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Old 02-26-2016, 07:41 PM   #81
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This is a good discussion, particularly since I'm 53 and just got my first notice that I'll be able to start drawing a retirement payment from one of the accounts I accumulated working for the state of Alaska in the 90's. I was in my 30's when I left and I was so busy I never thought of it, never had time to deal with it, so I left the account in place just by default -- and now it'll start kicking out payments. Boy that came as a shock, that I've gotten there already. I didn't even know or look at what the payout terms were. I have to say though, when I think of my life right now, my greatest dilemma isn't retirement and timing and income. Yes, those are issues, but when I step back my greatest dilemma in life is stuff. My wife and I are drowning in stuff. It's like a tidal wave. We go on a cleaning binge and jettison a mound of stuff and then more flows in. When I think of all the stuff we have I can barely breathe. It will take me years to dispose of stuff, and happily all my and my wife's parents are still around, so that's not even dealing with the generational transfer yet. I'm a prisoner of stuff, and we don't even have kids.

Consumerism is a b***h! We downsized, stopped watching TV, stopped buying "stuff", even at xmas and birthdays, and still somehow have everything we need, plus more time and money for things we enjoy, like boating.
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Old 02-26-2016, 08:42 PM   #82
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Absolutely. Consumerism is an addiction thats hard to break. Most will never do it. Hi, my name is bob.
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Old 02-26-2016, 08:45 PM   #83
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Hi Bob!
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Old 02-26-2016, 09:04 PM   #84
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Absolutely. Consumerism is an addiction thats hard to break. Most will never do it. Hi, my name is bob.
Wifey B: And some of us have no desire to cure that addiction.

I know, I'm a bad bad bad girl.

However, if it was standing in the way of me doing what I needed to, I'd be passing on tons of things to others very rapidly.
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Old 02-26-2016, 09:09 PM   #85
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George Carlin on "stuff" (those with dainty constitutions or sensitive ears are forewarned)

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Old 02-26-2016, 09:10 PM   #86
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Yes, those are issues, but when I step back my greatest dilemma in life is stuff. My wife and I are drowning in stuff. It's like a tidal wave. We go on a cleaning binge and jettison a mound of stuff and then more flows in. When I think of all the stuff we have I can barely breathe. It will take me years to dispose of stuff, and happily all my and my wife's parents are still around, so that's not even dealing with the generational transfer yet. I'm a prisoner of stuff, and we don't even have kids.
We are in the same situation, but we do have grown kids and we are still dealing with their stuff. It is a big issue for us and one that we are going to have to address.

One thought on those retirement payments, think about what you want to do with those. Add them to a 401k or IRA? Pay down debt? Come up with a plan or it could just get frittered away in your monthly budget.
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Old 02-26-2016, 09:37 PM   #87
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Interesting thing. Most folks spend all the money they make, plus some, every month. At the first of the year, march, april, they're as giddy as a new bride about "gettin back" some. Is it just me or is that about the dumbest thing you ever heard or thought about, or in this case, never thought about.
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Old 02-27-2016, 01:41 AM   #88
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Interesting thing. Most folks spend all the money they make, plus some, every month. At the first of the year, march, april, they're as giddy as a new bride about "gettin back" some. Is it just me or is that about the dumbest thing you ever heard or thought about, or in this case, never thought about.
Looking at some of the boats represented here, I would assume that most TF participants don't handle there money than way. If they did, they wouldn't be able to afford the boats they currently have.

I spent a good part of this afternoon prepping a Financial Statement and supporting documents to give to my new financial adviser. For someone who has spent most of his adult life scrimping to get by on our incomes, it was a bit surprising to see how much money was left over at the end of the year. My own income didn't break $50k until I was over 46 years old. We always tried to save some money. To this day my wife still asks if we can afford for her to buy a new pair of shoes.

I bet that most here have achieved their boating goals by doing the same thing; not spending more than you make and saving judiciously.
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Old 02-27-2016, 02:31 AM   #89
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I bet that most here have achieved their boating goals by doing the same thing; not spending more than you make and saving judiciously.
Saving judiciously is great, but investing judiciously is a whole other world. Since I got out of school, I never saved "for" anything except to have money to invest. And I never invested "for" anything other than to have what I expected to be a great investment. Those investments dodn't always work out, but they don't all have to.
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Old 02-27-2016, 02:46 AM   #90
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Good point. I guess by "save" I really mean invest.
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Old 02-27-2016, 10:55 AM   #91
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Saving judiciously is great, but investing judiciously is a whole other world. Since I got out of school, I never saved "for" anything except to have money to invest. And I never invested "for" anything other than to have what I expected to be a great investment. Those investments dodn't always work out, but they don't all have to.
We're conservative investors. Always been more conservative than the allocation charts for our ages. With the market being strong the last few years we've had a stronger return, but we are content and comfortable with a 5% return. If it's more, we are fine, but we recognize that the market giveth and taketh away.

I think the key is saving enough to invest and not using it all to buy things. What gave us discipline and protected us was always making our maximum contributions to 401k's and 403's.
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Old 02-27-2016, 11:22 AM   #92
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Greetings,
friv·o·lous

/ˈfrivələs/


adjective

1. not having any serious purpose or value: "rules to stop frivolous lawsuits" synonyms: flippant, glib, facetious, joking, jokey, ... more

Boat ownership could be considered frivolous by some. Replacing that old sofa that only has one comfortable spot left to sit could be considered frivolous by others.

What I'm reading in this thread thus far is value placed on one's comfort and enjoyment. Fiscal, physical and emotional. We bought our first larger boat some 35 years ago while we were both still working and the kids were still in primary school. She wasn't all that expensive nor in the best of shape but we saved up over the winter in order to do one major repair/upgrade every spring and had wonderful adventures.

Looking back, was it worth the time and investment-Yes. Looking forward, are we willing to continue putting money into our current vessel-Yes.
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Old 02-27-2016, 11:26 AM   #93
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I think the key is saving enough to invest and not using it all to buy things. What gave us discipline and protected us was always making our maximum contributions to 401k's and 403's.
That is huge. My wife and I contributed to IRAs until it now longer was 100% deductible since she had a retirement plan. Then all our money went into kids, house, education, and back into my practice. I didn't have a 401k option until I was 49 years old. So other than that first year, I have been making catch-up contributions.

Since I am the business owner, I get to chose the 401k for my business. The age of my employees has recently gotten a lot younger, so I added a Roth 401k option to our plan. I wish the Roth option had been available 30 years ago when my wife and I started. I am too old and earn too much now for it to be a good choice, but I try and convince all of my staff to start contributing to their 401ks. I match what they contribute up to 4% of their income. Even with that, it is sometimes hard to convince these kids to take advantage of it.
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Old 02-27-2016, 12:23 PM   #94
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No. Never have. We bought our first cruising sailboat before kids and have never been without since then. The kids are on their own, two of them have their own cruising boats, ( they are not working just for the boat either, as they are still in their 30s).
5 years retired now, I wouldn't dream of reducing costs by giving up the boat. The value of the boating lifestyle far, far exceeds the ongoing cost.
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Old 02-27-2016, 12:35 PM   #95
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I am too old and earn too much now for it to be a good choice, but I try and convince all of my staff to start contributing to their 401ks. I match what they contribute up to 4% of their income. Even with that, it is sometimes hard to convince these kids to take advantage of it.
Some of the kids really can't afford to contribute. However, something we do just so they all have a 401k account is we contribute a small amount whether they contribute or not. Even if it's just 1% (we do 2%) it's enough to create some awareness on their part, enough for them to start balancing investment options and choices.
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