Announcement

Collapse
No announcement yet.

How do I splurge more effectively?

Collapse
X
 
  • Filter
  • Time
  • Show
Clear All
new posts

  • #16
    WBD, if you truly enjoy skiing, then I’d advise you to splurge on a backcountry helicopter ski trip…..Alaska or BC (Canada) are recommended. It cost a lot but it is worth every penny. I had snow up to my chest in places.

    Comment


    • #17
      Originally posted by Max Power View Post
      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.
      You think someone made a profile 6 years ago in the hopes of random strangers admiring him 2000 posts later? I don’t know anyone with that sort of patience or level of sociopathy.

      Comment


      • #18
        Originally posted by Max Power View Post
        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.
        I guess the way you read my posts makes you think I lead a charmed life. Yes, I do lead a charmed life in many ways, but I also have my share of the usual struggles. A kid who went off the rails for a while, who is now doing better after a lot of pain and angst for his parents to try to get him back on track. A spouse who was upset with one of the in-laws, and we just couldn't see eye to eye on how to get through it, so we went to the family therapist and are working through, happy to say things are better.

        Whenever you are doing well financially, it is hard to find a group to be real with. I will work harder on the humility. But so many on this forum are also doing very well, I am simply further along having been a doc for decades. I think many of the intensively optimizing docs on this forum have a good chance to get to a similar place of an 8-figure net worth before you get to my age. And I would imagine that WCI is already at an 8-figure net worth as well, but he has toned it down as far discussing his personal finances since the numbers are getting up there, and that can create hard feelings among other members of the tribe.

        Comment


        • #19
          Originally posted by Eye3md View Post
          WBD, if you truly enjoy skiing, then I’d advise you to splurge on a backcountry helicopter ski trip…..Alaska or BC (Canada) are recommended. It cost a lot but it is worth every penny. I had snow up to my chest in places.
          Thanks, great idea. As I mentioned above, we are going to Chugach in Alaska in March, with a plan for time in Anchorage, at Alyeska resort, the heli-skiing with Chugach mountain guides, and finally a trip to Talkeetna with a tour of the Denali National Park in its winter splendor.

          Comment


          • #20
            The value of this forum to me is being able to communicate with others who understand things like taxes and Roth conversions. I really get better info here than from my accountant.
            I think in order to reach one's sixties it goes without saying that you have a few struggles along the way.
            This group allows me to discuss my net worth which I would not normally do.

            Comment


            • #21
              Originally posted by White.Beard.Doc View Post

              I guess the way you read my posts makes you think I lead a charmed life. Yes, I do lead a charmed life in many ways, but I also have my share of the usual struggles. A kid who went off the rails for a while, who is now doing better after a lot of pain and angst for his parents to try to get him back on track. A spouse who was upset with one of the in-laws, and we just couldn't see eye to eye on how to get through it, so we went to the family therapist and are working through, happy to say things are better.

              Whenever you are doing well financially, it is hard to find a group to be real with. I will work harder on the humility. But so many on this forum are also doing very well, I am simply further along having been a doc for decades. I think many of the intensively optimizing docs on this forum have a good chance to get to a similar place of an 8-figure net worth before you get to my age. And I would imagine that WCI is already at an 8-figure net worth as well, but he has toned it down as far discussing his personal finances since the numbers are getting up there, and that can create hard feelings among other members of the tribe.
              Shoot, I’m an academic and will have an 8 figure net worth if I just 1) work until 60 2) keep my same savings rate and 3) get a 7% average return.

              If you make 300k and save 100k/y, the money should pile up.

              Comment


              • #22
                Primary Care Academia in HCOL situation that came out of med school with 6 figure debt and sending to private education. -- No crazy schemes; good 'ole savings and spending constraints and well past FI before 50.

                If we can do it, most everyone can too with much larger shovels can too.

                Hatton - so true about being able to share openly current status and strategies to optimize while also fireside chats on life and the pursuit of happiness - and the life challenges that come in between as we all trip over them.

                I welcome all the folks' experiences ahead of me and good luck getting me into a helicopter to go skiing in the backcountry --- will gladly meet you back at the cabin with a warm mug of irish cream.

                Comment


                • #23
                  Originally posted by VentAlarm View Post

                  You think someone made a profile 6 years ago in the hopes of random strangers admiring him 2000 posts later? I don’t know anyone with that sort of patience or level of sociopathy.
                  I'm working on that right now.

                  Comment


                  • #24
                    Originally posted by Craigslist View Post

                    I'm working on that right now.
                    Only 4 more years to go.

                    Comment


                    • #25
                      Originally posted by White.Beard.Doc View Post
                      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?
                      What have I spent on?

                      Got a nice new laptop (ordered it but shipping is delayed).

                      I went ice fishing in Maine last week and I spared no expense! (not an expensive venture, but I did enjoy it).

                      Last fall I bought a brand new fishing kayak. Really nice one. i will be out in it all spring/summer/fall..

                      Also, bought lots of fishing gear and great tackle from Tomo's tackle (great store, free shipping, good guy).
                      https://www.tomostackle.com

                      I need to buy my wife and mother-in-law flowers more often. They love them and tell me not to get them and then smile when they see them.

                      Need to travel more. Visit family more. etc.

                      Comment


                      • #26
                        Originally posted by StarTrekDoc View Post
                        Primary Care Academia in HCOL situation that came out of med school with 6 figure debt and sending to private education. -- No crazy schemes; good 'ole savings and spending constraints and well past FI before 50.

                        If we can do it, most everyone can too with much larger shovels can too.

                        Hatton - so true about being able to share openly current status and strategies to optimize while also fireside chats on life and the pursuit of happiness - and the life challenges that come in between as we all trip over them.

                        I welcome all the folks' experiences ahead of me and good luck getting me into a helicopter to go skiing in the backcountry --- will gladly meet you back at the cabin with a warm mug of irish cream.
                        I will meet you back at the cabin with decaf and baileys.

                        Comment


                        • #27
                          Sounds like you are splurging just fine, without our help. I guess financially I'm at a point where I could splurge more, but there's a point of diminishing returns where spending more just doesn't add to happiness. So if it doesn't add to my happiness, I let it be. So like you, I've got a quiver of bikes and a quiver of skis. But I still look for deals and happily buy last years model. Agree to a point about letting your children find their own footing, but I think there are things you can do to help without derailing them. I made sure the kids got their educations debt free, become homeowners at an early age, and prepaid the Grandchild's college bill. Statistically, I'll probably end retirement with more than I started with, but I don't see that as a problem and don't think my heirs will either.

                          Comment


                          • #28
                            oh man I can only tell you that when I get to your state (not NW, but early retirement) my plan is:

                            1) superfund grandchildren 529
                            2) only fly first class)
                            3) 2-3 international trips/yr and 2-3 domestic trips/year
                            4) totally against buying a vacation home but I like what Johanna does, which is rents out a nice beachouse once a year for all of the family to come and stay together while she covers the expenses. That sounds grand to me.

                            When I was in my 20s, as I was in grad school, my parents covered my cell phone bill (we were on the same family plan) and my car insurance. I don't know if you consider that outpatient care but it didn't do me damage. You could do that for your kids. My dad, who isn't super wealthy but will be just fine until death, has made a point of spending down the IRA and leaving stocks for myself and my brother so we get the step-up. He also has suggested he'd really help out with his grandchildren's college when the time comes. He puts $1k in their 529s with each birthday and by the time my oldest is ready for college he'll be 87 so he'll have a much better idea of how much he can help out (i.e. if he has way too much money). Makes it a bit tough for me to plan but I'm really grateful. In addition to this, since he sold the house and downsized, he's been gifting my brother than I the gift exemption amount each year. I think he's done this for 3 years now. I just take it and put it all at the mortgage and I tell him what I'm doing just for transparency. At 40 I don't see this as economic outpatient care and I don't think he does either, thankfully. I'm grateful for what he's done and hope I can do even better for my own kids when I'm his age, in addition to #2 and #3 above

                            Comment


                            • #29
                              Originally posted by JBME View Post
                              4) totally against buying a vacation home but I like what Johanna does, which is rents out a nice beachouse once a year for all of the family to come and stay together while she covers the expenses. That sounds grand to me.
                              Agree. Either like Jfox does or maybe all-inclusive or cruise or something. Scheduling might be a challenge though.

                              Comment


                              • #30
                                We wouldn't buy a vacation home outright, but it's a nice exit strategy for existing residential real estate that will be nearing end of depreciation and something to convert nicely into a vacation/legacy home that can either be kept or moved easily by heirs.

                                Comment

                                Working...
                                X