Eff You Money

[Libs]

55 minutes ago, gary17 said:

do the people here with $5M - $10M still have a day job ?

 

 

Yes sir, still running my RIA and loving it. Why would I retire.....

[LC]

1 hour ago, gary17 said:

do the people here with $5M - $10M still have a day job ?

Slightly less but yes! 

[Vish_ram]

Same boat. Enjoy being a RIA. I’ll do this even if I reach $100M.

 

you need something to wake up to, some purpose, some sense of fulfillment. 

[CorpRaider]

Yeah I could see that.  

[gary17]

I assume RIA = registered investment advisor ? 

 

thanks !    

 

 

 

[villainx]

7 hours ago, gfp said:

Flying in the nice seats up front is nice but it ain't net jets.

 

Do (some) folks here fly first or business class on the regular?  If so, what wealth level did it seem feasible?  

 

Apologies if it's been broached prior or elsewhere.  For me, I guess aside from upgrades, I don't think I could do it on my own dime.  But that might mean I'm not comfortable yet? 

 

[Parsad]

27 minutes ago, villainx said:

 

Do (some) folks here fly first or business class on the regular?  If so, what wealth level did it seem feasible?  

 

Apologies if it's been broached prior or elsewhere.  For me, I guess aside from upgrades, I don't think I could do it on my own dime.  But that might mean I'm not comfortable yet? 

 

 

If you can pay for business class without flinching, then you are definitely comfortable.  Even then, depending on your psychological makeup, you still might flinch.  

 

I'm comfortable, but I still bristle when I see business class flight prices, so I generally go in the middle...premium economy!  If I get an upgrade... great, that's icing on the cake!  You still get priority boarding, lots of leg room and shoulder room, plus you pretty much get all the food and alcohol you want on the flight.  And they still give you a pillow and little duvet!

 

Then again, I didn't have any problem dropping $12K for two nights at the Fairmont Hotel Vancouver the weekend before Christmas for a 3-bedroom Gold Level Suite and a fully catered and serviced Christmas Dinner for 14 people in our suite's dining room.  It was awesome! 

 

I'm ok spending a lot of money on experiences with my family.  Even my nieces and my nephew had their own little dining area off the living room where they had their own server for the evening.  Plus they had that Home Alone 2 sundae...16 scoops of ice cream with all sorts of toppings and syrups!  And the hotel threw in the Christmas tree for my living room!  We've been doing this for about 10 years...on a much smaller scale when I had less money...but this was the grandest year...Fairfax's return in 2024 was worth celebrating!

 

 

Me personally...I still shop at Walmart because I like a bargain!  I'm incredibly frugal except when it comes to experiences.  I would rather spend money on something like this than a Rolex or some other material object.  Cheers!

 

  

[nwoodman]

1 hour ago, Parsad said:

Then again, I didn't have any problem dropping $12K for two nights at the Fairmont Hotel Vancouver the weekend before Christmas for a 3-bedroom Gold Level Suite and a fully catered and serviced Christmas Dinner for 14 people in our suite's dining room.  It was awesome! 

Good for you.  Pics tell the story of money well spent

[Charlie]

4 hours ago, Parsad said:

I'm incredibly frugal except when it comes to experiences.  I would rather spend money on something like this than a Rolex or some other material object. 

+1

 

My family and me are currently at Belek, Turkey.

Very good here.

Sunny weather and great food at the mediterrean sea. 

 

[ICUMD]

Age 49. Over 10. Still work full time.  Fly economy. Fine dining generally disappoints me. Put my Rolex into storage and wear a Casio. I have a Tesla S (mid life crisis car), but am more relaxed in my 17 yo. Subaru.  Will typically take 1-2 international vacations per yr, but cringe at hotels over $250/ night. (Turns out you can get a whole modern 2 bed home with private plunge pool in Bali for less than that).

 

Personally, the best experiences are the company you have during them, not the money spent.  After expenses are paid, excess funds provide security and hopefully a good quality education for my young kids. 

 

After a hot shower, comfortable bed and tasty healthy food, some interesting tasks to focus on and family/ good company, not much more needed.

[thepupil]

6 hours ago, villainx said:

 

Do (some) folks here fly first or business class on the regular?  If so, what wealth level did it seem feasible?  

 

Apologies if it's been broached prior or elsewhere.  For me, I guess aside from upgrades, I don't think I could do it on my own dime.  But that might mean I'm not comfortable yet? 

 

I do. You just need to you know sell your soul at a job that pays for it.
 

i aspire to one day be a “general member” and not the top airline status.
 

That means I own my time.

 

cant wait to join the plebes!

[james22]

6 hours ago, Parsad said:

I'm ok spending a lot of money on experiences with my family. 

 

Sure, no better way.

 

6 hours ago, Parsad said:

I'm incredibly frugal except when it comes to experiences.  I would rather spend money on something like this than a Rolex or some other material object.  Cheers!  

 

As a watch collector, I'll argue it is an experience as well. Curating any collection is an intellectual exercise, and appreciating the art, engineering, and history is deeply engaging.

[Gregmal]

13 minutes ago, james22 said:

 

Sure, no better way.

 

 

As a watch collector, I'll argue it is an experience as well. Curating any collection is an intellectual exercise, and appreciating the art, engineering, and history is deeply engaging.

I think he was trying to make a general point about what he spends on rather than a statement about Rolex watches. Technically yes, Rolex is a poor example because its in the store of value category and has historically been a great place to park money even if you dont care for watches. 

[james22]

1 hour ago, Gregmal said:

I think he was trying to make a general point about what he spends on rather than a statement about Rolex watches. Technically yes, Rolex is a poor example because its in the store of value category and has historically been a great place to park money even if you dont care for watches. 

 

Sure, I'm only suggesting the distinction between experiences and things can blur. For some, things can provide an experience - it's difficult for those who think of cars only as transportation to recognize how for some driving is an experience.

[Ross812]

I own real estate of the quality I want, surrounded by friends, and in locations where visiting is easy. Day to day spending is controlled by the cost of living in your local area and your affinity for luxury. I've found I don't ski any better behind a 120k nautique than i do behind a 30 year old 20 year old malibu. I can call my eff off nut 5M and buy luxe boat, but I'm happy with 3M and extra time to enjoy what I have. The 3M will likely be worth 10M+ over my remaining 50 to 60 years, but i don't see a huge difference between comfortably poor and comfortable!

 

 

[cubsfan]

14 minutes ago, Ross812 said:

I own real estate of the quality I want, surrounded by friends, and in locations where visiting is easy. Day to day spending is controlled by the cost of living in your local area and your affinity for luxury. I've found I don't ski any better behind a 120k nautique than i do behind a 30 year old 20 year old malibu. I can call my eff off nut 5M and buy luxe boat, but I'm happy with 3M and extra time to enjoy what I have. The 3M will likely be worth 10M+ over my remaining 50 to 60 years, but i don't see a huge difference between comfortably poor and comfortable!

 

 

 

That's a great attitude to have. It's all about trade-offs.

In my quest to make a lot of money, I let my health slip for 15 years or so.

Some careers just demand it. Becareful about getting caught up in the flywheel.

 

I regret that - although it's all good now.

[james22]

20 minutes ago, Ross812 said:

. . . surrounded by friends, and in locations where visiting is easy. 

 

Few people were happier than when living in school dorms and poor.

[cubsfan]

4 minutes ago, james22 said:

 

Few people were happier than when living in school dorms and poor.

 

100% - I never thought about money.

 

It's so much fun when you retire and live like a kid again. 

[Ross812]

7 minutes ago, cubsfan said:

 

That's a great attitude to have. It's all about trade-offs.

In my quest to make a lot of money, I let my health slip for 15 years or so.

Some careers just demand it. Becareful about getting caught up in the flywheel.

 

I regret that - although it's all good now.

 

Barbell squats and deadlifts 2-3 times a week reversed all the knee and back pain i had. The human body is amazing. 

[cubsfan]

Just now, Ross812 said:

 

Barbell squats and deadlifts 2-3 times a week reversed all the knee and back pain i had. The human body is amazing. 

 

Good for you @Ross812 -- you're a young guy with the right priorities!

[Ross812]

6 minutes ago, james22 said:

 

Few people were happier than when living in school dorms and poor.

 

The Villages seemed perfect for a second go at living young when I visited.

[james22]

1 minute ago, Ross812 said:

Barbell squats and deadlifts 2-3 times a week reversed all the knee and back pain i had. The human body is amazing. 

 

I'm closing in on my press/bench/squat/deadlift 1/2/3/4 plate target (at 165#).

 

Haven't experienced neck pain in a year.

[james22]

1 minute ago, Ross812 said:

The Villages seemed perfect for a second go at living young when I visited.

 

Really liked living on a compound overseas for many years,

 

I'm planning to move to a 55+ community next.

 

Just have to find the right one.

 

Golf at noon, happy hour at 4.

[cubsfan]

1 minute ago, james22 said:

 

I'm closing in on my press/bench/squat/deadlift 1/2/3/4 plate target (at 165#).

 

Haven't experienced neck pain in a year.

 

Fucking awesome. It truly is never too late to get serious and reverse the effects of aging.

For most people, it's in their heads that they can't. 

But the quality of your life improves dramatically, along with your mental health.

NOTHING is more important. 

Kudos to you guys.

[thepupil]

I have a good amount relative to my age..though am not as young as I once was and honestly it's hard to tell what numbers mean anymore because everyone else is getting more nominally rich too. 

 

One of my problems is only 20% of my total pre-tax liability, pre transaction costs net worth is accessible/liquid/spendable. 

 

So I feel a lot poorer than my personal capital calculator would suggest.

 

home equity, IRA/HSA/401k/etc, a private RE investment, a small trust comprise the other 80%, all of which are illiquid/restricted/come with tax penalties. I've become more focused on increasing the accessibility/liquidity of these than maximizing the actual number...which isn't where I want it to be either.