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Originally Posted by UDel
(Post 10260000)
If you are gong to Disney World, be prepared to spend a lot of money and be gouged. Admission is around $100 or more, restaurants/food are really over priced, merchandised is really overpriced, staying on Disney Land at a nice place can cost a fortune and lines for newer popular rides like Avatar themed one are often a hour or more wait. Not only that but they plan to raise the prices in the future too.
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Originally Posted by bitkahuna
(Post 10259423)
i honestly think that's an invalid concern. If you show up with an s class, your clients will think you're very good at what you do! Except you might get sick and die during the 15yrs or at any time and then what was the point in saving for 'retirement'? as i get older, i choose to do more things as i want to do them and not wait, and maybe it will keep me working longer but that's ok, i enjoy it and it keeps my brain active. |
Originally Posted by IS350jet
(Post 10260114)
You say that now, but I guarantee you, you will not be saying that when your old and broke. Do you not want to leave a legacy for your family? Your kids? Don't you want to know that they'd be taken care of if something happened to you? Spending tomorrows money today is a sure fire way to make your life miserable when you're older, and your life *will* be miserable if you don't prepare.
Again, imho my own parents' generation care tremendously about what they are leaving to heirs and charity and the IRS when they one day pass. My gut tells me my own generation has given up because it's too hard, or too something, and as a result, enjoys life a lot more today (but potentially not tomorrow). It's not all doom and gloom, and it's mostly good... edit p.s. the other thing is our retired friend (retired at 53 at a reduced benefit via rule of 75) explained how time becomes more valuable as we get older in his opinion. Not everyone is well suited to work into their 70's+, the stress, the competing against 35 y.o., etc. who needs it, and it can kill a person... |
Originally Posted by IS350jet
(Post 10260114)
You say that now, but I guarantee you, you will not be saying that when your old and broke. Do you not want to leave a legacy for your family? Your kids? Don't you want to know that they'd be taken care of if something happened to you? Spending tomorrows money today is a sure fire way to make your life miserable when you're older, and your life *will* be miserable if you don't prepare.
My family would be just fine if something happened to me. I have plenty of life insurance, etc. Leaving a legacy for my kids? Its not my focus no. Obviously anything we have left over I want them to have, but they need to find their own ways in the world too. No legacy was left for me, I was given all the advantages when I was being raised and educated and then it was on me. |
Originally Posted by Johnhav430
(Post 10260204)
It's a shame when smart hard working people make mistakes and create self-inflicted pain. Again, if you are not maxing out your 401k, and maxing out a ROTH IRA if you are not phased out, ask yourself why not (maybe you don't get a 401k where you work and due to a high salary, you are only offered deferred comp, which may be bad in itself). Over the last 10 years, it is not inconceivable that a 22 y.o. just out of college, now has 300k if they maxed out their 401. Say you are now 32 and behind your coworker by 300k, you can still start today. Or you can say well dang I drove 3 sweet rides and am about to get my 4th, and I'm not even 30! imho that's not worth much except it's a nice memory. Almost everyone here will reach a point where their income will decline and they may even be on a fixed income.
Again, imho my own parents' generation care tremendously about what they are leaving to heirs and charity and the IRS when they one day pass. My gut tells me my own generation has given up because it's too hard, or too something, and as a result, enjoys life a lot more today (but potentially not tomorrow). It's not all doom and gloom, and it's mostly good... edit p.s. the other thing is our retired friend (retired at 53 at a reduced benefit via rule of 75) explained how time becomes more valuable as we get older in his opinion. Not everyone is well suited to work into their 70's+, the stress, the competing against 35 y.o., etc. who needs it, and it can kill a person...
Originally Posted by SW17LS
(Post 10260240)
The two are not mutually exclusive. You can have an investment plan and save for the future without being cheap and not doing things today that you want to do today. Trust me.
My family would be just fine if something happened to me. I have plenty of life insurance, etc. Leaving a legacy for my kids? Its not my focus no. Obviously anything we have left over I want them to have, but they need to find their own ways in the world too. No legacy was left for me, I was given all the advantages when I was being raised and educated and then it was on me. |
Originally Posted by Johnhav430
(Post 10260204)
It's a shame when smart hard working people make mistakes and create self-inflicted pain. Again, if you are not maxing out your 401k, and maxing out a ROTH IRA if you are not phased out, ask yourself why not (maybe you don't get a 401k where you work and due to a high salary, you are only offered deferred comp, which may be bad in itself). Over the last 10 years, it is not inconceivable that a 22 y.o. just out of college, now has 300k if they maxed out their 401. Say you are now 32 and behind your coworker by 300k, you can still start today. Or you can say well dang I drove 3 sweet rides and am about to get my 4th, and I'm not even 30! imho that's not worth much except it's a nice memory. Almost everyone here will reach a point where their income will decline and they may even be on a fixed income.
Again, imho my own parents' generation care tremendously about what they are leaving to heirs and charity and the IRS when they one day pass. My gut tells me my own generation has given up because it's too hard, or too something, and as a result, enjoys life a lot more today (but potentially not tomorrow). It's not all doom and gloom, and it's mostly good... edit p.s. the other thing is our retired friend (retired at 53 at a reduced benefit via rule of 75) explained how time becomes more valuable as we get older in his opinion. Not everyone is well suited to work into their 70's+, the stress, the competing against 35 y.o., etc. who needs it, and it can kill a person... Daughter's name is on our downtown condo(a rental property generating some income) For the time being we live in the house but when get older we'll move out to cottage not far from city. Then to assisted living lodge or nursing home. Wife was running a small business since her retirement. Now the business is scaled down to 1/4 size of what it was. We spend time with it half day each then join hobby groups for day time activities together or separately, Fast walking, Tai chi practice, line dancing, group tour, playing table tennis, things like that. We wish we had 30 hours in a day, LOL! I am surprised to see so many seniors are divorced for various reasons. In our walking group, there are only 6 couples, rest are mostly divorced women. Empty nesters syndrome? |
Originally Posted by IS350jet
(Post 10260271)
Agreed. Financial literacy is a delicate balance. Enjoy life, sure, but by all means, do whatever is necessary to prepare for the future. We have a retirement crisis on our hands and the reason is clear: That brand new Mercedes in the driveway is more important that what that money might buy in the future. It's spending tomorrows money, today. To many consumers, social status trumps everything, even poverty in old age. Sad, really.
The problem is when people focus only on trying to put as much away as they can and they miss out on things they could be enjoying now when tomorrow is never guaranteed. |
You guys just reminded me to up my 401k contributions. Thanks! :D :D :D
If I could afford an S class, I probably wouldn't get one though. I just don't have a need for something that size. But an E-class? Maybe. Just for a little extra comfort. But either way, I doubt Mercedes would be my first choice if I had the money - partly due to the reliability reputation - then again if we're talking S-class budget, maybe I'd accept the risk. I guess the closest thing I have driven to that would be the G80. I will say driving a big luxury car (well, big-ish) made me feel important. I felt more successful than I actually am (financially anyway). So I get why people spend their money on this type of vehicle, at least. |
Originally Posted by SW17LS
(Post 10260300)
Its just about having a plan and working it.
The problem is when people focus only on trying to put as much away as they can and they miss out on things they could be enjoying now when tomorrow is never guaranteed. always tend to have positive outlook for the future. |
intimidated by a vehicle? I guess while that maybe a real concern for some, live your life as you best fit. If you feel the S-class brings some gaudy Im too good for everybody else then pick up a basic bargain camry. If its not a problem, why create one?
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Originally Posted by IS350jet
(Post 10260114)
You say that now, but I guarantee you, you will not be saying that when your old and broke
Do you not want to leave a legacy for your family? Your kids? Don't you want to know that they'd be taken care of if something happened to you? Spending tomorrows money today is a sure fire way to make your life miserable when you're older, and your life *will* be miserable if you don't prepare. many years ago i spent $5k on lasik surgery! One of the best things i ever spent money on. just to be clear i'm not knocking saving and i've saved every year i've worked, put money in 401ks and ira's, etc. so i'm not like the majority of americans with no savings and tons of debt. i also believe however that in the next, oh 20-30 years there will be a financial crisis so bad that for most no amount of money will save your or your heirs.
Originally Posted by IS350jet
(Post 10260271)
Financial literacy is a delicate balance. Enjoy life, sure, but by all means, do whatever is necessary to prepare for the future. We have a retirement crisis on our hands and the reason is clear: That brand new Mercedes in the driveway is more important that what that money might buy in the future. It's spending tomorrows money, today. To many consumers, social status trumps everything, even poverty in old age. Sad, really.
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Originally Posted by Johnhav430
(Post 10256387)
Status symbol? Cars are not such anymore, they can be leased. Pretty sure anybody here could lease a car for $3500/mo. if they decided they really wanted to, but without the rest of the lifestyle, if anything, they'd have less status than the guy with a Camry and 2 kids in an Ivy League school.
Btw, I drive an old Lexus GS as a daily driver, and I think the S Class is an absolutely gorgeous automobile that turns my head everytime but it’s not the image I wish to project for myself even though I can probably afford a base model :D |
Originally Posted by Propulsion
(Post 10260612)
^^ this is precisely why I choose not to own such an ostentatious automobile. If you buy an S class you have to be ALL IN or you’d be considered a poser. Meaning you need to have a lifestyle that supports the image you’re projecting. Several $5,000 designer suits, Rolex watch, vacations, and all the accoutrements of a person with lots of disposable cash. I’ve been earning just over six figures for nearly 6 years now and I’ve never considered an S class because it’s not part of the lifestyle I can support nor desire. Btw, I drive an old Lexus GS as a daily driver, and I think the S Class is an absolutely gorgeous automobile that turns my head everytime but it’s not the image I wish to project for myself even though I can probably afford a base model :D The average income of an S Class owner is somewhere in the mid $300k range last time I saw... |
Originally Posted by SW17LS
(Post 10260629)
I don't agree with this at all. In any event you're coming across as too concerned with what other people think. I drive a LS460L and live in a townhouse, my LS barely fits in the garage. Do I look silly to some people? Maybe...but I don't care. A big, expensive, hard to maintain house is not something I've ever wanted. I also have no desire to own a Rolex, and my $1,500 hickey freeman suits do just fine.
The average income of an S Class owner is somewhere in the mid $300k range last time I saw... Audi A6 Mercedes E Class Lexus GS Jaguar XF The flagship models of those brands would make me feel uncomfortable as an owner even though I find them desirable. And I will concede to your earlier point. I am somewhat concerned with how people view me, so I guess that makes me human. |
I think that makes sense based on your income and your lifestyle.
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