Spending less these days?

[JeffKeryk]

Originally Posted by xfactor9
This once and for all confirms the economic theory that saving and living below your means is only good at an individual level. When an entire country does it, the economy will collapse.

Orman, Ramsey, etc should be careful what they preach

I see your point, but it excludes a growing economy and stock markets.
You can spend and grow at the same time. In fact you have to spend if you really wanna grow.
Investment...

People like Dave Ramsey are for people who are already in trouble. And he makes a lotta money, so good for him.
I am a proponent of teaching personal finance in grade school and high school; it is critical knowledge.

 

[aquariuscsm]

Originally Posted by JeffKeryk
I am a proponent of teaching personal finance in grade school and high school; it is critical knowledge.


^^Absolutely!

 

[Ws6]

Originally Posted by doitmyself
Originally Posted by Ws6
I worked with a guy who was going to retire in '09-'10. He was working in 2012 or so when I met him. I asked him why at his age he did this to himself, as I'd never do this at 60+. He explained stock market crash. I felt sad.

One of my first lessons about the "school of hard knocks" was the birth of our first daughter (40+ years ago) and how it didn't go according to the Lamaze classes that we worshiped. Never assume that life will heed your plans.

Was he sad? If so, instead of feeling sad, you had an opportunity to bolster his navigation of "hard". Yea, everyone needs to acknowledge and accept that life doles out "hard" on a regular basis, in spite of well executed plans. Life satisfaction relies on emotional resilience, psychological flexibility, and skills to navigate the storm. If forced to work beyond your planned retirement age due to "hard", why wallow in self pity rather than accept and resolve it the best you can? Move forward and make the best of it.

As I watch the snowfall accumulate on April 17 in southern Michigan, I wish everyone a nice weekend!

He took it in stride. Hed seen so much I have nothing I could have offered him other than being a good coworker. I just know I'd quite and let the bank have it all before I did this in my 60s.

 

[Ws6]

Originally Posted by madRiver
Originally Posted by Ws6

I worked with a guy who was going to retire in '09-'10. He was working in 2012 or so when I met him. I asked him why at his age he did this to himself, as I'd never do this at 60+. He explained stock market crash. I felt sad.


Unless you lost your pension or something in crash you can still retire the day of recent crash. You should never be cashing out the entire retirement, but instead drawing upon it yearly to supplement your social security and market will fluctuate.

I didnt pry.

 

[thooks]

Yeah I think we are spending less. Our checking account balance is 3x what it normally is and savings has a 30% gain. IRAs and 401ks are down, tho.

This not spending money like we usually do is attractive. I need to spend $300 to finish redecking the deck and I'd like to rent a mini-ex for a weekend. That's another $750 but other than that, I think we will try to roll with the new (non) spending plan.

 

[clinebarger]

Originally Posted by Ws6

He took it in stride. Hed seen so much I have nothing I could have offered him other than being a good coworker. I just know I'd quite and let the bank have it all before I did this in my 60s.


Not everyone hates what they do....My father is in his seventies & has retired 3 times now. 6-7 months later, He's back at it! Not because he has to financially.

I see myself working 'til I can't physically do it anymore, I can't take a week off without getting bored after catching up with projects around the house.

 

[Ws6]

Originally Posted by clinebarger
Originally Posted by Ws6

He took it in stride. Hed seen so much I have nothing I could have offered him other than being a good coworker. I just know I'd quite and let the bank have it all before I did this in my 60s.


Not everyone hates what they do....My father is in his seventies & has retired 3 times now. 6-7 months later, He's back at it! Not because he has to financially.

I see myself working 'til I can't physically do it anymore, I can't take a week off without getting bored after catching up with projects around the house.


This is true. I on the other hand plan to retire the very second I can conceive of it being possible.

 

[Skippy722]

Originally Posted by clinebarger
Originally Posted by Ws6

He took it in stride. Hed seen so much I have nothing I could have offered him other than being a good coworker. I just know I'd quite and let the bank have it all before I did this in my 60s.


Not everyone hates what they do....My father is in his seventies & has retired 3 times now. 6-7 months later, He's back at it! Not because he has to financially.

I see myself working 'til I can't physically do it anymore, I can't take a week off without getting bored after catching up with projects around the house.



I'll probably "retire" but I intend on having my own Bridgeport/CNC mill and engine lathe so I can continue making stuff.

If I can get my hands on a HURCO mill that isn't completely clapped out I'll be in heaven.

 

[cjcride]

Originally Posted by OTCW
Originally Posted by xfactor9
This once and for all confirms the economic theory that saving and living below your means is only good at an individual level. When an entire country does it, the economy will collapse.

Orman, Ramsey, etc should be careful what they preach


Maybe. Maybe not. If everyone and every business had a few months of expenses saved up, this whole thing would have been a blip.

True, yet that would take discipline.

 

[cjcride]

Originally Posted by OTCW
Originally Posted by xfactor9
This once and for all confirms the economic theory that saving and living below your means is only good at an individual level. When an entire country does it, the economy will collapse.

Orman, Ramsey, etc should be careful what they preach


Maybe. Maybe not. If everyone and every business had a few months of expenses saved up, this whole thing would have been a blip.

True, yet that would take self discipline.

 

[Ws6]

Originally Posted by Skippy722
Originally Posted by clinebarger
Originally Posted by Ws6

He took it in stride. Hed seen so much I have nothing I could have offered him other than being a good coworker. I just know I'd quite and let the bank have it all before I did this in my 60s.


Not everyone hates what they do....My father is in his seventies & has retired 3 times now. 6-7 months later, He's back at it! Not because he has to financially.

I see myself working 'til I can't physically do it anymore, I can't take a week off without getting bored after catching up with projects around the house.



I'll probably "retire" but I intend on having my own Bridgeport/CNC mill and engine lathe so I can continue making stuff.

If I can get my hands on a HURCO mill that isn't completely clapped out I'll be in heaven.

That's awesome. I could do something like that, and might well do so, but once I can officially retire, I am absolutely not leaving my house for anything but food, lifting, and jujitsu. Absolutely 100% done with anything otherwise.

 

[Mr Nice]

What if your wife wants to leave the house / travel, etc.... ?

 

[02SE]

Originally Posted by clinebarger
Originally Posted by Ws6

He took it in stride. Hed seen so much I have nothing I could have offered him other than being a good coworker. I just know I'd quite and let the bank have it all before I did this in my 60s.


Not everyone hates what they do....My father is in his seventies & has retired 3 times now. 6-7 months later, He's back at it! Not because he has to financially.

I see myself working 'til I can't physically do it anymore, I can't take a week off without getting bored after catching up with projects around the house.



Yep, I 'retired' early, 18 years ago last month. Since then I've taken up a hobby which turned into a well-paying hobby. Of course that's on hold due to the current situation (and whether I want to go back). In the mean time I have no trouble staying busy doing things I/we enjoy.

 

[007]

Life is too short and in todays world everyone has a different view / outlook depending on many factors. Nothing is one size fits all.

 

[Ws6]

Originally Posted by Mr Nice
What if your wife wants to leave the house / travel, etc.... ?

She's growing more like me rather than the other way around, but I'm sure we'd come to a consensus on it that we were both comfortable with.

Currently, I'm not married. "She" is my girlfriend of 2 years. We live in separate homes. I answered your question hypothetically based on extrapolation.

 

[Ws6]

Originally Posted by 007
Life is too short and in todays world everyone has a different view / outlook depending on many factors. Nothing is one size fits all.


Absolutely. Different world views based on experiences and so forth. I have a very negative view of many things because of mine. Others have other views of the same things, due to theirs, etc. America is great because it allows us to march to our own tunes.