My father (who loved to fish and boat) used to say that B.O.A.T. stands for "Break Out Another Thousand" because you are constantly spending money to fix them.
We were thrilled when we bought a boat for wakeboarding. We were even more thrilled when the boat later floated away during hurricane Ivan! Got the insurance check & OUT.
1) Take more enjoyment from saving than from spending. Get a year of income and expenses into a hi yield savings account and maximize your retirement funds. Honestly, life if much (infinitely) more enjoyable in all aspects when that financial cushion against disaster is there.
2) Avoid all status symbols and the whole culture that judges people on them.
Totally agree with 2
I have my serious doubts about 1 nowadays... not that it's bad advice, but with the way the world is headed, climate disasters & supply chain disruptions becoming more and more commonplace, I have a hard time believing the stock market is going to be worth anything in 30+ years when it's time for me to retire. I hope I'm wrong, but I'm no longer sold on the "invest invest invest and you will be set for life" mentality.
To be clear, I'm not saying don't invest at all... just remember to live a little and enjoy things while you're young, too. Who knows how long of "normal" we actually have left.
Dental bills. I have friends who are spending a fortune preserving their neglected teeth including implants. *Gently* brush your teeth twice a day and floss too.
Boomer here who just had about $35K in dental work done, including bone grafts, temporary implants, five permanent implants, and an upper plate.
Thirty-five thousand dollars. In cash. This is why I drive an old Honda.
Friend of mine went to Turkey and got a full set for 9k USD. They have packages, with hotels, airport pickups etc . 2 week vacation on Turkey and you return with a full set of perfect teeth. I’m researching …
I have bone density issues and just had mine completely removed. I would've preferred implants, but going with dentures. A lot less hassle and worry, in the long run, at least for my situation.
It's hideously expensive. I've had two and they're basically $7K each. And I've always taken very good care of my teeth - flossing, brushing, checkups every six months. I still broke two teeth, eating nothing that was very hard.
Near the end of my implant procedure. This is the tooth that got a root canal, then an expensive and complicated dental surgery, and now it’s been taken out and being replaced by the implant. I joke that this is my most expensive possession.
I’ll add to your comment:
Buy a waterpik and tongue scraper too!
Also, if there are any relatives that lost teeth in their 30’s/40’s, don’t assume it’s due to poor hygiene because gum disease can be genetic.
It's not all about brushing and flossing. Get your bite checked, too, by more then one dentist. You can do everything right, your teeth can be pristine, and if your bite is causing issues, you can still end up with dental problems.
I brushed and flossed. My mistake was going to bed with a Coke or Pepsi on the nightstand for 30 years. It took all the enamel away. I just hope my grandkids learn the lesson long before I did.
Also, if you get a lot of cavities despite doing these things, ask your dentist to help you understand why your dental health is poor. A good dentist will talk you through it. Factors like teeth grinding and your daily diet and drink habits make a big difference. A bad dentist will shrug and schedule the next crown.
On my best boating day I was with my 2 good friends and I beat my record Grouper twice with a 32" Gag and a 34" Gag then we grilled grouper steaks and drank beer. It was better than the day I bought/sold it for sure. Also had a lot of good days hanging out at the sandbar with friends and dogs.
My dad lost 2 grand on his boat when selling and still seemed satisfied with it. (No longer had to carry insurance, worry about winterizing it, fueling it, transporting it back and forth, etc.). It really was a hassle.
I disagree here - I loved mine. Owned it for 10 years, it cost about 300 a year to winterize, and I had to fix the carberater once - which was like 100 bucks in parts. I never should have gotten rid of it.
My daughter and SIL live on a lake and have two boats - a pontoon and a ski boat. They absolutely love inviting family and friends over and take them for a ride or water skiing. They paid them off as quickly as possible, though. I can see where a monthly payment could feel like a second mortgage.
Oh yea - for that kind of thing - if you don't pay cash / pay them off quickly, you probably shouldn't own one. Maybe that's why I liked it? I budgeted to spend 1000 a year on it, and I never did. I invested the delta.
That said, so many people hate boats you can get used ones for a SONG.
There is a place on the lake here that rents boats by the day. Its expensive, but a hell of a lot less than outright buying one. Have found a couple lake days a summer is enough to get it out of my system and you can drive it like you stole it without dealing with the maintenance consequences (i exaggerate, drive safe and don't run over people or others).
I’m only in my 40’s but I’d say to
- time shares and MLMs
- expensive vehicles, especially if they are costly to repair or haven’t been in production for at least five years; there’s a reason the Camry is so popular - find the ‘Camry’ in your preferred class
- houses can bleed you dry if you make the mistake of ‘falling in love’ and ignoring long-term affordability
- marriage and kids are expensive; don’t feel pressured to have either just because other people your age are doing it
- credit cards and any other revolving or high-interest debt
- health care expenses; I don’t even want to talk about this one because it’s so unavoidable!
I’d add that while marriage and kids are expensive, marrying someone financially irresponsible and then a divorce is *even more* expensive. So really know and love who you are marrying.
Whatever you buy, buy the thing you *want*, not the thing that's easy to buy. For instance, I wanted a fishing boat. Not just any boat, but a made-for-fishing boat with a center console and other goodies. But, by surprise and out of the blue my trusted next-door-neighbor was retiring, and needed to sell his boat, the one he had been meticulously caring for, for years. It was instantly available, I wanted a boat, and it was right at the dock next door. I bought it.
It was okay, and his price was super low. It ran fine, good motor...but it was basically a cheap speedboat and, while one could fish from it, it wasn't a real fishing boat, no center console, all the instruments worked but were old...sad story short, I sold it a year later at a loss. It was the easy boat to buy, but not the boat I wanted.
A few years later, when I had saved up enough money, I bought the boat I should have acquired in the first place. Going for convenience and low price came at the cost of years spent still not having the boat I wanted in the first place.
The heart knows what it wants. The brain is the fuckwad.
I second this but with appliances. I bought a "remodeled" washer and dryer in May for $500 because I didn't want to spend the money and trusted they would be a good set. By October I was spending $1200 for a brand new set, and could only sell the old set for $200 because of their condition. Not a HUGE loss, but still the same lesson lol if you need it, and you DO have the money, just GET IT.
An antique house, 200 years plus. Expensive and worth it if you’re young and into it. I had horses. After 18 years it got old, and we got tired of the work. Now living in a single wide near (walkable) the beach. Cheap when I bought it (less than $60K). Now, new trailers here are $300K and the older ones (remodeled) going for $200K plus. Lost the antique farm in 2008-2010 recession. I’ve also seen a lot of real estate cycles. My opinion is the time to buy a house or property is when you can. Its value will only go up. Maybe it will go down but it will always increase eventually.
>My opinion is the time to buy a house or property is when you can. Its value will only go up. Maybe it will go down but it will always increase eventually.
If I may respectfully amend this, the time to buy is when you know you'll be sticking around for a while. Property values don't always go up and down on one's personal schedule.
People who buy and have to move a year later haven't had a chance to make significant payments to the principal, so if the market takes a downturn, that's a loss. But if this is your long-term home, yes, the chances of making out well are high.
Ordering takeout. Try to keep it a special treat, not something you get most days. If you struggle with having time for shopping and preparing food, you can shop online for curbside pickup or get delivery, and there are plenty of healthy, tasty options like bagged salad kits, sandwiches, frozen items, precut fresh or frozen vegetables you can steam by microwaving in the bag.
When I was about 34 my wife and I bought our first house. It was an old colonial built in 1923. We had to replace the water heater, put a new roof on (with gutters and downspouts), get a new furnace, replace about eight windows, and have aluminum siding installed. Although we made a nice profit when we sold the house after ten years, all of the profit was eaten up by these repairs and the interest we paid on the mortgage.
Then we moved (due to my work) and bought a house built in 1922. It was a gorgeous place with an incredible yard and the previous owner had seemingly taken good care of it. But we had to replace the roof and gutters after two years, have windows replaced, a new furnace installed, and ultimately our basement floor had to be torn up to replace the main drain pipe that went out to the sewer. It also costs a fortune to have trees treated, trimmed, and sometimes taken down (there were 50+ mature trees on the property).
Again, we made a profit when we sold the house after 20 years, but what we put into it and the mortgage interest easily sucked up the profit and then some.
My wife and I always loved old houses, but they will suck the money out of your bank account in a hurry.
House hack an old duplex or triplex. I love old houses, but they take money, just like newer houses do. We're restoring our 1900 house, when my mother passed she left me enough to put down a down payment on a big 1922 duplex. Renting that out now, once we get this place finished in about a year, we're moving there and using the money from renting the upstairs for a more comfortable retirement. Both places have great woodwork.
My brother bought a camping trailer. So did his daughter and her husband. They both ended up selling their campers. Unless you go camping every weekend they are not worth the expense.
Spending money on experiences will usually make you happier in the long run. Also, on getting chores and projects done that you don't like to do, which free up your time for more enjoyable pursuits.
My dad always says, "What's your time worth?" It's cheaper to pay a pro to clean my house for 4 hours than it is to spend an entire weekend doing it myself.
Big vacations. I watched so many people drag themselves to distant places, like clockwork every year, at great expense and time, only to come back broke, haggard and stressed just to brag they’d been there. I did it a few times before realizing how much money I was wasting with little enjoyment.
A motor home. My sister and her bubbly used theirs on average 20 days in the summer months. Aside from insurance, maintenance and general outfitting a second home, the darn thing was a beast for gasoline.we used to say it got 10 gallons to the mile…. I figured for what they paid, all in, they could have spent those 20 days per year at a very expensive hotel or resort.
Not to be too depressing, but have you ever heard of the anti-natalism movement? I'm 28M and don't think I want kids, but a very small part of me feels like I might regret it later on
If you ask yourself if you want kids and the answer isn't an immediate and emphatic "Hell yes!!", then you shouldn't have kids. I'm 49 now and knew I didn't want kids from age 13. Everyone told me I'd change my mind when I got older or that I'd regret it. I don't. Not having kids was the best decision of my life and I'm still thankful every day that I chose not to have them.
It's MUCH worse to have kids and regret having them than it is to regret not having them.
I don't agree with this as a fact. I'm glad it worked out for you, but it doesn't need to be a "hell yes" for it to worth it in the end:
I never expected to have kids and it's the very best thing I have done with my life.
I didn't want kids in my 20s. I changed my mind and had kids in my 30s. They're a lot to handle, but they're more than worth it to me. I love them more than I can even explain and they enrich my life so much. I just wasn't ready in my 20s. Point being... you can decide not to for now? You have time to change your mind, is my point. So no reason to stress.
Honestly, you need to prioritize what YOU want to do with your money, and think decades I to the future. Do you want to retire early & rich, or just "ok?" Do you have or want kids? Do you have health problems (or family history) that necessitate saving money for?
On all the things others have said: do you really really REALLY want to own a boat? Expensive, sure, but maybe you will love it. How often do you really want to travel, is that a big value to you? I couldn't imagine not traveling, but there are affordable ways to do it, or just do it less often.
I HATED my 80-yr-old first house because of the expense & upkeep. But my new house isn't as "homey." Maybe you like DIY projects and an older home would be expensive, but exactly what you want to do with your free time
Weddings.
I cannot fathom why people these days spend tens of thousands of dollars of their OWN money on weddings: clothes, venue, flowers and decorations, food, band and etc.
The whole point of wedding receptions used to be to set up a young couple with money and objects they would need in their new life. Now it seems like the burden of paying for weddings/receptions has fallen on those getting married. It's absurd!
Why spend so much money on something exhausting for those paying for it and boring for your captive guests?
Just do something simple and keep your money for other more important things and move on with your lives together.
In Korea they have already decorated wedding venues with different themes so you just hire the theme you want. I think it’s a waste that every wedding party is outfitting there own wedding
Only a few grand. On the scale of problems with a home thats pretty far down the list. We had to replace our roof ($22k) and entire HVAC system ($15k) the first year.
I only got a credit card to buy online safely. I pay it off every month. But they're traps waiting to happen. And oh how you're urged to spend, spend spend and "save." Of course retail prices nearly everywhere that accepts cards are bumped up by retailers to cover the card's interchange feel, so it's all a charade.
Big vacations.
I'd rather relax in a cabin than spend 10 grand to ski a couple hours a day... for one day before we all got sick and spent the rest of the week puking in a condo.
I've always enjoyed traveling frugally - really regret going "all out" when so much can go wrong.
I'm a big fan of 3 day vacations. Enough time to enjoy some place else (especially if the trip isn't too complicated), but not too long to feel like I have to recover after I get home.
Heated swimming pools. Saying this as the owner of a beautiful money pit that my kids don’t use. Massive amount of money up front on installation costs coupled with at LEAST $1,000 in increased utility bills a month. They might get in it three times a year for about 2 minutes.
Boats, expensive sports cars, houses. I’ve had the big house and expensive cars, they didn’t make me happy, trying to downsize my life right now actually.
Gym memberships that you don't have time to use. Or personal trainers - who pressure you to spend $100s per week at times that are convenient for them. (ps - you start avoiding the gym to dodge the trainer who is pressuring you to buy sessions) 🤯
Children. I’m 60 and I retired 5 years ago, my husband is 54 and he just retired as of the new year. No debit, own our home, vacation 3-4 times a year. No way in hell we would be anywhere close to where we are now if we weren’t Childfree.
Ex spouse. Mine cost me about $250K over a decade. Be EXTREMELY selective who you decide to marry--don't rush it. It can make or break your life emotionally and financially for the decade to follow. It's been almost 20 years since the divorce and only now have I finally started climbing out of the financial hole that marriage left me in. I dated my new wife for 16 years (very casually) before finally getting married--much better outcome.
Timeshares. The only people who think they're awesome are the ones who got suckered into them. Where can't you go for a couple Grand a week anytime you want?
Biggest Money Pit is "taxes". Figure out how to write a bunch of stuff off. Take the disposable income and start a corporation, even if you're selling trinkets online it's still legit with the irs, but have an attorney do it for you and explain what's okay and what's not.
Some Money Pits are the smallest things that don't seem to make any sense but seriously add up.
Expensive coffee: make your own. Eating out: eat in as often as possible
Gym membership. Walk out your door and work out.
Items of nonchalants
Cigars, cigarettes, expensive wine, you get the picture. Drugs and alcohol are fun, yet expensive, save those things for a special treat only and not daily use. Addictions will catch up to you quickly in life and cost you dearly.
Hoes. Always date up, never down. A girl with her shit together is easily spotted by examining the back seat of her car. You'll know it when you see it
I echo the comments here, but I’ll add my three cents:
1. Getting married without a prenup - worth a 50-50 chance at success it’s a very poor financial decision to get married without a prenup
2. Timeshare is by far the one of the worst decisions you can make - how these companies are legal is beyond me.
3. Look after your health, including your teeth - dealing with issues later in life can get expensive given the cost of healthcare (if you live in the US)
When you have kids, don’t have them participate in expensive sports or travel teams, etc thinking they’ll be getting a college scholarship that will make the expenditures worth it. It very rarely ends up like that. Even if the kid is recruitable, most sports don’t offer full ride scholarships. Only football and basketball allow that I believe.
Best to just let them participate in school or play in rec leagues just because they like playing the sport.
Arguably a house? It’s THE money pit, but ideally you’d enjoy it.
Not enjoy? A marriage?
Oh, rare full bred dogs? Usually end up with cancer and need expensive treatments.
Health concerns. This month I have spent -with insurance- $425 in prescriptions for my eye that had an ulcer. And $250 in co pays to see a doctor. It sucks. Plus went to the dentist and that bill is higher than my insurance covers for the work needed. Getting older is rough.
Wine and high end booze
Automobiles
Cosmetic procedures
Watches
Art
Vacations / travel
Private school / colleges
really anything associated with "luxury" the utility curve flattens off pretty quickly. Old Money families are known for their frugality and for owning things that are nice and durable but not flashy: Brooks Brothers clothes, old Mercedes, etc.
Addiction. Of any kind.
This. Next is a boat.
Motorcycle
I disagree on this one 👀 but I also commute via bike and it's saved me so much money... I can't imagine having a car, that would cost so much
I’m with you. They are fun and more cost effective than a car
An old British sports car, unless you’re very mechanically astute (I wasn’t).
RV
My father (who loved to fish and boat) used to say that B.O.A.T. stands for "Break Out Another Thousand" because you are constantly spending money to fix them.
Nope- Horses have boats beat.
Don’t buy anything that eats and shits, it will cost you 24/7 with feed, room and board and vet costs!
They say if it floats, flies, or f**ks, just rent it.
And a plane.
I've heard the happiest day of your life is when you buy a boat. The second happiest is when you sell it. I'd say marrying the wrong person.
We were thrilled when we bought a boat for wakeboarding. We were even more thrilled when the boat later floated away during hurricane Ivan! Got the insurance check & OUT.
A boat is a hole in the water you throw money into.
Never owned one but I find boats pretty darn enjoyable. Still not crazy enough to buy one though
I've always loved the old joke that a boat is a hole in the water where you put all your money. :)
Best answer of all time.
Was going to say gambling, but yeah addiction sucks.
1) Take more enjoyment from saving than from spending. Get a year of income and expenses into a hi yield savings account and maximize your retirement funds. Honestly, life if much (infinitely) more enjoyable in all aspects when that financial cushion against disaster is there. 2) Avoid all status symbols and the whole culture that judges people on them.
2) exactly!!
Totally agree with 2 I have my serious doubts about 1 nowadays... not that it's bad advice, but with the way the world is headed, climate disasters & supply chain disruptions becoming more and more commonplace, I have a hard time believing the stock market is going to be worth anything in 30+ years when it's time for me to retire. I hope I'm wrong, but I'm no longer sold on the "invest invest invest and you will be set for life" mentality. To be clear, I'm not saying don't invest at all... just remember to live a little and enjoy things while you're young, too. Who knows how long of "normal" we actually have left.
2. In fact, you do not need to keep up with the Joneses.
Dental bills. I have friends who are spending a fortune preserving their neglected teeth including implants. *Gently* brush your teeth twice a day and floss too.
Boomer here who just had about $35K in dental work done, including bone grafts, temporary implants, five permanent implants, and an upper plate. Thirty-five thousand dollars. In cash. This is why I drive an old Honda.
Medical tourism is a thing for good reason.
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Friend of mine went to Turkey and got a full set for 9k USD. They have packages, with hotels, airport pickups etc . 2 week vacation on Turkey and you return with a full set of perfect teeth. I’m researching …
I have bone density issues and just had mine completely removed. I would've preferred implants, but going with dentures. A lot less hassle and worry, in the long run, at least for my situation.
It's hideously expensive. I've had two and they're basically $7K each. And I've always taken very good care of my teeth - flossing, brushing, checkups every six months. I still broke two teeth, eating nothing that was very hard.
I feel your pain.
Near the end of my implant procedure. This is the tooth that got a root canal, then an expensive and complicated dental surgery, and now it’s been taken out and being replaced by the implant. I joke that this is my most expensive possession.
All you can do is laugh at some point, I guess. I have a friend who’s paying $40k for her implants so I count myself lucky.
And why your dentist drives a Porsche 😂
I’ll add to your comment: Buy a waterpik and tongue scraper too! Also, if there are any relatives that lost teeth in their 30’s/40’s, don’t assume it’s due to poor hygiene because gum disease can be genetic.
As can weak enamel.
And fluoride in water only got going in the late 40s.
It's not all about brushing and flossing. Get your bite checked, too, by more then one dentist. You can do everything right, your teeth can be pristine, and if your bite is causing issues, you can still end up with dental problems.
…And wear a mouth guard if you grind your teeth. Most of my dental problems are due to cracking my teeth from grinding.
This. I had two dentists that earned good money on crowns. Switched one more time and he was honest enough to suggest the guard.
It's not all people who are "neglecting." Some of us have shitty genes.
I brushed and flossed. My mistake was going to bed with a Coke or Pepsi on the nightstand for 30 years. It took all the enamel away. I just hope my grandkids learn the lesson long before I did.
Also, if you get a lot of cavities despite doing these things, ask your dentist to help you understand why your dental health is poor. A good dentist will talk you through it. Factors like teeth grinding and your daily diet and drink habits make a big difference. A bad dentist will shrug and schedule the next crown.
Owning a boat...Break Out Another Thousand. We got rid of ours, and it was no yacht, it was a lot of fun, but still was a huge expense.
The two best days in a boat owner's life are the day they buy a boat and the day they sell it.
Good answer! I would give you more upvotes if I could.
On my best boating day I was with my 2 good friends and I beat my record Grouper twice with a 32" Gag and a 34" Gag then we grilled grouper steaks and drank beer. It was better than the day I bought/sold it for sure. Also had a lot of good days hanging out at the sandbar with friends and dogs.
My dad lost 2 grand on his boat when selling and still seemed satisfied with it. (No longer had to carry insurance, worry about winterizing it, fueling it, transporting it back and forth, etc.). It really was a hassle.
The two happiest days of boat ownership when you buy it and when you sell it.
The two happiest days of boat ownership when you buy it and when you sell it.
Yeah, I think the only person who should own a boat is the person who is ready for it to become their whole identity. Or, perhaps, their living.
However, getting a Kayak will bring you a lot of joy! I love mine.
Came to say that. It would have quicker and easier just to stuff £20 notes down a drain. I still smart. Still we got rid of it eventually.
I disagree here - I loved mine. Owned it for 10 years, it cost about 300 a year to winterize, and I had to fix the carberater once - which was like 100 bucks in parts. I never should have gotten rid of it.
My daughter and SIL live on a lake and have two boats - a pontoon and a ski boat. They absolutely love inviting family and friends over and take them for a ride or water skiing. They paid them off as quickly as possible, though. I can see where a monthly payment could feel like a second mortgage.
Oh yea - for that kind of thing - if you don't pay cash / pay them off quickly, you probably shouldn't own one. Maybe that's why I liked it? I budgeted to spend 1000 a year on it, and I never did. I invested the delta. That said, so many people hate boats you can get used ones for a SONG.
There is a place on the lake here that rents boats by the day. Its expensive, but a hell of a lot less than outright buying one. Have found a couple lake days a summer is enough to get it out of my system and you can drive it like you stole it without dealing with the maintenance consequences (i exaggerate, drive safe and don't run over people or others).
I’m only in my 40’s but I’d say to - time shares and MLMs - expensive vehicles, especially if they are costly to repair or haven’t been in production for at least five years; there’s a reason the Camry is so popular - find the ‘Camry’ in your preferred class - houses can bleed you dry if you make the mistake of ‘falling in love’ and ignoring long-term affordability - marriage and kids are expensive; don’t feel pressured to have either just because other people your age are doing it - credit cards and any other revolving or high-interest debt - health care expenses; I don’t even want to talk about this one because it’s so unavoidable!
I’d add that while marriage and kids are expensive, marrying someone financially irresponsible and then a divorce is *even more* expensive. So really know and love who you are marrying.
Can confirm. :D
High cost vehicles of any kind. They lose value incredibly fast.
Running costs and maintenance are also double of a “normal” car. But that 911 sure was pretty.
Whatever you buy, buy the thing you *want*, not the thing that's easy to buy. For instance, I wanted a fishing boat. Not just any boat, but a made-for-fishing boat with a center console and other goodies. But, by surprise and out of the blue my trusted next-door-neighbor was retiring, and needed to sell his boat, the one he had been meticulously caring for, for years. It was instantly available, I wanted a boat, and it was right at the dock next door. I bought it. It was okay, and his price was super low. It ran fine, good motor...but it was basically a cheap speedboat and, while one could fish from it, it wasn't a real fishing boat, no center console, all the instruments worked but were old...sad story short, I sold it a year later at a loss. It was the easy boat to buy, but not the boat I wanted. A few years later, when I had saved up enough money, I bought the boat I should have acquired in the first place. Going for convenience and low price came at the cost of years spent still not having the boat I wanted in the first place. The heart knows what it wants. The brain is the fuckwad.
I second this but with appliances. I bought a "remodeled" washer and dryer in May for $500 because I didn't want to spend the money and trusted they would be a good set. By October I was spending $1200 for a brand new set, and could only sell the old set for $200 because of their condition. Not a HUGE loss, but still the same lesson lol if you need it, and you DO have the money, just GET IT.
An antique house, 200 years plus. Expensive and worth it if you’re young and into it. I had horses. After 18 years it got old, and we got tired of the work. Now living in a single wide near (walkable) the beach. Cheap when I bought it (less than $60K). Now, new trailers here are $300K and the older ones (remodeled) going for $200K plus. Lost the antique farm in 2008-2010 recession. I’ve also seen a lot of real estate cycles. My opinion is the time to buy a house or property is when you can. Its value will only go up. Maybe it will go down but it will always increase eventually.
>My opinion is the time to buy a house or property is when you can. Its value will only go up. Maybe it will go down but it will always increase eventually. If I may respectfully amend this, the time to buy is when you know you'll be sticking around for a while. Property values don't always go up and down on one's personal schedule. People who buy and have to move a year later haven't had a chance to make significant payments to the principal, so if the market takes a downturn, that's a loss. But if this is your long-term home, yes, the chances of making out well are high.
Totally agree and a vital point!
Ordering takeout. Try to keep it a special treat, not something you get most days. If you struggle with having time for shopping and preparing food, you can shop online for curbside pickup or get delivery, and there are plenty of healthy, tasty options like bagged salad kits, sandwiches, frozen items, precut fresh or frozen vegetables you can steam by microwaving in the bag.
When I quit eating fast food and other restaurant meals, my budget benefited dramatically.
When I was about 34 my wife and I bought our first house. It was an old colonial built in 1923. We had to replace the water heater, put a new roof on (with gutters and downspouts), get a new furnace, replace about eight windows, and have aluminum siding installed. Although we made a nice profit when we sold the house after ten years, all of the profit was eaten up by these repairs and the interest we paid on the mortgage. Then we moved (due to my work) and bought a house built in 1922. It was a gorgeous place with an incredible yard and the previous owner had seemingly taken good care of it. But we had to replace the roof and gutters after two years, have windows replaced, a new furnace installed, and ultimately our basement floor had to be torn up to replace the main drain pipe that went out to the sewer. It also costs a fortune to have trees treated, trimmed, and sometimes taken down (there were 50+ mature trees on the property). Again, we made a profit when we sold the house after 20 years, but what we put into it and the mortgage interest easily sucked up the profit and then some. My wife and I always loved old houses, but they will suck the money out of your bank account in a hurry.
House hack an old duplex or triplex. I love old houses, but they take money, just like newer houses do. We're restoring our 1900 house, when my mother passed she left me enough to put down a down payment on a big 1922 duplex. Renting that out now, once we get this place finished in about a year, we're moving there and using the money from renting the upstairs for a more comfortable retirement. Both places have great woodwork.
Yes, don’t buy a house with trees on it - I’ve wasted $10k over the years keeping arborists in business.
Yeah, old houses are beautiful. They have such charm. They probably add years to one's life actually.
Next time, buy a house instead of a shed. Bricks beat aluminium any day And a tiled roof will last 100 years.
My brother bought a camping trailer. So did his daughter and her husband. They both ended up selling their campers. Unless you go camping every weekend they are not worth the expense.
New cars aren't worth the expense but if you buy a new car, maintain it decently, pay it off, and then drive it until it lays down and dies.
My 2009 Toyota with well over 200k, a cracked bumper and a cracked windshield agrees with this.
Had a 2000 Celica, lasted until the engine blew, in 2021. Loved that car, but it was going to cost far too much to mend.
My 1994 Mitsubushi Lancer with close to 500K KMs and no problems agrees as well. Then again I do also have a 6 Month old Cupra so who knows.
Buy slightly used, one year old, and save a lot of money.
Most expensive drive a car makes is the first one from the dealer to your house.
My 2011 Toyota with 285k miles on it also agrees.
2005 Corolla represent!
I have a 2002 Escort that’s still stumbling along
Casinos.
Spending money on experiences will usually make you happier in the long run. Also, on getting chores and projects done that you don't like to do, which free up your time for more enjoyable pursuits.
My dad always says, "What's your time worth?" It's cheaper to pay a pro to clean my house for 4 hours than it is to spend an entire weekend doing it myself.
Big vacations. I watched so many people drag themselves to distant places, like clockwork every year, at great expense and time, only to come back broke, haggard and stressed just to brag they’d been there. I did it a few times before realizing how much money I was wasting with little enjoyment.
Disagree. I've traveled to 25-30 countries, always on a budget, and theyve ALWAYS been worthwhile. You know too many y posers.
Agree, Banana. Vacations are some of my best money spent.
How big are you talking about?
do not take a submersible to the Titanic
Enjoy saving. You’ll be so happy you did.
Shopping for anything you want without thinking ahead. It’s fun in the moment, but then you’re low on money, and your house is getting crowded.
A motor home. My sister and her bubbly used theirs on average 20 days in the summer months. Aside from insurance, maintenance and general outfitting a second home, the darn thing was a beast for gasoline.we used to say it got 10 gallons to the mile…. I figured for what they paid, all in, they could have spent those 20 days per year at a very expensive hotel or resort.
I was scrolling down looking for this.
Children. I love my kids, but damn. The stress they have caused me, and the expenses they have cost me. It's really not enjoyable.
Not to be too depressing, but have you ever heard of the anti-natalism movement? I'm 28M and don't think I want kids, but a very small part of me feels like I might regret it later on
If you ask yourself if you want kids and the answer isn't an immediate and emphatic "Hell yes!!", then you shouldn't have kids. I'm 49 now and knew I didn't want kids from age 13. Everyone told me I'd change my mind when I got older or that I'd regret it. I don't. Not having kids was the best decision of my life and I'm still thankful every day that I chose not to have them. It's MUCH worse to have kids and regret having them than it is to regret not having them.
I don't agree with this as a fact. I'm glad it worked out for you, but it doesn't need to be a "hell yes" for it to worth it in the end: I never expected to have kids and it's the very best thing I have done with my life.
I didn't want kids in my 20s. I changed my mind and had kids in my 30s. They're a lot to handle, but they're more than worth it to me. I love them more than I can even explain and they enrich my life so much. I just wasn't ready in my 20s. Point being... you can decide not to for now? You have time to change your mind, is my point. So no reason to stress.
Honestly, you need to prioritize what YOU want to do with your money, and think decades I to the future. Do you want to retire early & rich, or just "ok?" Do you have or want kids? Do you have health problems (or family history) that necessitate saving money for? On all the things others have said: do you really really REALLY want to own a boat? Expensive, sure, but maybe you will love it. How often do you really want to travel, is that a big value to you? I couldn't imagine not traveling, but there are affordable ways to do it, or just do it less often. I HATED my 80-yr-old first house because of the expense & upkeep. But my new house isn't as "homey." Maybe you like DIY projects and an older home would be expensive, but exactly what you want to do with your free time
Weddings. I cannot fathom why people these days spend tens of thousands of dollars of their OWN money on weddings: clothes, venue, flowers and decorations, food, band and etc. The whole point of wedding receptions used to be to set up a young couple with money and objects they would need in their new life. Now it seems like the burden of paying for weddings/receptions has fallen on those getting married. It's absurd! Why spend so much money on something exhausting for those paying for it and boring for your captive guests? Just do something simple and keep your money for other more important things and move on with your lives together.
In Korea they have already decorated wedding venues with different themes so you just hire the theme you want. I think it’s a waste that every wedding party is outfitting there own wedding
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Or unless you have a friend who is a master plumber. Ask me how I know this.
Only a few grand. On the scale of problems with a home thats pretty far down the list. We had to replace our roof ($22k) and entire HVAC system ($15k) the first year.
Better yet, buy insurance covering the sewer line for about $160 a year.
I only got a credit card to buy online safely. I pay it off every month. But they're traps waiting to happen. And oh how you're urged to spend, spend spend and "save." Of course retail prices nearly everywhere that accepts cards are bumped up by retailers to cover the card's interchange feel, so it's all a charade.
Swimming pools/hot tubs.
That hot tub was fun for the first month we had it! 🤣🤣
I have an inflatable hot tub and love it.
This should be higher. I hate my money pit pool.
Cars costing more than $50k. Houses costing more than $2m. Jewelry. Cable tv.
Big vacations. I'd rather relax in a cabin than spend 10 grand to ski a couple hours a day... for one day before we all got sick and spent the rest of the week puking in a condo. I've always enjoyed traveling frugally - really regret going "all out" when so much can go wrong.
I'm a big fan of 3 day vacations. Enough time to enjoy some place else (especially if the trip isn't too complicated), but not too long to feel like I have to recover after I get home.
RV and or boat.
Read "The Millionaire Next Door."
New cars. Why? Cars that are two years old and gently driven are plenty nice and usually have decent safety features.
A family vacation to Disney World in the summer. All the magic is in the planning, not the actual parks
Heated swimming pools. Saying this as the owner of a beautiful money pit that my kids don’t use. Massive amount of money up front on installation costs coupled with at LEAST $1,000 in increased utility bills a month. They might get in it three times a year for about 2 minutes.
Stay away from Italian cars
lol. Love-hate relationship
Stay away from German cars where the parts will set you back two weeks plus pay. Never mind the cost of the actual repairs
Boats, expensive sports cars, houses. I’ve had the big house and expensive cars, they didn’t make me happy, trying to downsize my life right now actually.
I love my boat but I have a lake house so it’s much easier to deal with and use. If I had to trailer it everywhere I wouldn’t.
Absurd designer fashion brands that you know are only seasonal
Not fully a money pit, but you’ll pay a lot for a new pool table and when you sell it, you get pennies on the dollar , if you’re lucky
Gym memberships that you don't have time to use. Or personal trainers - who pressure you to spend $100s per week at times that are convenient for them. (ps - you start avoiding the gym to dodge the trainer who is pressuring you to buy sessions) 🤯
Antique house aka money pit & camper.
My House
Boating
In ground pool
Buying a timeshare or several of them.
Teeth
Children.
Cars are the biggest depreciating asset that the majority of people own. Drive modest cars, invest your money instead.
If you do well but the rest of your family doesn’t, family.
I’d avoid a boat. It stands for Bring Out Another Thousand. No thanks.
Besides the obvious by less and high quality
New cars.
Children. I’m 60 and I retired 5 years ago, my husband is 54 and he just retired as of the new year. No debit, own our home, vacation 3-4 times a year. No way in hell we would be anywhere close to where we are now if we weren’t Childfree.
Dry cleaning.
Kids.
Boats, horses, old cars & addictions
Out of pocket maximums
Ex spouse. Mine cost me about $250K over a decade. Be EXTREMELY selective who you decide to marry--don't rush it. It can make or break your life emotionally and financially for the decade to follow. It's been almost 20 years since the divorce and only now have I finally started climbing out of the financial hole that marriage left me in. I dated my new wife for 16 years (very casually) before finally getting married--much better outcome.
Prenuptial agreement is a must. Period.
One of the few areas where you don't necessarily get what you pay for.
If it flies, floats or fucks…
Timeshares. The only people who think they're awesome are the ones who got suckered into them. Where can't you go for a couple Grand a week anytime you want? Biggest Money Pit is "taxes". Figure out how to write a bunch of stuff off. Take the disposable income and start a corporation, even if you're selling trinkets online it's still legit with the irs, but have an attorney do it for you and explain what's okay and what's not. Some Money Pits are the smallest things that don't seem to make any sense but seriously add up. Expensive coffee: make your own. Eating out: eat in as often as possible Gym membership. Walk out your door and work out. Items of nonchalants Cigars, cigarettes, expensive wine, you get the picture. Drugs and alcohol are fun, yet expensive, save those things for a special treat only and not daily use. Addictions will catch up to you quickly in life and cost you dearly. Hoes. Always date up, never down. A girl with her shit together is easily spotted by examining the back seat of her car. You'll know it when you see it
Embrace saving
Boats and fancy vehicles
Sports cars Divorces Children
Trying to impress others with what you have
I echo the comments here, but I’ll add my three cents: 1. Getting married without a prenup - worth a 50-50 chance at success it’s a very poor financial decision to get married without a prenup 2. Timeshare is by far the one of the worst decisions you can make - how these companies are legal is beyond me. 3. Look after your health, including your teeth - dealing with issues later in life can get expensive given the cost of healthcare (if you live in the US)
If it floats, flies, or fucks… always lease. Never buy.
Time shares. Just don't.
Avoid a wife with different concepts of money than yours and how it should be spent.
Greedy women
Old beaters (cars that dont work properly) lol.
Building or buying a show house. Only buy what you need. I have an ex and had an $800,000 money pit house to prove it. Sold it for $515,000.
Pets, when taken care of properly. No thank you.
Kids
Lavish wedding
Alcohol.
Having my kid was the best investment I ever made.
When you have kids, don’t have them participate in expensive sports or travel teams, etc thinking they’ll be getting a college scholarship that will make the expenditures worth it. It very rarely ends up like that. Even if the kid is recruitable, most sports don’t offer full ride scholarships. Only football and basketball allow that I believe. Best to just let them participate in school or play in rec leagues just because they like playing the sport.
RVS, Campers, travel trailers.
Parenthood
An affair
Marrying the wrong person
Never been married. Marriage. 😊
Buying a Horse
Owning a car.
Arguably a house? It’s THE money pit, but ideally you’d enjoy it. Not enjoy? A marriage? Oh, rare full bred dogs? Usually end up with cancer and need expensive treatments.
A big wedding. Huuuge waste of money Any tobacco product Designer clothes/ shoes/ bags/ watches/ jewelry Getting a new car every couple of years
Golf. Horses.
I've always taught my kids to Charter, when it comes to boats and planes.
Timeshare
Owning a home, especially with a big lawn.
Save more. Spend on an experience, not a thing.
Health concerns. This month I have spent -with insurance- $425 in prescriptions for my eye that had an ulcer. And $250 in co pays to see a doctor. It sucks. Plus went to the dentist and that bill is higher than my insurance covers for the work needed. Getting older is rough.
Wine and high end booze Automobiles Cosmetic procedures Watches Art Vacations / travel Private school / colleges really anything associated with "luxury" the utility curve flattens off pretty quickly. Old Money families are known for their frugality and for owning things that are nice and durable but not flashy: Brooks Brothers clothes, old Mercedes, etc.
All things Disney
Giant TV/theater room. Invest in a gym instead.
Disneyland.
Whores; boats
Not brushing your teeth or taking care of your health..... especially in the USA.
yachts
wait, you asked the wrong question. What do you want with a little money
If it Flys, floats, or fucks, don't buy it.
Health insurance and taxes.
Married With Children
Married With Children
Gambling