Early Retirement Extreme Forums

Early Retirement Extreme Forums » Money Questions

1. 

   northman
   

   Apprentice
   Joined: Mar '11
   Posts: 54

   I was doing a mental game here some days ago.. just figuring out everything I want to buy in life. Yes, it does not fit in with the style of the forum but there are several things I want in life to be able to live a good life..

   Here are some examples:
   -Kayak or canoe
   -2 x Fishing rod (with high quality reels, for freshwater and saltwater)
   -3-4 quality rifles ( I have gone 7 years now just wanting one, I think its time to buy)
   -Television ( with nice, not expensive surround system )
   -Cross country skis
   -Rice cooker
   -Microwave

   there are more things on the list, but way less then 30. Total cost would be around a years worth of saving. Mostly High-End equipment.

   Now, some of you are committed to spending 5 years of working, and then retire, some other have longer goals, but most just want to get out of the rat race..

   Would you be willing to work ONE more year, just to buy the things you wanted?

   Posted 2 years ago #
2. 

   badwoogie
   

   Novice
   Joined: Mar '11
   Posts: 13

   I guess the question is, are these items going to add value to your life, or just weigh you down and take up space. A kayak is on my list as well, so I totally get that one. Also the fishing reels and rifles could be viewed more as tools than toys in that they could be used to provide you with food and over time pay for themselves in that way. Also, rifles tend to hold their value fairly well, however I would ask if you truly need 3-4 of them. Maybe start with a good all-around caliber for what you need, (.308 or 30-06 being my personal choice as you can hunt almost any large game with them) and later consider adding another one or two as required. The rice cooker and microwave, absolutely, The lack of a microwave actually surprises me more than the TV, since they are so handy and relatively inexpensive. As for the TV, I have a 46" LCD that was bought 2 years ago (pre-ERE for me) that can be bought now for less than half what I paid, and rarely gets used. If this is something important to you, by all means, but beware the concurrent need in most people's case for cable or satellite, which will be an ongoing expense. We cut our cable early on a 2-year subscription once we realized how little useful or truly entertaining programming was on it, so now our big shiny TV sits unused most of the time. Not trying to dissuade you, just relating my own experience.
   Whatever you do, definitely look for used rather than buying everything brand new, you'll save enough on some of these that if you decide they don't fulfill their imagined need, you can resell them for close to what you paid, particularly on the kayak and rifles. I think few of us on here truly live a spartan, possession-free lifestyle, I surely don't. We just weigh each purchase carefully and ensure that it is worth the life and energy that went into it.

   Posted 2 years ago #
3. 

   m741
   

   Master
   Joined: Jan '11
   Posts: 733

   @northman:

   At this point in time, I would work the extra year to get what I want. My purchasing decisions would be very different from yours - in a year I believe I could save enough to travel the world, frugally, for at least 4-5 years - the big expense being airfare. It would also increase my safety buffer should I encounter problems in ERE. This is enough to entice me to work that extra year.

   To me there's no sense retiring a year early and have my earning power drop dramatically, then try to scrabble around working part-time in order to get cash to do things I'd dreamed of while I had high earning power. If my income were much lower I don't think I would have the same incentive to work that extra year.

   The key point is that I would be working to earn pleasures *after* I achieve FI, not before.

   Posted 2 years ago #
4. 

   sky
   

   Journeyman
   Joined: Jan '11
   Posts: 196

   If you consider building what you want rather than purchasing, you gain a skill, sometimes a moneymaking skill, and you eventually get the thing you want. You can also get what you want at a lower price.

   Obviously this does not apply to everything on your list, I am mainly looking at the kayak. http://yostwerks.com/DesignsMenu.html

   Part of the mental process of achieving satisfaction with a small budget involves active thought in creating the things you own, rather than simply exchanging money for a product.

   Posted 2 years ago #
5. 

   jacob
   

   Expert
   Joined: Jul '10
   Posts: 3,298

   DIY for the kayak (for extra badass points)
   eBay for the rods
   Guns are an inflation hedge (if you get some without plastic on them)
   Television, skis, rice cooker, and microwave, you can get on freecycle with some patience. (You may have to ebay for skies, they are somewhat rare for free, but the others are common.)

   Posted 2 years ago #
6. 

   chilly
   

   Journeyman
   Joined: Dec '10
   Posts: 275

   In my area, craigslist is very active, way cheaper than ebay, and freecycle rarely has anything I'd want. I get the sense the relative value of each source may vary by region though. To me, those are all craigslist items... maybe even yard sales (it's spring!). (except guns)

   For building your own kayak, be conservative in your material estimates... depending on how fancy you intend to get, you may just be better off buying a used one. I know it is often the case with DIY fine furniture... sometimes you can find used items cheaper than the wood to construct them. Of course it's a nice hobby and you do get fulfillment out of it...

   A kayak also adds significant bulk to your possessions - a factor for apartment dwellers or RV full timers.

   Guns and fishing equipment should be able to pay for themselves after a few years.

   I'd do it though... a lot of those things sound like longterm low cost enjoyable things to spend your soon-to-have free time with. I don't think they fall into the materialistic category personally.

   Posted 2 years ago #
7. 

   bigato
   

   Master
   Joined: Mar '11
   Posts: 917

   Would you be willing to work ONE more year, just to buy the things you wanted?

   Of course I would. That is the point of ERE after all, isn't it? Living life the way you want. But I would do it only AFTER that 5 years. Never in the first year of stockpiling money.

   One more thing: I would buy one thing at a time, try to enjoy it as much as I can, then after that buy the another one. Often you change your interests after some time. Buying one at a time, one that you will use immediately, is more safe. Now if you can get at least some of that things without money as Jacob suggested, it would be much more fun.

   Posted 2 years ago #
8. 

   AlexK
   

   Journeyman
   Joined: Jul '10
   Posts: 115

   I already have all those things (and feel like a hoarder in this crowd). My canoe was $100 and I will sell it for double that when I'm bored of it. "High end" sometimes means slightly lighter and not more durable so watch out for that. You can get a stainless hunting rifle that will last forever for $400. Paying more will get you better accuracy, which you will only notice at a range on a bench rest with expensive ammo.

   Posted 2 years ago #
9. 

   George the other one
   

   Apprentice
   Joined: Aug '10
   Posts: 52

   My first kayak was a wooden framed yost kayak.
   http://www.yostwerks.com/

   Built it for $170 materials plus $30 for a jig saw.

   However, it was pretty uncomfortable because my legs kept on falling asleep after the first hour of paddling (the gunwale was probably too low).

   Now I have a Current Design Squamish. I bought it used for about $900 at my local kayak store. Of the two I prefer paddling this kayak.

   http://www.cdkayak.com/products/template/product_detail.php?IID=150

   Posted 2 years ago #
10. 

    chilly
    

    Journeyman
    Joined: Dec '10
    Posts: 275

    Another thing with used kayaks and guns - shop well and take care of them, then if you change your mind 5 years from now you should be able to sell them for pretty close to what you paid.

    Posted 2 years ago #

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