Regrets when you are financially free?

Discussion in 'Investor Psychology & Mindset' started by Rentvester, 27th Jul, 2018.

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  1. Rolf Latham

    Rolf Latham Inciteful (sic) Staff Member Business Plus Member

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    if Celine is your thing, then thats a great use of $ i reckon

    ta
    rolf
     
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  2. The Prestige

    The Prestige Well-Known Member

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    I am not financially free but my method is. Save when you can save and spend more on things that make you enjoy life. Do things today and not tomorrow.

    Buy the motorbike thats too fast, book the family holiday to the Whitsundays and shout your mates beers.
     
  3. Cimbom

    Cimbom Well-Known Member

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    I'm not close to financially free yet but I have never regretted spending money on travel. I feel very lucky that I even get to do it - my parents were migrants and not well off (most of my relatives haven't left the country except to go back to their country of birth to visit family occasionally). The only funny negative is that the more places I go, the wish list seems to get even longer!
     
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  4. Silverson

    Silverson Well-Known Member

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    Mate your ideal night sounds pretty close to mine! People can't seem to get their heads around why I love drinking my tea and reading! It's as if there is an age limit i.e you can't do this until your X years old!

    As for regrets as long as my partner and one day children do not go with out then no regrets on my end.

    Also never get sucked into people calling you cheap and a tight ***. no one will understand your endeavour of financial freedom. Its funny, in my experiences the tight people spend the most money, just not on consumables and things that literally are pointless buys.
     
    Last edited by a moderator: 31st Jul, 2018
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  5. Sackie

    Sackie Well-Known Member

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    As someone else said, not getting there sooner. Achieving financial freedom opens up the doors to unimaginable delights for you and your loved ones in almost every aspect of life. Well worth the sacrifices imo.
     
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  6. inertia

    inertia Well-Known Member

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    My wife and I just spent the weekend in the Blue Mountains for a wedding. On the way down (and having been stuck on Pennant Hills Rd for about an hour more than usual) we figured out it was the longest time we have had just us together having a conversation in longer than we could both remember... and we actually had a good chat about goals and objectives.

    I asked her what her financial goals were, but all she could answer were objectives and strategies. We spoke about financial independence, how long it might take to achieve, and what sacrifices we were prepared to make to get there sooner. Interestingly, she is in the privileged position of doing a job she loves, with working conditions she wants, that pays particularly well (especially for living in Newcastle), and gives her a good dose of self actualization... All this means she is happy to keep doing this work forever.

    Unfortunately I am not in that position, so have been somewhat more motivated in figuring out an exit strategy. Can be a struggle at times to communicate the benefits of financial independence...

    Cheers,
    Inertia.
     
  7. Sackie

    Sackie Well-Known Member

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    Totally hear you buddy. When both parties are kind of not exactly of the same mindset it can be challenging. I wouldn't worry about her wanting to do her work forever. Just keep building your wealth and achieving your goals bit by bit. As you get wealthier and more and more FI enjoying more and more pleasures of life, it will impact her mindset. People's minds change over time too ;)
     
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  8. Marg4000

    Marg4000 Well-Known Member

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    @inertia you may be in a position to look at a two-step independence plan, one for you to retire before your wife who may be happy to work indefinitely in a job she loves.

    Hubby retired a couple of years before me. I worked two days a week in a job I loved (unfortunately the pay was lousy).
    Marg
     
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  9. Rolf Latham

    Rolf Latham Inciteful (sic) Staff Member Business Plus Member

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    funny that your Nick should be inertia :)

    we do a lot of goals work with clients and in other businesses and find that the initial ramp up to understanding the true benefits of being free can take a while.

    In almost all cases, even those that love their work, they live it more when done under their terms.

    ta
    rolf
     
  10. kierank

    kierank Well-Known Member

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    I wish my wife wanted to work forever. She is not interested in working at all :D.

    All she wants to do is shop forever :eek:.
     
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  11. PandS

    PandS Well-Known Member

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    I am not financial free but I ain't struggle for money either, my aim is not really making a lot of money and sacrificed things in life

    My aim is to stacked away some of my pay cheque through life so when I retire I have enough.

    while I take the Journey to retirement I get to travel every where, enjoyed eating out, weekend away, buy toys and gears we enjoy using, time with family and kids, take extra long holiday etc..
    a stress free and meaningful life.

    I have enough that if am out of work I can sustain 5-10 years without a wage and I have develop
    other skills that I can generate cash flow fairly easily, In a sense I am not financial free but I can sustain myself for a long time without a job.

    At this stage I am on track for a reasonable retirement at 55 or 60 so I just keep doing the same thing
     
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  12. Sackie

    Sackie Well-Known Member

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    That's what happens when you're financially free :p
     
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  13. euro73

    euro73 Well-Known Member Business Member

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    REALLY nice cars arent though :) But they are depreciating assets and should be a delayed gratification.

    I waited until 45 to buy my first really nice car. When I could easily afford it. When the big house was paid for ...when the big portfolio was built and running under its own steam.

    Its crazy to spend money on nice cars before you have yourself well set, financially.
     
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  14. Wanttoretire

    Wanttoretire Well-Known Member

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    It is not worth it. Life is short...and when we are young...we do not know it.
     
  15. hobartchic

    hobartchic Well-Known Member

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    Yeah, I thought I put another comment on the thread saying as much. But maybe I lost it :D
     
  16. TreeChange@50

    TreeChange@50 Well-Known Member

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    Refreshingly honest post.
     
  17. Chris Au

    Chris Au Well-Known Member

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    Agree, thanks @NHG . Got the mind ticking. All about balance.
     
  18. WattleIdo

    WattleIdo midas touch

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    So true. I couldn't wait to take extended time off like I used to have in my late teens. Then when I did, my energy levels really dropped. Something's happened netween then and now and I need to work and I love my job - even when I don't. I think I'll go for 3-6 month mini retirements between gigs if and when they happen.
    I've found shorter working weeks to be optimal but they're not easy to come by on contracts.
     
  19. inertia

    inertia Well-Known Member

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    yep. And it is actually a very privileged position - sure, my career did not progress as I had "dreamed" it would, but being able to spend almost 4 years as stay at home parent was priceless (even if it was quite challenging with threenager twins!)

    My wife being happy to stay in her well-paid job also gives me the opportunity to take more risks. We are working on the portfolio and will be pursuing debt recycling and reduction. Still learning and growing, plenty of challenges in the investment world to keep me occupied!

    cheers,
    Inertia.
     
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  20. Sackie

    Sackie Well-Known Member

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    Can I reframe this? If you want to be financially free then perhaps see you're career as an investor/entrepreneur. PAYE is just cashflow for the investor to then get to business for his/her REAL work. I tell all my clients that the 8-8 is just a long meeting at the bank every day to secure more funds at the end of the meeting for your entrepreneurship/investments. :)

    Its great your wife has good income after her bank meetings for you to decide how to best use it for your investments ;)
     
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