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What is your #1 spending vice? (guilty pleasure)

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  • #16







    Cars. I don’t spend much elsewhere (savings rate > 40% of gross) but we do like to lease new and expensive cars <img src=" />
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    I’ve struggled internally with planning my future car purchases in regards to leasing vs buying CPO.

    I grew up in the middle class, parents not college educated, but made a decent living.  They always bought and owned their cars for numerous years.  My parents own a 2001 Jeep Grand Cherokee still with only 36k miles (that’s how much they baby their cars!).
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    Same with my folks, they've got the same SUV I rode in as a high schooler

    The way I balance it is that the auto I use to commute with has been the same beater I've had since residency.

    It allows us to go over the top with the other car that belongs to my wife (and that I'll steal on weekends). For that one, I've insisted on new and swapping it out every 3 years which makes leasing the way to go for us

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    • #17
      Travel: I'm a resident still with spouse of similar income and we have been to French Polynesia, Dubai and Maldives in the last 18 months. And we don't mess around. Attached is our view of downtown Dubai from our room in the Burj al Arab.  8-) <--I tried to attach. I guess pic is too big. Had to upload to website here.

      We make this possible by tightening the big three: very reasonable mortgage, spending less than $100 per month all in on non-travel related transportation (I bike everywhere, her car is 12 years old and she works <1 mile from home), no kids yet.

      Some might call this travel too extravagant for a resident (or even a non-retired attending) but travel is what makes us most excited. I know of people trying with little success to pay down student loans who are miserable from lack of balance and control. I feel like we are in control of our finances and we have had the important discussion about sticking to current house and car spending post-training. Knowing and sticking to our priorities now and in the future I think is going to be better in the long run than deprivation now and stupid spending in the future.

      The best part about vacations is that they are one time expenses that are easy to know the exact costs of. Buying expensive cars and homes have so many high and hidden (or not so obvious) costs that your are obligated to for years based on one decision. As a straw man example, Land Rovers depreciate at about $1800 per month in the first 3-5 years of ownership! Factor in insurance, fuel, interest, and maintenance, you could have traveled around the world twice per year or more for a similar cost. Those seats would have to hug me just right to justify that opportunity cost. But I digress.

      I am secretly hoping someone tears apart my rationalization for this extravagance.  

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      • #18
        I like the idea to know what makes you happy and what does not, and be super frugal with those things that do not and dont cry about those that do. Makes it easier to focus on your priorities, rationalize things and keep on a good budget.

        Sometimes I sell old bike stuff on ebay to "justify" more bike stuff, its a vicious and enjoyable cycle.

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        • #19
          .

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          • #20
            I look at watches (Rolex, Panerai, IWC) every single day.   Still can't pull the trigger as I can't justify before student loans are gone.

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            • #21




               

              I am secretly hoping someone tears apart my rationalization for this extravagance.  ?
              Click to expand...


              Not at all, plus with travel hacking, I suspect your extravagance costs a lot less than others have listed

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              • #22
                I have enjoyed reading the responses and oddly feel happy that there is such a variety in things that don't interest me at all. (" At least I'm saving money there!")  But now I have to confess...

                 

                #1 use of extra funds:  Travel.  We speak 15 languages and have been to over 100 countries. We have lots of kids and take them with us. We justify it as educational, cultural, job searching, CME, necessary to return to civilization, and a host of other things...

                The truth is that we stand by the #YOLO mantra and enjoy getting deep into the recesses of faraway jungles, walking around Galilee, "working" in Antarctica, New Zealand, Dubai, and China and many many other adventures.

                By the way, we are extreme travel hackers...so feel that "a good deal" is always possible.

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                • #23
                  15 languages! That's incredible.
                  Helping those who wear the white coat get a fair shake on Wall Street since 2011

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                  • #24
                    NONE-love unearned income and enjoying the fruits of compounding

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                    • #25
                      For us it's travel--house is paid, cars are paid, all retirement funds maxed, 529s, etc.

                      We like to take nice vacations and I don't mind spending $$$ on them--went to Hawaii last yr, going to Italy this year.

                      We do "budget"--set aside some $$ to go on trips but otherwise don't think too much about them.

                      To each their own.

                       

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                      • #26




                        Golf…what an expensive hobby that is.  And I have to wonder if I’m just yelling and throwing things am I even enjoying myself haha.
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                        Golf really is an expensive hobby, but man is it fun. I blame my dad for giving me the golf itch at a very young age. Even as a resident, I went to the Bandon Dunes Resort (which I consider the best pure golf resort in the world) once a year, though we do it in March to keep costs manageable. I dream of a country club membership someday after we've settled in a house.

                         

                        Other than that, wine and eating out (The French Laundry was the best $1100 I've ever spent).

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                        • #27
                          Travel

                          I have done cars, watches, and even coin collecting in the past. Nothing excites me more than travel, especially US National Parks.  

                          Academic studies have demonstrated time and again that one gets more bang for your buck buying experiences than "stuff". Most "stuff", watches, cars, clothes, purses, and other luxury items lose their luster, in a manner of speaking, at around two weeks. There is a hedonic adaptation that occurs, and this is powerful, reproducible, and persistent.

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                          • #28


                            Golf really is an expensive hobby, but man is it fun. I blame my dad for giving me the golf itch at a very young age.
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                            My father passed away on the golf course a few weeks ago. He played every day. He was desperate that I play with him; I am a rebel and refused to touch a club.

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                            • #29




                              My father passed away on the golf course a few weeks ago. He played every day. He was desperate that I play with him; I am a rebel and refused to touch a club.
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                              He was desperate to play with you and you refused? That's pretty cold.

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                              • #30




                                I like the idea to know what makes you happy and what does not, and be super frugal with those things that do not and dont cry about those that do. Makes it easier to focus on your priorities, rationalize things and keep on a good budget.

                                Sometimes I sell old bike stuff on ebay to “justify” more bike stuff, its a vicious and enjoyable cycle.
                                Click to expand...


                                Pun intended?

                                Good philosophy too, by the way.  Don't waste money on the things that don't matter to you.

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