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How do I splurge more effectively?

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  • #46
    This post makes me excited about the future, and at the same time inspires me to pay for my dad's property tax this year.

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    • #47
      Originally posted by Mdmulier View Post
      This post makes me excited about the future, and at the same time inspires me to pay for my dad's property tax this year.
      You're on the right track! Sensible frugalness with investment savvy while outwardly generous .

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      • #48
        Originally posted by Anne View Post
        I don’t think it’s taboo to discuss getting to 8 figures over a 4 decade career.
        It's certainly not taboo but 8 figures is a massive range. 10 million is nothing to write home about. 50 million is something else entirely.

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        • #49
          Originally posted by AR View Post

          It's certainly not taboo but 8 figures is a massive range. 10 million is nothing to write home about. 50 million is something else entirely.
          I would certainly write home about 10 million😂.

          I have always intuited WBD as a very open, blunt, and, yes, even humble person. They exist, but we rarely have the opportunity to converse directly with them as we have with WBD, which I have much appreciated. I feel like I could sit down and have a glass of wine with you (or tea) and not be intimidated, even though you are an obviously highly accomplished and well-regarded physician in the Pacific NW.

          Everybody has a different perspective, especially when we are able only to read words on a forum and not experience intonation and facial expression.
          Our passion is protecting clients and others from predatory and ignorant advisors. Fox & Co CPAs, Fox & Co Wealth Mgmt. 270-247-6087

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          • #50
            Well I love these posts! They're fun to think about despite knowing this will never be my problem, I just know we'll check out after hitting our number so we can be home more. My husband and I really like hanging out together though 😆

            I think what would make you happiest WBD would be expanding your charitable contributions. You want to make the world a better place and that's the way to go. I also think it would be fun to give in one off situations like Tim outlined. It's not the most effective giving but it also feels good ( at least to me) so I'd do it. I don't know what else you'd do to make your home life better and it sounds like you're already spending time and money in the ways that make you ( and your wife) happy. So that's why I say focus more on the charitable side of things.

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            • #51
              Things on my to do list as I try get better about loosening the purse strings:

              Built new home: done
              Cleaning service: done Upgrade from beater cars: done for wife, I'm holding out

              Yet to be done:
              Work less, go down to 0.8 FTE
              Annual international trip (COVID and young kids currently holding us back)
              Country Club membership
              0.5 FTE

              I also plan to start booking a lakeside home during a week in the summer and allowing extended family to come and go as desired

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              • #52
                Oh, my, I got so wrapped up in myself posting that I didn’t really address your original post. I’m sorry!

                Of course, I’m always wearing the FP hat, so what I think you need is to determine an amount that you are totally comfortable with and can give yourself permission to let go of. There is only so much you and Mrs. WBD need to live wonderful lives and it’s comforting to have a plan for the rest.

                Of course, you need to have a semblance of a financial plan to get there (impo) and I believe you (of course) have the capability to decide how to address that. I think it will make a world of difference and you will be at peace and better able enjoy the largesse that you have worked so hard to build. Again, to reiterate, this is just my impression based on your posts and may be way off base. However, you are one of the forum members who I appreciate the most and I have much respect for your comments and perspective. The fact that you and Mrs. WBD have been thoughtful with your spending and saving and have built a respectable net worth is not exactly relevant to your original request for advice.
                Our passion is protecting clients and others from predatory and ignorant advisors. Fox & Co CPAs, Fox & Co Wealth Mgmt. 270-247-6087

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                • #53
                  Originally posted by AR View Post

                  It's certainly not taboo but 8 figures is a massive range. 10 million is nothing to write home about. 50 million is something else entirely.
                  Sure but at the end of the day either one is more than many of us who are not all that spendy will have any desire to spend.

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                  • #54
                    Originally posted by wideopenspaces View Post
                    Well I love these posts! They're fun to think about despite knowing this will never be my problem, I just know we'll check out after hitting our number so we can be home more. My husband and I really like hanging out together though 😆

                    I think what would make you happiest WBD would be expanding your charitable contributions. You want to make the world a better place and that's the way to go. I also think it would be fun to give in one off situations like Tim outlined. It's not the most effective giving but it also feels good ( at least to me) so I'd do it. I don't know what else you'd do to make your home life better and it sounds like you're already spending time and money in the ways that make you ( and your wife) happy. So that's why I say focus more on the charitable side of things.
                    Agree, and I would also make your charitable contributions in a way that is meaningful to you. That sounds obvious, but create something new and fairly unique to you. For example, you clearly love skiing. Skiing is awesome especially if you learn it young which only a small subset of children (usually ones with parents who are more well-to-do, with some exceptions) have access to. You could create a skiing scholarship of some type. It’s something that someone else is unlikely to do and may be life changing for certain kids.

                    When I was in college someone donated mid 8 figures to the program I was in with the stipulation that it must be used to provide study abroad travel grants for students. My first 3 trips out of the US had travel costs covered by that funding. I would not have gone on those trips otherwise and the experience was absolutely life changing for me.

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                    • #55
                      OP - if you want a charity to skiing -- Here's one: https://disabledsportseasternsierra.org/

                      They are AWESOME and changed our son's ability to experience snow skiing that groups/individual lessons would never have accomplished.

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                      • #56
                        White.Beard.Doc i don’t want to derail your thread, but as a young doc who would love to get to your point, did you post how you got to that point? (Investment strategy, initially income)

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                        • #57
                          Originally posted by Anne View Post

                          Agree, and I would also make your charitable contributions in a way that is meaningful to you. That sounds obvious, but create something new and fairly unique to you. For example, you clearly love skiing. Skiing is awesome especially if you learn it young which only a small subset of children (usually ones with parents who are more well-to-do, with some exceptions) have access to. You could create a skiing scholarship of some type. It’s something that someone else is unlikely to do and may be life changing for certain kids.

                          When I was in college someone donated mid 8 figures to the program I was in with the stipulation that it must be used to provide study abroad travel grants for students. My first 3 trips out of the US had travel costs covered by that funding. I would not have gone on those trips otherwise and the experience was absolutely life changing for me.
                          I hope my comments are not taken in a wrong way( and I hope you don’t take offense , I enjoy your and OP’s posts ) , but there are so many children in this world without food , medications ,education, roof etc . OP and you have every right to spend your money in any way you like , but personally I would hope someone would donate for those purposes rather than skiing.

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                          • #58
                            WBD, I’m curious what you are doing about estate planning - you and your wife are clearly facing a massive estate tax burden, especially if the exemption is cut in half in 2026. Have you considered setting up charitable trusts?

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                            • #59
                              Originally posted by childay View Post
                              Agree. Either like Jfox does or maybe all-inclusive or cruise or something. Scheduling might be a challenge though.
                              as for scheduling... going the same week every year makes it more doable. our family vacation was the same week every year for easy planning with family/friends.

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                              • #60
                                I am pretty far from retirement but if I could share one worthwhile splurge of my own it would be to invest it a high-end mattress. $2000, $5000, or higher. Whatever it takes to find perfection.

                                My wife and I drive used, base model cars. Our home is full of cheap, second-hand, furniture. No TV. Donated appliances. Ancient cookware. But we have a really nice mattress. We bought a $2200 luxury model for $1200 through a pandemic-related factor surplus sale.

                                This is the most comfortable thing I have ever slept on and brings joy to me every night. It makes a big difference and considering that most people spend 1/3 of their life in bed--albeit 1/4- 1/5 for doctors--it is a very cost effective use of money.

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