Are you a "Save every penny for retirement" or "Live life now" type person?

Gotta go with @Lightcycle on this and say somewhere in between. In our mid 20's I talked the Squeeze into quitting our jobs and selling the house to go backpack Europe.
Came home picked up the pieces and moved on. Our cars were a fleet of old Tempos and Topazs (they were cheap and the brakes were easy as I recall). We didn't live the high life but I always had a bike.
Watched my Dad and then a good friend pass in 2010 and knew it was time to start eating the dessert first.
There were ups and downs but I managed to retire at 57. Because we're not very materialistic we live quite comfortably now.
Did I even answer the question??
 
Make sure your dependants/spouse are taken care of if something happens to you and don’t spend yourself into an area where you can’t retire at a decent age. Have fun with what’s left over.
My wife and I like nice things. Both of our parents are/were horrible with money. I’ve learned to be money-smart which keeps us on track and helps out family.
 
timtune said:
There were ups and downs but I managed to retire at 57. Because we're not very materialistic we live quite comfortably now.
Did I even answer the question??
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If you don't have regrets for missed opportunities and managed to retire comfortably, you got the balance right imo. If you are working until you die or eating KD and rice for decades to save money and build a warchest, I think the balance is off.
 
I try to balance things out long term considering both capital outlay and cash flow. A one hundred thousand dollar, in the water boat will cost $100K of your capital and $10,000 a year of your cash flow.

$100K of motorcycles takes the capital but if the economy goes sour you can store them in your garage for next to nothing.

If you're going to do something stupid with your money make it funny stupid not sad stupid. Helicopter flying lessons instead of Arthur Murray dance lessons.
 
Hardwrkr13 said:
Make sure your dependants/spouse are taken care of if something happens to you
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On that note, my wife and I took out 10 year term life. Costs about $25K by the time it's over. There were many discussions about term and rates to try to find the right balance. 20 year term life would have been closer to $100K. Ooof. The plan is to re-evaluate at the end of 10 years. Maybe inheritance happened, maybe investments did really well, house will be 10 years closer to paid off, etc. If we feel another round of life insurance is a smart move, we can probably cut the amount of coverage in half or less.
 
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GreyGhost said:
If you don't have regrets for missed opportunities and managed to retire comfortably, you got the balance right imo. If you are working until you die or eating KD and rice for decades to save money and build a warchest, I think the balance is off.
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Financial advisor said our investments at $XXX would be enough to get us to the end and we shouldn't have to sell the house. Been retired 5 years and $XXX has increased by about 50%. (my money gal is good and trump didn't hurt)
After a life time of cautious spending it's hard to just turn on the tap.
That said I need a new lid (good sized chip in the center of a crack! not sure if my head was in it at the time). It was the most expensive helmet I ever bought. I imagine the new one will have the same distinction.
 
timtune said:
Financial advisor said our investments at $XXX would be enough to get us to the end and we shouldn't have to sell the house. Been retired 5 years and $XXX has increased by about 50%. (my money gal is good and trump didn't hurt)
After a life time of cautious spending it's hard to just turn on the tap.
That said I need a new lid (good sized chip in the center of a crack! not sure if my head was in it at the time). It was the most expensive helmet I ever bought. I imagine the new one will have the same distinction.
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I met a guy in Winnipeg, a friend of my cousin. The guy never had a decent paying job in his life but raised his family well on a shoestring budget.

Then 20 ish years ago he won $7 Million in a lottery. His wife bought herself a new pair of shoes for $40 but took them back because they were too expensive.
 
Evoex said:
*Flag on the play*

<Whistle>

Penalty to @crankcall #45.

$20 in the GTAM donor box for taking 3 vacations this year.
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always lived for the moment. Felt my gift for the gab and sales ability would carry me.
Unnecessarily ugly divorce took away anything like a long term economic base and while the business paid for a lot of good things, adventures, edu for the kids, travel I was very lucky to get out with paying off most of my debts when it sold.
Now own nothing cept a motorcycle, photo gear and some art.
A little corner of the world to try and survive on pension....long discussion today that raised some issues.
We both have long lived antecedents...3 out of 4 parents lived to 95 or better so that's still 20 years off and no income stream beyond pensions.
Partner at least has super and house so not going homeless but have to be very careful.
 
I retired Nov. 2015. Wasn't happy with planned restructuring at work. called to a meeting with my boss + VP HR. Thought this is where I get laid off at 58 due to realignment of divisions. Fantastic news for me as I'd get a good severence package and then start pension. Then they tell me they want me to lead the new department......... WTF, there go my plans. Anyways, numbers lined up, working longer just meant leaving more money to kids, didn't need it to live, so pulled the plug and left.

We've always been planners and savers, hard to change that when you retire.

With my ST, purchased in 2003, I waited years before adding accessories and gear that made long distance touring more comfortable. I learned. With my Tracer I did most of the upgrades first few months I owned it.

I think lots of us know people who worked hard all of their life, scrimped and saved, and died shortly after retirement or learned they or a spouse has a terminal illness.

"Are you a "Save every penny for retirement" or "Live life now" type person?" I trended toward the saver side, but not excessively so.
 
I need to switch to the "saving" mentality a bit more as i spend too much.
i have so many hobbies, and i try to keep my kids interested in new things and trying a bunch of activities/experiences

the way i see it, i try to invest in my health so the little i save i can enjoy when it's time
does it ensure nothing will happen? no... but im trying to better my odds

it's always hard to find the balance between the ant and the grasshopper
 
As time goes on priorities change, right or wrong. But in all the below I never lived beyond my means and even though priorities shifted there was always some money going to other things...

When I was young and single, I spent too much and did not save as much as I should have but I have little regrets.
Once we got a mortgage and kids there was little extra left to do big retirement savings and we prioritized the kids and paying off the mortgage.
Now the mortgage is paid off and there is enough RESP for the kids university, the priority is savings, more discretionary spending and renos.

We have some pensions, RRSPs and other savings but we are taking the mortgage free opportunity (free cash flow) to really top things up and enjoy ourselves more. Paying it off early and not "upgrading" was one of the best moves.
 
crankcall said:
This coming yr is Malta in February, NYC
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Interesting.

BTW, off-season (like, March/April) in Monterey California is cheap as chips. Now, it's quite some time ago (8a) but I paid $99 a night for a room in one of the nicest places in the state. Laguna Seca is just up the hill... ;)
 
Shaman said:
Interesting.

BTW, off-season (like, March/April) in Monterey California is cheap as chips. Now, it's quite some time ago (8a) but I paid $99 a night for a room in one of the nicest places in the state. Laguna Seca is just up the hill... ;)
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My sister and I stayed in Vegas right around this time a year ago on a last second whirlwind adventure and paid under $50/night (all in) at the Rio. And something like $250USD for our rental car for the entire week.

The deals are out there for people who are savvy and shop around vs just going to a travel agent and saying “I want to go here, here’s a blank Cheque”.
 
PrivatePilot said:
My sister and I stayed in Vegas right around this time a year ago on a last second whirlwind adventure and paid under $50/night (all in) at the Rio. And something like $250USD for our rental car for the entire week.

The deals are out there for people who are savvy and shop around vs just going to a travel agent and saying “I want to go here, here’s a blank Cheque
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Yeah the problem is people are too lazy to ...DO THE RESEARCH :P

and sometimes they just want to have a set it and forget it mentality for the getaway, which comes at a price.

Pre-kids i could go sleep on a couch visiting a place and i'd be fine, now we need an airbnb/hotel for the family which completely changes the budget... also food wise its a whole different vibe.
 
A lot depends on what kind of person you are when you're in God's waiting room.

I knew a couple that bought a 17 foot sailboat with a cuddy. After they got the feel of it they took the wife's mother out for a sail and promptly turtled it. They said it was the best thing that could have happened to her.

When she got back to the nursing home she couldn't wait to share the adventure, many times over.


Another friend who would call his mother and say "We're going out for fish and chips. Why don't you join us?"

His mother would reply "Oh don't worry about me, go enjoy your time together. I can babysit the little one if you want." If she agreed to go she'd fight to pay the tab.

On the other hand the friend's wife had an aunt who would reply "I'd love to but I can't be ready for five minutes" and would be dynamite company.

In the home, how many people want to hear how many hours it took you to do the tax report for XYZ Widget Inc.

Tip over a few boats while you can.
 
I'm a bit of an 'in the middle type'. I def do not save as much as I should, but my work is OMERS so I'm not overly worried about that part right now...although one never knows if I'll move over to another employer prior to my planned retirement in 20 odd years.

I'm also not one to blow my money on everything simply because I always know that poo happens, and life can throw a wrench into the best laid plans so I try to find a happy medium that works for me.

My big issue is I try to save money for things (i.e.: trip, car, etc) and I go a bit too far so I end up cash poor, but saving rates get cranked up too high so I need to temper that once in a while as I find I have <500 in the primary account (oops!).

My dad on the other hand...he's 71 almost, and refuses to retire from work because 'if I stay one more year...I'll make an extra $150-200/month and mom will have more when I die' which to me is ludicrous considering they have no debts, multiple investment properties, and are in good health. I understand his want to continue working, but...that's not me.

So to sum it up...there's a happy balance somewhere for everyone.
 
Lightcycle said:
... and an unhappy bank balance for others...

But you can always blame immigrants/boomers/etc for your bad financial decisions and poor impulse control.
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For instance I just got a notification that I have $200 in my main account.

Forgot that $1200/month goes to a debt, $600 to property tax, and $800/month to various savings accounts.

Oops.
 
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