The following is a blog swap post from Hank at Money Q&A where he answers all of your burning money questions about investing, saving, retirement, and a host of other topics. Be sure to check out my post, What Are Things You Never Go Cheap On And Why at his site today!
We all don’t want to pay full price for things. It is a part of our very human nature. We want a deal. We want to save money. We want to think that we scored a better price on something that we have bought even beating out the person sitting right next to us on the deal. How many times have you sat next to someone on an airplane and wondered how much he paid for his ticket? The drive to win and save plays right into our competitive nature as human beings. But, there are some things that you should pay full price for.
The Best Piece Of Advice I Ever Received
One of the best pieces of financial advice that I ever received in college didn’t come from one of my business professors but an unlikely chemistry teacher. One day he told our class that we should spend our money doing things and not collecting things. If you think about it, we spend our entire lives collecting possessions. But, is that the best use of our money? The best use of your money is to spend it doing things and experiencing things. That is what you will remember for the rest of your life. Will you remember the new 60 inch flat screen television that you bought five years from now? You’ll probably have to replace it before then. But, will you remember a trip to the Grand Canyon that you took with your family with that money instead? What will you think about when you look back at the photos you took during that trip? Will you eventually take your children or grandchildren back to that spot to relive it? What if you had just spent that money on the television instead? How much joy and satisfaction would you have really received? We can always find deals and collect objects throughout our lives, but I don’t think twice about paying full price for a truly amazing experience.
I Have 100 Goals Before I Die
I have a bucket list. I don’t like to call it a bucket list per se because it seems a little morbid to me, but that is what it technically is no matter what you call it. I have a list of 100 goals that I want to accomplish during my lifetime. If you look at the goals, there are just a couple of them that are about owning something. I always wanted to own a convertible car for example. But, a vast majority of my goals, probably 90% or more, on the bucket list are goals that are doing something, to gain some type of an experience out of life. For example, on my list are items like seeing a World Series baseball game, building a park, visiting all 50 states, seeing the Great Pyramid in Egypt, and a host of other things.
retirebyforty> I don’t mind paying for experience either. I still try to find a discount, but if it’s not available, then full price it is. I paid full price for a sky dive and a bungy jump, and never regretted it. We love to travel as well, but I think there are a lot of ways to get discounts there.
For 2018, Joe plans to diversify his passive income by investing in US heartland real estate through RealtyShares. He has 3 rental units in Portland and he believes the local market is getting overpriced.
Joe highly recommends Personal Capital for DIY investors. He logs on to Personal Capital almost daily to check his cash flow and net worth. They have many useful tools that will help every investor analyze their portfolio and plan for retirement.