Save it or SPEND IT ALL....

[GeoFisher]

So a post on the Fishing board and "taking it with ya" has me thinking about how everyone feels about it.

Personally, I'm TORN sometimes between taking more "financial" risks and living life today, versus living life later.

I know you cannot take it with you, but I'd hate to BURN it all today and not have any tomorrow. I had a life altering event in my family this year, so my perspective has changed a little, but I'm still more on the "save it", because when you're in your golden years, it sure would be nice to have it.

No don't get me wrong.....I still have "plenty" of fun. I go to canada, fish KY lake a lot, etc, etc......

The last few years though, I have been on the fence, off the fence about purchasing some land or a place at KY or Dale Hollow. The biggest reason is that I don't want to be in "hock" for years for a recreational place. I was in hock for years for my primary residence.

Seriously guys, and gals Not trying to start anything here, but wanted some perspective.

Some perspective from older members here might be helpful too. You know those who are retired and if they would have done some thing differently.

Later,

Geo

[mhall]

Fantastic topic of discussion. I have been told that I am tighter than D icks hat band but I really don't think so. I have saved all my life and I have fun but my wife and I find ourselves constantly nesting away waiting for the retirement to which we hope to have enough. Will we ever get there.....or will it had been all for not, who knows? At least the daughter would benefit...awe my mental safety net...

I lost my Dad in 2001, my sister at the age of 55 in 2004, my Oldest brother at the age of 57 in 2007 and my Mother in 2010. I have one sibling left. I tell you that because one it has changed me and how I look at things now. I am much more spontaneous these days and willing to let go of money on things that could be deemed somewhat frivolous.

You really can't take it with you and life is meant to be lived not waited on. With all that said I won't be making crazy purchases and quiting my job anytime soon to find myself on some world seeing sabbatacle but I am more loose than I use to be. Again great subject and to each his own..

[Tyme2fish]

Some perspective from older members here might be helpful too. You know those who are retired and if they would have done some thing differently.

Later,

Geo

I think I quittired at about the right age, 58 years old. It's been a fun 5+ years of not working.

I thought I was prepared for health-care costs but those costs have soared much,much more than I anticipated. House was paid off many years before leaving the work force and all vehicles were paid for in cash. Put my youngest through college and we have still have some money working for us.

Save,save,save and have a sound investment strategy.

[GeoFisher]

Mark, I totally understand......Some of you may know, some of you may not, but I nearly lost my wife of 23 years to a sudden illness this past spring. She was hospitalized for 3 weeks, and for a while, it was very, very scary.

We have always been good with saving for a rainy day, and putting money back, but when do you decide to start letting loose a little.

"Officially" I cannot start spending retirement monies, but I will tell you this.....I will start spending versus saving. Many have seen my kitchen remodel.....that is me letting loose of some of my hard earned money. We saved for 20 years to help pay for a "lake house" somewhere.......well, my wife wanted a new kitchen and instead of saying we will do it when we SAVED the money for it, I took money saved for something else and did it.

It felt good doing it. It is something she has wanted for 10 years.

You know what, our 25th wedding anniversary is coming up next year. We had planned on taking a nice little vacation down to Florida, to one of our favorite places.......WE will still do the Florida thing, but instead of Florida for our 25th, I'm taking her to Hawaii. We also promised that we'd do that someday. Well, someday is here.

Kids college through next year is paid for, we have no debt, and our house is paid for.

I guess the time is NOW .

[Ruffneck]

If you can afford it, go ahead and buy the lake property. Do your research, buy it right and consider it a way of diversifying your portfolio.

[GeoFisher]

If you can afford it, go ahead and buy the lake property. Do your research, buy it right and consider it a way of diversifying your portfolio.

My issue with buying it now is that I can definitely afford it..............I could do a 20 yr mortgage, or do a 10 with 50% down or maybe even take a huge chunk of invested monies pay the gains, and pay CASH.

My issue with paying CASH is that in 20 yrs, that CASH will be worth double, or triple, or it should be.. I will still be fine without it, and a house at Dale or KY would still be worth something if I ever had to sell, but it would not double or triple the current capital investment.

It has been a really, really tough decision.........It would be easier if my wife would agree to move down there , but that is a no go proposition.

Later,

Geo

[fishin350]

When you are in Hawaii if you get a chance. Check out the island of Kuawai spelling may not be right. There is a beach called Kee beach. Google them it is one of the prettiest places on earth. I have been two times if I ever make it back to Hawaii I will go a third time to that beach. Enjoy your trip when you go it is breath taking.

[waterdog101]

you can't take it with you, but try going someplace without it. just kidding, I know the term means taking the trip across, the great gulf where no money, flesh, or sin can go. but as for the trips we can go on, and take and spend money, Hawaii may very well be a good choice, I've never been, but I have an older friend, that has traveled a lot over the years, been in every state of the USA, and he told me if he could only go back to one place he had been, it would be Hawaii.

[TrackerMike]

Geo,
Took my wife (and daughter with her best freind) to Hawaii a few years ago for our 25th anniversity. (Time flies !) I had worked hard for YEARS and we had hardly ever went anywhere (read Nowhere). Spent 7 days on the small island of Kauai. Most beautiful place we have ever seen. We plan on returning but may be a while. Got two grandkids to take to Disneyworld when they get old enough. (4 more yrs) Gives me time to save since I am still young enough to work. Did not cost as much as I expected and have not regretted it once.
As the saying goes "Just Do It ", you will not regret it.
Mike

[HURRICANEBOB]

Make short term comfort and convience buying wants based on their long term returns. The kitchen upgrade satisfies a current want but also adds long term real estate value. A car with a warranty entails monthly payment, but avoids any major cost outlays. A recreational second property avoids motel costs, can be rented when not occupied, and still appreciates in value even if not fully used.....it's an investment. Treat it like that, like a stock don't fall in love with it. Buy it, use it, keep it up for sale always, and if the right numbers come along take, it, profit, and go grab the next one.

The only assets you can't trade in life are your health and your love for others. Treat all assets as just that, and with your analytical thinking, you can enjoy all.

[Catfish Bob]

My issue with buying it now is that I can definitely afford it..............I could do a 20 yr mortgage, or do a 10 with 50% down or maybe even take a huge chunk of invested monies pay the gains, and pay CASH.

My issue with paying CASH is that in 20 yrs, that CASH will be worth double, or triple, or it should be.. I will still be fine without it, and a house at Dale or KY would still be worth something if I ever had to sell, but it would not double or triple the current capital investment.

It has been a really, really tough decision.........It would be easier if my wife would agree to move down there , but that is a no go proposition.

Later,

Geo

Geo, how would that cash be worth double or triple in twenty years if you don't use it to buy property?

[GeoFisher]

Geo, how would that cash be worth double or triple in twenty years if you don't use it to buy property?

Historically, and even through this jobless recession, the market generally makes 8-10 percent a year. In 12 years that doubles........in 20 years it triples.

So a 100k investment today could be worth 300k in 24-25 years.


Real estate is not even close to keeping up with this. The biggest thing is that while I will probably be comfortable in retirement, do I want to take working money today and move it into a non - working investment like a lake home, knowing that I may appreciate in value, but not nearly as much as standard market forces........

TOUGH, TOUGH decisions.

Later,

Geo