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Over Investing??

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drlove

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Oct 14, 2001
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The doctor is in
My financial advisor told me today that I don't need to invest at the level I have been. "You're doing fine, live a little" he says. Isn't he the one supposed to be encouraging me to save?? *lol*

My philosophy has always been that at the end of the day, working is its own reward. If you're privileged enough to enjoy an affluent standard of living, you have a responsibility to yourself to sock that money away into savings/investments. Don't spend it - at least not all of it, anyway. I only splurge on things I really enjoy, like this hobby, for instance. :p

Any thoughts on the topic??
 
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Fabulous

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live a little or a lot

I'd say that's pretty good advice. Especially if you are set and can afford to. Memories are so much better than looking at the money. Enjoy.
 
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hambone

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First you need to be comfortable with any decision.

If you have extra resources and there is ANYTHING you would like to do in life....DO IT. That proverbial bus may be just around the corner! (I hope not)
 
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drlove

Ph.D. in Pussyology
Oct 14, 2001
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The doctor is in
I agree that living life the way you want to is important. So far, I've been doing that - if I want something I'll buy it. My point though, is that I've already done so much already. I've probably taken more trips than a lot of people do in an entire lifetime. Been there, done that; My focus now is solely on accumulating more wealth for myself.

What I don't understand is how some people will tell me that I'm overdoing it. That's just not true. I've always thought "too much is always enough". At least that way, I'll have peace of mind if something unexpected happens. After all, you must have a buffer for the unforeseen. I realize a lot of people don't think the way I do, but in my estimation, they would be wise to start:

Here's proof; Ask yourselves this question: Would you rather have more money, or less?? (You can only pick one)

Smart financial planning means always live below your means. Never live at the amount of money you actually earn - never!!

If you can do that and have a positive work ethic you will do well, no matter what. For me, the idea is to get up every day and go to work, even if you don't have to. Doing something productive is better than sitting around doing nothing - all that wasted time, not to mention that taking a day off means spending money instead of making it. It's a no brainer, IMHO.
 
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sorely

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Let us know the details, so that we can comment more objectively;

your earnings and security of earnings stream
your savings
your expenses
your age
your marital and dependent status
your sexual habits
the colour of your toilet roll
all other important data:D
 
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twentynine

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entrepreneurs

How about investing in other people's dreams? If you seriously have a bunch socked away that is more than you need to retire, why not become an Angel Investor and help some young start-up get going.

Um, like me.
 
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drlove

Ph.D. in Pussyology
Oct 14, 2001
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The doctor is in
twentynine said:
How about investing in other people's dreams? If you seriously have a bunch socked away that is more than you need to retire, why not become an Angel Investor and help some young start-up get going.

Um, like me.
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LOL!! Well, I'm not there yet.... it's not like I'm a rich old guy or anything! It's simply that I'm still relatively young, and my advisor thought that the amount I invest every year was a lot considering my age and my time horizon; that is the amount of time my investments have to compound before I actually need them, that's all. My reasons for investing at the level I do remain the same. One less headache to worry about as I get older. If you put a ton of money aside in your early years, the compounding alone will ensure a secure retirement without you ever having to invest another cent into your RSP.
 
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stang

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Oct 24, 2002
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Life is not about working.
Work to live, don't live to work.
I will retire the absolute minute I can.
 
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justajohn

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drlove said:
My philosophy has always been that at the end of the day, working is its own reward.
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While I believe we should only work to live and enjoy life as it happens. I think it’s a philosophy like this that generates great wealth. I think that for most wealthy people, the money is a byproduct, an afterthought to the game of work. They only worry about spending it after they have made it, while the majority of the people worry about spending it before they even know how they are going to make it.

How much is too much investing. That is all based on your scale of life. If you are living in a one-room shanty and putting all your funds away for the future then I would say you are over investing. People that live like this, and lots do, never learn to spend it and the money is useless to them. I am not saying you are like this.

You also have to look at your retirement plan and when you wish to no longer work. By the sound of it, “working is its own reward”, you don’t plan on retiring early. I bet you like the idea of mandatory retirement age being increased from 65 to 70. If work is what fulfills you and you already have enough now to retire at 65 and continue your current life style then your are putting too much away. Your money will out live you and you can’t take it with you.

I have been struggling with how much I need to retire with and have not been able to answer that. But I am also have trouble with maximizing my RSP contributions and not see it grow fast enough. I am beginning to think that just maximizing RSP contributions into a steady mutual fund investment will not be enough for my future?
 
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justajohn

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I am basing my response to this post as if it applies to middle income life style. Family incomes of $100,000 – $200,000/yr (not sure what exactly is the middle income range?). For people in high income brackets living a comfortable and affluent life style then I think there is no such thing as “Over Investing”.

Live well and make as much as you can.
 
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drlove

Ph.D. in Pussyology
Oct 14, 2001
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The doctor is in
justajohn said:
I bet you like the idea of mandatory retirement age being increased from 65 to 70.
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The truth is, there should be no mandatory age for retirement. I will keep working until the day they stick me six feet underground, since the prospect of sitting around doing nothing, waiting to die just doesn't appeal to me. It's all about productivity which is the means to get MORE. That's the most important thing for me. I love what I do, so every day is like a vacation which means I don't have to spend any money to take one. I can just concentrate on building more wealth - whether you have $100,000 or 1 million doesn't matter. I'm never satisfied; I want it all.
 
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booboobear

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drlove said:
I agree that living life the way you want to is important. So far, I've been doing that - if I want something I'll buy it. My point though, is that I've already done so much already. I've probably taken more trips than a lot of people do in an entire lifetime. Been there, done that; My focus now is solely on accumulating more wealth for myself.

What I don't understand is how some people will tell me that I'm overdoing it. That's just not true. I've always thought "too much is always enough". At least that way, I'll have peace of mind if something unexpected happens. , IMHO.
Click to expand...

I would agree with you 100 % , although I know some people who have died young I wish I had saved more money for retirement . It's easier to save now when you have the money than regret not saving when you are older. You sound like you still have fun so I say you are doing the right thing. I personally don't have much faith in financial advisers .
 
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lickrolaine

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LancsLad said:
At the end of the day, he who dies with the most toys wins.
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At the end of the day, he who dies with the most toys,,,still dies,,,,
 
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drlove

Ph.D. in Pussyology
Oct 14, 2001
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The doctor is in
lickrolaine said:
At the end of the day, he who dies with the most toys,,,still dies,,,,
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True, but you have to admit it's fun to play with them while you're alive. :D
 
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lickrolaine

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Jun 29, 2003
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drlove said:
True, but you have to admit it's fun to play with them while you're alive. :D
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yes and if I had more money I would have more toys!But never would I admit to wanting to work all my life.
 
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