Regrets when you are financially free?

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

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  1. TAJ

    TAJ Well-Known Member

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    It seems a bit of a conundrum to suggest regrets when you are financially free. Most on here I suggest are trying to attain that goal. Peoples methods may be quite different in achieving that objective, which is great, as there are many ways to get to your desired target. It's how we all learn that's the important factor.
    Money doesn't buy happiness, but it sure helps!
     
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  2. Sackie

    Sackie Well-Known Member

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    I've pretty much lived most of my life with that motto. Even when I was pushing it hard and had no balance in the early days, I would celebrate my milestones along the way with frequent self indulging shopping , then trips after major achievements hit every 6 months or so. Thoroughly enjoyed and enjoying the journey. Nowadays we don't stinge with money on anything and especially on family. We can't take it to the grave.
     
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  3. Rentvester

    Rentvester Well-Known Member

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    @MWI Thanks a lot for that, not being woken up by an alarm clock for 20 years does sound pretty good to me :D
    I am constantly looking at what I need and what are my wants and reassessing from there, but I think I need to decide on a financial and life goal as well. I have been too focused on financial goals so far!
    Wonderful stuff, I have been reading Dale Carnegie's book lately and all these quotes remind me of the book; I am amazed by how much you learn from reading and learning from others.
     
  4. MWI

    MWI Well-Known Member

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    Don't be so hard on yourself, you will see as we age and get older, hopefully wiser too, and then we realise what are we constantly chasing? The book, 'The Happiness' Curve' actually depicts that, that our happiness curve moves down after our 20s sort of towards mid life and then up again, and it explains the basis for our frustrations with age....our ambitions, awareness changes.
    Remember, it is what becomes of you that's important along that journey not just what you achieve in the process. One of my favourite quotes is 'Success is a journey not a destination', so celebrate and acknowledge your milestones along the way, don't forget that!
    Since you are a reader give this book a go. Another one, a great one to live and model your life is by Jim Rohn, 'The Seasons', where he compares the seasons to our lives. His wisdom has truly transformed my life and many those close to me for the better.
    I honestly believe, that in order to surpass your financial or any milestone in life you really need to grow personally, as JR quoted, "Income seldom exceeds personal development.".
    But you are right, we need to improve in all aspects of life not just financial....
     
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  5. kierank

    kierank Well-Known Member

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    On that basis, my wife must reach reach a milestone every day ...;)
     
  6. willair

    willair Well-Known Member Premium Member

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    Success sometimes has a downside waiting outside ..
    [​IMG]
     
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  7. Sackie

    Sackie Well-Known Member

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    Better her happy than not :D
     
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  8. Simon L

    Simon L Well-Known Member

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  9. Simon L

    Simon L Well-Known Member

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    For me it was simple - the desire to ditch a J.O.B was stronger than being financially controlled by a fancy car (even being a self confessed car nut). Driving a suzuki swift at the time was not only financially responsible but symbolic to the delayed gratification and the joylessness of getting in the thing every day, which only pushed me to work harder every time I got out
    I am by no means at a fleet of supercars stage just yet but I can enjoy some decent metal now without feeling guilty or financially crippling as I see all too often with people getting $100k+ car loans on a $60k entry level salary. Its also made me appreciate the cars more and can spend a bit more time/money on them - mods, track days etc without too much concern. So in short, no regrets here.
     
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  10. kierank

    kierank Well-Known Member

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    Good place to open a pub or wine bar, me thinks
     
  11. chylld

    chylld Well-Known Member

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    Awesome! Saw a few M2s there that day, great cars. I was in a white VW Golf R in the intermediate group.

    I'll be there again Wednesday week (15/8) with better rubber, lighter wheels, less weight and more front camber :)
     
  12. Rentvester

    Rentvester Well-Known Member

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    Thanks buddy, will definitely add them to the pile of books I have to get through, I tend to re-read books a few times to digest/understand properly, but will get there!
     
  13. MWI

    MWI Well-Known Member

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    That's right 'happy wife happy life!'...;)
     
  14. euro73

    euro73 Well-Known Member Business Member

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    #cash flow lets you say no.

    No, I dont need to stay in that job that I dont like.
    No, I dont need to put up with that commute that takes hours out of my week.
    No, I dont have a problem paying P&I.
    Etcetera. Etcetera. Etcetera
     
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  15. Lacrim

    Lacrim Well-Known Member

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    I know everyone's different but for those who are retired, do you think $100K pa will cover living expenses very comfortably (dinners out a couple of times a week) plus copious amounts of international travel for 2 people?

    FYI that's $100K pa assuming no mortgage/rent.
     
  16. willair

    willair Well-Known Member Premium Member

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    Business class travel would eat into the after tax 100k very quickly ,but I know a few people that do all that on less then 100k..
     
  17. Terry_w

    Terry_w Lawyer, Tax Adviser and Mortgage broker in Sydney Business Member

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    Plenty.
     
  18. Lacrim

    Lacrim Well-Known Member

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    We'll want to travel for half a year (sometimes in one stretch) but Business Class is not a necessity. The travel experiences are.
     
  19. willair

    willair Well-Known Member Premium Member

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    If you intend to travel for six months at a time what would your investment set-up as nothing is risk free..

    Property maintenance can be a problem while your away even with a good plan b PM,ASX listed is also the same ?.
     
  20. Lacrim

    Lacrim Well-Known Member

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    $100K will come from shares/LICs etc....(hopefully tax free via div imputation and splits with wife).

    I'll need to sell a few props to free up cash to invest in the above. Super will make up the rest of the cash to invst in stocks. Targeting $2.5m cash invested yielding 4%. The property portfolio will hopefully be self sustaining - that's the hard bit I need to solve.

    All I need is a laptop/ipad and int'l roaming. My properties are mostly in Metro Syd, Bris - I don't (normally) need to be overly hands on.
     

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