We just downsized from a 3,000 square foot home to a 1,200 square foot condo a mile and a half away. We began the "purge" about six months ago when we started looking to move. It was a lot easier to do it over time. People ask why we chose to do this now in our late 40s instead of waiting until we're older. Well, I've seen a lot of people get swallowed up by their stuff when I'd rather spend my time and money on experiences instead of things. I'm happy to report that I feel like an enormous weight has been lifted since we are now down to only the essentials in our new home. It may not be for everyone but it was the right decision for us. I will add that we are a childfree couple so that made the decision to purge/move a lot easier.
Great post as usual, Dick. It took me a long time to realize that the spending part is key. Of course, income is important but controlling my spending and really analyzing needs v. wants has helped pump up the savings over time. A valuable lesson to learn but it probably took longer for me than it should have. Rich is so hard to define especially since it's dependent on where you live and where you intend to retire. Rich for me is being able to sleep well at night and not worry about paying for an unexpected expense, i.e. the washer breaking. What's that saying - it's all relative...
Totally agree, for me this is such a personal decision, i.e. what helps me sleep better at night as opposed to what helps someone else. The numbers are important of course but to me it's entirely a psychological decision.
Stay focused on your goals but also enjoy the ride. It goes faster than you can ever imagine. Make sure you have a balance between preparing for the future and enjoying the present. It's not easy but it's doable.
Lots of food for thought here. I often question if there was a way to find out exactly how old I'll be when I die, would I want to know? Great for planning purposes but psychologically not so much.
Comments
Thanks for your comment Ben. I'm hoping my love of reading and especially my love for the library sticks!
Post: Am I the boring aunt?
Link to comment from December 21, 2024
Some great thoughts here Rick. I love the comparison.
Post: Happy Winter Solstice
Link to comment from December 21, 2024
Thank you for this eye-opening article. Very informative!
Post: My Ozempic Nightmare
Link to comment from December 11, 2024
We just downsized from a 3,000 square foot home to a 1,200 square foot condo a mile and a half away. We began the "purge" about six months ago when we started looking to move. It was a lot easier to do it over time. People ask why we chose to do this now in our late 40s instead of waiting until we're older. Well, I've seen a lot of people get swallowed up by their stuff when I'd rather spend my time and money on experiences instead of things. I'm happy to report that I feel like an enormous weight has been lifted since we are now down to only the essentials in our new home. It may not be for everyone but it was the right decision for us. I will add that we are a childfree couple so that made the decision to purge/move a lot easier.
Post: Day of Reckoning by Ken Cutler
Link to comment from August 5, 2024
Great post as usual, Dick. It took me a long time to realize that the spending part is key. Of course, income is important but controlling my spending and really analyzing needs v. wants has helped pump up the savings over time. A valuable lesson to learn but it probably took longer for me than it should have. Rich is so hard to define especially since it's dependent on where you live and where you intend to retire. Rich for me is being able to sleep well at night and not worry about paying for an unexpected expense, i.e. the washer breaking. What's that saying - it's all relative...
Post: Dick Quinn’s guaranteed route to becoming “rich.”
Link to comment from July 7, 2024
A crystal ball but then where's the fun in that :)
Post: What do you need to feel financially secure?
Link to comment from July 1, 2024
This is a great list. I would add "I can't control others' behavior, I can only control my reaction to it." Easy to say, impossible to do at times.
Post: Four Mantras
Link to comment from July 1, 2024
Totally agree, for me this is such a personal decision, i.e. what helps me sleep better at night as opposed to what helps someone else. The numbers are important of course but to me it's entirely a psychological decision.
Post: Should you prepay a mortgage?
Link to comment from June 30, 2024
Stay focused on your goals but also enjoy the ride. It goes faster than you can ever imagine. Make sure you have a balance between preparing for the future and enjoying the present. It's not easy but it's doable.
Post: What Financial/ Life advice would you give a 2024 college graduate?
Link to comment from June 30, 2024
Lots of food for thought here. I often question if there was a way to find out exactly how old I'll be when I die, would I want to know? Great for planning purposes but psychologically not so much.
Post: Longevity is your greatest risk in retirement. Keep that in mind when you are 30
Link to comment from June 27, 2024