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Started By
Message
Has any MT'er ever said: "Today, I have enough money."
Posted on 10/5/22 at 2:07 pm
Posted on 10/5/22 at 2:07 pm
What was the context?
What did you do next, in terms of future investments, spending habits, lifestyle changes, big purchases, etc.?
What did you do next, in terms of future investments, spending habits, lifestyle changes, big purchases, etc.?
Posted on 10/5/22 at 2:32 pm to Turf Taint
Depends on what you mean.
Enough to FIRE? Not me. I’m sure some have gotten to that point.
But my wife and I had “enough” money about two years ago. No car payments, emergency savings, extra towards retirement, and room to spend on extraneous things like clothes, dates, and vacations. Nothing luxurious or brag-worthy. But freedom is a word I’d use.
What I did next was a mistake. I should have been more conservative about potential long term emergencies. I defined emergency as “need a few thousand to handle something in the house.” I did not plan for buying two cars in an inflated used car environment. I did not plan for nearly everything in my budget to increase outside of my control.
Now, we’re not drowning, but the past year or so has been tough. I wish I had planned for something like this. Hindsight and all. But it would have been nice to have more for my vehicles instead of the $700/month I’m now paying for two vehicles.
Enough to FIRE? Not me. I’m sure some have gotten to that point.
But my wife and I had “enough” money about two years ago. No car payments, emergency savings, extra towards retirement, and room to spend on extraneous things like clothes, dates, and vacations. Nothing luxurious or brag-worthy. But freedom is a word I’d use.
What I did next was a mistake. I should have been more conservative about potential long term emergencies. I defined emergency as “need a few thousand to handle something in the house.” I did not plan for buying two cars in an inflated used car environment. I did not plan for nearly everything in my budget to increase outside of my control.
Now, we’re not drowning, but the past year or so has been tough. I wish I had planned for something like this. Hindsight and all. But it would have been nice to have more for my vehicles instead of the $700/month I’m now paying for two vehicles.
Posted on 10/5/22 at 3:00 pm to Turf Taint
Doesn't matter...everyone here is trying to get to "F You Money" level
Posted on 10/5/22 at 3:13 pm to StringedInstruments
quote:
I did not plan for buying two cars in an inflated used car environment
Why did you need to buy 2 cars? Were your cars old and approaching their end of life? Did you have inadequate insurance and the vehicles were damaged? If that is the case this isn't an emergency but a lack of planning.
Maybe it truly was an emergency but people call many things an emergency that could have been avoided with adequate planning.
If your 20 year old cars finally bite the dust, that isn't an emergency. You should have been planning on having to replace it in the near future. This goes for anything. If your roof is 25 years old, you should probably have some funds set aside for a replacement or a plan on how to pay for a new roof.
Posted on 10/5/22 at 3:18 pm to Turf Taint
quote:
Has any MT'er ever said: "Today, I have enough money." by Turf Taint
Why would anyone say that?
Just as in assessing our physical or emotional health, no one should say, “I am healthy enough.”
We should also not say we are financially healthy enough. If we’re good at earning money and growing wealth, the question becomes what should we do with it?
This post was edited on 10/5/22 at 3:20 pm
Posted on 10/5/22 at 3:29 pm to bod312
quote:He literally said in his response he failed to plan appropriately.
Why did you need to buy 2 cars? Were your cars old and approaching their end of life? Did you have inadequate insurance and the vehicles were damaged? If that is the case this isn't an emergency but a lack of planning.
Maybe it truly was an emergency but people call many things an emergency that could have been avoided with adequate planning.
If your 20 year old cars finally bite the dust, that isn't an emergency. You should have been planning on having to replace it in the near future. This goes for anything. If your roof is 25 years old, you should probably have some funds set aside for a replacement or a plan on how to pay for a new roof.
quote:
What I did next was a mistake.
quote:
I did not plan for buying two cars in an inflated used car environment.
quote:
I did not plan for nearly everything in my budget to increase outside of my control.
quote:
I wish I had planned for something like this.
Posted on 10/5/22 at 3:51 pm to Niner
quote:
He literally said in his response he failed to plan appropriately.
Right but he also said:
quote:
I should have been more conservative about potential long term emergencies. I defined emergency as “need a few thousand to handle something in the house.”
Not planning does not make it an emergency. This is just a pet peeve of mine and you can see that many people who post in here (even people who try to give others advice) don't have an actual financial plan.
This post was edited on 10/5/22 at 3:52 pm
Posted on 10/5/22 at 4:08 pm to Turf Taint
quote:
Has any MT'er ever said: "Today, I have enough money."
Posted on 10/5/22 at 4:24 pm to Turf Taint
No
You gotta keep working til you die because the government will always find a way to screw you and make you start over
You gotta keep working til you die because the government will always find a way to screw you and make you start over
Posted on 10/5/22 at 4:39 pm to Turf Taint
I hope I do that. My wife and I (early 40s) are both physicians and we own a few short term rentals that we use for fun in vacation areas (they make a little money, but mostly goes back into updating the homes). We have 14 years to go on our house, 12 on a whole life insurance policy, and our youngest will be 21 in 15 years. We max out on retirement contributions. We work hard and want to keep improving our house. We probably have $75k in improvements we would like to make, and we will probably need a new roof within 5 years.
We don’t have tons of extra money (no brokerage account), and we take decent (not luxurious) vacations. Neither of us can cut back on work and still continue with our plans. I am nervous that in 15 years I will still feel the need to continue to make money and not dial it back - but to your point, at that point in my life, I should say “enough.” But I’m not sure I’ll have the strength to relax
We don’t have tons of extra money (no brokerage account), and we take decent (not luxurious) vacations. Neither of us can cut back on work and still continue with our plans. I am nervous that in 15 years I will still feel the need to continue to make money and not dial it back - but to your point, at that point in my life, I should say “enough.” But I’m not sure I’ll have the strength to relax
Posted on 10/5/22 at 4:57 pm to Turf Taint
I was on track to retire in 2 years until people elected a group of idiots to run the country.
Posted on 10/5/22 at 5:31 pm to AndyJ
Dang bruh you need to slow down on the Starbucks and avocado toast
Posted on 10/5/22 at 5:34 pm to Turf Taint
Today, I have enough money....
to make it until tomorrow. I'm good.
to make it until tomorrow. I'm good.
Posted on 10/5/22 at 5:56 pm to Turf Taint
I’ll let you know when I get there. I don’t know what that number is or if I’ll get it, but there will be a point where I will define enough.
Posted on 10/5/22 at 6:19 pm to Willie Stroker
quote:
Why would anyone say that? Just as in assessing our physical or emotional health, no one should say, “I am healthy enough.”
(1+k)^n has no finish line
But the psychology of money does. Here is mine:
When I can do what I want, when I want, with whom I want, for as long as I want
For example only, as I recognize this is personal
Posted on 10/5/22 at 8:55 pm to Turf Taint
quote:
When I can do what I want, when I want, with whom I want, for as long as I want
I second this.
The number is different for everyone, but I think we talked about it in a thread a while back and 5-10 million of income generating assets ought to be enough for most to be exceptionally happy.
Posted on 10/5/22 at 10:24 pm to Turf Taint
I always have enough money for today's wants and needs. It's tomorrow's wants and needs that drive me crazy.
Posted on 10/5/22 at 10:27 pm to Turf Taint
Ancient Tiger did a couple of years ago. Just the other day I saw him bagging groceries
Posted on 10/6/22 at 9:19 am to Intelligent
quote:
I always have enough money for today's wants and needs. It's tomorrow's wants and needs that drive me crazy.
I really like this.
quote:
Intelligent
Checks out.
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