Living below your means

[bscrive]

We will soon be downsizing. We retire in just over 3 years. The existing house will be sold and a much smaller one will be bought for our retirement. The car and my wife's F3L will be paid off by then. Nothing wrong with living under your means. A heck of a lot better than the other way. I see too many people like that.
Reminds me of a lady I saw at the grocery store a couple of years ago. She had $200 in food and she kept getting the cashier to try a different credit card to have the charge go through. Fifth one was the charm. She drove off in a Lexus SUV.

 

[Rob Rodriguez]

I would say I (we...the family) live under our means but that doesn't stop us from buying or doing "stuff" we want. If we can afford it then its fair game. We work too hard not to live the way we want and in the end you can't take it with you so might as well spend and enjoy while you're here. Everybody is different, as long as what you do doesn't effect me then to each their own.

 

[BLUEKNIGHT911]

I see people around me who have all kinds of cool stuff. Yes, I have stuff, but I buy below what I can afford. Like, I bought a Ryker rather than an F3, I bought a Yamaha XRS rather than a Ducati, and just recently, I purchased a Honda rather than a Lexus. Even the Cadillac I owned I bought second hand. I live in a fairly small condo rather than a townhouse. I have never been on a fancy vacation.

So my savings and investments reflect my restraint. All is good. Or is it? I can't help but be jealous of these people. I know my pay is on par with many of them. But they live in big houses and drive new BMW's. I wonder if they just get a big inheritance. I have no inheritance per say. Both my parents where greedy sociopaths that only left debt in their wake. I do really like my new car. I am fortunate I can get a good car. But when I compare it to my wok parking lot full of Porsche, MB, Lexus and BMW, I feel jealous. I have the money for such a car, but I'm in this world alone. I need a good sized backup because I have no safety net.

I'm just rambling. I think we all fall pray to Consumerism.

:agree: with your financial philosophy …. concerning what others have - do they actually own these things or ( in my mind ) do the people who LENT them the money really own them ???? …. from what I have heard / read the majority of people in this country are really in serious Debt. All my life I have maintained a zero balance Due on all my credit cards. I use them almost exclusively as opposed to cash as do most people. But I know what my monthly income is ( I'm retired ) and spend accordingly. I now have to withdraw money ( RMD ) on a yearly basis because of the investment rules per the IRS. … and because of Taxes I decided that giving my children ( my heirs ) some of their inheritance ( $$$$$.00 ) on a yearly basis is going to save a lot in taxes ( at least for them ) … I have explained the financial facts of retirement to them and luckily they are investing it now for their future … good luck …. Mike hyea:

 

[Spydermike]

I see people around me who have all kinds of cool stuff. Yes, I have stuff, but I buy below what I can afford. Like, I bought a Ryker rather than an F3, I bought a Yamaha XRS rather than a Ducati, and just recently, I purchased a Honda rather than a Lexus. Even the Cadillac I owned I bought second hand. I live in a fairly small condo rather than a townhouse. I have never been on a fancy vacation.

So my savings and investments reflect my restraint. All is good. Or is it? I can't help but be jealous of these people. I know my pay is on par with many of them. But they live in big houses and drive new BMW's. I wonder if they just get a big inheritance. I have no inheritance per say. Both my parents where greedy sociopaths that only left debt in their wake. I do really like my new car. I am fortunate I can get a good car. But when I compare it to my wok parking lot full of Porsche, MB, Lexus and BMW, I feel jealous. I have the money for such a car, but I'm in this world alone. I need a good sized backup because I have no safety net.

I'm just rambling. I think we all fall pray to Consumerism.

I completely know where you're coming from. I read an article a couple years ago titled "stop counting other people's money" that made me smile. If I can find the link to it I'll share it. Basically it said you see only what other people want you to see, not what's behind it. Sure, your neighbor might pull into his driveway with a new BMW, but maybe there's a huge monthly payment they'll have for years to come. Or they're swimming in debt so much from everything that they won't be able to retire until much later in life.

The message I got from it (and remind my wife often) is keep the focus on you, and your goals to make you happy. Sure, it might make you feel better to park your brand new car next to their brand new car, but does that truly make you happy? For me it doesn't. I just keep reminding myself I have a goal to retire early, and I keep working at that goal. Once I achieve that ( someone called it delayed gratification), then I can have the "last laugh", so to speak.

 

[Batmobil-F3]

All those who have a job (pension), are decently paid, are healthy, maintain stable friendships and live in peace have, in my opinion, more than most people in this world. I enjoy my life, not the things I own. Things can only enrich life if I am satisfied with myself.

 

[wyliec]

All those who have a job (pension), are decently paid, are healthy, maintain stable friendships and live in peace have, in my opinion, more than most people in this world. I enjoy my life, not the things I own. Things can only enrich life if I am satisfied with myself.

It appears that you are satisfied with yourself, and are enjoying your life, but you don't enjoy the things that you own. I would think that if a thing enriches your life that you would be enjoying it. But, that's just my opinion.

 

[wyliec]

The message I took away from Rogue's original post has nothing to do whether he is happy with his current stature in life. It's just Rogue's way of initiating conversation, which appears he has succeeded at.

 

[Rogue Hawk]

You have quite the restraint with 3 moto's. :joke:

I guess restraint is just a matter of perspective.

I am one of the fortunate people who can afford three vehicles. I'm not frugal to the point I drive a 75' Nova and live in a hut. But I have thought about that; I have no right to be jealous. I have some fine toys and I should be grateful. I need to keep that in mind the next time a Lexus parks next to me.

 

[canamjhb]

If you don't live below your means, eventually you'll end up living below a bridge..... ...... Jim

 

[h0gr1der]

Early on I subscribed to Dave Ramsey's method of getting debt free. I found being in debt very stressful, based on the instability in the job market and world financial situation. Mr. Ramsey wrote a profound book, and using his methodology (even before his method was named) I paid off everything I own. Now I pay cash for what I can afford, and I do enjoy a new toy every now and again. Just remember, we're all going to bite it one day, and we don't want to make Uncle Sugar fat. Boomers are going away fast. My though is, as long as your family is secured now and in the future, everybody is fed and housed, why not? If it's within the budget, I say go for it.

 

[IdahoMtnSpyder]

I have a 2005 Nissan Maxima with 115,000 miles on it. It still runs good and does what I need it to. But, the paint on it has deteriorated and it needs a paint job, but they are expensive. A good paint job will cost as much, if not double, what the car would be worth after painting, so I keep putting it off. So why not buy a newer car? I'd like to but the way I view it, my choice is do I want to drive really nice car today, or buy groceries ten years from now! One's current level of spending often reflects their expectation for the future. I like the sign, "I'm spending my children's inheritance." But I sure hope the inheritance I leave them is not a negative bank account!

 

[SPECTACUALR SPIDERMAN]

I live happy with the thought my wife & i have achieved our savings goal and when retirement comes we will have more time & money to play.
Riding & overseas travel are what we want in retirement without worrying about how we will pay for it.

 

[BLUEKNIGHT911]

I have a 2005 Nissan Maxima with 115,000 miles on it. It still runs good and does what I need it to. But, the paint on it has deteriorated and it needs a paint job, but they are expensive. A good paint job will cost as much, if not double, what the car would be worth after painting, so I keep putting it off. So why not buy a newer car? I'd like to but the way I view it, my choice is do I want to drive really nice car today, or buy groceries ten years from now! One's current level of spending often reflects their expectation for the future. I like the sign, "I'm spending my children's inheritance." But I sure hope the inheritance I leave them is not a negative bank account!

IMS, a long time ago I had a car painted at a H.S. automotive shop class ….. for the price of paint & materials …. they did a really nice job ……. good luck …. Mike hyea: