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Old 02-18-2010, 03:21 PM
 
Location: Sunny Florida
7,136 posts, read 11,015,830 times
Reputation: 9460

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We have lived frugally and saved for retirement, but we have also splurged on some things along the way. Yes, I did have a sports car and thoroughly enjoyed it. The time to drive a sports car is when you're young - just make sure you can afford the maintenance. Each year we took a really nice vacation and still do. I will never regret that. We put money away to pay for a college education for our two children. That was worth doing. Now we are nearing retirement and it looks like we're going to be just fine. I'm glad we saved a lot, never paid late fees or credit card interest, and were able to have fun along the way. I hope you can do as well.
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Old 02-18-2010, 04:51 PM
 
48,516 posts, read 83,943,432 times
Reputation: 18050
Your in your 20's and alot of things can change just as you will change. Its good to save but don't judge what you will be like in your 60's;so don't judge what other do or what maybe you r lots in 40 years. Heck;you might not even be here. Live your life and prepare so if you do.
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Old 02-18-2010, 05:45 PM
 
Location: Prescott Valley,az summer/east valley Az winter
2,042 posts, read 3,628,332 times
Reputation: 7884
have a brother that wanted everything when he could~ went on vacations~ drove nice cars~ lived well! now he cannot work because of health and cannot not work! really has to skimp to even live!

I, on the other hand, saved as tight as i could~couldn't see going to a concert without spending the money I wished to have in retirement. Am loving my retirement following the sun and vacationing when and where I want! May not be able to have everything I want but can do most things without killing all my savings!

most people way underestimate what they will need in retirement~ your $4 million will not seem so large when you see how much inflation eats out of your figures~ figure your $4 million will actually turn into just a modest retirement by the time you are in you mid 60's!
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Old 02-18-2010, 07:02 PM
 
Location: Central California
86 posts, read 153,033 times
Reputation: 156
Try and steer clear of "the deadly D's" (drinkin', drugs, divorce & debt) while you're young and you should be alright when you get old.
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Old 02-19-2010, 07:48 AM
 
Location: Forests of Maine
30,684 posts, read 49,455,573 times
Reputation: 19134
Quote:
Originally Posted by Kleenex View Post
My friend and i were talking about this the other day......we're saving up the wazoo for "retirement"........we're in our 20's and the way we're saving, we should have 3-4 million in retirement (age 64).
But, we live frugally now, we don't drive fancy cars, etc.

you see people reaching the retirement age and either drop dead or simply too tired/sick/old to 'do anything' exciting. we don't want to be them! what's the point of having 4 millions and not having the energy or the desire to have FUN! why shouldn't we drive that sports car that we've DREAMED about for as long as we can remember? while we're young and full of excitement for life!?!

i pose this question: IF you're at the age of retirement, please share your wisdom. would you have done anything differently? Do you wish you had bought that 100k car when you were 30 and maybe not have had as much as you do now?

cheers.
You dont have to wait to 60 or 70 to retire.

We were very frugal. We took classes on budgeting and we even did a lot of volunteer time counseling people to help them get out of debt and to built their Net Worths. I honestly think that we focused a lot more energy on being frugal than the mere word frugal implies.

I worked in a career field that offers a 20-year pension [I hated most of it, but I stuck it through].

So when I got my pension at 42, we were able to buy a farm with no mortgage.

I am now 50. I have no job, I have a pension and we live rural in a forest. I sell veggies at a Farmer's Market in season.

It is an entirely different type of 'retirement' then what most folks picture.

But being out of debt is nice.

Being able to support a family without the need for a fulltime job is nice too.

Being able to spend some time with our children before they all became adults and moved away was also nice. Had I still been working fulltime, when they came of age, I woudl have missed that too. I missed much of our children growing up, I did not want to miss all of it.

I think it depends on your long term plans.

To me I can see where saving, investing and planning does pay-off.
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Old 02-19-2010, 08:06 AM
 
13,320 posts, read 25,565,364 times
Reputation: 20505
Along with the "d's"- here's another one-
DON'T have children unless you actively and passionately want to devote some 20+ years to the needs, wants, purported rewards and well-known downsides of being a parent. Don't have them just because that's what other people do or what married people do. Marriage is one thing. Being childfree in or out of marriage is quite another. They don't go together unless you want them to.
I don't mean "Skip the kid and take a cool trip." I just mean that being a parent shouldn't be a default program, it should be an active, conscious choice, preferably between two people who are fully committed to each other and to devoting their time, relationship, resources and energy to making a family.
Obviously, I'm one who opted out, for almost every reason you could name. The very first reasons, though, was not wanting to be chained to a job because I have to support a child. (A close second was not wanting to rely on some man, however well meaning, to a roof over my head and food on the table, and me home bored sick with the routines of childcare).
I might have lost one great guy over it, but I heard he had a nasty divorce a few years ago and his son is now 14...
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Old 02-19-2010, 11:03 AM
 
3,651 posts, read 8,305,709 times
Reputation: 2763
Lots of good stuff here. As many have said or implied, it's all a question of degree (like anything else). You don't want to skimp so much that you can't live a little and have fun now, but you do need to ensure your retirement plans are on track and realize the important of TIME in investing...it can be your best friend or worst enemy. The OP point is a good one though. On the one hand I wish I had done a much better job of investing when I was younger...on the other, at times I was so into being frugal that I denied myself great chances for fun, eg a friend wanted to go to Cancun one time when I was in my early 30s and I was so into my new house and house upgrades (many whcih I never did anyway) that I didn't go and regretted it ever since.

So balance is the key.
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Old 02-19-2010, 04:40 PM
 
Location: Alaska
5,356 posts, read 16,349,090 times
Reputation: 4023
Quote:
Originally Posted by forest beekeeper View Post
You dont have to wait to 60 or 70 to retire.

We were very frugal. We took classes on budgeting and we even did a lot of volunteer time counseling people to help them get out of debt and to built their Net Worths. I honestly think that we focused a lot more energy on being frugal than the mere word frugal implies.

I worked in a career field that offers a 20-year pension [I hated most of it, but I stuck it through].

So when I got my pension at 42, we were able to buy a farm with no mortgage.

I am now 50. I have no job, I have a pension and we live rural in a forest. I sell veggies at a Farmer's Market in season.

It is an entirely different type of 'retirement' then what most folks picture.

But being out of debt is nice.

Being able to support a family without the need for a fulltime job is nice too.

Being able to spend some time with our children before they all became adults and moved away was also nice. Had I still been working fulltime, when they came of age, I woudl have missed that too. I missed much of our children growing up, I did not want to miss all of it.

I think it depends on your long term plans.

To me I can see where saving, investing and planning does pay-off.
I was about to say the same thing. My only regret is that I didn't save more so I could have retired in my late 40's or early 50's. As it stands, I'll retire at age 60 so at least that's a bit earlier than normal.
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Old 02-19-2010, 06:17 PM
 
Location: Tampa, FL
27,798 posts, read 26,217,684 times
Reputation: 14611
Quote:
Originally Posted by Kleenex View Post
My friend and i were talking about this the other day......we're saving up the wazoo for "retirement"........we're in our 20's and the way we're saving, we should have 3-4 million in retirement (age 64).
But, we live frugally now, we don't drive fancy cars, etc.

you see people reaching the retirement age and either drop dead or simply too tired/sick/old to 'do anything' exciting. we don't want to be them! what's the point of having 4 millions and not having the energy or the desire to have FUN! why shouldn't we drive that sports car that we've DREAMED about for as long as we can remember? while we're young and full of excitement for life!?!

i pose this question: IF you're at the age of retirement, please share your wisdom. would you have done anything differently? Do you wish you had bought that 100k car when you were 30 and maybe not have had as much as you do now?

cheers.
Speaking of that expensive car (I wouldn't buy one) - I thought you'd be interested in this wikipedia discussion of the Millionaire Next Door - read through the different types of savers/spenders - and why they feel the need to have some luxuries in life. BTW, I just reached financial freedom and have retired early at the age of 46. I've saved since I made a paycheck and never really made that much money annually - just "payed myself first" - meaning I put money away into mutual fund investments.

http://en.wikipedia.org/wiki/The_Millionaire_Next_Door
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Old 02-19-2010, 06:41 PM
 
Location: Sierra Vista, AZ
16,133 posts, read 20,826,624 times
Reputation: 8293
There is saving and there is saving. Most investments are too subject to market changes. A lifetime of saving could be wiped out by five years of hyper inflation.
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