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

[fortwildernessishome]

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 am in complete awe that you rented a van for $300 in one state and returned it in another!!! We have done four western trips and have always flown into one airport and flown out of another. We too rent a van for about 2 weeks and have never paid less than $1, 500!! Usually the one way surcharge is around $500.

Our two week western trips average around 8k- 10k for the 4 of us. We live on the east coast, so flights average 1.200, we like to stay in the National Park Lodges if possible, so $200-$250 a night if we are lucky (course we have to travel in the summer months so we pay peak prices for lodging) so we average about $3,000 for lodging, so that's $5,700 and I haven't even factored in 2 weeks of eating for the four of us, gas, misc. stuff. (We rented bikes at the Grand Canyon, went on a boat ride at Crater Lake National Park, rented a raft at Yosemite etc.)

I am super impressed that you did your trip so cheaply and I would love to know who you rented the van from for almost 2 weeks for that price.

 

[fortwildernessishome]

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.

I know that I could do a week in Wyoming for a heck of a lot less then 12k, BUT, I have to say after taking four western trips, all in the popular summer months, that all decent hotels near any National Parks or major points of interest are pricey. Last summer we stayed in lodges inside the Grand Canyon, Zion NP and Bryce NP and all the rooms were over $300 a night for four. So less then the #1 rated place you found, but still pricey. Heck we stayed in a Super 8 in Moab when we went to Arches NP and Canyonlands NP and even that was $200 and that was the cheapest place that I found.

 

[DawnM]

I have not read responses, so forgive me if this is repeated information.

For us, if our retirement is on track, our savings is on track, we have a decent amount of emergency funds available if need be, then we go ahead and spend. However, we are frugal by nature and try to find the cheapest way to do whatever it is we are doing, if at all possible.

 

[AnnaFloridaLover]

I am in complete awe that you rented a van for $300 in one state and returned it in another!!! We have done four western trips and have always flown into one airport and flown out of another. We too rent a van for about 2 weeks and have never paid less than $1, 500!! Usually the one way surcharge is around $500.

Our two week western trips average around 8k- 10k for the 4 of us. We live on the east coast, so flights average 1.200, we like to stay in the National Park Lodges if possible, so $200-$250 a night if we are lucky (course we have to travel in the summer months so we pay peak prices for lodging) so we average about $3,000 for lodging, so that's $5,700 and I haven't even factored in 2 weeks of eating for the four of us, gas, misc. stuff. (We rented bikes at the Grand Canyon, went on a boat ride at Crater Lake National Park, rented a raft at Yosemite etc.)

I am super impressed that you did your trip so cheaply and I would love to know who you rented the van from for almost 2 weeks for that price.

I believe it was either Hotwire or Priceline. I know we didn't actually pay for the car until we got to the airport and I was actually nervous if the price was real. I've never in my life paid $1,500 to rent a car or van and have never had a surcharge dropping off in another location. Try travelocity, they are what I've used on my last two trips. I paid $235 at OGG in Maui to rent a full size car for 2.5 weeks last December. The year before I paid under $500 to rent a van at OGG for 3 weeks over Christmas. The earlier you rent a car, the cheaper it will usually be. Most sites allow you to pay at the airport so I always keep looking to see if I can find a better deal, then cancel the other rental. Travelocity makes you pay upfront so you need to be sure but I've found great deals lately. They also have great customer service.

As for hotel rooms, I start looking at Priceline early, also I sign up and collect points for Westin hotels and Sheratons, owned by the same company. In Scottsdale we rented two rooms at the Westin Villas from a time share site. We were upgraded from two studios to one studio and a joined one bedroom. Our most expensive hotel was the Best Western in Tusayan which we paid almost $300 per room. They were also the crappiest rooms of the trip. In Santa Monica we stayed at the Sheraton with a rate of $100 per room.

We never stay inside the parks but find a room cheaper close by.

When we traveled extensively with our kids we often would stay at places with a free breakfast. We always bought a cheap cooler and went to the grocery store to buy hummus, flat breads, veggies and fruits, a case of water, chips etc. Then dinner out somewhere.

In Maui we usually rent condos now so we can make our own meals most of the time. In Florida I've rented many 4 bedroom pool homes for $100 a night from VRBO, mostly in the Davenport area. In Paris last time I rented from VRBO a huge air conditioned 2 bedroom apartment in the heart of the city for $250 US a night.

We often travel based first on cheap flights. After I have our flights, I immediately start searching for a car and hotels/condos.

Any specific questions, ask away.

 

[tzolkin]

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.

All of your previous posts seemed to indicate that you thought financial advisors just dealt with investments since you kept mentioning their worth being about making money via the stock market (I actually still think that you may be under the impression that they are the same thing as investment advisors). There are many more aspects of financial planning than buying stocks-- general financial education, budgeting, savings goals, life insurance, long term care, taxes, retirement distribution, estate planning, etc.

Certainly you can spend a great deal of time thoroughly educating yourself on all of these topics and would not need someone else to advise you, but most people are not willing or able to put in the time and effort to be sufficiently informed.

 

[perditax]

My parents always chose to live as though there was no tomorrow. No savings, no retirement, no life insurance. My father passed away recently and of course my mother is now destitute, and I and my siblings are trying to work out how to handle it. There is a lot of backstory here and my parents are/were highly dysfunctional, to the point that this conversation would have never even occurred to them, but the point I'm making is--if you have kids, at least factor them into your spend/save calculations. If you have to live with them, are they okay with that? Do they have the money to cover your funeral expenses? (I had no idea how expensive even a simple cremation is.)

(Personally, I'm trying to strike a balance, but I suspect that after what I'm currently going through with my father's death and my mother's total lack of safety net, a lot more is going to get pumped into the old IRA going forward.)

 

[Hikergirl]

Holy ****, I just looked at the ABD Wyoming trip and for my family of 5 it would cost over $21,000. That doesn't include airfare, and looking at the daily schedule, it doesn't include all of your meals.
It looks like a great vacation, but I can't believe how much it costs, that is crazy expensive.

OP, we all have different opinions on what something is worth to us. If you feel this trip is worth the money, then go for it and enjoy it.

 

[DaisyJ]

OP, my husband and I were discussing this thread last night and his perspective is quite different from mine. You don't have to answer them here publicly, but this is how he would determine if the trip was worth it or not. Is it more than 10% of your income? How many days would you need to work to cover the cost of the trip? Do you have a healthy emergency fund and are all debts/bills covered? Is it something you'll look back on and sincerely wish you would have done while you had the opportunity?

It did open my eyes a bit to how my husband sees vacations, and I have started my not-so-subtle campaign for Hawaii 2017-2018.

 

[tzolkin]

My parents always chose to live as though there was no tomorrow. No savings, no retirement, no life insurance. My father passed away recently and of course my mother is now destitute, and I and my siblings are trying to work out how to handle it. There is a lot of backstory here and my parents are/were highly dysfunctional, to the point that this conversation would have never even occurred to them, but the point I'm making is--if you have kids, at least factor them into your spend/save calculations. If you have to live with them, are they okay with that? Do they have the money to cover your funeral expenses? (I had no idea how expensive even a simple cremation is.)

(Personally, I'm trying to strike a balance, but I suspect that after what I'm currently going through with my father's death and my mother's total lack of safety net, a lot more is going to get pumped into the old IRA going forward.)

My grandfather retired as early as he could (only Social security). They had absolutely no savings because they were the definition of "keeping up with the Joneses" (when they were not even in the same socio-economic bracket that the Joneses were). That was almost 30 years ago. He and my grandmother have been living with my parents at least part time for the last 15 years. My parents recently had to purchase a new home that would accommodate them and my mom has to care for them full time (they both have dementia). My dad is now about the same age my grandfather was when he retired (late-50s) and there is no retirement in sight for him due to caring for and fixing the financial mistakes of my grandparents for the last 30 years. It is very sad to me that my parents don't have the ability to spend time with their grandchildren, go on vacations, or even just take care of their own health because my grandparents lived way beyond their means.

My children have been aware of this situation. They are already grateful that DH and I are choosing to make saving for retirement a priority. My oldest (now in college) has even mentioned multiple times that she is happy to take on student loans or pay for other expenses herself to ensure that DH and I are being financially responsible. We would rather save more now than wind up being a burden on our children later.

 

[bellebud]

So OP, which way are you leaning?

 

[Pacolovestacos]

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!

Yup lots of assumptions. The poster you replied to seems to be taking it personally that not everyone sees the need for an FA. So odd.

 

[DaisyJ]

Yup lots of assumptions. The poster you replied to seems to be taking it personally that not everyone sees the need for an FA. So odd.

If you don't have any money, of course you don't need a financial advisor. Ours has been invaluable for us to help us manage our money and investments.

 

[pryncess527]

Yup lots of assumptions. The poster you replied to seems to be taking it personally that not everyone sees the need for an FA. So odd.

There is a significant difference between not seeing the need for an FA personally, vs declaring with certainty that they are all rip offs

I don't have one now, but I had one for years from *gasp* BoA, who did quite well by me during economic downturns. Just speaking from personal experience.

 

[wilkeliza]

Yup lots of assumptions. The poster you replied to seems to be taking it personally that not everyone sees the need for an FA. So odd.

Of course nobody needs a FA but to say all of them are bad and crooked is wrong. There are regulations in play if you find an advisor with fiduciary responsibilities. Of course if you go with an FA who doesn't have that they can take you to the cleaners. Yes that includes the guy at the bank. Some of them are great others work on the disguise of an FA to line their pocket with sign up bonus and such. If you chose not to use one that is your choice but to say all of them are crooked and an FA can't possibly help you set up a financial life plan is wrong because many can.

 

[mnrose]

IME, you want a financial advisor you pay the hour....not one that works for "free" (because none of them ACTUALLY work for free....they are getting commissions off what they sell, and therefore, their advice is skewed). An advisor who works by the hour has only one goal: to keep you happy so you keep coming back for advice. If you're not happy, you're not paying. Simple.

 

[Colleen27]

I'll be entirely honest - we probably skew too much towards "today" over "tomorrow". We know it is a risk but it is one we're willing to accept. To have the numbers the experts say we'll need for a comfortable retirement, we'd have to live entirely to save. I can't see living that way and I'm not willing to put all my eggs in the travel-after-retirement basket. DH is 10 years older than me, so there's a very real possibility that we won't have the "golden years" of retired-but-healthy together. By the time I retire, he'll be in his mid-70s and that's a very uncertain age, health-wise. Neither of our fathers made it to 70, and our mothers are almost there now and both having health issues that impede their ability to get around. I was also diagnosed last year with an eye condition that could remain minor or could lead to major visual impairment over time, and I really don't want to get to 65 with a healthy retirement fund and a bucket list full of travel destinations that I can't actually *see* even if we do get there.

If you're uneasy about the cost, could you plan your own package for a more reasonable sum? We haven't gotten out west yet but 12K for a domestic trip seems really, really high. But I'm a road tripper and love DIY, seat-of-my-pants vacations so maybe I'm just not seeing the value-added in a ABD tour. I don't see my family doing packaged tours unless we were going somewhere that required a local guide to work around political, cultural, or language barriers.

 

[mi*vida*loca]

If you have it, then go for it. You say you have retirement and savings. Would I spend 12K to go to Wyoming? No, but if you want to go for it. I plan to have a comfortable retirement but I travel now. While I'm young and healthy. I've never thought of retirement as my travel days. Who knows how my health will be at that time. As odd as it may sound to some I plan on spending my retirement with my grandkids. Probably helping my children with childcare so they aren't paying astronomical prices for daycare. That's what my grandma did when she retired. She goes on two vacations a year (bad legs and can't do much walking) but she LOVES her time with her great grandkids.

What's the point of life if you're only living for the future that may not come? There has to be a balance there.

 

[North of Mouse]

If you don't have any money, of course you don't need a financial advisor. Ours has been invaluable for us to help us manage our money and investments.

There go the assumptions again!! Who said we (or the poster you quoted) didn't have any money??

You know, it's perfectly ok and fine for 'anyone' else to use a FA, some are great at what they do - but, it's also ok if we can manage things on our own!

 

[DawnM]

My grandfather retired as early as he could (only Social security). They had absolutely no savings because they were the definition of "keeping up with the Joneses" (when they were not even in the same socio-economic bracket that the Joneses were). That was almost 30 years ago. He and my grandmother have been living with my parents at least part time for the last 15 years. My parents recently had to purchase a new home that would accommodate them and my mom has to care for them full time (they both have dementia). My dad is now about the same age my grandfather was when he retired (late-50s) and there is no retirement in sight for him due to caring for and fixing the financial mistakes of my grandparents for the last 30 years. It is very sad to me that my parents don't have the ability to spend time with their grandchildren, go on vacations, or even just take care of their own health because my grandparents lived way beyond their means.

My children have been aware of this situation. They are already grateful that DH and I are choosing to make saving for retirement a priority. My oldest (now in college) has even mentioned multiple times that she is happy to take on student loans or pay for other expenses herself to ensure that DH and I are being financially responsible. We would rather save more now than wind up being a burden on our children later.

Your family must have children young. It caught my attention that you have a college age child and your father is only late 50s. My parents were late 50s when I was in college, my grandparents were late 70s. But my family tends to marry closer to 30 than younger. It is funny how it seems to be a family thing for us. Hardly anyone got married before late 20s/early 30s.

 

[DaisyJ]

There go the assumptions again!! Who said we (or the poster you quoted) didn't have any money??

You know, it's perfectly ok and fine for 'anyone' else to use a FA, some are great at what they do - but, it's also ok if we can manage things on our own!

No assumptions on my part.

I spend nearly every penny I get immediately. I travel a ton and also enjoy my free time at home.

As others have said, you never know when the end will come. Or you could simply be restricted by health reasons when you're older.

If I don't have enough to retire here in the states, I will move to Central America or South America.