Where do you draw the line between living now and saving for a future that may never happen?

[wilkeliza]

Fair enough but I'm sure you get the point. Get back to me during the next recession. I'll be curious to see how your advisor performed.

A good advisor will make sure your nest egg is spread out in different ways so a recession won't matter. Also a good advisor should see a recession coming and advise properly. Of course this is only if you find one with fiduciary duty because if they don't have that then they don't legally have to be working in your best interest. With that they can get in a heap of trouble for making bad advice that is for their gain and not yours. A financial advisor is not a stock broker so they shouldn't be advising only for things that would be negatively affected in a recession.

 

[Gumbo4x4]

I've done Yellowstone with 6 people for a fraction of $12,000.

On another trip, we rented a van for $300 at Phoenix airport, stayed in Scottsdale for 4 nights, Sedona for 1 night, Tusayan, outside of Grand Canyon entrance for 2 nights, 1 night between there and Santa Monica at a hotel, Santa Monica for 4 nights, Las Vegas for 2 nights (dropping off van at airport). 2 rooms at every location, flight, food, hotel, attractions, airfare, 1 American Girl doll (LOL) cost total: $5,000.

I did Yellowstone for $500 in 1991. No way could I duplicate that today, BUT I could definitely beat $12,000

 

[DaisyJ]

Fair enough but I'm sure you get the point. Get back to me during the next recession. I'll be curious to see how your advisor performed.

I don't think you have any idea what a good financial advisor does.

 

[tzolkin]

A financial advisor is not a stock broker so they shouldn't be advising only for things that would be negatively affected in a recession.

I don't think you have any idea what a good financial advisor does.

These were both exactly what I was about to post. No wonder the poster thinks there's no value, since they don't seem to know what they do.

 

[prprincess]

I am sitting here trying to decide if I should splurge on an Adventures by Disney Wyoming trip in February 2018 or if I am just being a bit too morbid and wasting money.

Both my parents passed away early, 64(mom) and 69(dad). Genetics would say I probably only have another 20-25 years but there is always that chance I live longer. My dad had a year long battle with pancreatic cancer and we had the chance to talk a lot before he passed. His big regret was always working. As a kid I always remember my dad working. As an adult I always remember my dad working. I have tried to be much more involved in my kids life and to vacation often.

I have always saved for retirement and like to think I am making good progress towards a decent retirement. My jobs have always been centered around a 401k so I am 100% responsible for my lifestyle in retirement. $12000 more saved now should be a good bit more 30 years from now but will I be there in 30 years?

So where do you draw the line?

Do you do it all and assume the money for later will come later?

Do you do as much as you can while you know you have the mobility and health while still saving some?

Or do you no do as much while young and save for an uncertain future?

I think that you should go for it!! A few others mentioned doing it for cheaper, which of course, is an option. But if your heart is set on ABD, then so be it!

I'm currently in a similar situation. I have always dreamed of going to Hawaii. What I've priced out for next year is going to be in the mid-$10Ks. Because of all of my health issues, and next year is my husband and I's 15th wedding anniversary, I've decided to go for it. So I'm saving up as much money and vacation time as I can this year, sacrificing trips this year, and I'm just going to do it. If I keep putting it off, I have a feeling that I will never go because my health is just going to keep getting worse and worse. Do as much as you can, while you can!

 

[QueenIsabella]

Fair enough but I'm sure you get the point. Get back to me during the next recession. I'll be curious to see how your advisor performed.

Ours did great in the crash of '99 (or whenever it was). We lost a little, but not much, and everything's grown a lot since then. Not huge gains every year, but overall, steady, consistent growth.

To be honest, you don't seem to have much of a financial plan, or any real idea of what a financial planner can do for you. They can invest for retirement, to be sure, but they do much more than that. They can help you with life goals, whether it's purchasing your first home or setting up trusts for grandchildren. When they invest for you, they make recommendations based on your comfort with levels of risk. We've been with the same company for ~20 years now, and I have no complaints with how they've handled our finances--and now, how they handle our children's, as well (1 of 4 is the age of majority, we're in the process of handing off her finances to her, versus us managing them). In addition to investing in stocks/bonds/REITs and so forth, they can talk to you about long-term care insurance, life insurance, and other stuff that you may or may not think you need.

Mostly, though, it's good to have an objective person give you a check-up. We have a fairly complicated financial situation, but I'm confident that it's on track.

 

[Mrs. Ciz]

I have been contemplating the balance between saving and spending recently too. My bucket list trip is a 12 day South African safari. I want to take DH and my two kids before they start their real career jobs. DS graduates from college in 2019 - two short years!!! I have planned and budgeted, and I think I can do it for under $9,000 (flights are super expensive). We'd trade into a timeshare on the edge of Kruger Park, stay there for a week, do one guided and several self drive safari excursions into Kruger, see the surrounding sights, play golf, visit an elephant reserve. Then we'd drive up to the middle part of Kruger and stay for a night in their tent camp. The next morning, we'd drive out of Kruger and spend 2 nights at a real safari lodge/camp where they'd cook for us and take us on 2 game drives a day, & serve us sundowners in the evening.

I have been trying unsuccessfully to save the money for it out of my monthly budget. I had to pay off a small credit card balance first (almost done), but then DD is starting college in the Fall, so there goes my extra money. I got a small inheritance from my grandmother years ago. I decided to save it for retirement because my years as a stay at home mom put me behind in my retirement savings (DH has been saving all along). The money is in an investment account (not a retirement account). I've also been working and contributing to my real retirement account for the past several years now. I am so tempted to just take the $9,000 out of my inheritance fund and take my family on that safari!!!!

 

[bellebud]

I have been contemplating the balance between saving and spending recently too. My bucket list trip is a 12 day South African safari. I want to take DH and my two kids before they start their real career jobs. DS graduates from college in 2019 - two short years!!! I have planned and budgeted, and I think I can do it for under $9,000 (flights are super expensive). We'd trade into a timeshare on the edge of Kruger Park, stay there for a week, do one guided and several self drive safari excursions into Kruger, see the surrounding sights, play golf, visit an elephant reserve. Then we'd drive up to the middle part of Kruger and stay for a night in their tent camp. The next morning, we'd drive out of Kruger and spend 2 nights at a real safari lodge/camp where they'd cook for us and take us on 2 game drives a day, & serve us sundowners in the evening.

I have been trying unsuccessfully to save the money for it out of my monthly budget. I had to pay off a small credit card balance first (almost done), but then DD is starting college in the Fall, so there goes my extra money. I got a small inheritance from my grandmother years ago. I decided to save it for retirement because my years as a stay at home mom put me behind in my retirement savings (DH has been saving all along). The money is in an investment account (not a retirement account). I've also been working and contributing to my real retirement account for the past several years now. I am so tempted to just take the $9,000 out of my inheritance fund and take my family on that safari!!!!

I think I'd do your trip. You're working and continuing to contribute to your retirement, dh has always contributed. You say you got the inheritance years ago, have you made a good amount of interest on it that it would really pay for the trip or a good part of it?

 

[mjkacmom]

These were both exactly what I was about to post. No wonder the poster thinks there's no value, since they don't seem to know what they do.

Lucky for me, DH is a CFP, and is pretty good at managing our accounts.

 

[North of Mouse]

I don't think you have any idea what a good financial advisor does.

They cost money!!

My dad and mom were my financial advisers!!
Taught us well, and it has served us all our lives, and we have been retired for quite some time already.

 

[Mackenzie Click-Mickelson]

Just my opinion but there are really two different situations going on:

~12K for a vacation
~$$ spent on a vacation rather than things like retirement

Questions regarding living in the now versus the future are on a different playing field in my opinion than spending $$ on a vacation. Could be entirely wrong but is the underlying concern about the $$ for the specific vacation you have in mind or something else?

 

[Pacolovestacos]

I don't think you have any idea what a good financial advisor does.

Well I worked for a group of advisors from BoA. And I can tell you that all they cared about what was milking their clients dry.

 

[Pacolovestacos]

They cost money!!

My dad and mom were my financial advisers!!
Taught us well, and it has served us all our lives, and we have been retired for quite some time already.

I'm not arguing that they don't have some insights/knowledge that are useful. But most are out to line their own pockets and I speak from first hand experience.

And before anyone tells me that they know they have a good one, everyone thought the same thing at one point.

 

[North of Mouse]

I'm not arguing that they don't have some insights/knowledge that are useful. But most are out to line their own pockets and I speak from first hand experience.

And before anyone tells me that they know they have a good one, everyone thought the same thing at one point.

Hey, I'm on your side - I agree! I'm serious - my Dad & Mom did a great job teaching finances to me and my siblings! My dh did great too, and we now have no worries - didn't pay 'anyone' to make us financially secure!

 

[DisneyOma]

The problem is you don't post your whole financial picture. Are you prepared for medical bills when you're older if you run into a long term medical issue? If something were to happen sooner are your kids going to be ok?

Unless the OP is in the top 1% of this country for income, medical bills/long term medical care is going to bankrupt us all anyways, so why save for them to take that away and still have to file bankruptcy? You'll save it up, it'll go to whoever manages to stick their fingers in the private healthcare pie and you'll still be **** out of luck.

 

[goofyernmost]

I did Yellowstone for $500 in 1991. No way could I duplicate that today, BUT I could definitely beat $12,000

Yea, you cannot go back in time. Back in 1967 I went on a College sponsored trip via Alitalia travel. We went to Portugal, Spain, Italy, France and England. All airfare, two meals a day plus continental breakfast (consisting of rock hard rolls and coffee strong enough to pave highways with), Shared Hotel room, all ground and boat transportation including bus tours of all the areas we went too. They even threw in a couple of night clubs including the Lido in Paris, an opera and all the tours were lead by tour guides. Two weeks long = $575.00. So like I said you can't go back and look at old prices with any glimmer of current expectations.

This one has me puzzled as I cannot imagine how any trip to Wyoming would cost $12000.00. I'm sure Wyoming is a beautiful place, but, honestly one would have to pay me to go there, much less have me pay that much to go. The must have one heck of a Chamber of Commerce in Wyoming.

 

[Gumbo4x4]

Yea, you cannot go back in time. Back in 1967 I went on a College sponsored trip via Alitalia travel. We went to Portugal, Spain, Italy, France and England. All airfare, two meals a day plus continental breakfast (consisting of rock hard rolls and coffee strong enough to pave highways with), Shared Hotel room, all ground and boat transportation including bus tours of all the areas we went too. They even threw in a couple of night clubs including the Lido in Paris, an opera and all the tours were lead by tour guides. Two weeks long = $575.00. So like I said you can't go back and look at old prices with any glimmer of current expectations.

This one has me puzzled as I cannot imagine how any trip to Wyoming would cost $12000.00. I'm sure Wyoming is a beautiful place, but, honestly one would have to pay me to go there, much less have me pay that much to go. The must have one heck of a Chamber of Commerce in Wyoming.

Yeah, your trip was like mine - split costs with another guy, lots of free camping, etc. Totally not comparable to being responsible for ALL the costs of a family & no tents LOL

NOW, as for Wyoming, definitely my favorite destination of all time.

 

[DaisyJ]

They cost money!!

My dad and mom were my financial advisers!!
Taught us well, and it has served us all our lives, and we have been retired for quite some time already.

Your parents advised you on hundreds of thousands of dollars in stocks and bonds? Impressive.

 

[North of Mouse]

Your parents advised you on hundreds of thousands of dollars in stocks and bonds? Impressive.

You assume much!!

Giving us the knowledge to handle finances wisely does not mean they personally did it!

In fact, that is not our resources at all!

 

[Vijoge]

I did a quick google search of Dude Ranches in Wyoming and the #1 rated place runs $3900 per week in June for three people in a double queen room, including breakfast. There's a $1000/night 5* hotel-Four Seasons-in Jackson Hole, though, so I guess it is possible to spend $12,000 a week in Wyoming, which I didn't even think was possible unless you actually buy the horse.