Assets Versus Experiences

This is something I agree with;)

However I'd take it further. There is a huge difference between fun, satisfaction, a feeling of accomplishment. Contentment.

In fact I might argue that most of the people I've met who are focused on having fun, are the least content and never satisfied for more than a short period of time.

To me the accumulation of assets has been a function of being successful in my business which is by nessesity asset heavy. Such a business must continually both improve and expand.

To the point of this thread, those assets allow for many experiences. However they also require management so they can impede such experiences by competing for time. But I'd much rather have the funds available to do what I want than be constantly worried about how to pay for things much less the regular bills.
@ActionBob
Having met you I had no preconceived ideas of what you were like.
When I met you to me you were just a good ol country boy that came from humble beginnings and had 30 cows. After talking to you with my wife I realised how big your business was now. Despite that you have hung on to your humility and are firmly grounded in your roots.
Yes it would be nice to have the funds to do what I want when I want but we are able to live reasonably well and not worry about day to day bills and do most things we would like. The bigger things we want to do we will still save for and do.
It was a great pleasure to meet and spend time with you Bob you are a genuine down to earth man. It's just a pity that @Just Gina couldn't join us.
Bob
 
In regard to time, one can manage it by setting priorities, delegating and cultivating employees. As a rule, I take 3-4 weeks off just about every quarter while still being accessible via satellite communications. I remember one time I sat on a conference call from Amanzi Lodge in Harare with Shell Oil to answer specific questions about funding one of my projects with them.
@Tanks
I was in business for myself for a short period.
Tried cultivating employees but the bastards wouldn't stay put when I planted them.
I ended up going back to work for someone because I sacked myself. I was hopeless at paperwork, wouldn't answer the phone when I rang myself up because I was sick. Bloody thing was engaged so I had to go to work ( no one else would). I was the worst boss I ever worked for because I wouldn't give myself time off or a pay rise.
So I told myself stuff you, I quit and went back to working for wages without the hassles.
Bob
 
Bob I thin you would agree my friend the answer should be a balance. We need to plan for a retirement but also split out money for life experiences and yes by doing this we probably will not maximize either yet I for one will not lie in the cemetery with regrets
@Rare Breed
I agree. We need to plan for retirement and at the same time work out our priorities.
Yes it is a balancing act and hopefully have enough funds to live out our dreams the best we can.
I know when I go I won't be saying I wish I had done that because I probably have done it or deemed it not important enough to do and not worry. And that's on a blue collar income.
In my wildest dreams I never thought I would hunt deer in England but here I am been there done that. Ticked a box I didn't know needed ticking. Life is good.
Yes I have aches and pains and am having knee replacement in April. Will that stop me looking for more things to do with my wife and friends. HELL NO, another handfull of anti geriatric drugs (pain killers) and keep on truckin.
Bob
 
A high school psychology teacher once said "It doesn't matter how rich or what class you are, what matters is who you wake up with."

I took it to heart and strived to wake up with as many different women as I could until I found the one. :unsure:
@Tanks
I used to love stirring people up ( still do) and tell them I gave up sex for sixteen years.
They would say that's amazing how did you do that.
My reply was when I turned 17 I tried to make up for lost time.
Bob
 
I’m an experience guy I guess. Think assets are obviously important, and at one point was a major focus. I always enjoyed working, even as a kid growing up. Got my first job that wasn’t picking black eyed peas or related to hay at 12yo for a family friend that had a gun shop and shooting range. Worked for various gun shops and dealers strait through till I finished college. Couple years later went back to law school at SMU and worked hard. Hated living in the city the past couple of years and wanted to become a small-town lawyer, but I did well in school and was encouraged towards big firm practice. I admit the money was also attractive, so I bit.

Still being an experience kind of guy, and knowing the kind of schedule that was ahead, I skipped my graduation and went to Alaska for 10-days just to bum around, fish a bit, see a couple placed I’d read or heard stories from my father. It really look me for a spin, and before I left, knew I’d be back. The firm I’d accepted a position with had given me a generous singing bonus, enough to live off for a few months, study for the bar, and then take a longer, more extravagant vacation than I’d ever otherwise consider. It was encouraged even, since you wouldn't have that kind of freedom with your time any year soon. So I took the Texas bar exam, went to my grandparent 65th wedding anniversary party in Austin, then snuck back to Alaska for all of August and most of September.

I caught wild trout, some huge, grayling, a lot of silvers all on the fly. Wader boots never dried in almost 2-months. Traveled all over the state. Fell in love with Alaska. Decided again, before I left, I’d be back. Promised myself, by the time I was 45, I’d either live tin Alaska or at least on the cusp of the leap. The flew back to Dallas and went to work. Practiced with some wonderful and talented folks. Great quality and complex work, big clients, wonderful experience. Traveled all over the country. Still felt a little like drowning puppies for satan at times, but Satan paid well and I was gaining experience. Mi was on partnership track, great salary, great bonuses, yada yada.

Then one year, not that much later, the world seemed upended, seemed like people I loved were just dropping like flies. I had a great year, but if you were close to me, the same might not be true. My absolute best friend since grade school, true partner in crime for most foolish shenanigans including skipping across states one spring break when we were 16, and somehow not getting caught kind of friend. Just a few weeks before we were supposed to take a motorcycle trip was killed on his new motorcyle. Less than 2-months later another close friend, and rising lawyer with whole world ahead of him, shot and killed himself, while I and two other friends were waiting on him to meet us for dinner. Another close father-like figure died on his motorcycle not even a month later…they believed he had a cardiac issue, lost consciousness and just left the roadway. Skip forward two months, and a close friend and his father who we all played cards and bbq’d together every weekend, they are at my house as it was my turn in the rotation. His father starts feeling tired, decided to call it a night, so his wife takes him home, maybe 3 miles away, his son stays and continues with cards. Maybe 45-minutes later and his mom calls my house, she ran out to pick up dinner and beers, comes back home and he had passed away in the moments she was gone.

By late September that year I attended four funerals for folks I truly cared about and were in my close circle, the oldest not even 65, two not even 35. I was at a loss and starting to really consider priorities and what really mattered to me. Shortly after, my uncle had finally gotten checked out for some ongoing headache/eyesight issues, and of course it proved an inoperable brain tumor which he learned about and lost his life to within the same month. Driving home from funeral number 5, I decided I might not wait until I was 45 to move to Alaska. Hell, I realized it’s not beyond possibility that I don’t make it to 45. So if it was truly important, I needed to make it happen.

By the end of that year, I accepted an appointment from the deputy attorney general for the State of Alaska as a prosecutor, and committed to working for the state for at least two years. Sounds cool, but what it really equated to was more than a 85% pay cut accompanied by a significant increase in the cost of living. Essentially financial suicide. Surprisingly, my wife remained on board with the idea. She even encouraged it. I sold off a few Harley’s and our house, made decent profit on all of it, even an old Brunswick Centennial pool table I saved from a hotel bar in Atlanta and was only about 25% of my way to refurbishing it, sold almost immediately for way more than I paid for it.

I rolled out of Texas in my Z71 pickup, back seat packed with guns and fly rods, campershell packed with a small dresser, one chair and a bunch of suits. A wife that would meet me in a few months when her school year finished. I made it to Ketchikan before a firm I worth with during law school learned I’d left my firm and wanted me to come work for them. Didn’t ask any details, just chatted a bit with the one partner as I was pretty close with him and talked life goals, family and ended the call. Next day in Juneau (taking the ferry up) he calls me again as the main partner was upset that he didn’t even tell me particulars. So he lays it all out, and I was shocked, flattered, and scared at the same time. Had he caught me just a couple weeks earlier, I likely couldn’t have said no. It was more than 2.5 times what I was making before with likely 100% bonus…but I’d never be free. I’d rarely ever see home. Graciously passed and promised if things didn’t work out, if I returned to a Texas, he’d be the first call I made. Then shared the story with my wife…who proved less supportive of the move upon hearing. She wanted me to get off the ferry…now…and board the next one headed south. To call them back and say I’m on my way.

I couldn’t do it. I’d committed to this plan. I’d committed to a position. I’d liquidated everything to make it happen, and my dream of returning to small town life and to do so in Alaska was here. I just couldn’t. She agreed.

So the move happened. That was January 2006. My ex-wife filed for divorce 3-weeks later. Never made the trip herself, unsure if she ever even intended to, but was the right decision for her, and us.

Since then, finished my stint with the state. Started my own practice, small town law, small time living, but decent. And have had more free time to enjoy the quality of my life than I ever would have otherwise. Absolutely, 100%, worst financial decision ever, but so happy I made it, and if I had it to do over again, just hope I’d remain committed enough to do follow the same path.

I’ve caught so many huge fish from free flowing, wild and unstocked rivers. Killed so many huge big game animals up here, and trekked through some of the most gorgeous wilderness, with breathtaking sunrises and sunsets, from high mountain saddle camps, that it’s truly proven everything I’d ever hoped for and more. So while I appreciate some assets, I’ll take experiences first, even some with built in strife…some suffering makes the reward all the more important. And I’ll likely retire much, much later in life if I prove fortunate enough to live that long, and I like it that way, since I plan to screw off and enjoy as much of my life along the way as possible.
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@Wildwillalaska
It's surprising how death makes us re-evaluate our own mortality and our priorities. How things that once seemed hugely important pale into insignificance.
The important thing is still finding balance between the two.
I know after my last heart attack my priority in life changed and I embrace each day as if it's my last because one day it will be.
My cardiologist said you had your heart attacks young. I told him most of my family die from them so I thought I would have them when I'm young that way I don't have to worry later I cans just die if old age. He still thinks I am a mad bastard.
Bob
 
Yup. I am in a similar business. We see a lot of folks who amass tremendous sums of money and have no intent to spend it. But once again, who knows what makes them happy? Some of them give nice things to their kids and grandkids, that seems to make them happy being able to do that. Some of them just like the idea of having a lot of money (I think, at least). Maybe they are happy? It's tough to say. Maybe that's a new question to start asking in my new client meetings.

I've always just wondered what the reason was for amassing a fortune if you never enjoy it. On the other hand, you need money to have fun.

I've just never been that way. Someone said it in this thread. I don't live to work, I work to live. I'm blessed at 42. Now the exciting thing for me is making and sharing in memories with my wife and kids.
I think for some wealthy people, the thrill and accomplishment of obtaining the means (wealth) dwarfs the ends (life after obtaining wealth). I was present once when someone asked two elderly wealthy men, “How much money is enough before you start enjoying it”. Crickets. They apparently hadn’t thought about it. Kind of sad in my book.
 
Sounds like you've been very effective at life and had a bit of the best of both worlds. The guys I feel sorry for are the ones clawing their way to the top their whole life trying to get the almighty dollar putting off doing all those meaningful memory type things no matter what they are (each individual is different). Then they wake up one day, kids gone, wife divorces them, and they sit and wonder why they never had any fun doing what they're passionate about, tragic especially if they aren't physically able to do the things desired anymore. Live while you can, teach your kids the same, and let them struggle, thats part of life

Die with Zero, most important book I've ever read.
 
I think for some wealthy people, the thrill and accomplishment of obtaining the means (wealth) dwarfs the ends (life after obtaining wealth). I was present once when someone asked two elderly wealthy men, “How much money is enough before you start enjoying it”. Crickets. They apparently hadn’t thought about it. Kind of sad in my book.
I don’t think it matters if they did life their way and the satisfaction came from moving forward and building wealth.

A million dollars does not buy what it did 20 years ago. Over 40 years ago I was aware some local business people were millionaires and it was a big deal.

A million dollars does is still a lot of money as a lot of people will never have it in savings. In reality many city homes are valued around a million bucks

I think the hardest part is replacing it if you spend it because a person on wages will find it hard to build wealth if that take a few big holidays out of life savings.

Today I read something about a rich person’s mentality as opposed to a poor person’s.

Summarised they say poor people are hoarding fuel to avoid a 20% increase but a rich person questions his they can profit from the same money and the answer was to invest in oil immediately and receive more in profit than the saving of hoarding.

I may not have explained it well but the maths was there to explain the difference.
 
@Rare Breed


Yes I have aches and pains and am having knee replacement in April. Will that stop me looking for more things to do with my wife and friends. HELL NO, another handfull of anti geriatric drugs (pain killers) and keep on truckin.
Bob

No Bob, those are anti inflammatory tablets. They will not prevent geriatric old fart problems

@Wildwillalaska
. He still thinks I am a mad bastard.
Bob

Not just your cardiologist mate.
 
I don’t think it matters if they did life their way and the satisfaction came from moving forward and building wealth.

A million dollars does not buy what it did 20 years ago. Over 40 years ago I was aware some local business people were millionaires and it was a big deal.
Heck with 20 years ago just in the last five years if you make 100k or 1 million a year the purchasing power is down by 40% however if you had any money in investments whether real estate or equity before 2020 those investments are up 50 to 100% or more … some way more.
A million dollars does is still a lot of money as a lot of people will never have it in savings. In reality many city homes are valued around a million bucks

I think the hardest part is replacing it if you spend it because a person on wages will find it hard to build wealth if that take a few big holidays out of life savings.
Exactly everything is percentages a man making 1mill a year buys a 100k truck it’s only 10% of his income.. no big deal. A person making 100k that’s 100%. They say the average new car is 49k and the average household income is 78k.. that’s financial suicide.
Today I read something about a rich person’s mentality as opposed to a poor person’s.

Summarised they say poor people are hoarding fuel to avoid a 20% increase but a rich person questions his they can profit from the same money and the answer was to invest in oil immediately and receive more in profit than the saving of hoarding.
Absolutely agree. Mentality is everything. Income is important to increase but what’s more important is to have a proactive mindset of understanding that investing ( be that time or resources) is where Wealth is generated. Not a scarcity mindset.
I have a buddy who retired last year at 38 who never made more then 100k a year and when we were young was making under less then half of that but he rented and then bought a little house after the recession and invested most of his money into NASDAQ and a few tech stocks. Since 2020 his investments skyrocketed and him and his wife are buying a place in the mountains and calling it quits.


I may not have explained it well but the maths was there to explain the difference.
 
@HookMeUpII
So you want more money so you can be like your clients and not be able to spend it and are to busy making it to enjoy life.
One day gets here before you know it and you have been to busy to notice life has passed you by.
Yes we need money but we also need to have a work life balance
I would prefer to be the man in the cemetery that died with a life well lived and enjoyed than the miserable rich person that made a bucket full of money and died with the misery of not doing things that they should have done but didn't because money ruled their lives.
Bob

Yup. I come back to that realization over the years.

Before I make the next statement, I have to exclude those who have been gifted or inherited substantial wealth.

Everyone extremely wealthy I've known has basically devoted their life to that pursuit. Sometimes they have marital issues, problems with their kids, health issues or all of the above.

To your point, finding the balance is key. Making enough money to make sure your family is happy, bills are paid, and having some left over for meaningful experiences and enjoying life.
 
Heck with 20 years ago just in the last five years if you make 100k or 1 million a year the purchasing power is down by 40% however if you had any money in investments whether real estate or equity before 2020 those investments are up 50 to 100% or more … some way more.

Exactly everything is percentages a man making 1mill a year buys a 100k truck it’s only 10% of his income.. no big deal. A person making 100k that’s 100%. They say the average new car is 49k and the average household income is 78k.. that’s financial suicide.

This is what a LOT of people are not seeing. It varies from area to area but purchasing power is way down. The cost of goods, services, real estate, etc. is increasing exponentially faster than wage/earnings growth.

I've done well in the last 7-8 years and my net take home after taxes from my business has gone up multiples. However, houses for example, are getting out of control.

Back 8-9 years ago when I bought my house, I looked at $800-$900k homes and thought to myself "If I can get there one day, that will be it." We ended up in a starter home, albeit nice. I was 33-34 at the time so what else could be expected?

Now? That $800-$900k figure is a joke. Try $1.2-$1.3mm. That is what you need to afford a 3000-3200 sq ft house in a good neighborhood here with a good school system and safe surroundings.

This is all translating into other areas as well. Heck, in 2023 we booked round trip tickets to RSA for $2600 flying premium economy. My group went back last year and that SAME airfare but base economy was a staggering $4200. Same airline, same time of year, etc.

Assets are important. Those who think they can bank earnings as savings with a 3.5% interest rate, not a good methodology. Investing in the market, buying real estate, buying appreciating assets and so on are all important in today's economy.

Once again, balance is key.
 
@Rare Breed
The only wise moves I have made in my life are marrying my beautiful wife and never owning a 243
Apart from that I'm just an average person.
Bob
Bob:
You don't know what you have missed, if you had ever owned a 243 you would have experienced
a cartridge that has no point, no value, no usefulness, and can be replaced at a loss for any medium caliber that will truly shine.
It would be one of those truly painful experiences that we should all have at least once!
 

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