effort to consume less as an act of kindness and atonement towards future generations.

 

Just a thought.

 

 

 

Which particular generation are we referring to?  My excess indulgences today are making up for the following:

 

Born when food rationing from WWII was still in place.

Public transport finished at 10 PM so would walk 4 miles home.

Walked 1 mile to school back and forth twice a day for 11 years in all weathers.

No phone ( LANDLINE !) until I was 25.

1 Television between 9 of us.

First (and only 1) personal television at 28.

No central heating. Parents did provide a makeshift ice scraper for the inside bedroom windows thoughtfully.

Ate in a restaurant for the  first time at 18 years of age (usually 3 times a year).

First plane journey at 23 and then only 1 trip per year.

No walkman/laptop/mobile/trainers or clothes with fancy labels.

 

Some guys in my youth were so poor they couldn't afford shoes, they were the lucky ones, I couldn't afford feet.

 

Look out planet, I'm now about to unleash untold damage on you.