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Though it has affected my retirement income, I'm pleased with how I lived my younger years. I spent all my money on adventures---not restaurants, clothing, cars or that stuff. I did everything I wanted to do, while I could do it. I chased every dream.
Now I can't do most of those things, so it has all worked out. The one dream I didn't do earlier in life, was overseas travel. But I can do that now, so it has evened out.
I don't regret not saving more in light of what I got out of it. And we're OK now.
I guess I'm still relatively young at 37, but sometimes I regret the amount of money I've spent when I was younger. After working hard throughout school, I wanted nice things. I had that young kid mentality of "I worked for it, and I deserve it" since I didn't party through college and worked full time while going to school.
When I got a professional "big boy" job out of college, I used my 1st bonus to buy a fun car I've always wanted (and like the one I had in high school). I'm a huge car enthusiast, and that hobby has been financially draining. During my 20s to mid 30s, I bought 3 more fun cars; and, although cheap ($2000-3500 each), I blew $ fixing them up. I still have the 3 cars, but I don't spend much at all on them and only occasionally take a pleasure drive in them. I'm shocked at the $ I've thrown away. Add in the fact I've owned 2 jetskis/waverunners and had car payments makes me realize how wasteful I was while typing this. My wife hates 2 of my 3 fun cars and thinks they're junkers. I like to tinker though.
I also had a brief period of unemployment but was covered with a severance for most of it. I had the other big 2 of the 3 hit me--divorce. Almost crushed me. I made it through, kept the house, the toys, 1 of the dogs, etc., but it did cost me $11k out of my measly 401k that I had (not enough in savings), so I took that huge hit. I knew I couldn't find a more affordable place for the space I had, and I could afford the mortgage on my own. I'd only been saving 3% of my 401k since 24.
Fast forward to now, remarried to the love of my life, selling my house and living in hers. That will free up a chunk of money with some equity I have. I just landed a job with state retirement benefits (mandatory 6% contribution to pension program). I'm going to put another 4% into an IRA or some S&P 500 fund to total 10%. Once I sell my house and get out of that mortgage, I may just up my total contributions to 15-16% to play catch up. I'm paying extra on my car loan to have it knocked out hopefully within a year. Wife's car is paid off and she's saving for her replacement.
Now that I'm close to middle-aged, I'm rethinking about the future. I've discovered I just plain hate working and having to be tied to a schedule after working 21 years. I've changed jobs multiple times to work in areas I thought I had interest. At the end of the day, it's just a job. I value freedom more. I'm leveling off in my career, and I don't want to climb the ladder or deal with the BS. I'm over this working thing already.
The wife and I were talking about buying a nicer house and renting or selling hers. I have no desire for a huge house payment. It's cheaper to rent storage or build a garage in the backyard for my 'fun' cars and budget $ to spend on them vs. buying things on a whim. We could pay the current house off easily by retirement. It's tiny and would suit our needs. We also want to travel, so that will be our large leisurely expense every year. We spend so much time doing things together, so that has made me happier than material items. Currently, we do not have children. If we have them later, that throws a major wrench in retirement. If we don't, I calculated we could be set pretty well if we act now before it's too late.
I had no money in my younger years. Eating out was Burger King once a month. Middle working years were ok, highest earning was up to retirement when company went bankrupt, so we’re frugal again. We traveled a lot in our 30’s-50’s and I don’t regret one minute of that. Wish we hadn’t moved so often, though. It’s expensive every time.
Say you were one of the lucky ones. You avoided the three big ones, Illness, Divorce, and Unemployment. Invested wisely, lived frugally, and all your close relatives and friends are doing well enough never to ask for a handout.
But now you find yourself on a big wad of cash that's waiting to be spent but not enough time to spend it or your body is too worn and beat up to enjoy travel and other hobbies.
Anyone regret being too thrifty in your younger years? Of course hindsight is 20/20.
Thrifty during early years...NOT!
Since my early 20s, I had a substantial income, always enough to support my family, RE, new cars, motorcycles, vacations, and everything in between.
Now in my senior years, I had/done it all, need for nothing except good health to carry me through.
Some have approached us for money, some for housing "just until they find a new job", all getting the same answer -- no. They are living examples of what happens when you live for the moment and blow everything on experiences, McMansions, Round the World vacations, and high end cars.
Are these broke people who are asking for a loan still owning those large homes?
and still driving luxury cars?
Quote:
Originally Posted by pullin2
Nothing in the world could make me believe that youthful spending would've been a good path.
I'll try.
When you die, your unspent money will be squandered on drugs, $90,000 cars and $25,000 designer handbags.
And if you have no kids, even worse, because your money you never spent just evaporates, as far as you're concerned.
Should have spent it while you had the chance.
Someone else is going to have a blast pissing thru your life savings in a matter of months, before you're even fully decomposed.
How do you feel about saving now? Still smug? You're wasting your time.
Last edited by ShouldHaveLeft914; 02-05-2019 at 05:59 PM..
The only regret I have is not having a better lawyer when I divorced.
What would that have changed?
Divorce is pretty cut and dry.
Standard rates for CS and 50/50 of community property.
Quote:
Originally Posted by oldgardener
I was thrifty when I was young, and I still am, but I'm starting to wonder why--when I die, family will get my money, and none of them actually need it. Maybe I should spend it all on beads now.
Spend it now, or lose it. You wasted your life earning money you never used.
Let that sink in. What a total waste of life.
I wish I spent more money but have very little use for it.
I may die with a large sum of unspent money, and this is starting to haunt me.
My regrets with spending too much money...
--getting into collectibles on Ebay
I had to throw out 99% of it anyways when I moved
--investing more
Beyond my company's 401K. However, that was tougher to do before I saved up more money
I've had periods where I ate FF more than I should've of. I should've gotten fast casual or better quality level of foods. That would've gotten expensive, but it would've encouraged me to cook more at home.
Nowadays, If I have to spend an extra $90 to save myself 4 hours of driving (by getting a hotel), then my time's worth considering as such.
I've had periods where I ate FF more than I should've of. I should've gotten fast casual or better quality level of foods. That would've gotten expensive, but it would've encouraged me to cook more at home.
A lot of dishes are pretty easy and don't take long to make. You can make a week's worth at a time, and freeze them. Or, make salads and then split them into portions for 2 or 3 days (depending on what's in the salad.) I've saved a large amount of money this way, and it's a good way to eat healthy foods and control your portions.
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