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Define expensive vacation

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  • Avatar Kamban 
    Participant
    Status: Physician
    Posts: 2257
    Joined: 08/01/2016

    As our net worth has grown our vacation budget has also grown. During some years we spent $50K for vacation and some years it was $25K. I like to spend more in the destination in seeing places. I can fly coach without any issues and don’t care much for 5 star hotels – in fact I would like to avoid them if I can. Three star clear budget hotel / motels like Holiday Inn or Hampton Inn suffices for me since we use it mainly as a place to crash at night. Antarctica in the future might be our most expensive vacation I think.

    #194029 Reply
    Lordosis Lordosis 
    Participant
    Status: Physician
    Posts: 956
    Joined: 02/11/2019

    Family of six, three of which are in diapers so we don’t go anywhere expensive. Small local trips for now. Glad I can save now because it will get expensive later :O

    “Never let your sense of morals prevent you from doing what is right.”

    #194031 Reply
    q-school q-school 
    Participant
    Status: Physician
    Posts: 2361
    Joined: 05/07/2017

    our budget is 50k per year.

    sometimes we spend all, sometimes we don’t

    family of 4

    Click to expand…

    Expensive (impo) is relative. For example, if I remember correctly, you are a mid- to late-career attending. I don’t recall your specialty. Your vaca budget, depending upon your goals and cash flow, may be perfectly reasonable at your point in life but outrageously expensive for an early- or early-mid career attending. In addition, your vacation budget may be fine for an orthopod (using the high and obvious example, there are plenty others) but scary for an employed pediatrician (again, going with the stereotype, no offense intended!!!) In my experience, $50k is certainly on the higher end for vaca budgeting and spending. No judgment, of course, and especially happy that you are able to afford these things that are meaningful to you and your family.

    Please enhance and correct if I am mis-speaking!

    Click to expand…

    It’s correct that i’m Older than dirt and also that i have horrible genetics.

    i’ve made every financial mistake possible, sometimes more than once.  Despite that, by virtue of living in LCOL area and saving responsibly we are doing okay for this board, excellent for anyone not on this board.

    my financial guy just shakes his head when he collects our information at our meetings.  We’ve always saved more than we budgeted and at this point we have way more than our anticipated needs.  More, more, more than double in fact.  He always says if we are holding back from something we enjoy, we should really consider it.  As part of the plan he constructed many many years ago, my wife got a separate checking account solely for the purpose of vacation spending.  It’s not always been 50k per year, and again, it’s not always spent, but i never say a word about the cost of vacation and she never asks for more money to be added to the vacation fund.  We tried donating lavishly to charity but it didn’t really fill my bucket.   I hate acquiring material junk that clutters the house, so i’m Not really sure what to do?  First world problem/open to suggestions?

    I challenge the senior members of the board to really examine their life goals.  One day you retire, hopefully young enough to travel and do lots of things you have hoped to do.  At the same time, your income plummets.  Are you comfortable and emotionally secure with the idea that your spending will quadruple for ten years while you are young enough to enjoy it?  If not, how are you going to get ready?  Not meaning to thread jack, if you have the answer, just send me a private message please.

    you guys are blessed with intelligence, wit, charm, and money.   We may or may not be blessed with time.  On another board i participate heavily in, one of my ‘internet friends’ younger than me just lost his wife to cancer after short battle.  I am heartbroken for him and their young kids.

    Best to everyone.

    good luck hand fellow!

     

    Avatar RDB 
    Participant
    Status: Dentist
    Posts: 127
    Joined: 01/08/2016

    As others have said, so many variables. We do 2 different beach vacations as a family of 5. One is a house rented on the beach with friends in low season, costs about 5k. The next is a beach resort at peak season, close to 10k. It does bother me a lot to spend almost double vs the off season vacation, it is certainly not twice as memorable.

    When we go as a couple for 4-5 days we may spend 2-3k in a big city or 5k on a carribean island.

    I do not think we have hit the 10k mark for a vacation ever, but I also know it will be coming soon.

    #194033 Reply
    The White Coat Investor The White Coat Investor 
    Keymaster
    Status: Physician
    Posts: 4290
    Joined: 05/13/2011

    our budget is 50k per year.

    sometimes we spend all, sometimes we don’t

    family of 4

    Click to expand…

    Expensive (impo) is relative. For example, if I remember correctly, you are a mid- to late-career attending. I don’t recall your specialty. Your vaca budget, depending upon your goals and cash flow, may be perfectly reasonable at your point in life but outrageously expensive for an early- or early-mid career attending. In addition, your vacation budget may be fine for an orthopod (using the high and obvious example, there are plenty others) but scary for an employed pediatrician (again, going with the stereotype, no offense intended!!!) In my experience, $50k is certainly on the higher end for vaca budgeting and spending. No judgment, of course, and especially happy that you are able to afford these things that are meaningful to you and your family.

    Please enhance and correct if I am mis-speaking!

    Click to expand…

    It’s correct that i’m Older than dirt and also that i have horrible genetics.

    i’ve made every financial mistake possible, sometimes more than once.  Despite that, by virtue of living in LCOL area and saving responsibly we are doing okay for this board, excellent for anyone not on this board.

    my financial guy just shakes his head when he collects our information at our meetings.  We’ve always saved more than we budgeted and at this point we have way more than our anticipated needs.  More, more, more than double in fact.  He always says if we are holding back from something we enjoy, we should really consider it.  As part of the plan he constructed many many years ago, my wife got a separate checking account solely for the purpose of vacation spending.  It’s not always been 50k per year, and again, it’s not always spent, but i never say a word about the cost of vacation and she never asks for more money to be added to the vacation fund.  We tried donating lavishly to charity but it didn’t really fill my bucket.   I hate acquiring material junk that clutters the house, so i’m Not really sure what to do?  First world problem/open to suggestions?

    I challenge the senior members of the board to really examine their life goals.  One day you retire, hopefully young enough to travel and do lots of things you have hoped to do.  At the same time, your income plummets.  Are you comfortable and emotionally secure with the idea that your spending will quadruple for ten years while you are young enough to enjoy it?  If not, how are you going to get ready?  Not meaning to thread jack, if you have the answer, just send me a private message please.

    you guys are blessed with intelligence, wit, charm, and money.   We may or may not be blessed with time.  On another board i participate heavily in, one of my ‘internet friends’ younger than me just lost his wife to cancer after short battle.  I am heartbroken for him and their young kids.

    Best to everyone.

    good luck hand fellow!

     

    Click to expand…

    I love that this board provides a place where very wealthy people can feel comfortable asking questions. When I read comments like these I worry that it doesn’t provide a place for “mere mortal” high income professionals to do the same.

    Site/Forum Owner, Emergency Physician, Blogger, and author of The White Coat Investor: A Doctor's Guide to Personal Finance and Investing
    Helping Those Who Wear The White Coat Get A "Fair Shake" on Wall Street since 2011

    #194044 Reply
    Liked by Dreamgiver
    Avatar bean1970 
    Participant
    Status: Physician
    Posts: 479
    Joined: 07/12/2017

    I’ve dropped 20k on one vacation. (For two People for 12 days).

    #194050 Reply
    wonka31 wonka31 
    Participant
    Status: Physician
    Posts: 603
    Joined: 03/24/2018
    Earnest refinancing bonus

    I never skimp on vacations. Life is too short. But I never take a vacation that I cannot afford, which means that I can pay for the vacation upfront, in cash, and none of the other expense or savings/investing priorities are shorted or compromised.

    When I was younger in my career, there were a lot of trips to visit family and friends. Then beach vacations, Disney, and National Parks. Now Europe, once/year and guided expedition-type trips. Some of this stuff you have to do when you are still young enough (and have enough knee cartilage left) to enjoy.

    Click to expand…

    This x100. This isn’t me ‘rubber stamping’ people to spend money they don’t have, but there are few things that I enjoy more than a great vacation with my family. No laundry, no cleaning up the house, no work, no school, just us being able to spend time together.

    If you have $400k in student loans, a huge mortgage, one/two car payments and are spending money you don’t have, my answer is not to go on vacation. This is not the typical clientele in this forum, however.

     

    Have an awesome trip, this is one of the few times where pinching pennies doesn’t happen for me. Have a dessert (or a few), an extra wine, whatever makes you tick.

    #194051 Reply
    Liked by q-school
    wonka31 wonka31 
    Participant
    Status: Physician
    Posts: 603
    Joined: 03/24/2018

    I’ve dropped 20k on one vacation. (For two People for 12 days).

    Click to expand…

    May I ask where and to do what? I’m thinking Europe or Maldives, but do tell…

    #194053 Reply
    Avatar HandFellow 
    Participant
    Status: Physician
    Posts: 176
    Joined: 01/18/2016

    the purpose of the post wasn’t to give myself peace of mind in my vacation planning.  I’m comfortable with that.  I’m more curious what everyone else considers expensive.

    For me, it isn’t the expense of the vacation that holds me back.  Instead, its the amount of vacation that I take since leaving work for a week leaves money on the table.  We have given our children and ourselves amazing experiences across the country and the globe.  Miles and points have helped with this, but mostly the advantage of a well paying job.  One of these years, I’ll start taking more time off.  Right now, I do about 3 vacations per year, 10 days each.  One trip is just me and the Mrs.  The other two bring the whole family. Q-school brings up a great point.  Are these experiences so valuable that we can’t afford to NOT take the time off to have them?

     

    #194058 Reply
    Avatar bean1970 
    Participant
    Status: Physician
    Posts: 479
    Joined: 07/12/2017

    @wonka31. Africa. Come to think it might have been more than 20k. One lodge was $2000 night per person which was half the trip. Other lodge was a little less. Used points for flight. Husband just asked if we should go again this year. We went three years ago.

    #194063 Reply
    ENT Doc ENT Doc 
    Participant
    Status: Physician
    Posts: 3165
    Joined: 01/14/2017

    What you all spend.  Sheesh!

    #194066 Reply
    Liked by adventure, CM, bean1970
    q-school q-school 
    Participant
    Status: Physician
    Posts: 2361
    Joined: 05/07/2017

    our budget is 50k per year.

    sometimes we spend all, sometimes we don’t

    family of 4

    Click to expand…

    Expensive (impo) is relative. For example, if I remember correctly, you are a mid- to late-career attending. I don’t recall your specialty. Your vaca budget, depending upon your goals and cash flow, may be perfectly reasonable at your point in life but outrageously expensive for an early- or early-mid career attending. In addition, your vacation budget may be fine for an orthopod (using the high and obvious example, there are plenty others) but scary for an employed pediatrician (again, going with the stereotype, no offense intended!!!) In my experience, $50k is certainly on the higher end for vaca budgeting and spending. No judgment, of course, and especially happy that you are able to afford these things that are meaningful to you and your family.

    Please enhance and correct if I am mis-speaking!

    Click to expand…

    It’s correct that i’m Older than dirt and also that i have horrible genetics.

    i’ve made every financial mistake possible, sometimes more than once.  Despite that, by virtue of living in LCOL area and saving responsibly we are doing okay for this board, excellent for anyone not on this board.

    my financial guy just shakes his head when he collects our information at our meetings.  We’ve always saved more than we budgeted and at this point we have way more than our anticipated needs.  More, more, more than double in fact.  He always says if we are holding back from something we enjoy, we should really consider it.  As part of the plan he constructed many many years ago, my wife got a separate checking account solely for the purpose of vacation spending.  It’s not always been 50k per year, and again, it’s not always spent, but i never say a word about the cost of vacation and she never asks for more money to be added to the vacation fund.  We tried donating lavishly to charity but it didn’t really fill my bucket.   I hate acquiring material junk that clutters the house, so i’m Not really sure what to do?  First world problem/open to suggestions?

    I challenge the senior members of the board to really examine their life goals.  One day you retire, hopefully young enough to travel and do lots of things you have hoped to do.  At the same time, your income plummets.  Are you comfortable and emotionally secure with the idea that your spending will quadruple for ten years while you are young enough to enjoy it?  If not, how are you going to get ready?  Not meaning to thread jack, if you have the answer, just send me a private message please.

    you guys are blessed with intelligence, wit, charm, and money.   We may or may not be blessed with time.  On another board i participate heavily in, one of my ‘internet friends’ younger than me just lost his wife to cancer after short battle.  I am heartbroken for him and their young kids.

    Best to everyone.

    good luck hand fellow!

     

    Click to expand…

    I love that this board provides a place where very wealthy people can feel comfortable asking questions. When I read comments like these I worry that it doesn’t provide a place for “mere mortal” high income professionals to do the same.

    Click to expand…

    Sure but let me at least remind the ‘mere mortals’ that i had excessive student loans before it was popular, completed 3 fellowships before i started working, supported two sets of parents, adopted a child, and was poor for a long time before anyone might even remotely consider me wealthy.  For sure i was lucky to have a terrific spouse, and in the right age demographic at the right time, but in no way was it stress free or something that people with good incomes can’t achieve with discipline, even if exposed to a moderate amount of bad luck or young, innocent extravagances.

    #194073 Reply
    q-school q-school 
    Participant
    Status: Physician
    Posts: 2361
    Joined: 05/07/2017
    medical school scholarship sponsor

    For me, it isn’t the expense of the vacation that holds me back.  Instead, its the amount of vacation that I take since leaving work for a week leaves money on the table.

     

    Click to expand…

    Welcome to adulthood.  🙂

    medicine can allow you to earn a lot of dollars, but you EARN the dollars.  There are definitely easier ways to make a buck, and perhaps we should consider how to earn those passive streams of income better.

    my successful friends who own businesses keep earning while they are on vacation.  We are just Losing gobs and gobs of money.  🙂

    opportunity cost is the rich man’s prison.

    #194075 Reply
    Avatar wideopenspaces 
    Participant
    Status: Physician
    Posts: 977
    Joined: 01/12/2016

    I’m early in my career, part time, but we have no debt outside mortgage ( paid off student loans during/within 6 months of graduation). Since I finished residency we have budgeted 24k/ year on travel. We have yet to do any fancy international travel ( outside of cruises) with young kids but I spend a lot of time not working and we like to take a lot of long weekend trips and then at least 4-nine day trips ( during school breaks) each year. I don’t think a month goes by without us going somewhere. We aren’t doing anything crazy but things add up. Just going to tx for spring break to see family- $1600 for airfare and 3k for beach condo. So overall each trip isn’t super expensive but we probably spend more on travel than most people at this stage of the game? But we put 20-25 percent to retirement, so we do whatever we want with the rest. In residency, before loans were paid off we probably never spent more than 2.5k on a trip and I had WAY less time to travel. I’d probably recommend something similar while ‘ living like a resident.’

    #194076 Reply
    Liked by Vagabond MD
    Avatar Eye3md 
    Participant
    Status: Physician
    Posts: 59
    Joined: 12/01/2017

    The definition is certainly relative. We spend a lot of money on vacations every year, but I also make a very good living and put away a lot of money every year. I’ve never had a vacation where I ended up regretting spending that money

     

    #194078 Reply
    Liked by bean1970

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