Menu
This forum is no longer active. Please use the new forum at https://www.whitecoatinvestor.com/forum/

Is ignorance bliss?

Home Personal Finance and Budgeting Is ignorance bliss?

  • Lordosis Lordosis
    Participant
    Status: Physician
    Posts: 2225
    Joined: 02/11/2019

    I am not much of a spender either but if I didn’t know better I can see myself just building up a huge bank account of money with no purpose. Even a non spender can be tempted.
    Now that I max retirement accounts and 529s and the rest goes to taxable. My large purchases have to be planned and we’ll thought out. I think not having so much ready cash makes me a more intentional spender.

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

    #243500 Reply
    Avatar nephron
    Participant
    Status: Physician
    Posts: 288
    Joined: 05/09/2019

    The problem with planning in personal finance is that no one knows when they are going to die.   I once posted that you could end up dying with too much, and some people seemed to think that you could never have too much.   The problem is that unless you inherited a large sum or are mega-wealthy, the only way to build up wealth is to sacrifice some now/save some now so that you can have more later.   People die at all ages though, and I imagine that it must be frustrating to be saving up for an early retirement and not even make it there.  There are always things that you could have spent more money on if you knew that you actually weren’t going to need it later, like a better cabin in a cruise, better hotel, first class airline ticket, etc.   Those things probably won’t matter that much later on, but at the very least, you could have cut back on your hours and spent less time at work if you knew that you really didn’t need that much money.  If I knew that I was going to die in the 60’s, a retirement around my 50’s would look more reasonable.  If I am going to live to 100, then I might as well keep working until my 70’s to ensure that I do not run out of money and just to keep busy.   I would like my kids get get some money in inheritance after I die to ensure that they are financially alright, but I think that most of the times, money inherited is usually lost after 1-2 generations, and you really have to wonder if those that get large inheritances are better off then those who received very little to none.   Even if your kids aren’t made worse for it, it’s hard to predict what a large sum would mean for your grand kids or their kids.   It’s like winning the lottery, a lot of times, people would have been better off without the winning ticket.

    #243507 Reply
    MPMD MPMD
    Participant
    Status: Physician
    Posts: 2608
    Joined: 05/01/2017

    I don’t know. I’ve never been a spender, I have always hated debt and like saving for the future. I wasn’t ever saved by this website, just found a group of like minded people. I don’t even know what I would spend more money on, this year we are set to make twice as much as I ever imagined, so we are just throwing all the extra into a taxable account.

    Click to expand…

    I’m a frustrated spender. Like I’ve said if you gave me $100k and told me I had to spend it on myself I could do it in a day with things I already know I really want.

    I just can’t spend unless I know I can afford it. Like I honestly think if I drove off the lot in a brand new Audi on a loan I think I might have to pull over to vomit.

    I actually anticipate that at some point in my mid-late 40s I might seek some professional coaching about spending on myself. I am borderline pathological about it. I have to think for 2 days before I buy a new pair of pants. At my NW and income that is just silly but it’s how my addled brain works. Maybe I should drink more.

    #243518 Reply
    wideopenspaces wideopenspaces
    Participant
    Status: Physician
    Posts: 1213
    Joined: 01/12/2016
    Earnest refinancing bonus

    I don’t know. I’ve never been a spender, I have always hated debt and like saving for the future. I wasn’t ever saved by this website, just found a group of like minded people. I don’t even know what I would spend more money on, this year we are set to make twice as much as I ever imagined, so we are just throwing all the extra into a taxable account.

    Click to expand…

    I’m a frustrated spender. Like I’ve said if you gave me $100k and told me I had to spend it on myself I could do it in a day with things I already know I really want.

    I just can’t spend unless I know I can afford it. Like I honestly think if I drove off the lot in a brand new Audi on a loan I think I might have to pull over to vomit.

    I actually anticipate that at some point in my mid-late 40s I might seek some professional coaching about spending on myself. I am borderline pathological about it. I have to think for 2 days before I buy a new pair of pants. At my NW and income that is just silly but it’s how my addled brain works. Maybe I should drink more.

    Click to expand…

    I get it. Today I texted my husband to ask if he thought I should subscribe to the nyt for $6/month. Not because I need his permission to spend money, but because psychologically it makes me feel better. And even so, I still probably won’t pay for the subscription;-)

    #243528 Reply
    MPMD MPMD
    Participant
    Status: Physician
    Posts: 2608
    Joined: 05/01/2017

    I don’t know. I’ve never been a spender, I have always hated debt and like saving for the future. I wasn’t ever saved by this website, just found a group of like minded people. I don’t even know what I would spend more money on, this year we are set to make twice as much as I ever imagined, so we are just throwing all the extra into a taxable account.

    Click to expand…

    I’m a frustrated spender. Like I’ve said if you gave me $100k and told me I had to spend it on myself I could do it in a day with things I already know I really want.

    I just can’t spend unless I know I can afford it. Like I honestly think if I drove off the lot in a brand new Audi on a loan I think I might have to pull over to vomit.

    I actually anticipate that at some point in my mid-late 40s I might seek some professional coaching about spending on myself. I am borderline pathological about it. I have to think for 2 days before I buy a new pair of pants. At my NW and income that is just silly but it’s how my addled brain works. Maybe I should drink more.

    Click to expand…

    I get it. Today I texted my husband to ask if he thought I should subscribe to the nyt for $6/month. Not because I need his permission to spend money, but because psychologically it makes me feel better. And even so, I still probably won’t pay for the subscription;-)

    Click to expand…

    well hey, I might be one of the few people on here who would tell you that an NYT subscription is a great investment!!!!

    #243530 Reply
    Avatar Peds
    Moderator
    Status: Physician
    Posts: 4715
    Joined: 01/08/2016

    Support the daily!

    #243532 Reply
    Liked by Brains428
    Avatar wa2106
    Participant
    Status: Physician
    Posts: 200
    Joined: 11/29/2017

    I don’t know. I’ve never been a spender, I have always hated debt and like saving for the future. I wasn’t ever saved by this website, just found a group of like minded people. I don’t even know what I would spend more money on, this year we are set to make twice as much as I ever imagined, so we are just throwing all the extra into a taxable account.

    Click to expand…

    I’m a frustrated spender. Like I’ve said if you gave me $100k and told me I had to spend it on myself I could do it in a day with things I already know I really want.

    I just can’t spend unless I know I can afford it. Like I honestly think if I drove off the lot in a brand new Audi on a loan I think I might have to pull over to vomit.

    I actually anticipate that at some point in my mid-late 40s I might seek some professional coaching about spending on myself. I am borderline pathological about it. I have to think for 2 days before I buy a new pair of pants. At my NW and income that is just silly but it’s how my addled brain works. Maybe I should drink more.

    Click to expand…

    I get it. Today I texted my husband to ask if he thought I should subscribe to the nyt for $6/month. Not because I need his permission to spend money, but because psychologically it makes me feel better. And even so, I still probably won’t pay for the subscription;-)

    Click to expand…

    I pay $4/month and I get my money’s worth out of it

    #243536 Reply
    Hank Hank
    Moderator
    Status: Attorney
    Posts: 1477
    Joined: 03/27/2017

    Okay, how are you guys getting the New York Times for just $4 per month?  I may not always agree with their editorial stance, but I like reading something that isn’t by Gannett and that’s written above an eighth grade level.

    Are you getting online access only, or actual dead tree delivered to your house for four or six bucks per month?  (Please tell me this isn’t some cheesy one month teaser rate.)

    #243544 Reply
    Avatar Tangler
    Participant
    Status: Physician
    Posts: 405
    Joined: 08/23/2018

    Freedom!
    “money can buy a lot of things; it can also purchase freedom. None of the things money can buy is more valuable than freedom.”
    JL Collins

    The myth is that the extra “stuff” is somehow going to bring happiness. You can have a pretty wonderful life without extra status artifacts.

    Imagine being 60 and realizing you don’t have a plan for the future?

    #243563 Reply
    Liked by Lordosis
    FunkDoc83 FunkDoc83
    Participant
    Status: Physician
    Posts: 225
    Joined: 04/12/2018
    Splash Refinancing Bonus

     

    Click to expand…

    well hey, I might be one of the few people on here who would tell you that an NYT subscription is a great investment!!!!

    Click to expand…

    Why NYT?  I may be wrong, but I thought you were a Chicago doc.  Any good Midwest papers?

    #243572 Reply
    MPMD MPMD
    Participant
    Status: Physician
    Posts: 2608
    Joined: 05/01/2017

     

    Click to expand…

    well hey, I might be one of the few people on here who would tell you that an NYT subscription is a great investment!!!!

    Click to expand…

    Why NYT?  I may be wrong, but I thought you were a Chicago doc.  Any good Midwest papers?

    Click to expand…

    sure lots of them but i just like the times.

    i used to read the tribune more frequently but it seems like it’s gone more the way of the tabloid lately.

    #243575 Reply
    Craigy Craigy
    Participant
    Status: Spouse
    Posts: 2112
    Joined: 09/16/2016

    LEVEL 1 WCI FORUM MEMBER.

    #243655 Reply
    Liked by Zaphod
    Lordosis Lordosis
    Participant
    Status: Physician
    Posts: 2225
    Joined: 02/11/2019

     

    Click to expand…

    There are a lot of blue pill takers in this world.

    Freedom! “money can buy a lot of things; it can also purchase freedom. None of the things money can buy is more valuable than freedom.” JL Collins

    Click to expand…

    This is the main reason I think we made the right decision.  At some point work becomes optional.  And if you choose to keep working  you can do it on your terms.

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

    #243662 Reply
    Liked by Craigy
    Avatar BeachesMD
    Participant
    Status: Physician
    Posts: 6
    Joined: 09/05/2019

    Ignorance is not bliss.

    What we don’t see is the stress that poor finances can bring. It’s a major relationship issue.  Spending never really made anyone happy – or Hollywood would have the happiest people on earth. Even overspending on your kids can be unhealthy for them. Moderation in all things.

    “not knowing what you are missing” is sort of backward. I think what you are looking for is contentment. It’s being ok with what you have and not missing what you don’t.

    #244118 Reply
    Avatar Antares
    Participant
    Status: Physician
    Posts: 515
    Joined: 01/20/2016

    Okay, how are you guys getting the New York Times for just $4 per month?  I may not always agree with their editorial stance, but I like reading something that isn’t by Gannett and that’s written above an eighth grade level.

    Are you getting online access only, or actual dead tree delivered to your house for four or six bucks per month?  (Please tell me this isn’t some cheesy one month teaser rate.)

    Click to expand…

    This is what I want to know too. Most of what I enjoy is free or inexpensive, but I do think I pay $40/mo for the NYT! What’s the secret?!

    #244128 Reply
    Liked by Tim

Reply To: Is ignorance bliss?

In case of a glitch or error, please save your text elsewhere, clear browser cache, close browser, open browser and refresh the page.

Notifications Mark all as read  |  Clear