You could buy it. But you don’t

[THE PILGRIM]

Getting the Itch for a Joker Knife.
Anybody got one?
Since I only have several hundred Knives, I probably do need a Joker.
Here's the original Marble Navy Knife on the top.
Most of the later Knives had shorter blades like My personal issued Knife is on the bottom. Carried it in SEA.

 

[Wyo]

See this is where I get tripped up. Like everyone I want a lot of things. But I literally don't need anything. I have heirs. Wife, son , stepson. Possibly grand kid someday. But at 55 and in good health I don't make decisions based on that. I worked hard my whole life. I saved money. I retired at 53. I sacrificed and did without all my life. I'm having trouble breaking free from that mentality.

Back when I was still practicing, I would occasionally run into a client who had plenty of money but was worried about leaving some/all of it for their children or other "heirs." These were usually older folks who had been frugal their entire lives - they always had what they needed but nothing that they saw as frivolous or fancy. Oftentimes, their "heirs" didn't give a ---- about them, they just wanted the money. My advice to them was that they had raised their children, paid for their educations, food, doctor bills, etc., etc., and they had sacrificed to do it. The best thing they could do for their children was to teach them how to make their own way in the world. Either they had already done that or it was too late to start. They owed their children nothing beyond that. If they wanted something and had the money they should buy it and enjoy it. Their goal should be to spend their last dime on their last day.

I do not advocate reckless spending. I do advocate using one's money to enjoy life within reason. You're the only person who can decide what's "reasonable." I have never bought fancy cars, snowmachines, motorcycles, etc., but I have bought and sold a lot of guns. That's because I enjoy them and, usually, I can afford them. Honestly, my tastes aren't that expensive. I would love a nice Rigby stalking rifle in .275 Rigby but, for me, that just isn't "reasonable" even though it might even be a good investment. My other suggestion is that if you feel the need to pass assets on to your heirs, give it to them while you're still alive. At least you'll get to see them enjoy it even if you won't yourself.

 

[Narragansett]

Well I would like a new truck, but I will not spend ( 60K or so ) on a vehicle. I have nice firearms, but no Ed Brown or Wilson 1911's, and I want one or 2.

I did a few times go top shelf on guns. I bought a Krieghoff Combo K-80 in 1986 for 6000.00. Then I bought a couple years later a matched pair of K-80's with engraved receivers and consecutive serial numbers. Then I got rid of them ( huge mistake ) and bought a Ljutic LTX and a Perazzi Grand America at the same time. Still have them. Had them custom stocked by Paul Hilmer.

I do not do such things any more.

I buy nice fishing stuff. No Zebco here.

I do not care about clothes and shoes etc. I have owned 6 nice homes, but never overspent on them.

Guess I got it out of my system.

 

[ladder13]

See this is where I get tripped up. Like everyone I want a lot of things. But I literally don't need anything. I have heirs. Wife, son , stepson. Possibly grand kid someday. But at 55 and in good health I don't make decisions based on that. I worked hard my whole life. I saved money. I retired at 53. I sacrificed and did without all my life. I'm having trouble breaking free from that mentality.

The only thing I differ in is, I nor my wife, want a lot of things. We are content with what we have.
I grew up in public housing, never had much other than necessities. We both worked hard for everything we have and saved for our retirements.
Our top priority is a banned topic here so won't discuss. Everything else is the cherry on top.

 

[JohnRippert]

You can't take it with you, so you might as well spend it on things that you like.

While I might buy a few more things if I had more money I find that as I get older my needs tend to get simpler. I have started thinking more about paring down the firearms accumulation so my sister's girls don't have to worry about it. There are some I will keep, maybe a third of them, but I do not feel the drive to keep getting more. One exception would be finishing the dash 2 collection of Model 19's in ever finish and barrel length.

 

[Autonomous]

Bald1, there is no question your conservative spending habits helped get you to your current position.
I did the same thing till I got close to retirement but still only slacked off a bit. Now that I'm retired, I don't want all those high dollar toys I used to. I thought I would have a 30 foot sailboat kept in a slip in retirement but traded a 22' power boat for a 17' day sailor instead.
Many other guys I worked with didn't resist the nice stuff early or at all. The most common thing that gutted their funds that should have gone to paying down the principle on the car and house was electronic entertainment, some shocking payments for that. New vehicles, too big houses, all-inclusive booze cruises and vacations, etc. as well.

Now, get off my lawn!

 

[03hemi]

Am I the only guy here who wants things. Can definitely afford said things. But won't spend the money. Whenever I buy something I always seem to buy the least expensive thing that I can get by with. Example, I've want to move up to the next size models Kubota for about 8 yrs. I can afford it. I can certainly justify it. But then I think. Meh, mine does what I need it to do. It does not excel at anything but it does all the jobs I ask of it. My wife and I want to purchase a boat for our place in Naples. She wants at least a 24' to go "way out" in the Gulf on nice days. I'm thinking an 18' Robalo center console would suffice. Most of our activities will be in the back waters of the Ten Thousand Islands. I've wanted a 68 or 69 Corvette forever. She tells me, "just buy one already". But I know I never will……….. you can think Hemi for this post. He has some fine looking custom shoes that I'd love to have. But I'd never spend the money.

Figure I'd comment since I was your inspiration.
I absolutely love hearing peoples success stories, thank you for sharing.
We postponed our "wants" for our "needs" for a long, long, long time and like others have said, you can't take it with you.
God and advancing His kingdom come first. Leaving your children an inheritance comes second.
I smoke cigars weekly with a group of guys that are all successful and we never discuss our worth, it's kinda obvious by our homes, toys and lifestyle. However, we do take each others advice on money and various growth avenues and a few of us actually invest significantly in some realestate growth vehicles together. You should never take marriage advice from someone that's been divorced 3 times, same goes with money, never take money advice from someone that's a broke richard.
As for the shoes, those are something I've wanted since I was a young man, but could never justify them to myself, It's time to enjoy the spoils. lol

 

[Ivan the Butcher]

My greatest assets are: A wife that likes and puts up with me, and 4 kids that are married and don't live under my roof! Along with 9 grandkids and right around 190 guns. All of that together is worthless if I don't pay attention to my maker and lose my soul!

Being responsible means staying out of the governments housing for seniors. (I sometimes worked at that dungeon and wouldn't wish that on my worst enemy!)

Spending time with the grandkids and taking them places and showing them things that teach them to steward their own future, is the greatest insurance that they won't squander the family treasures they inherit.

Ivan

 

[Skeet 028]

Yep...when shooting I bought a really nice Bavaria Grade Engraved K-80 Dockweiler wood...but got it pretty reasonable. One of the really nice things I overspent on. When you grow up kinda on the poor side as you grow older you never seem to forget having to scrimp and save. Really hard to forget being a kid in those times. Like many here..hard to spend when it took your whole life to get to the point you are at now . My whole life I bought guns that were good collectibles...but couldn't really keep 'em cause they paid bills etc without affecting the real bottom line. Wish I could have afforded to keep the Win M-21 410...or the Parker 410 skeet gun...but I did have 'em...Couldn't afford to keep 'em to pay the bills...or mortgage

 

[sigp220.45]

My greatest assets are: A wife that likes and puts up with me, and 4 kids that are married and don't live under my roof! Along with 9 grandkids and right around 190 guns. All of that together is worthless if I don't pay attention to my maker and lose my soul!

Being responsible means staying out of the governments housing for seniors. (I sometimes worked at that dungeon and wouldn't wish that on my worst enemy!)

Spending time with the grandkids and taking them places and showing them things that teach them to steward their own future, is the greatest insurance that they won't squander the family treasures they inherit.

Ivan

From my point of view, you have it figured out.

Congratulations!

 

[Denverd0n]

I smoke cigars weekly with a group of guys that are all successful and we never discuss our worth, it's kinda obvious by our homes, toys and lifestyle.

While this may be true for YOUR group, the fact of the matter is that there a HUGE number of people in this world with very expensive homes, very expensive toys, very expensive lifestyles, and practically NO net worth. They live on credit. They live beyond their means. They are up to their eyeballs in debt.

My own sister is a good example. Most people would look at her and imagine that she must be quite wealthy. She certainly lives the lifestyle of the wealthy. She certainly SEEMS to be much more wealthy than my wife and I. The reality, though, is that our net worth is very nearly ten times what hers is. She lives in a million dollar house, and has a net worth in the mid/low six-figures range.

So, homes, toys, and lifestyle are only SOMETIMES an indication of someone's net worth. Quite often they are no indication at all.

 

[BKLooney]

I retired a little over three years ago and, within reason, I can pretty much purchase whatever I'd like to have. But I have so many guns, motorcycles, cars, etc that it's hard for even me to justify some things (toys) nowadays.

I guess it's my mindset of not actually being an earner anymore. When I get the hots for some new gun, motorcycle, or whatever it may be, the thought of how many electric bills, tanks of gas, nice suppers at great restaurants, vacations, and things of that nature I can get with that money go through my mind.

I struggle with that on every purchase of things I don't actually "need"...it's torture for a bit....and then I usually succumb to the impulse and buy it anyway!

 

[THE PILGRIM]

A while back I was involved in some Auto Financing.
Remember the Credit Reports of two Doctors that I saw.
Each was making about $300k.
Both were flat broke, it looked like one of them had Negative Net Worth.
You name it, they owed it!
And they wanted to borrow more!
To buy a rapidly depreciating 'asset.'

 

[03hemi]

While this may be true for YOUR group, the fact of the matter is that there a HUGE number of people in this world with very expensive homes, very expensive toys, very expensive lifestyles, and practically NO net worth. They live on credit. They live beyond their means. They are up to their eyeballs in debt.

My own sister is a good example. Most people would look at her and imagine that she must be quite wealthy. She certainly lives the lifestyle of the wealthy. She certainly SEEMS to be much more wealthy than my wife and I. The reality, though, is that our net worth is very nearly ten times what hers is. She lives in a million dollar house, and has a net worth in the mid/low six-figures range.

So, homes, toys, and lifestyle are only SOMETIMES an indication of someone's net worth. Quite often they are no indication at all.

Did you happen to read my signature line? lol
Most are trying to live like the Jones', but the Jones' are broke richard's, is another way to put it.
Until you are completely debt free you can never really grow any significant assets or wealth.
Someone said it's not what you make, but what you do with it, always pay yourself first.
My father made an above average salary when I was a kid, a very smart man he was; way smarter than me, but he knew nothing about obtaining or growing wealth and died a pauper.

 

[jimmyj]

Getting the Itch for a Joker Knife.
Anybody got one?
Since I only have several hundred Knives, I probably do need a Joker.
Here's the original Marble Navy Knife on the top.
Most of the later Knives had shorter blades like My personal issued Knife is on the bottom. Carried it in SEA.

The sheath knife I was issued had a plastic sheath and inside the top of the sheath was a lock that I was told that it also kept the blade sharp along with keeping the knife secure.

 

[LVSteve]

A while back I was involved in some Auto Financing.
Remember the Credit Reports of two Doctors that I saw.
Each was making about $300k.
Both were flat broke, it looked like one of them had Negative Net Worth.
You name it, they owed it!
And they wanted to borrow more!
To buy a rapidly depreciating 'asset.'

Unfortunately, that is the economic model with which many in industry and government are entirely comfortable, and it's nothing new.

Many years ago (1980s) I had a relative in the banking business business check my credit after a dispute with an incompetent mortgage company. She came back with, "Did you get some stupid high paying job on the quiet?" I had to say that, regrettably, this was not the case. "Well, your credit rating is disgustingly good for someone in our family. Get out there, spend some money, get a nice car on a big loan and live a bit, you damned skinflint."

Maybe I should get around to heeding her advice.

 

[pharmer]

Lotsa great "existential philosophy" here, thanks for that.
My self, I chased after every desirable woman, possession, position and "other euphoric experience" known to man and some I invented. Worked 54 years (according to SS, no "zeroes") at every job I could. At the end of it all I realized:
1) Women get old.
2) "Stuff" brings more pleasure in the anticipation rather than possession.
3) All work is of value in that the work itself is valuable.
4) I can afford just about anything I want, at 71 there is little beyond health and freedom that I want.
5) Everything I worried about, lost sleep over, dreaded etc turned out the way it needed to. I'm still here, partially held together by a couple hundred stitches, a few casts and some hardware.
6) Some days, seems like everything hurts. I am most grateful for those days, they remind me I am "here to tell." Joe

 

[Rustyt1953]

We are not encumbered by the burden of disposable income.

We are gratefully content that we have the wherewithal to provide for the two boys we have guardianship of.

We would have it no other way.

 

[Golddollar]

A couple of years ago he was eying a low mileage 2016 Mazda Miata. He already had a 2012 that was in pretty good shape, but I know he wanted one with less mileage.

I'm facing a similar dilemma. I have a 2008 Mercury Grand Marquis with 160,000 miles on it. It runs good but looks beat because of a cattle chute in the Gettysburg Town Parking Garage. A dealer in the next county has the same model and color car with 86,000 miles on it but I think they want an over the top price. My car is paid off and I don't like the idea of car payments again. But the idea of nearly cutting the mileage in half and having a perfect body on the car is tempting.

 

[Golddollar]

Spending time with the grandkids and taking them places and showing them things that teach them to steward their own future, is the greatest insurance that they won't squander the family treasures they inherit.

Ivan

I don't have any children or grandchildren, but just recently I had the opportunity to share life experience with my youngest nephew along these lines. He just graduated from college and started his first job. I kind of felt like I was acting the part of my dad when he would talk to me about financial matters. My nephew seems to be pretty responsible about financial matters, and when I told time about how I used dividend reinvestment to build up my financial assets he said he was just going to ask me about that. So I feel pretty good about his future and I was glad I had the chance to stop in and spend a couple hours with him on my way home from my college homecoming.