Comments on: The Balance of Happiness and Saving for the Future http://www.thesimpledollar.com/2008/12/02/the-balance-of-happiness-and-saving-for-the-future/ Simple, applicable personal finance advice for the modern world Mon, 15 Mar 2010 22:19:06 -0700 http://wordpress.org/?v=2.8.4 hourly 1 By: Free Your Mind http://www.thesimpledollar.com/2008/12/02/the-balance-of-happiness-and-saving-for-the-future/comment-page-1/#comment-431936 Free Your Mind Fri, 05 Dec 2008 17:23:30 +0000 http://www.thesimpledollar.com/2008/12/02/the-balance-of-happiness-and-saving-for-the-future/#comment-431936 This is a very interesting subject. From my own personal experience in dealing with older couples.... I have seen many older couples who tell me that they wish that they had saved their money, and that all of the so called "fun" they had was really in vain. They say that they didn't really need to spend all of that money because what was important was time with family anyway, and now they are struggling and lacking in their golden years because of it. But, very seldom do I hear someone older say, "Well... I'm broke, I'm sick, I need to be taken care of, and I'm miserable... but ... I SURE HAD A GOOD TIME BACK THEN!!!. For this reason, I would, if anything "error" on the side of sacrificing now. I wouldn't want to put myself in a situation where I'm living in the past, or living off of memories. So, I realize that there has to be balance, but I feel that when it comes down to happiness, you should never have to look too far outside of yourself for it, because if so, then it is artificial. And all and all, if you are really smart with your money, you will be able to have a little bit of the best of both worlds. This is a very interesting subject. From my own personal experience in dealing with older couples….

I have seen many older couples who tell me that they wish that they had saved their money, and that all of the so called “fun” they had was really in vain. They say that they didn’t really need to spend all of that money because what was important was time with family anyway, and now they are struggling and lacking in their golden years because of it.

But, very seldom do I hear someone older say, “Well… I’m broke, I’m sick, I need to be taken care of, and I’m miserable… but … I SURE HAD A GOOD TIME BACK THEN!!!.

For this reason, I would, if anything “error” on the side of sacrificing now. I wouldn’t want to put myself in a situation where I’m living in the past, or living off of memories.

So, I realize that there has to be balance, but I feel that when it comes down to happiness, you should never have to look too far outside of yourself for it, because if so, then it is artificial.

And all and all, if you are really smart with your money, you will be able to have a little bit of the best of both worlds.

]]> By: Shevy http://www.thesimpledollar.com/2008/12/02/the-balance-of-happiness-and-saving-for-the-future/comment-page-1/#comment-431250 Shevy Thu, 04 Dec 2008 09:17:24 +0000 http://www.thesimpledollar.com/2008/12/02/the-balance-of-happiness-and-saving-for-the-future/#comment-431250 "Don’t be afraid to actively see that balance that works best for you, even if it’s not the balance that others might have." Absolutely. Everybody has different values and different interests. You have to find what's right for you. My father died of cancer at 52. My mother developed serious rheumatoid arthritis and could do very little travelling after his death. It was very sad that they (or she) couldn't continue to travel together as they had planned to do in their retirement years, but it would have been truly tragic if they had put off all the travel we did as a family while I was growing up in the belief that they had to pay off their mortgage or build a huge retirement fund. As it was, the mortgage was paid off when my father passed away and my mother had enough money for the rest of her life, plus a paid for home. “Don’t be afraid to actively see that balance that works best for you, even if it’s not the balance that others might have.”

Absolutely. Everybody has different values and different interests. You have to find what’s right for you.

My father died of cancer at 52. My mother developed serious rheumatoid arthritis and could do very little travelling after his death. It was very sad that they (or she) couldn’t continue to travel together as they had planned to do in their retirement years, but it would have been truly tragic if they had put off all the travel we did as a family while I was growing up in the belief that they had to pay off their mortgage or build a huge retirement fund.

As it was, the mortgage was paid off when my father passed away and my mother had enough money for the rest of her life, plus a paid for home.

]]> By: Rick http://www.thesimpledollar.com/2008/12/02/the-balance-of-happiness-and-saving-for-the-future/comment-page-1/#comment-431129 Rick Wed, 03 Dec 2008 22:24:34 +0000 http://www.thesimpledollar.com/2008/12/02/the-balance-of-happiness-and-saving-for-the-future/#comment-431129 One thing that wasn't really mentioned in the article that is pretty improtant: Did Reggie have reasonable savings for retirement? If he does he should enjoy the travel now, if not the cost of taking the nice vacations now could be misery later. I agree balance is important, but I can't really judge if Reggie's action are balanced or not! -Rick Francis One thing that wasn’t really mentioned in the article that is pretty improtant: Did Reggie have reasonable savings for retirement?

If he does he should enjoy the travel now, if not the cost of taking the nice vacations now could be misery later.

I agree balance is important, but I can’t really judge if Reggie’s action are balanced or not!

-Rick Francis

]]> By: Cambo http://www.thesimpledollar.com/2008/12/02/the-balance-of-happiness-and-saving-for-the-future/comment-page-1/#comment-431119 Cambo Wed, 03 Dec 2008 21:52:04 +0000 http://www.thesimpledollar.com/2008/12/02/the-balance-of-happiness-and-saving-for-the-future/#comment-431119 Probably the best post I've read so far. I've been strugging with saving and do it to extreme because I feel guilty if I do spend but then end up busting out anyway. Time to revisit my budget and make it a bit more balanced. Probably the best post I’ve read so far. I’ve been strugging with saving and do it to extreme because I feel guilty if I do spend but then end up busting out anyway.

Time to revisit my budget and make it a bit more balanced.

]]> By: Carrie http://www.thesimpledollar.com/2008/12/02/the-balance-of-happiness-and-saving-for-the-future/comment-page-1/#comment-431056 Carrie Wed, 03 Dec 2008 19:31:34 +0000 http://www.thesimpledollar.com/2008/12/02/the-balance-of-happiness-and-saving-for-the-future/#comment-431056 @kz: You're not alone. I don't mind travel, but I don't enjoy it as much as many other people seem to. Many of my vacations are spent near home. What I do try to do, though, is explore my hometown as if I were a tourist. I'm constantly surprised by the events and places that are right under my nose. I like spending my money on other things, like music lessons. @kz: You’re not alone. I don’t mind travel, but I don’t enjoy it as much as many other people seem to. Many of my vacations are spent near home. What I do try to do, though, is explore my hometown as if I were a tourist. I’m constantly surprised by the events and places that are right under my nose. I like spending my money on other things, like music lessons.

]]> By: Cathy http://www.thesimpledollar.com/2008/12/02/the-balance-of-happiness-and-saving-for-the-future/comment-page-1/#comment-431055 Cathy Wed, 03 Dec 2008 19:22:56 +0000 http://www.thesimpledollar.com/2008/12/02/the-balance-of-happiness-and-saving-for-the-future/#comment-431055 @kz: I don't think you're abnormal. This is just a very small sampling posting in reply to the original post. My parents didn't travel when I was little. They were a bit of homebodies. Me...I'm a wanderer. I love exploring what's around the next bend. I love backpacking, diving and a number of other things that aren't other people's cup of tea. I dated a guy once who would much rather spend his money on his house. Me - I'd rather be driving a Jeep through the Australian outback. I don't think you're unusual - just not those who have responded to this thread. @kz: I don’t think you’re abnormal. This is just a very small sampling posting in reply to the original post.

My parents didn’t travel when I was little. They were a bit of homebodies. Me…I’m a wanderer. I love exploring what’s around the next bend. I love backpacking, diving and a number of other things that aren’t other people’s cup of tea. I dated a guy once who would much rather spend his money on his house. Me – I’d rather be driving a Jeep through the Australian outback. I don’t think you’re unusual – just not those who have responded to this thread.

]]> By: kz http://www.thesimpledollar.com/2008/12/02/the-balance-of-happiness-and-saving-for-the-future/comment-page-1/#comment-431046 kz Wed, 03 Dec 2008 18:22:47 +0000 http://www.thesimpledollar.com/2008/12/02/the-balance-of-happiness-and-saving-for-the-future/#comment-431046 I'm probably going to get a little slammed for this, but I find it interesting how many people are talking about their love of travel. I always thought that I was someone who loved to travel, too, but I've discovered over the years, the last few in particular, that I'm so much happier at home, or visiting the homes of friends and family (who are almost all within driving distance). Would I like to visit Europe? Sure. Would I like to spend weeks on a cross-country road trip? Of course. Will I be really sad or feel unfulfilled if they don't happen? I don't think so. I'm starting to see that this must put me outside of the 'norm.' I would so much rather save the hundreds or thousands of dollars we could spend on vacations and put it toward the 80 acres of land we'd like to have someday, or use it to buy a spot "up north" that we visit over and over and over. That's just where our priorities are, I guess, but I didn't realize how 'abnormal' it was until I started reading some of these comments (though, granted, it's not exactly a random sample!). Totally off-topic. Forgive me :) I’m probably going to get a little slammed for this, but I find it interesting how many people are talking about their love of travel. I always thought that I was someone who loved to travel, too, but I’ve discovered over the years, the last few in particular, that I’m so much happier at home, or visiting the homes of friends and family (who are almost all within driving distance). Would I like to visit Europe? Sure. Would I like to spend weeks on a cross-country road trip? Of course. Will I be really sad or feel unfulfilled if they don’t happen? I don’t think so. I’m starting to see that this must put me outside of the ‘norm.’ I would so much rather save the hundreds or thousands of dollars we could spend on vacations and put it toward the 80 acres of land we’d like to have someday, or use it to buy a spot “up north” that we visit over and over and over. That’s just where our priorities are, I guess, but I didn’t realize how ‘abnormal’ it was until I started reading some of these comments (though, granted, it’s not exactly a random sample!).

Totally off-topic. Forgive me :)

]]> By: Rejjii http://www.thesimpledollar.com/2008/12/02/the-balance-of-happiness-and-saving-for-the-future/comment-page-1/#comment-431028 Rejjii Wed, 03 Dec 2008 17:13:43 +0000 http://www.thesimpledollar.com/2008/12/02/the-balance-of-happiness-and-saving-for-the-future/#comment-431028 I love traveling and I share the philosophy that travelling should be done when you are fit enough to enjoy. I know several people who didn't travel earlier in life as they were saving up the travel experience for the later years, only to have a medical condition develop, or one of their spouses passing on before they could travel. I don't want to bank on it all happening later in life, so I try and travel every year to all of the places I dreamt about when I was a kid. I've travelled to 24 countries so far, and plan on continuing with my adventure travels while I am still physically able to do so. Once I am finally retired, I do plan to continue travelling, only with less "adventure" and a few more creature comforts added to the mix. In order to accomplish this, I set aside money every month to a travel fund separate from my savings fund and emergency fund. I don't even book a trip until I already have it all paid for, so that as I am travelling, I can truly enjoy the experience instead of worrying about how much everything costing or what my credit card statements are going to be like the following month. I love traveling and I share the philosophy that travelling should be done when you are fit enough to enjoy. I know several people who didn’t travel earlier in life as they were saving up the travel experience for the later years, only to have a medical condition develop, or one of their spouses passing on before they could travel. I don’t want to bank on it all happening later in life, so I try and travel every year to all of the places I dreamt about when I was a kid. I’ve travelled to 24 countries so far, and plan on continuing with my adventure travels while I am still physically able to do so. Once I am finally retired, I do plan to continue travelling, only with less “adventure” and a few more creature comforts added to the mix.

In order to accomplish this, I set aside money every month to a travel fund separate from my savings fund and emergency fund. I don’t even book a trip until I already have it all paid for, so that as I am travelling, I can truly enjoy the experience instead of worrying about how much everything costing or what my credit card statements are going to be like the following month.

]]> By: Terri http://www.thesimpledollar.com/2008/12/02/the-balance-of-happiness-and-saving-for-the-future/comment-page-1/#comment-431000 Terri Wed, 03 Dec 2008 16:31:49 +0000 http://www.thesimpledollar.com/2008/12/02/the-balance-of-happiness-and-saving-for-the-future/#comment-431000 Great article. Life is all about balance!! Great article. Life is all about balance!!

]]> By: Jen http://www.thesimpledollar.com/2008/12/02/the-balance-of-happiness-and-saving-for-the-future/comment-page-1/#comment-430998 Jen Wed, 03 Dec 2008 16:30:47 +0000 http://www.thesimpledollar.com/2008/12/02/the-balance-of-happiness-and-saving-for-the-future/#comment-430998 One of my rules for life: All things in moderation. Including moderation. :-D One of my rules for life:

All things in moderation. Including moderation. :-D

]]> By: getagrip http://www.thesimpledollar.com/2008/12/02/the-balance-of-happiness-and-saving-for-the-future/comment-page-1/#comment-430997 getagrip Wed, 03 Dec 2008 16:28:39 +0000 http://www.thesimpledollar.com/2008/12/02/the-balance-of-happiness-and-saving-for-the-future/#comment-430997 It's also about balance with your family as well and sometimes you have to make decisions and just recognize there are going to be financial repercussions. My spouse and I decided that the family should go to Europe one time while my mother was still healthy enough to travel, since she's close to many of the relatives over there and it was important to her and to us to meet them. I would have prefered to wait for the kids to be a little bit older, and to give us more time to save instead of add to our debt. Yet had I delayed another year the trip would have likely never happenend and as it was it was the last time my mother has been well enough to venture out of country. It’s also about balance with your family as well and sometimes you have to make decisions and just recognize there are going to be financial repercussions. My spouse and I decided that the family should go to Europe one time while my mother was still healthy enough to travel, since she’s close to many of the relatives over there and it was important to her and to us to meet them. I would have prefered to wait for the kids to be a little bit older, and to give us more time to save instead of add to our debt. Yet had I delayed another year the trip would have likely never happenend and as it was it was the last time my mother has been well enough to venture out of country.

]]> By: Kevin http://www.thesimpledollar.com/2008/12/02/the-balance-of-happiness-and-saving-for-the-future/comment-page-1/#comment-430972 Kevin Wed, 03 Dec 2008 15:15:24 +0000 http://www.thesimpledollar.com/2008/12/02/the-balance-of-happiness-and-saving-for-the-future/#comment-430972 Good post. My parents took us on vacations nearly every summer growing up and I think it was a good experience. Not all of them were fancy or even out of state, but it is important to travel and see new things. I hope to give my son the same type of experiences. Good post. My parents took us on vacations nearly every summer growing up and I think it was a good experience. Not all of them were fancy or even out of state, but it is important to travel and see new things. I hope to give my son the same type of experiences.

]]> By: JonFrance http://www.thesimpledollar.com/2008/12/02/the-balance-of-happiness-and-saving-for-the-future/comment-page-1/#comment-430882 JonFrance Wed, 03 Dec 2008 12:56:03 +0000 http://www.thesimpledollar.com/2008/12/02/the-balance-of-happiness-and-saving-for-the-future/#comment-430882 I agree with Frugal Bachelor (comment 18)--I would just add that, mathematically and scientifically, we're not completely in the dark about how long we're going to live or how much money we're going to make over the course of our lives: Although you can never know what any given *individual* has in store, there are statistics that tell you what the *odds* are that you will live to any given age--and these life expectancy figures *will* turn out to be accurate for the population as a whole. Both overspenders and oversavers need to take the odds into account: 9 in 10 of us will live to see 60, 8 in 10 will see 70, and 6 in 10 will live to see 80. So plan what you will, but be realistic about your chances: if you're planning on having a comfortable retirement through age 102 (and have no kids and don't care about charity), then realise that chances are 99 out of 100 you won't live that long. Or if you're planning on retiring at 40, blowing all your money on fun, and ending up dead broke at 50, you'd better realise how serious the odds are (96% chance) that you'll have at least 10 years of living in abject poverty after that. I agree with Frugal Bachelor (comment 18)–I would just add that, mathematically and scientifically, we’re not completely in the dark about how long we’re going to live or how much money we’re going to make over the course of our lives:

Although you can never know what any given *individual* has in store, there are statistics that tell you what the *odds* are that you will live to any given age–and these life expectancy figures *will* turn out to be accurate for the population as a whole. Both overspenders and oversavers need to take the odds into account: 9 in 10 of us will live to see 60, 8 in 10 will see 70, and 6 in 10 will live to see 80.

So plan what you will, but be realistic about your chances: if you’re planning on having a comfortable retirement through age 102 (and have no kids and don’t care about charity), then realise that chances are 99 out of 100 you won’t live that long. Or if you’re planning on retiring at 40, blowing all your money on fun, and ending up dead broke at 50, you’d better realise how serious the odds are (96% chance) that you’ll have at least 10 years of living in abject poverty after that.

]]> By: Oskar http://www.thesimpledollar.com/2008/12/02/the-balance-of-happiness-and-saving-for-the-future/comment-page-1/#comment-430850 Oskar Wed, 03 Dec 2008 09:41:52 +0000 http://www.thesimpledollar.com/2008/12/02/the-balance-of-happiness-and-saving-for-the-future/#comment-430850 Good post, my personal view on this is that it is not only about balance but about focus, spend less on the things that is not important to you and more on the stuff that matters. E.g. If you like cars buy a nice car, if you like to travel do that and spend less on the stuff that you don't enjoy as much... A thought about balans is that you should also consider balance accross life, if you are at your peek expected income or close to it and you are spending every sent (never mind borowing money) you will probably have problems in the future... Good post, my personal view on this is that it is not only about balance but about focus, spend less on the things that is not important to you and more on the stuff that matters. E.g. If you like cars buy a nice car, if you like to travel do that and spend less on the stuff that you don’t enjoy as much…

A thought about balans is that you should also consider balance accross life, if you are at your peek expected income or close to it and you are spending every sent (never mind borowing money) you will probably have problems in the future…

]]> By: Oliver http://www.thesimpledollar.com/2008/12/02/the-balance-of-happiness-and-saving-for-the-future/comment-page-1/#comment-430844 Oliver Wed, 03 Dec 2008 08:46:09 +0000 http://www.thesimpledollar.com/2008/12/02/the-balance-of-happiness-and-saving-for-the-future/#comment-430844 Consumption theory is a very interesting topic because there are so many different approaches to it. As long as you recognise there will be periods in your life where you will have little or no income, and that you must save some money to sustain yourself during these periods, your consumption patterns should be ok. The problem seems to be when people continue to borrow when their income is at its peak. This is the time when you should be paying off debt and saving for retirement. I guess it all comes down to when do you want to spend your money? Consumption theory is a very interesting topic because there are so many different approaches to it. As long as you recognise there will be periods in your life where you will have little or no income, and that you must save some money to sustain yourself during these periods, your consumption patterns should be ok. The problem seems to be when people continue to borrow when their income is at its peak. This is the time when you should be paying off debt and saving for retirement. I guess it all comes down to when do you want to spend your money?

]]> By: Diane http://www.thesimpledollar.com/2008/12/02/the-balance-of-happiness-and-saving-for-the-future/comment-page-1/#comment-430818 Diane Wed, 03 Dec 2008 06:30:55 +0000 http://www.thesimpledollar.com/2008/12/02/the-balance-of-happiness-and-saving-for-the-future/#comment-430818 My boyfriend's favorite saying is "Extremes are Evil"! And I've come to believe that's true in so many areas of life... When it comes to money, either way - spend it all or save it all - you're at an extreme and out of balance. For me, spending is partly based on a need to do things and make memories with my sons (17 & 22 now) when I have the opportunity. That won't always be available! So I try to find a balance between being reasonably frugal/saving and enjoying experiences as we have the opportunity. Whatever your pleasure, keep it all in balance! My boyfriend’s favorite saying is “Extremes are Evil”! And I’ve come to believe that’s true in so many areas of life…

When it comes to money, either way – spend it all or save it all – you’re at an extreme and out of balance.

For me, spending is partly based on a need to do things and make memories with my sons (17 & 22 now) when I have the opportunity. That won’t always be available!

So I try to find a balance between being reasonably frugal/saving and enjoying experiences as we have the opportunity.

Whatever your pleasure, keep it all in balance!

]]> By: Chris http://www.thesimpledollar.com/2008/12/02/the-balance-of-happiness-and-saving-for-the-future/comment-page-1/#comment-430773 Chris Wed, 03 Dec 2008 03:50:31 +0000 http://www.thesimpledollar.com/2008/12/02/the-balance-of-happiness-and-saving-for-the-future/#comment-430773 Many people I know struggle to find this balance between saving and spending- and it's not necessarily for travel. It can be for a hobby, for home improvement, or perhaps an expensive car they have always wanted. I agree that you have to splurge once in a while, otherwise you just aren't living! I've caught the travel bug myself and we're going to San Francisco in early January. Can't wait! Many people I know struggle to find this balance between saving and spending- and it’s not necessarily for travel. It can be for a hobby, for home improvement, or perhaps an expensive car they have always wanted. I agree that you have to splurge once in a while, otherwise you just aren’t living! I’ve caught the travel bug myself and we’re going to San Francisco in early January. Can’t wait!

]]> By: Kristen at The Frugal Girl http://www.thesimpledollar.com/2008/12/02/the-balance-of-happiness-and-saving-for-the-future/comment-page-1/#comment-430743 Kristen at The Frugal Girl Wed, 03 Dec 2008 01:51:43 +0000 http://www.thesimpledollar.com/2008/12/02/the-balance-of-happiness-and-saving-for-the-future/#comment-430743 I do agree that hoarding every single bit of money and never spending any for fun is a little bit silly. We don't have a lot of extra money, but we do save up for a family vacation each year. It's not a necessity, and of course we could put that money in the retirement fund, but we want to go on vacations now with our kids while they're still here at home with us. I do agree that hoarding every single bit of money and never spending any for fun is a little bit silly. We don’t have a lot of extra money, but we do save up for a family vacation each year. It’s not a necessity, and of course we could put that money in the retirement fund, but we want to go on vacations now with our kids while they’re still here at home with us.

]]> By: Amateur http://www.thesimpledollar.com/2008/12/02/the-balance-of-happiness-and-saving-for-the-future/comment-page-1/#comment-430740 Amateur Wed, 03 Dec 2008 01:40:54 +0000 http://www.thesimpledollar.com/2008/12/02/the-balance-of-happiness-and-saving-for-the-future/#comment-430740 What a great post, Trent. I agree with that, save some, spend some, money is a means to an end and everything ends whether it is pleasant or not. Whenever I see something I could afford and would truly enjoy, I do not hesitate and get it, use it up (or eat it up!) and know that I got my money's worth. It's just slightly harder in today's economy, but things will change as always. What a great post, Trent. I agree with that, save some, spend some, money is a means to an end and everything ends whether it is pleasant or not. Whenever I see something I could afford and would truly enjoy, I do not hesitate and get it, use it up (or eat it up!) and know that I got my money’s worth. It’s just slightly harder in today’s economy, but things will change as always.

]]> By: Frugal Bachelor http://www.thesimpledollar.com/2008/12/02/the-balance-of-happiness-and-saving-for-the-future/comment-page-1/#comment-430708 Frugal Bachelor Wed, 03 Dec 2008 00:55:20 +0000 http://www.thesimpledollar.com/2008/12/02/the-balance-of-happiness-and-saving-for-the-future/#comment-430708 I wonder if lack of balance has more to do with uncertainty, than unhappiness. The overspender spends all of his money because he's not sure if the opportunities he has to spend money will still be around, if he will be healthy enough to enjoy them later on, or if he will even still be alive. Maybe his income will increase a lot, or maybe he will win the lottery. He knows what he wants now, so he spends money on it, to guarantee he can have it, rather than risk the uncertainty of not having it in the future. His worst nightmare is that he lives to be 100 years old and in perfect health, but penniless. The oversaver saves all of his money, because he's making a decent income, but knows that someday he will not be able to earn enough. So he saves and saves, believing one day he won't be able (or willing) to earn as much as he does now. His worst nightmare is that he dies in an auto wreck at age 40, with a million dollars in the back, but not having enjoyed a day in his life. If you could tell people exactly how much money they will make every year for the rest of their life, (and the age they will live to), it would radically alter people's spending and saving habits. I wonder if lack of balance has more to do with uncertainty, than unhappiness.

The overspender spends all of his money because he’s not sure if the opportunities he has to spend money will still be around, if he will be healthy enough to enjoy them later on, or if he will even still be alive. Maybe his income will increase a lot, or maybe he will win the lottery. He knows what he wants now, so he spends money on it, to guarantee he can have it, rather than risk the uncertainty of not having it in the future. His worst nightmare is that he lives to be 100 years old and in perfect health, but penniless.

The oversaver saves all of his money, because he’s making a decent income, but knows that someday he will not be able to earn enough. So he saves and saves, believing one day he won’t be able (or willing) to earn as much as he does now. His worst nightmare is that he dies in an auto wreck at age 40, with a million dollars in the back, but not having enjoyed a day in his life.

If you could tell people exactly how much money they will make every year for the rest of their life, (and the age they will live to), it would radically alter people’s spending and saving habits.

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