Do you still have fun as you get older?

[Teacher Terry]

Balance in everything will help you have a happy life. Put money every month in mutual funds but also take some nice vacations along the way. Don’t get into consumerism and have a bunch of debt for things that won’t make you happy. Live within your means. Health is a combination of genetics, lifestyle and luck. Take care of yourself the best you can.

[BigCityDreamer]

Originally Posted by compwiz02

But back to the topic.....do you enjoy life when you are "older"? Do you enjoy all the money you've spent years saving? Is it all worth it?

I haven’t hit 60 yet. But for me, the answer to the thread question is definitely yes.

I have saved and invested money from the time I began working. It’s a lot of hard work, but the many years I’ve done this has paid off.

There is way more freedom to have the things you want and enjoy doing the things you want to do.

There are positives and negatives to everything in life. You have to decide which course of action to take. But for me, this was a no-brainer.

[A New Day]

Originally Posted by treasurekidd

Well, let me tell you this - you also want to avoid being that old guy who didn’t save and has no money. The only thing worse than being old is being old and poor.

Good luck.

This was also my first thought. Do you really want to be old and broke, living off social security and not able to afford a car or a decent quality of life?

My second thought was that saving a million is probably setting the bar low if you’re young (under 30?). We’re 40s and would never retire on that low amount.

My third thought is you can both save $ and enjoy life in the present. Depending on how young you are when you begin saving for retirement, 15% is probably a safe amount to save. That leaves you with plenty for the present and near future.

[Pitt Chick]

Originally Posted by compwiz02

When it comes to saving money, the common reason is "so you have will have money when you get older and retire". The argument against this is often "why wait to enjoy my money when I get old? why not enjoy it now?"

It IS possible to save AND enjoy your money!
The two are NOT mutually exclusive.

re: your question...
Do you still have fun as you get older?
Yes, even more so than when younger, as we have the time and the money to do as we please.
And four grandchildren add tremendously to the fun!

[A New Day]

Originally Posted by compwiz02

Let's focus on the 2nd reason: do you enjoy the money that you saved?

Let's say you were able to save 1 million dollars....or even $400,000. Would you enjoy it as you get older?

How do you make "saving money" an exciting habit? Do you just automatically put X amount of money into an account every month for 30 years and forget about it?

We’re still accumulating but we have plenty of older relatives (parents, aunts, uncles, etc.). They sometimes need to spend more on special glasses or shoes or prescriptions. They might need to hire out for yardwork or housework after a certain age. They might want to be able to take the whole family out to eat (kids, kids’ spouses, grandkids).

Saving money doesn’t have to be exciting, but it can be. Hopefully you have a retirement account where you can automate contributions.

[treasurekidd]

When people say "save money", it's a very vague action term.

There’s nothing vague about saving money at all. I find a lot of enjoyment in not worrying about money.

I have a friend my same age who asks why I’m so focused on saving and investing. His point is basically “why not enjoy it now?” I get his point, but I basically try to tell him that even though I haven’t spent it, it’s buying me other things - options and freedom, which is somehow confusing to him.

I’m 54 and have worked for the same company for 30 years. I plan to work until 62 and not one minute more. Do you know how good it feels to be able to go to work every day knowing that if the boss gives me too much crap I could walk out the door, never come back and not have a financial worry in the world? I find that very enjoyable, and even more so knowing that my boss knows this. Very, very enjoyable.

Some people get it, most don’t, many never will.

[oneasterisk]

I'm 43, have a paid off sfh, cars and still manage to save/invest nearly 40% of my income. I support 3 kids and a SAHM on my salary. We still manage to go on a few vacations a year. This year we spent almost a week in Disney. We'll be traveling out of state in a few months for my nephew's graduation and on the way back we'll probably hit Disney for another day since we didn't get to do everything we wanted and other stuff in Florida. We typically do at least 2 vacations a year at about a week each at a time.

My wife homeschools since she was a former teacher. We can do vacations or activities during the week when things aren't busy. For example February was a great time to go to Disney since the crowds weren't crazy and it wasn't sweltering humid heat. We have annual passes to the zoo since the kids love animals and LEGO Discovery. We do at least one of those a month, if not more often.

I've accumulated about 1.3m in investment money by shoveling as much money I could while I was single. That money compounded nicely and I could pull back a bit as I started my young family. I've kept debt to a minimum and that allowed me the spare funds to invest in the stock market and one rental home. The tenants paid down my mortgage and now I live in that same rental after I had it renovated. I'm mainly invested in indexes with only about 12 individual stocks and the rest in ETFs and mutual funds. Last year my investments made more than my salary and I earn 153k so that's saying something.

So you have to find a balance of investing and still enjoying things while you're young. I don't want to be old with a pile of money and a bigger pile of regrets. Some may look at my 1500 sqft house and older cars and think we're just getting by, but they have no idea I'm debt free and prefer to spend on experiences than on flashy cars or huge homes that require major upkeep/utilities.

[galaxyhi]

Originally Posted by compwiz02

The thread title is a bit vague so let me explain....

When it comes to saving money, the common reason is "so you have will have money when you get older and retire". The argument against this is often "why wait to enjoy my money when I get old? why not enjoy it now?"

I'm a young guy and from a young person's perspective (I can't speak for all young people), but we see people in their 60s, 70s, and 80s, and see people grumbling about health problems, getting surgeries, not able to walk around a lot. It's not very inspiring. It makes me think "if I was able to save 1 million dollars until I reach 60 years old, how will I enjoy it?"

Now, I have seen elderly people walking around and enjoying life and it inspires me. Maybe they spent most of their life surrounding themselves with people who also enjoyed their lives.


But back to the topic.....do you enjoy life when you are "older"? Do you enjoy all the money you've spent years saving? Is it all worth it? I want to avoid being that 60-year-old guy who is jaded and gets grumpy about the idea of traveling somewhere or splurging on something nice.

Everything in life is a trade off.

I'm 60, have collected SSDI since age 40.

My list of health issues and surgeries is growing longer each year.

One CAN legally work..partbtime....with a $ limit while collecting SSDI, and of the 20 years on it, I've worked about 15 of those years.
I'm so limited to Roth (with the earned income limits) and some retirement investments while I collect and work.

I, like my 83 yo aunt said want to "live til I die'!

In 2005, a year before I started needing a cane to help get around, went with spouse to Hawai'i. It was comfortable then. I even climbed Le'ahi ( diamond head volcano that is a back drop to Honolulu and Waikiki).
I could never do that now, or even 10 years ago.

The trip cost about $3-3,500 in '05 dollars.
Yes, that COULD have gone into retirement fund/s.
But it was a trade off I'm glad I made!

I've always wanted to go to Greece and Ancient ruins of both Greece and Rome.
I never got there while I was more mobile, and now doubtful I ever will get there.

I've had 28 surgeries and each one was harder to recover from than the previous.
The one before last lead to 3 other emergency surgeries because the jack***** surgeon was a butcher who.left me with internal bleeding and went off to his stupid office visits the next day before getting me back in the OR, so basically I bled out and died 3 times on the table the first emergency surgery following the original surgery he butchered.
2 more emergency surgeries because the incision turned necrotic and ruptured in two different places in two different times.
It took me 2 years to recover.

I had major back surgery last August, still recovering. I'm now screwed together in 8 places iny lumbar and neck.

Now I'm dealing with heart failure..a known entity accelerated BECAUSE of the f'd up surgery and dying on the table 3 times... requiring multiple shocks to restarty heart.

So...would I trade a LOT of travel/trips for a gazillion Jillion million dollars in retirement??
YOU BETCHA!

BUT: You have to be careful, plan carefully and realize/decide which trade offs your willing to work with!

No, don't spend every penny like there's no tomorrow...but don't save and scrimp every penny to where you have no life, either.

If you wanted advice, and because you are young (I don't know how young): religiously save at least 10% (15% may be better)for that rainy day when you get old and decrepit (which come sooner than you think), and plann, save in a sub savings account sinking fund for the things you'd like to do along your lif s path.

Also
Find ways to do some of the things you'd like on an "austerity" type budget or in a less expensive manner.
Day, go somewhere for a 4 day weekend instead of a full week vacation (use a holiday 3 days and add one paid/unpaid day). That can save at least 2 nights in hotel.

Go on an off peak or "shoulder season" ( generally spring and fall) when rates are cheaper.

Spen $500 on a good tent campsite package and camp in federal parks on an annual park pass from US Parks and Recreation near some where/,thing you'd like to see/do (say, Grand Canyon).
Reuse the set up while you are young enough to haul/setup/, tear down to save hotel costs.

Buy any number of "European trips on a Dime) books/eBooks to see how to travel cheaper and use hostel's instead of hotels.

Do 3 4-day weekender trips instead of a solid 2 week vacation...give opportunity to go 3 places in a year instead of just one...if you can get up early, drive hours to get there and stay, then get back later on return day.

Also, grab $200, get in car and go for a drive..pick a direction and go til you find a place in Fri night, explore Sat and early Sunday then head back in the evening sun. Make it an adventure, and make the $200 work!!

BUT also he aware... lol fe will throw you curve balls..or hit you suddenly in the balls (can I say that?) so DEFINITELY PLAN for the future!

Example: my net worth is being cut roughly in half because I'm (finally) divorcing my narcissistic psychosociopath spouse! At 60, I have to regroup, plan better and tighter and find a sit down type job (I've always had active jobs, or at least as active as I could be) and save and scrimp now at age 60, in the worst health of my life (heart failure is now a strong issue) because I want options going forward to get taken care of as needed as I get worse (,though I'm.hoping for BETTER!)

HOPE this helps give you an accurate, even if brutal idea of 'the best laid plans of mice and men's.

Or "man plans, God laughs"!

Best to you

[compwiz02]

Originally Posted by oneasterisk

I'm 43, have a paid off sfh, cars and still manage to save/invest nearly 40% of my income. I support 3 kids and a SAHM on my salary. We still manage to go on a few vacations a year. This year we spent almost a week in Disney. We'll be traveling out of state in a few months for my nephew's graduation and on the way back we'll probably hit Disney for another day since we didn't get to do everything we wanted and other stuff in Florida. We typically do at least 2 vacations a year at about a week each at a time.

My wife homeschools since she was a former teacher. We can do vacations or activities during the week when things aren't busy. For example February was a great time to go to Disney since the crowds weren't crazy and it wasn't sweltering humid heat. We have annual passes to the zoo since the kids love animals and LEGO Discovery. We do at least one of those a month, if not more often.

I've accumulated about 1.3m in investment money by shoveling as much money I could while I was single. That money compounded nicely and I could pull back a bit as I started my young family. I've kept debt to a minimum and that allowed me the spare funds to invest in the stock market and one rental home. The tenants paid down my mortgage and now I live in that same rental after I had it renovated. I'm mainly invested in indexes with only about 12 individual stocks and the rest in ETFs and mutual funds. Last year my investments made more than my salary and I earn 153k so that's saying something.

So you have to find a balance of investing and still enjoying things while you're young. I don't want to be old with a pile of money and a bigger pile of regrets. Some may look at my 1500 sqft house and older cars and think we're just getting by, but they have no idea I'm debt free and prefer to spend on experiences than on flashy cars or huge homes that require major upkeep/utilities.

Damn.... 43? You're only 8 yrs older than me. How the heck are you earning 153k? What do you do for a living? How many bedrooms is your rental and how much was your DP (downpayment)? what do you use for investing? any specific tools? how much do you invest every month? what age did you start investing?

[compwiz02]

Originally Posted by treasurekidd

There’s nothing vague about saving money at all. I find a lot of enjoyment in not worrying about money.

I have a friend my same age who asks why I’m so focused on saving and investing. His point is basically “why not enjoy it now?” I get his point, but I basically try to tell him that even though I haven’t spent it, it’s buying me other things - options and freedom, which is somehow confusing to him.

I’m 54 and have worked for the same company for 30 years. I plan to work until 62 and not one minute more. Do you know how good it feels to be able to go to work every day knowing that if the boss gives me too much crap I could walk out the door, never come back and not have a financial worry in the world? I find that very enjoyable, and even more so knowing that my boss knows this. Very, very enjoyable.

Some people get it, most don’t, many never will.

I think the "why not enjoy it now" comes from the mindset that there is no promise of a tomorrow. As the saying goes "focus on the present since it is the present that is guaranteed, not tomorrow". That doesn't mean spend all of your money now and go broke. I guess that just means....focus on the now and don't be too obsessed with the future. "start saving now and after 30 years, you can enjoy it!!" honestly, that's the worst way to sell the idea of saving money to anyone, at least in my opinion lol. I want to be able to see the benefits of that savings. eg: I want to wake up and see the money actively growing every week and every month.

As for the work, I know a lot of people who HATE their job and can't wait to retire. I think this is why more and more people venture into freelancing and owning their own business. People are tired of working for someone and dealing with bull**** everyday. I've seen people who go to work because they love what they do and enjoy what they do without the mindset of "ha, I can leave whenever I want if my boss is an *******!". That's the kind of scenario I want to put myself in. But of course, it's easier said than done.