I, like many readers of Humble Dollar, am frugal (not cheap!) and have a hard time spending money on "exotic" things. But one of my best purchases ever was a Mazda Miata for my 50th birthday. I still have it 20 years later. I take it off the road every winter (I live in the Northeast), but every spring I am delighted & amazed about how it handles. It's fun to drive. On my "regular" cars I either buy new or only a few years old and drive them until they won't move or need to be repaired every month. My only other "splurge" is lie down flat beds on planes if we are going overseas. I don't want to lose 2-3 days of a trip adjusting to the the time change. (I cannot sleep in regular plane seats.) One final comment about how your perspective changes over the years: I think it was about 30 years ago I read the book "Die Broke" and that was my strategy until recently. Ask my 3 boys & they'll tell you they're going to inherit $0.00 from us. But recently I have had a change of heart and would love to leave an inheritance (as well as spend money on them while I'm on this side of the ground).
While it wasn't my first real job (I used to sell seeds & Christmas cards door to door and also delivered newspapers) my first job working for a "real" company was is the restaurant business, trying to save for college. I HATED the job, but unlike today jobs were hard to find. I would complain to my Mom every time I was leaving for work. Her advice was always the same: "Remember how much you hate this job when you go to college. Find a career you like. You don't want to go to a job you hate for 40+ years." So, not exactly learned on the job, but learned from the job (& my Mom!).
The #1 comment in this article was "to arrange a consultation with a State Health Insurance Assistance Program counselor". There is no way that an individual can keep up with all of the changes that happen each year....and I'm not a health care novice as one of my responsibilities at work for years was choosing what health care plan(s) we would offer employees. In my area (upstate NY) I found a company that's #1 focus is Medicare consulting. A great resource. Although, friends that live in various places around the country have had trouble finding a similar resource.
I had not thought about my Mom saving all the tinsel each year for re-use. She didn't do it to recycle; she did it because, while not poor, we had had no money to spare. No wonder I'm the frugal guy I am today! And Richard: $57 for a 19 pound turkey? Got to hunt down those bargains: we paid $0.69/pound this year.
Richard: I, too, was the primary decision maker for what plans the Company offered. It took a few years, but I was able to convince all non-union employees that they could never be better off in the traditional co-pay plan, so we eliminated it. However, about 60% of our employees were in a Union & the plans offered were part of negotiations with the Union. Try as I might, in face to face meetings, using simple math, I could not convince many (one-third?) of the union members to leave the traditional co-pay plan. I like to compare traditional co-pay plans to car insurance: Do you insure oil changes, new tires, batteries, etc.? Of course not. But that's exactly what you're doing in a traditional health care co-pay plan.
I 100% agree with your 5 year cash bucket strategy coupled with bonds to cover RMDs. But, I have not found any financial advisor that agrees with this much cash/bond exposure. Perhaps it's because this portion of a portfolio may not be under active management, and no advisor makes any money on it. And, given your (and/or mine) travel will probably start to slow down over the next decade, meaning a lot less spending.
I 100% agree on saving the bonuses. I worked with a number of people that assumed there were going to be bonuses of x% of payroll every year and upped their lifestyle accordingly. Guess what happened in the no/small bonus years! BTW: I used my saved bonuses to either pay off the mortgage, or in a great decision (not sure it was financially, but it was personally) buying a seasonal lakeside cottage that my family all remembers with love!
Comments
I have a 2004 Miata with 60,000 miles!
Post: When to spend money
Link to comment from March 15, 2025
I, like many readers of Humble Dollar, am frugal (not cheap!) and have a hard time spending money on "exotic" things. But one of my best purchases ever was a Mazda Miata for my 50th birthday. I still have it 20 years later. I take it off the road every winter (I live in the Northeast), but every spring I am delighted & amazed about how it handles. It's fun to drive. On my "regular" cars I either buy new or only a few years old and drive them until they won't move or need to be repaired every month. My only other "splurge" is lie down flat beds on planes if we are going overseas. I don't want to lose 2-3 days of a trip adjusting to the the time change. (I cannot sleep in regular plane seats.) One final comment about how your perspective changes over the years: I think it was about 30 years ago I read the book "Die Broke" and that was my strategy until recently. Ask my 3 boys & they'll tell you they're going to inherit $0.00 from us. But recently I have had a change of heart and would love to leave an inheritance (as well as spend money on them while I'm on this side of the ground).
Post: When to spend money
Link to comment from March 15, 2025
While it wasn't my first real job (I used to sell seeds & Christmas cards door to door and also delivered newspapers) my first job working for a "real" company was is the restaurant business, trying to save for college. I HATED the job, but unlike today jobs were hard to find. I would complain to my Mom every time I was leaving for work. Her advice was always the same: "Remember how much you hate this job when you go to college. Find a career you like. You don't want to go to a job you hate for 40+ years." So, not exactly learned on the job, but learned from the job (& my Mom!).
Post: Learned on the Job
Link to comment from July 6, 2023
The #1 comment in this article was "to arrange a consultation with a State Health Insurance Assistance Program counselor". There is no way that an individual can keep up with all of the changes that happen each year....and I'm not a health care novice as one of my responsibilities at work for years was choosing what health care plan(s) we would offer employees. In my area (upstate NY) I found a company that's #1 focus is Medicare consulting. A great resource. Although, friends that live in various places around the country have had trouble finding a similar resource.
Post: The Medicare Maze
Link to comment from May 3, 2023
I think the idea of a conference is a great idea. If you're greating an email group of people who are interested, add me to it.
Post: A Difficult Year
Link to comment from January 7, 2023
I had not thought about my Mom saving all the tinsel each year for re-use. She didn't do it to recycle; she did it because, while not poor, we had had no money to spare. No wonder I'm the frugal guy I am today! And Richard: $57 for a 19 pound turkey? Got to hunt down those bargains: we paid $0.69/pound this year.
Post: Bah Humbug
Link to comment from December 3, 2022
Richard: I, too, was the primary decision maker for what plans the Company offered. It took a few years, but I was able to convince all non-union employees that they could never be better off in the traditional co-pay plan, so we eliminated it. However, about 60% of our employees were in a Union & the plans offered were part of negotiations with the Union. Try as I might, in face to face meetings, using simple math, I could not convince many (one-third?) of the union members to leave the traditional co-pay plan. I like to compare traditional co-pay plans to car insurance: Do you insure oil changes, new tires, batteries, etc.? Of course not. But that's exactly what you're doing in a traditional health care co-pay plan.
Post: Unhealthy Choices
Link to comment from November 23, 2022
I 100% agree with your 5 year cash bucket strategy coupled with bonds to cover RMDs. But, I have not found any financial advisor that agrees with this much cash/bond exposure. Perhaps it's because this portion of a portfolio may not be under active management, and no advisor makes any money on it. And, given your (and/or mine) travel will probably start to slow down over the next decade, meaning a lot less spending.
Post: Carrying On
Link to comment from November 5, 2022
I 100% agree on saving the bonuses. I worked with a number of people that assumed there were going to be bonuses of x% of payroll every year and upped their lifestyle accordingly. Guess what happened in the no/small bonus years! BTW: I used my saved bonuses to either pay off the mortgage, or in a great decision (not sure it was financially, but it was personally) buying a seasonal lakeside cottage that my family all remembers with love!
Post: What are the smartest financial moves you’ve ever made?
Link to comment from January 1, 2022
Given your comments, I suspect you would enjoy the book The Psychology of Money. By Morgan Housel.
Post: What are the smartest financial moves you’ve ever made?
Link to comment from January 1, 2022