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How do I splurge more effectively?

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  • How do I splurge more effectively?

    We are in the fortunate position of being financially ready for retirement.... Fat fire so to speak. My spouse recently retired.

    But I still like working, so I take lots of time off for fun travel, and I continue to work a fairly busy part-time schedule when we are not travelling. Having arrived at fat fire and continuing to work means it is highly likely we will never spend down what we have saved over the decades to come.

    In the past, we were quite careful with spending; optimizing spending became an ingrained habit. Given the healthy state of our finances, these days I am trying to spend more freely on some of the things that make me happy.

    We spend more and more each year on charity, and that feels good. I will bring home an exotic floral arrangement, pure artistry from our favorite local florist, for my better half on occasion, without blinking an eye. That represents progress for me.

    In the future, we will likely start gifting to the kids, but for now they are young and early in their careers, establishing their habits and their independent financial lives. We feel it is better for their development at this stage to let them manage without help. As far as our kids are concerned, we are philosophically opposed to economic outpatient care; we currently limit picking up the tab to experiences we enjoy together, things like dinners out and interesting international travel.

    My favorite splurges of late:
    *1st class and business class flights
    *2 recent international trips that we were able to enjoy despite the Covid restrictions
    *I have plans to hit a total of 4 premiere ski resorts in the Rockies before this ski season winds down
    *A personal chef at home who prepares healthy, delicious meals
    *A new, high-end e-bike to complement my stable of human-powered, carbon fiber bikes

    As I think about working harder to get more of our savings back into productive circulation in the economy, I am wondering what splurges some of you other docs on this forum have made that you feel were well worth it. Any thoughts or ideas to share?

  • #2
    I wish I could help out. There’s very little I care about that costs money. For me money is mostly for security and to buy not having to work. There is nothing as valuable to me as my time to use as I wish.
    I recall the words of Isadore Rabi when informed he’d won the Nobel Prize in Physics and was asked what he planned to do with the money. He said, “I think I’ll buy a new hat!”
    Last edited by Antares; 01-30-2022, 11:00 AM.
    My Youtube channel: https://www.youtube.com/channel/UCFF...MwBiAAKd5N8qPg

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    • #3
      Originally posted by Antares View Post
      I recall the words of Isadore Rabi when informed he’d won the Nobel Prize in Physics and was asked whether he planned to do with the money. He said, “I think I’ll buy a new hat!”
      That is such a coincidence. As I finished my mountain bike ride through the snow covered trails yesterday, I thought I might buy myself a new hat.... But then I realized that I already had more than one good hat that fits well under my helmet, and I decided to pass.

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      • #4
        Originally posted by White.Beard.Doc View Post
        I have plans to hit a total of 4 premiere ski resorts in the Rockies before this ski season winds down
        You could always swap out the chair lift for the chopper...

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        • #5
          Originally posted by Antares View Post
          I wish I could help out. There’s very little I care about that costs money. For me money is mostly for security and to buy not having to work. There is nothing as valuable to me as my time to use as I wish.
          I recall the words of Isadore Rabi when informed he’d won the Nobel Prize in Physics and was asked whether he planned to do with the money. He said, “I think I’ll buy a new hat!”
          I had a physics teacher in undergrad who won the Nobel prize and then came in to the next class with brand new pants with the sizing and tags still clearly visible.

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          • #6
            Originally posted by Hoopoe View Post

            I had a physics teacher in undergrad who won the Nobel prize and then came in to the next class with brand new pants with the sizing and tags still clearly visible.
            Lol well they are a physicist

            WBD what else aside from the chef could you hire out? Personal assistant?

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            • #7
              Originally posted by bovie View Post

              You could always swap out the chair lift for the chopper...
              Great suggestion. Heli-skiing with Chugach mountain guides is on the agenda for March, when the snow remains excellent and the days stay light for longer hours.

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              • #8
                You can start a scholarship . If I ever win a lottery ( which I never buy ), I would do it .
                Last edited by uksho; 01-29-2022, 11:22 AM. Reason: Since you feel good about charity , nothing better than that

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                • #9
                  Congrats on making progress on loosening the purse strings!

                  Yeah, upgrading current levels is the low hanging fruit.

                  529s for the grandkids. No need to tell kids either
                  We plan to host family getaways and bought Disney dvc timeshares for that purpose since we're Disney fanatics already.

                  A vacation beach house is another in our plans as an exit strategy for our current rentals

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                  • #10
                    based on what you have described before i would at least look into NetJets or WheelsUp
                    at your level of wealth i would make sure i was never doing household work of any kind -- sounds like you might be there
                    no reason for you to be staying anywhere other than the four seasons when you travel
                    i'd be tempted in your position to pay for yearly family trips -- make memories
                    i think when (if) i'm at your level my minimum tip to a hard working waiter/waitress/barista/valet will be $100, even on a waffle house breakfast, why not?

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                    • #11
                      I have recently decided that I really enjoy fresh flowers in my house. I live within walking distance of a local florist who I have gotten to know. I am buying myself flowers every Friday when she sells them by the stem and arranging them myself. In the spring and summer I will mix in stuff I grow myself.

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                      • #12
                        I'd buy an island and paint a clown face on it. Because why not?

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                        • #13
                          Originally posted by Antares View Post
                          I wish I could help out. There’s very little I care about that costs money. For me money is mostly for security and to buy not having to work. There is nothing as valuable to me as my time to use as I wish.
                          I recall the words of Isadore Rabi when informed he’d won the Nobel Prize in Physics and was asked whether he planned to do with the money. He said, “I think I’ll buy a new hat!”
                          WBD, you care very much about people. Not a thing wrong with putting a little effort in trying to find ways to make a "one time" difference in people's lives.
                          Forget about the tax deduction, it is the unexpected gift from the heart. Remember, it is the thought that counts.
                          For example, we footed the bill (or two) for a care giver or my BIL. She had a family illness out of the country and couldn't afford it. Done.
                          Your housekeeper/cook? Need a new car or her grand kids education.
                          I saw one thing, a person's nanny was getting married. The doc took her to the store and the intro was "what type of dress". Of course a designers name was use as the style but was way over budget. Presto, "You don't have a budget for your dress. It's on us for all the efforts. They were truly gifts. Our gift to you for your special day." Is it wise spending? Probably not, But I can guarantee you will feel much more gratitude than donating to a non-profit. Maybe you and ur biking buddies can give away some bikes. WBD Foundation. It's up to you to decide when and how to spread the wealth. Or else the government will do it for you.
                          See a problem, throw money at the individuals. Wounded warriors, buy em a house. A cop get killed, payoff the mortgage. Whatever you decide to do make sure it is someone that needs the money more than you. It is not really difficult. Tax deduction or not. Practice on becoming generous.

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                          • #14
                            Originally posted by Tim View Post
                            WBD, you care very much about people. ...
                            Enough to brag to entertain the masses time and time again.... "I am on the covid front lines" "I help with airplane emergencies" "I am rich beyond belief but want to only do philanthropy" etc etc blah etc

                            Raise your hand if you truly believe this guy.
                            Seriously. You guys have fifteen pure wool blankets on top of your heads if you think WBD is legit. Good show, but just not real... superman typically couldn't post non-stop on a forum, lol.

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                            • #15
                              Originally posted by MPMD View Post
                              based on what you have described before i would at least look into NetJets or WheelsUp
                              at your level of wealth i would make sure i was never doing household work of any kind -- sounds like you might be there
                              no reason for you to be staying anywhere other than the four seasons when you travel
                              i'd be tempted in your position to pay for yearly family trips -- make memories
                              i think when (if) i'm at your level my minimum tip to a hard working waiter/waitress/barista/valet will be $100, even on a waffle house breakfast, why not?
                              Psychologically, the private jet thing just feels excessive, even the wheels up or NetJets. Maybe better for those dollars to go to charity? However, perhaps I will check it out once to see what it is all about,.

                              We just got back from our Egypt trip, and beyond the amazing civilization they created 5000 years ago, the Four Seasons Cairo was delightful, with a huge balcony overlooking the Nile River. And we paid for the kids to join us, and we did business class for the whole family. Some habits die hard though. I shopped around for the cheaper business class seats and was able to secure lie flat for 2.5k/pp on Lufthansa.

                              And I did recently leave a $500 tip for excellent service. Several of your ideas are aligning.

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