Spending dosh on a unnessary item

Magnolia

I wanted an Omega Seamaster 17 years ago but went with a seiko kinetic instead. Now the seiko lives in a drawer after several replacement capacitors which all failed.

I really do regret not getting the Omega *sigh*

Answer 3 questions.

Do you want it?
Do you need it?
Can you afford it?

If you answer yes to more than one of these questions then go and treat yourself. You have earned it after all :xmastree:

Ryan_Futuristics

Minrich wrote: »

Money is only for spending , it has no other relevance . To have loads of money and not spend it is pointless .

No no no ... That's that the attitude of people who will never have much of it (in principle, money is a written contract for work/labour not yet completed)

- Money doesn't buy you things: money makes money

If you're wealthy, and plan to stay wealthy, you have to realise you cannot spend your assets

Look at pop stars like Lauryn Hill, who made $millions and wound up bankrupt - if you see money as a token exchange for goods (even if you try and save) you will always be giving it away ... A £3k watch or a £200k car is a huge amount of money to give away (you're choosing to pay premiums completely unacceptable to the common man)

If you've got £1million in the bank and you spend half of it on a car, you have just sabotaged a decade of investing ... So what is money's real value?

Freedom ... Every £ you don't spend can earn money for you - freeing you first from work and responsibility ... At a certain point, it can free you from having to think twice about spending £3k on a watch, but the rampant consumer will never taste that (they'll just be taxed and sent to the factories)

evenasus

Minrich wrote: »

Money is only for spending , it has no other relevance . To have loads of money and not spend it is pointless .

Personally, I like the thought of my children & grandchildren inheriting.

Not that we don't spend when we want something. My husband collected his new car yesterday.

racing_blue

evenasus wrote: »

Personally, I like the thought of my children & grandchildren inheriting.

I hate that thought!
OK, my children can inherit from my parents, no problem with that. But personally I plan to invest heavily in my children's development from 0-18, or maybe 21 or 23, then after that let them do as they will in the global marketplace?

enthusiasticsaver

Eco_Miser wrote: »

Yes, but
a) what is 'loads of money', and
b) when should it be spent? For many people, the spending should come in retirement, when more money is not being earned.

I think there needs to be some balance in spending. My dad and quite a few other people I know in their 50s died and never got to retirement. You are a long time dead!

puk999

enthusiasticsaver wrote: »

I think there needs to be some balance in spending. My dad and quite a few other people I know in their 50s died and never got to retirement. You are a long time dead!

You can be a long time in retirement too. It's better to aspire/plan to have a long time in retirement. Agree there needs to be a balance as you never know.

Eco_Miser

My dad reached 90, after retiring early on health grounds, so I'm planning on reaching 100, and maintaining my ability to spend on what I need (or a bit of instant gratification ).

anoncol

kangoora wrote: »

Just go for it, man. There's no point in saving if you can't treat yourself occasionally.

To my mind, if you're saving that amount of money a month, the satisfaction of owning a quality watch over the next 20 years will outweigh the fact you didn't save £2.5k of potentially £600k back 20 years ago.

As for servicing costs, I've had my Rolex serviced once 5 years ago and it still keeps perfectly good time.

You don't drink, don't smoke, run a 5 year old car, worry about spending 8% of your annual savings and you save £2.5k/month. Sounds to me like you need to enjoy yourself a bit more and hang the expense once in a while

Personally, whilst I don't know what timeframes you are under for saving this cash towards retirement presumably or even what disposable cash is left after your savings, I would consider putting £250 - £500/month aside specifically for enjoyment.

Not very MSE of me but there's not much point being the richest guy in the graveyard.

Life is for living as well as saving up cash (within reason)

You save 2.5k a month? You are asking whether you can spend 3k on a holiday? wft? Thats just over one months savings!!!!!!!! You are crazy.

evenasus

racing_blue wrote: »

I hate that thought!
OK, my children can inherit from my parents, no problem with that. But personally I plan to invest heavily in my children's development from 0-18, or maybe 21 or 23, then after that let them do as they will in the global marketplace?

My 'children' are in their mid 40's and we've paid off their mortgages and bought them cars and many other things items, plus monetary gifts.

That doesn't stop me feeling happy, that they will inherit when we have left our mortal bodies.

gadgetmind

evenasus wrote: »

My 'children' are in their mid 40's and we've paid off their mortgages and bought them cars and many other things items, plus monetary gifts.

We're all different, but that can be unhealthy. We all need to stand on our own two feet, and fight our own corners, and financial drip feeds can unsettle this. Note that I say "can" not "will", and it's down to how it's done.

Read "The Millionaire Next Door" for some insights.