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Enjoying your money while you're young

Home Personal Finance and Budgeting Enjoying your money while you're young

  • Avatar Brains428 
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    Status: Physician
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    Earnest refinancing bonus

    I’ve had more thoughts about this recently.  I’m aggressively paying down loans, so even though my pay went up, I haven’t felt it. Also, a friend of a friend who is a couple years older than me (somewhere in mid 30s) is blogging about her losing battle with osteosarcoma that was diagnosed only 18 months ago. Essentially writing about quitting chemotherapy because it’s not working, daily thoracentesis, etc etc… and how she is reflecting on the life she has lived and what people should take from her sudden life change.

    Looking at the balance sheet once the loans are paid, I’ll have a lot more mental freedom and hopefully the willingness to “splurge.”

    Antarctica is not on my bucket list.

    #235685 Reply
    Avatar Doc Spouse 
    Moderator
    Status: Small Business Owner, Spouse
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    Joined: 10/20/2017

    Don’t forget the North Pole! Many years ago, when I was single and this sort of thing sounded fun, I was going to do it. At the time, there were two icebreakers capable of reaching it and I had signed up for a ride on the “50 Years of Victory”. Paid my deposit, but then started thinking of all the backpacking I could do for the $30,000 price tag. Got my deposit back and ended up meeting my wife while backpacking; so it was a definite win, but I would like to do it one day. I mean seriously… Travelling on a Russian Nuclear powered icebreaker to the North Pole? How awesome would that be?

    https://www.quarkexpeditions.com/en/arctic/expeditions/north-pole

    #235690 Reply
    childay childay 
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    Status: Physician
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    Travelling on a Russian Nuclear powered icebreaker to the North Pole? How awesome would that be?

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    Sounds cold, as mentioned..

    #235693 Reply
    Liked by wonka31
    CM CM 
    Participant
    Status: Physician
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    Joined: 01/14/2017
    We don’t equate enjoying life with spending a lot of money.

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    I’d rather enjoy my time now than when I’m old, not money.

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    Likewise. The things I have enjoyed most in life cost little or nothing.

    Erstwhile Dance Theatre of Dayton performer cum bellhop. Carried bags for Cyd Charisse (gracious). Hosted epic company parties after Friday night rehearsals.

    #235695 Reply
    Avatar Doc Spouse 
    Moderator
    Status: Small Business Owner, Spouse
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    Sounds cold, as mentioned..

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    Lol indeed. That’s partially why I ended up backpacking instead. No matter how much they tried to talk up the “thrilling mid-voyage lectures on nature”, at the end of the day, you’re stuck on a ship that is not a luxury liner, with nothing much to do but listen to the ice break, and if you are incredibly lucky, you might see a polar bear while traveling through some of the most inhospitable terrain on Earth.

    Of course the payoff is setting foot where very few humans have ever gone. And you get to ride on an icebreaker. And it’s Russian. And its nuclear. Did I mention it was a Russian nuclear powered Icebreaker? So cool.

    Still glad I chose the backpacking, but one day!

     

    #235696 Reply
    Liked by Vagabond MD
    Avatar HandFellow 
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    Status: Physician
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    Joined: 01/18/2016

    definitely something I have thought about.  Year to date, we have saved 40% of our pretax income and then found out when filing our extended taxes that we actually overpaid by quite a bit last year.  So we are saving a lot and have a lot of cash coming our way.  We travel a fair amount, which is always nice and we don’t really skimp when we travel.  But as I was telling my father, there isn’t anything that I want that I don’t have.

    I don’t think I am going to start spending just because I am saving too much, but if something comes up I don’t really think twice about buying it.  Except the pool that my wife wants.  I’m not quite there yet.

    #235704 Reply
    Liked by Antares, AZPT, ZZZ
    ENT Doc ENT Doc 
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    Joined: 01/14/2017

    John Carpenter ruined Antarctica for me.

    #235705 Reply
    ENT Doc ENT Doc 
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    This one hits close to home.  I’ve now turned down a full call position at my job 3 times.  The most recent one has true eye popping numbers, def >90% MGMA salary for my area. But I had a friend who died of cancer at 26.  My wife recently had a recurrence of her cancer.  I go with the save 20-30% for retirement so I wont have to work later, but still taking a little less money for more time to enjoy things now.  Of course, the money we make as daytime is still in the top 10% of the country so we should be fine.

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    Bless you all.  I hope she is doing well.

    Avatar G 
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    Status: Physician, Small Business Owner
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    Joined: 01/08/2016

    Always been fortunate to be able to do fun stuff and still save money.

    Only difference now is that I dont worry about details of pricing/value (e.g. cost vs location) and I’m likely to arrive after flying with a seat that reclines (or turns into a bed).

    Quite the opposite of regret…I wouldn’t change a thing.

    #235710 Reply
    Liked by MaxPower
    wonka31 wonka31 
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    Status: Physician
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    Joined: 03/24/2018

    Always been fortunate to be able to do fun stuff and still save money.

    Only difference now is that I dont worry about details of pricing/value (e.g. cost vs location) and I’m likely to arrive after flying with a seat that reclines (or turns into a bed).

    Quite the opposite of regret…I wouldn’t change a thing.

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    Elitist jerk (ie I’m jealous).

    #235712 Reply
    Liked by billy
    Avatar StarTrekDoc 
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    Status: Physician
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    Joined: 01/15/2017

    What does your IPS (Investment Policy Statement) tell you?  That’s what should be guiding your savings and whatever above that — do what you want with it.   If you’re short changing your IPS savings, you’re short changing your future for today and beware of that.   The primary reason many never get to their IPS or Retirement anything is they ‘lived in the moment’.  There’s nothing WRONG with this, but one should do it right, and developing a sound, robust IPS for your situation is the first step to that.  THEN you can talk about that Ferrari or Happy Feet dancing land.

    That said, we did everything we wanted to do — on a budget.  We saved our initial years until we got broke.  By 10 years, we were firmly situated and by 15 years we were well on our way to FI which we crossed last year at 18 years post residency.   Since then we’ve liberalized our living budget significantly and travel budget has blossomed–just in time for college visiting travel next year! 🙂

    All said, we lived and traveled well during those first 18 years.  At the beginning we took nice vacations — went on Alaskan cruises, Med cruise, traveled to Hawaii.  But all on a budget and discounted rates to stretch that dollar.  Never on business+ or suites or expansive excursions.   Did that diminish our experience?  not really missed, but don’t know if the dollars spent early would have been worth it either — we just weren’t built that way.

    But to each their own.  Our priorities aren’t yours.  Our daily living expectations, family funding expenses, choice of San Diego COL, and post retirement expenses are probably very different from yours — so it goes back to YOUR IPS.   Develop that – and that’s what will dictate what you can and should be enjoying while you’re young – or old.

    #235718 Reply
    Liked by q-school
    Avatar danesgod 
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    Has anyone here been to Antarctica?  And if so, would you recommend it outside of the novelty of it?  It’s the only continent I haven’t been to and I used to want to go, but now I’m not so sure.  I’m not a fan of being freezing cold and there are so many other places I want to go.

    As for the question, I think it’s important to enjoy your life all along but depending on your personality and predilections that might not require all that much money.  For me it’s required more time than money.  Although I’ve chosen a life that gives me more time instead of earning more money so I guess that’s its own form of spending.  I’ve always just saved what I don’t want to spend and so far don’t regret it.

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    I have two comments. An acquaintance of mine went several times as part his geochemistry(?) PhD. He said it was neat / beautiful. But yea, its kind of about the novelty. Not like there’s a ton you can “do” there. I think they drank a lot. I think the grad students in his lab each went a few times during their PhDs, not every year.

    Second, I have a friend (who’s parents are parents are legit rich – dad was successful biotech employee, followed by two successful biotech startups) who has been on several Lindbald/National Geographic expeditions, he highly recommended them as “once in a lifetime” kind of trips. He hasn’t been to Antarctica, Galapagos and Alaska I believe (maybe others). If you’re into that kind of thing. Maybe several times in a lifetime if you’re rich. 😉 FWIW, looks like “getting” to Antarctica on Lindbald is at least ~$15000.

    Also, this is the best (non-nature oriented) Antarctica video I’ve seen: climbing and base jumping.

    #235726 Reply
    Liked by Anne
    Avatar hightower 
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    Status: Physician
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    Joined: 12/07/2016

    Any of you think that you might regret saving too much money now and not being able to do some of those activities when you’re older? An example is a supercar that was brought up in one of the threads or traveling to remote locations. You can enjoy a Ferrari or travel to Antartica now in your 30s and 40s and you probably won’t be able to do that in the 70s.

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    This is something I often think about.  I was somewhat late to the party when it comes to investing and I feel like I am a bit behind my peers.  Part of the reason we’re behind is because we spent a lot of money right after residency traveling and renovating a house (which had been a dream of ours).  Even though I wish I had more money invested now, I’m actually very glad we did things this way.  We went on some pretty amazing trips, many of which involved backpacking in the mountains out west.  These are things I wouldn’t be able to start doing as a 55 year old or whatever, especially now that we have a daughter, trips like that are just unlikely to happen (unless you’re a rock star like WCI).

    So, yes, I think there’s real value in finding a proper balance between enjoying life today while you can AND saving for the future.  You can’t be too extreme with either.

    #235764 Reply
    Avatar Ghetto 
    Participant
    Status: Physician
    Posts: 126
    Joined: 08/13/2017

    I think one way to enjoy your money and still “keep” it is to really enjoy investing. I personally like real estate investment and I just bought a rent house on my street. So I’m letting the rental income pay down the note.

    Buying the house was a fun experience for me and I get a thrill when I drive past it and think “That’s mine”. I spend time looking for other deals as a hobby.

    Anyway, I drive a pickup and wouldn’t get much pleasure out of driving a supercar past the first five minutes.

    #236242 Reply
    Avatar LabralTerror 
    Participant
    Status: Other Professional
    Posts: 11
    Joined: 07/20/2019

    Enjoy life now or save for later…..

    It is always a balance.  When we were younger, we did not deprive ourselves.  But we did save a lot by driving reliable Japanese cars, by taking really nice vacations, but…. we flew economy, and we stayed in medium priced hotels.  We have so many great memories.

    After 3 decades of good income, saving and investing as a highly compensated physician, now we have more than enough.  Also, the kids’ tuition bills are behind us and we have zero debt.  So…. we have his and hers Teslas, we fly all over the world in the front of the plane, and we will probably take 6 to 8 great trips this year.  I do feel a little guilty splurging like we have been, but… we are in excellent health, our net worth continues to grow impressively.  Although my spouse retired early last year, I like my work and am nowhere near psychologically ready to hang up my stethoscope for the last time.  We do plan to visit Antarctica and New Zealand in the near future, and although I have no desire to drive a Ferrari, that new Tesla roadster might just entice me to do something silly.  Time will tell.

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    This is amazing. Seriously. Congrats to you both.

    #236278 Reply

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