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  1. #1
    Forum Frontman It's Mike's Avatar
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    12.13.17 @ 09:22 PM
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    Default You Only Live Once

    So we're up north visiting with my wife's family (they rented a cottage for the week) and got into a discussion about spending money vs saving for future stuff. I'm a saver and a planner but my sister inlaw's boyfriend basically took the side of "the kids will be fine on their own , so spend what you have - you only live once". This mindset scares the shit out of me but as time goes on I am realizing he speaks for the majority. How do you guys stand on this?

  2. #2
    Atomic Punk jrk5150's Avatar
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    12.13.17 @ 02:32 PM
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    Like with everything else, there is a balance to be struck.

    There's no point to saving for a day that may never come, but on the other hand, if that day does come, you better be ready...

    I am not a good saver, and neither is my wife. It took a long time for us to live within our means. We've never been extravagant but we certainly have overextended a couple of times. We are still a little bit too paycheck to paycheck for my gut when I think about it, but, well, that's the way it is and that's who we are.

  3. #3
    Atomic Punk edwardv's Avatar
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    Saving, planning, and low debt is the way to go but you have to start young. Once you dig the hole its very hard to crawl out. The genxers and millenials???? I know there are some frugal ones some place but I don't know any.
    EVH 1979: Well, actually it's not much of a vacation, because we run everything ourselves. We design our own album cover, we have to be in the office every day to sign checks - the whole corporation revolves around us. Nothing can be done without our approval. We even have photo approval.

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  5. #4
    Atomic Punk Dave's Dreidel's Avatar
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    Default

    I want to die with $0 in my checking account.

    Can't take it with you.
    Taylor Swift is nice to look at. Adele can sing.

    Emperor Brett - "I can't believe you guys are analyzing song-by-song Van Halen III? What next, analyzing the script of Stroker Ace looking for some shred of Citizen Kane?"

    David Lee Roth did the impossible. He made Van Halen better. Deal with it!

    Preferred pronouns: he/him/his

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  7. #5
    Atomic Punk I Coulda Hada VH's Avatar
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    12.13.17 @ 11:22 PM
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    Default

    I'm a saver and my wife is a spender. I don't know of anyone who wants to outlive his/her money.
    "It's so lonely at the top because it's so crowded at the bottom" - Diamond David Lee Roth

    "If at first you don't succeed, then skydiving is not for you"

    "Be careful what you wish for because you just might lose what you already have"

    "Women and Children First ... The REAL Van Halen III"

  8. #6
    Good Enough cabomiro's Avatar
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    Default

    Don't have kids and never was married. I'm more a spender but that's because I don't have anyone to support/worry about if anything happened to me.
    Cabo x 20
    Van Halen x 11
    Sammy x 20+
    DLR x 2

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  10. #7
    Gird your loins Daisy Hill's Avatar
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    12.13.17 @ 08:47 PM
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    Default

    I know a lot of parents want to see their children have an easier time of it than they had and get a better start in life and so they spend too much money on their kids education, weddings, setting up a household etc etc. until they have put themselves at a financial disadvantage and I think if most of them think about it, they are doing all this spending for themselves and their own ego more than to benefit their children. But I guess it all depends on what you really want for your kids. It's hard to teach them that life is supposed to be enjoyed and savored if you are living an Scrooge lifestyle

    We have a harder time spending money on ourselves thinking that by doing so we are taking away from our children,but really if we fund everything and buy everything for our children are we not robbing from them the satisfaction of achieving it for themselves. Most things are more valued if they are earned than gifted, afterall

    so really, as much as we want to leave a legacy for our kids, the best legacy that can be left for them is something money cannot buy and that is the time spent with them and the lessons taught to them about how to live life in general, how to be independent, how to plan for the future and still enjoy life today, how to value family, how to be an asset to their community.

    So I say save enough and invest enough to not be a burden on your children or the state in your old age and have fun with the rest of it.

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  12. #8
    Forum Frontman It's Mike's Avatar
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    Default

    Quote Originally Posted by Daisy Hill View Post
    I know a lot of parents want to see their children have an easier time of it than they had and get a better start in life and so they spend too much money on their kids education, weddings, setting up a household etc etc. until they have put themselves at a financial disadvantage and I think if most of them think about it, they are doing all this spending for themselves and their own ego more than to benefit their children. But I guess it all depends on what you really want for your kids. It's hard to teach them that life is supposed to be enjoyed and savored if you are living an Scrooge lifestyle

    We have a harder time spending money on ourselves thinking that by doing so we are taking away from our children,but really if we fund everything and buy everything for our children are we not robbing from them the satisfaction of achieving it for themselves. Most things are more valued if they are earned than gifted, afterall

    so really, as much as we want to leave a legacy for our kids, the best legacy that can be left for them is something money cannot buy and that is the time spent with them and the lessons taught to them about how to live life in general, how to be independent, how to plan for the future and still enjoy life today, how to value family, how to be an asset to their community.

    So I say save enough and invest enough to not be a burden on your children or the state in your old age and have fun with the rest of it.
    this is very well said. For me, I feel the responsibility to my parents to put my kids in a better spot that I was put into. They worked like dogs to put us in a position to succeed, to not pay it forward to my kids always seems like an insult to what they sacrificed for us. Another part of wonders that if working young (like I did) made me what I am today so maybe having my kids education paid for before they work an hour in their lives is a mistake. Our plan is to have them work through high school and then, if they are like I was and save their money, have them invest it and we'll take care of school. God knows they'll need the money once they're done.

    I don't know. I'm probably too risk averse but I like sleeping at night and never want to have to be someone who depends on others to support my family.

  13. #9
    Eruption
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    11.17.17 @ 05:11 AM
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    Default

    I try to save a bit, my wife likes to spend. We both like to travel, and try to do a trip to another country at least once a year. That said, we have no real debt, a lot of the stuff my wife buys is stuff that holds value and could be resold for almost what she paid if needed, and we both work in areas we love and would do for free so are not aiming for early retirement or anything like that.

    I'd like to have a bit more of a rainy day fund but it is what it is. When I was injured a couple of years ago and couldn't work for a few months, we managed okay.

  14. #10
    Sinner's Swing! Jesus H Christ's Avatar
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    Default

    I save and do all the things I love most. Zero debt, few rental properties, very simple lifestyle, not married, no kids.....I'll retire(from full time work) in a few years and be just fine.
    "The less I needed, the better I felt." ~ Charles Bukowski.

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  16. #11
    Baluchitherium
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    Default

    Quote Originally Posted by Jesus H Christ View Post
    I save and do all the thoings I love most. Zero debt, few rental properties, very simple lifestyle, not married, no kids.....I'll retire(from full time work) in a few years and be just fine.
    Uhh, I'm gonna, like, follow you Jesus.

  17. #12
    Hang 'Em High sickman's Avatar
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  19. #13
    Whoa, this is heavy! Jedi McFly's Avatar
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    I fall somewhere in the middle of this discussion. But more importantly I want to point out that when I read the "You Only Live Once" title I thought this was the title of an upcoming James Bond film parody.

 

 

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