# How much is too much to save?



## iherald (Apr 18, 2009)

This is perhaps a strange situation, but here goes. I'm 34, make six figures, have a net worth of just a bit over seven figures and just finished paying off my mortgage. To pay off my mortgage I was putting approximately 67% of my take home pay towards my mortgage. I also had 18.7% of my take home pay going to my RRSP. Hence over 85% of my take home pay was going to either retirement savings or debt reduction.

I had no problems with that, I am single, have limited expenses, and generally enjoy activities that don't cost a lot of money. Now, since my mortgage is paid off, 67% of my take home pay is 'available'. I have a fully fudned RRSP, a fully funded emergency fund that will cover at least 6 months. I'm going to increase my charitable giving, and am putting aside 'fun' money. But I'm a saver and am worried that I'll still end up saving too much. I don't have a specific plan, I'm not planning on retiring at 40, etc. Whereas before I had a specific goal of paying off my mortgage, now I'm rudderless. But, thankfully I'm in calm seas! 

Currently I plan on taking 15% of my previous mortgage payment for fun money, 15% for charity (that would be just over 10.5% of my total take home) and the rest going back towards savings. That would mean just under 60% of my take home pay would go to savings (including RRSP). 

On one hand I am a saver and like to see my net worth increase each month. On the other hand, obviously you have to live well and I can afford to live really well. On the third hand, I can't imagine what I need / want that I could really spend a lot of money on if I increased my fun money portion. I do enjoy travelling, but I don't have much time with my job. 

This is a bit rambling, and obviously this is not a serious problem, but it's something that I'm thinking about. I thought CMF might have some people who have had similar situations and I'd love to hear people's advice and thoughts.


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## MoneyGal (Apr 24, 2009)

My advice would be to think about creating a financial foundation/legacy to support some of your favourite charities. (If you are happy with your spending levels, why change them?)


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## MasterCard (Aug 2, 2013)

You can invest in me, and live vicariously through me 
I'll start off by buying a BMW M6, driving it downtown to the club district...
We'll then buy a penthouse downtown, and throw some crazy parties with Mayor Ford.
Whaddya say?


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## lightcycle (Mar 24, 2012)

You may not like work (or your work may not like you) after a few more years, so in that case it'll be nice to have your stockpiled money work for you, without having to wait for CPP and OAS. Who knows, then you may even have the time and funds to travel...

Good thing is that you won't have to ratchet your lifestyle down too much if your required expenses are low to begin with.

Keep going down your path, your future self will thank you.


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## donald (Apr 18, 2011)

I would say learn to spend!(without guilt)your not a jones ''reaching''
You always wanted a bmw(buy one)
You want that kitchen reno(do it)
Your into golf(get that membership at that club)
you can afford to loosen up prob now.
Or just keep trucking and have f-u money in 10 yrs lol
Don't screw it up with the wrong women though!(that might be your biggest risk hurdle imo)


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## Jon_Snow (May 20, 2009)

I have a similar "problem" as the OP. :encouragement:

Freakin' great problem to have to be honest.


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## Spudd (Oct 11, 2011)

I think it makes sense to keep saving, especially if you don't feel any urge to spend more. Who knows - maybe you'll start hating your job in the future, or get laid off, or any number of things. Being financially free allows you the freedom to not have to stress if you lose your job or decide you just don't want to go there any more. Maybe you'll want to start your own business later. Who knows?


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## Retired Peasant (Apr 22, 2013)

donald said:


> Don't screw it up with the wrong women though!(that might be your biggest risk hurdle imo)


Don't screw it up with the wrong men either!


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## WillyA (Apr 14, 2011)

You are saving way too much at this point you might want to try 1 or 2 things you never thought off or you don't do already like maybe take an extra vacation, buy 1 or 2 toys (doesn't have to be a car it could be an iPad, laptop or maybe even a bike). Once you get too used to saving its hard to break sometimes (not saying its a bad thing but its important to have a balance)


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## uptoolate (Oct 9, 2011)

donald said:


> I would say learn to spend!(without guilt)your not a jones ''reaching''
> You always wanted a bmw(buy one)
> You want that kitchen reno(do it)
> Your into golf(get that membership at that club)
> ...


I agree with maybe spend a bit but don't get too carried away. The most dangerous one of these (other than the wrong women, or men) is the golf membership. You aren't keeping up with the Jones's at this point and you don't want to start. There's always a bigger fish! On the other hand, the value of being in a position to use your F-U money in 10 or 15 years when your BS bucket is overflowing is, well... priceless!


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## donald (Apr 18, 2011)

Is the op a gay man?(nothing wrong with that,I don't judge sexual orientation even though I'm not gay myself)I "used" women because im assuming op is male/striaght!
I agree with not moving into another social class!better to be the wealth guy in the blue collar neighboorhood(I agree with this!)but I'm sure the op isn't going to fall into that,he has already proved he don't succum to social pressure because of what he has achieved up to this point!(taking a guess he came from middle class and is self made to this point?)anyways op should be comfortable spending(he hasn't up to this point according to his stats)


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## donald (Apr 18, 2011)

maybe the op is a member of the lucky soerm club though as is?be interesting to know what social class op grew up in


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## iherald (Apr 18, 2009)

Thanks for all the insight so far. I hope to read more of it.

To answer the questions, no I am not gay (as Seinfeld says, not that there is anything wrong with that), and I grew up with a single Mom who was a secretary. We were never poor but were certainly not flush with cash either. Blur collar community. I suspect that's why I don't have the desire for a lot of material things.


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## Jungle (Feb 17, 2010)

What is FU money? 

OP look at opening your spending on things that make you happy. 
Enjoy a starbux, eating out with friends, golf lessons, membership, etc. Join a club, cyclying, canoing, just some ideas, etc.


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## uptoolate (Oct 9, 2011)

FU money? Perhaps Johnny Paycheck said it best...

http://www.youtube.com/watch?v=EPrSVkTRb24


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## Addy (Mar 12, 2010)

What about travel? Or doing something that makes your heart feel good, like donating money (anonymously if you so desire to not be hounded after donating) to whatever cause you believe in? It doesn't have to be a charity, for instance my husband and I helped start up a non-profit community volunteer run (and free) bicycle repair shop that teaches people in the inner city of Winnipeg how to repair their own bicycles. It was started about five years ago, we moved out of the city over two years ago and it's still going strong. We are considering donating monthly to help with costs, even though they are doing okay for money we still miss volunteering there and this may help with an annual event, or volunteer appreciation, anything that will help keep the shop going. I'm not saying get into the same thing, but I'm giving an example where you can give money but it's not a charity, often small community start up groups need help.



iherald said:


> Thanks for all the insight so far. I hope to read more of it.
> 
> To answer the questions, no I am not gay (as Seinfeld says, not that there is anything wrong with that), and I grew up with a single Mom who was a secretary. We were never poor but were certainly not flush with cash either. Blur collar community. I suspect that's why I don't have the desire for a lot of material things.


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## Nemo2 (Mar 1, 2012)

The beauty about FU money, (or rather _one_ of the beauties about FU money), and I experienced this while winding down in Saudi, is that when you've reached an amount wherein you can implement the term, then knowing that fact, (that you can just get up from your desk and walk away), makes it so much easier to tolerate things that might otherwise irritate you................you kinda smirk to yourself with an "I know something you don't know" feeling.


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## donald (Apr 18, 2011)

fu money=rules don't apply!you beat the "system"....I got 20-25 yrs till than jungle lol.
Carl Ichan is the ultimate example of having fu money lol-I could watch that cnbc video all day long when ackman challenged him-that's a boss!


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## Causalien (Apr 4, 2009)

donald said:


> fu money=rules don't apply!you beat the "system"....I got 20-25 yrs till than jungle lol.
> Carl Ichan is the ultimate example of having fu money lol-I could watch that cnbc video all day long when ackman challenged him-that's a boss!


My FU money is set to 30k and ended up saying FU to too many things. I'd keep the FU money low to create an artificial hunger. Maybe you need to start your own business and keep your life fun.

I used to keep the stack as cash in a desk, but the hidden stress of having to protect it is too much. So bank account is still the way to go. But I really hate seeing money sitting around not invested once it appears in bank statements so I ended up investing them.

So I am back to just 1 year of living expenses in bank account + no FU money.


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## donald (Apr 18, 2011)

Caus,I got a start!i got about half a mill(though I sold some investments in my non reg and bought a vacant parcel of land which is a story in of itself-troubles)
+ I have a business that grosses about 500k a yr(waiting for yr end for my lump sum)
I live mth to mth in a apartment so no re(that land,but like I say it's unclear right now)
I'm still hungry like crazy!i love the money game!im not as well off as ihearld(same age as him)
More than investing I hope to grow my business but that is tough!9 yrs going strong!im scrappy and I know it won't be long till I'm a millionaire(should be before 38)that's the plan anyhow!
What's impressive with the op(I know myself)is he did it on 1 income,like I'm doing,if I was dink and she was on the same page this illusive mill would seem a lot easier!lot of heavy lifting when your solo!


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## Causalien (Apr 4, 2009)

Heh donald

Yeah it is a lot harder getting there solo. But you are in another realm that I envy. You actually have business income of 500k a year. I only ever managed 250k at most. Right now, in my mind, cash flow is king. 

Sadly, I don't love the money game (Take this with a grain of salt as a grumpy veteran in the game of money). I love building stuff. They say the money will come if you are really into what you do, but that part of the prophecy hasn't materialized yet.


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## alingva (Aug 17, 2013)

iherald said:


> have a net worth of just a bit over seven figures and just finished paying off my mortgage. .... I have a fully fudned RRSP, a fully funded emergency fund that will cover at least 6 months.


Is your house worth 1MM??? Something does not add up. If you have NW over 1MM and you have an emergency fund for only 6 months....
You might work less years than you will live after your retirement starts so think how much is too much. In my opinion - nothing is TOO much, you cannot oversave. I already referred to this shocking statistic Disturbing Statistics About Retirement , Canadians and USAers are broke so if you do not want to join the crowd (I think you will not but, again, your description of yourself does not make much sense to me)
- save as much as you can AND in different investments.


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## donald (Apr 18, 2011)

No(I pull about 100k a yr,with always a 50k buffer in the business acct)
The business does 500k in sales!though I have never used leverage of any kind,I got the business as a small really decent company,like to grow it but that's not that easy(the vacant land was my plan(subdividable)but I'm dealing with some hiccups)
What business are you involved in?


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## Causalien (Apr 4, 2009)

"Was" in the CNC automation business. Lasers and plasmas, welders and drills. The old traditional sweat, metal and blood type. Yeah I know net income is different, but growing revenue is at the top of my to do list right now. Steady income gives you a different sense of comfort in life.


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## donald (Apr 18, 2011)

Good luck in Canada with this!whats that saying in Chinese "got knocked down 7 times get back up 8 times"
Business can be a ***** sometimes!def some low times(even when things good right)
One thing that's not mentioned about excessive savings is it can be addictive(same dopamine as cocaine)every investor knows that feeling of seeing dividends come in or stocks appreciating ect.
You Brian wants that sensation again and again(I find this with contract work also,always trying to score new contracts ect,variable income,always starting back at scratch almost,only as good as your last job)
There is a lot of parallels with investing and self employment.
Anyways back to the op,I have a theory about excessive savings,if the habit is done long enough I think it's not much different than being a criminal institutionalize(trying to spend after grs and years)it's like that movie shawshank redemption when Brooke's Hadley gets out of prison and can't make it on the outside(hangs himself)I'm serious lol....that's why I think ihearld should atleast cultivate a spending habit so he doesn't fall into that trap.(ratchet up consumer spending atleast a few % points,be good emotionally/spiritual IMO)


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## Nemo2 (Mar 1, 2012)




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## Plugging Along (Jan 3, 2011)

Love this thread. 

OP. Congrats on your accomplishments. If you are happy and not not feeling deprived in any way, then don't change a thing. What you save and spend on is a very person thing. However, if you find yourself having thoughts of whether you should do something or not because of the money, or is it worth it, then go for it. I see nothing wrong with continuing to save if there is really nothing you want to buy. 

The other consideration is that if you think you may want a family in the future. The 7 figure net worth does not seem so big any more. I wouldn't consider partnering with someone as derailing your efforts. Your savings will be considerably less, but priorities should change.


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## Jon_Snow (May 20, 2009)

Did I read somewhere in the thread that someone said the OP is "saving too much"? Hogwash... the vast majority of Canadians are not saving remotely enough.

My wife and I have busted our rears to get to the point where we are bringing in 12k monthly. Our current lifestyle, which we love, costs us $2500 monthly. Should we ramp up our spending because saving in excess of 8k every month is not a good thing? I don't get it.


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## Plugging Along (Jan 3, 2011)

I think that saving TOO much can happen and I have seen it on the forums here with some of our posters. (Not necessarily the OP though). I do think that it is possible, but it is not based on on just the actual number or percentage of savings. When I read posts about from people that their only goal is to save money, and they are frustrated in how much they are sacrificing or showing resentment because they are so busy saving that they are not enjoying life, even if they are doing well, then it's too much. For someone who makes a great income, that surpasses their wants (not just their needs) then I don't see the need to tell them to increase their wants more. Again, it's really subjective on what their wants are. It's not my wants, but theirs. Should they try new things that they haven't done before, sure if they didn't do it because they were worried about finances. If they don't want to try because they don't see the point, then who am I to say. 

I could recommend that he have some kids because it's a wonderful experience, and having theme I'll solve any concerns of saving too much, but that's not for me to suggest.


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## BlackThursday (Apr 25, 2011)

Presuming this is not all just sad braggadocio, I would make two suggestions before deciding how to allocate cash flow or tell one's boss to "shove it":

1. subtract the principal residence from one's estimated net worth unless the plan is to downsize/rent/reverse mortgage in the future. 
2. estimates one's future expenses and income up to and after retirement. 

This will give a better starting point in formulating the financial plan which seems to be needed here.


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## janus10 (Nov 7, 2013)

I don't subscribe to the idea that you should increase your spending simply because you can. If your lifestyle is comfortable then keep saving.

Something in the future (unfortunate like a debilitating illness to you or your loved ones or exciting like the chance to buy a civilian seat on a space flight or invest in a cause or business that inspires you) could require an unanticipated massive expenditure of your savings.

Another sad but true "fact" is that a divorce can destroy wealth extremely quickly so it's prudent for you to note others' cautionary tales.


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## donald (Apr 18, 2011)

I don't think it's about the money jon,it is about the habit of not spending or the ability of being able to spend,it is not like you and the op are average.
I save a heavy amt and i can see how easily it would be to fall into being a miser(not saying you are)
I don't know though,what is the definition of a miser?
My grandfather worked for a guy(who owned apartments,he built a empire-hundreds of hundreds of units)The guy was that classic older(multi-mill)guy who drove a beater and wore k-mart jeans ect(looked poor,but could buy and sell 99% of people)......i guess there is only so many hrs in a day ect but that always seems like ''something'' went wrong(maybe it didn't)It's like these guys are still operating from a mindset that they are fighting to put dinner on the table.
I'm sure we all know people like this(modest to a point it is almost baffling,no frills/no exotic vacation homes/zero desire to spend-maybe they do to charities)
*I'm talking guys with 8 figures*it is somewhat fascinating i find.


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## Sherlock (Apr 18, 2010)

How did you attain such a high net worth at such a young age?


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## jamesbe (May 8, 2010)

I wish I had these problems. Everytime I think I've gotten ahead I find something to spend. This was THE year for me. I had over $100k in savings, RRSP maxed out and TFSA maxed as well. Then I spend $80k on a new car and truck DOH.


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## Causalien (Apr 4, 2009)

I don't know about others, but I am seeing a new trend of globe trotters where material possession is severely shunned. So I can relate to op. I am talking about people with multiple passports who has to fly constantly and is attached to no country. The most important thing is to minimize possessions so when you fly, you don't have to worry. It's a completely doable lifestlye and in fact it costs less than normal living in my opinion. A lot of service has also sprung up to cater to this demographic and because of it, it is getting easier. 

AirBnB, Zipcar/Hertz, couchsurfing, founders cards etc. 

Remember that story of that millionaire who has no possession and just live in hotels?


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## Jagas (Feb 11, 2013)

Plugging Along said:


> Love this thread.
> 
> OP. Congrats on your accomplishments. If you are happy and not not feeling deprived in any way, then don't change a thing. What you save and spend on is a very person thing. However, if you find yourself having thoughts of whether you should do something or not because of the money, or is it worth it, then go for it. I see nothing wrong with continuing to save if there is really nothing you want to buy.
> 
> The other consideration is that if you think you may want a family in the future. The 7 figure net worth does not seem so big any more. I wouldn't consider partnering with someone as derailing your efforts. Your savings will be considerably less, but priorities should change.


I was going to add something but this ^^^ pretty much captured the essence of what I wanted to say.


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## Homerhomer (Oct 18, 2010)

As others have said you should do with your money what feels right for you, and if saving money feels right for you than go for it and continue doing what you have done in the past.

If you wish to change it up a bit you did mention that you enjoy traveling but don't have time because of work, well then maybe work a bit less?

You can also try things you have not tried before, perhaps one of these will hit the spot for you. As you like travel and are also are involved in charities you can combine the two, my fantastic neighbours go to central America to install water filtration systems, and to teach the locals how to do it themselves, it costs them money and they are able to learn the local cultures through helping people who need it.


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## iherald (Apr 18, 2009)

Thanks for everyone's thoughts. I think I'm going to continue to save as I am and see how it goes. There is some guilt when I spend money, so that's something that I have to be aware of and pay attention too. Interestingly, according to a recent article on MillionDollarJourney, saving 60% of my income will mean I am Fi in 12 years, which would be neat.

I think that ultimately what I need to do is find a goal. I am a big goal person, so my goal was to pay off my mortgage quickly and I did that in 4 1/4 years. I had a goal to be a millionaire before 35 and I did that. So now since I don't have a goal, I feel a little lost. So I figure I'll continue to save as 60% of my income and now have 10% that I'm free to spend as I want. Once I decide what my next goal will be, I can change my savings accordingly. 

As Jon_Snow said, it's a great problem to have, and something I should be thankful for, especially today!


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## Jon_Snow (May 20, 2009)

Iherald, you are doing great. Don't let anyone convince you that you need more "stuff" to be happy. Keep saving, build up enough assets and soon the world will be your oyster. See you in financial independence land. :encouragement:


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## Causalien (Apr 4, 2009)

iherald said:


> Thanks for everyone's thoughts. I think I'm going to continue to save as I am and see how it goes. There is some guilt when I spend money, so that's something that I have to be aware of and pay attention too. Interestingly, according to a recent article on MillionDollarJourney, saving 60% of my income will mean I am Fi in 12 years, which would be neat.
> 
> I think that ultimately what I need to do is find a goal. I am a big goal person, so my goal was to pay off my mortgage quickly and I did that in 4 1/4 years. I had a goal to be a millionaire before 35 and I did that. So now since I don't have a goal, I feel a little lost. So I figure I'll continue to save as 60% of my income and now have 10% that I'm free to spend as I want. Once I decide what my next goal will be, I can change my savings accordingly.
> 
> As Jon_Snow said, it's a great problem to have, and something I should be thankful for, especially today!


You can take up a hobby. Those things are money sinks and perfect for a person in your position. By hobby, I don't mean just casual participation. I meant going pro with all the equipments and hardcore weekend trips.


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## My Own Advisor (Sep 24, 2012)

7-figures NW and no mortgage in your mid-30s? That's crazy good. Most 50-somethings would do well do have that.

Congrats on your accomplishments to the OP.

I agree with another comment: "What you save and spend is a very person thing." 

If you're happy spending what you do today, don't change a thing. "Stuff" won't make you happy. Maybe time to travel or move around, get a new job; spending some money on experiences could be what you are looking for.

I wish I had your "problem." You and Jon_Snow


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## heyjude (May 16, 2009)

My Own Advisor said:


> 7-figures NW and no mortgage in your mid-30s? That's crazy good. Most 50-somethings would do well do have that.
> 
> Congrats on your accomplishments to the OP.
> 
> ...


+1

Spend as much or as little as you feel comfortable with. Eventually you will find some activities that satisfy you and cost some money. It could be anything from a boat to a trip to a charitable donation. It could be starting a family. Whatever. But you are in a very sweet spot.


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## diharv (Apr 19, 2011)

I think the op is in a fantastic position but I feel he is a bit premature in thinking that he may save too much now that debts are gone and his RSP is topped up. Having a fully funded RSP and a six month emergency fund and a house with a net worth just north of a million suggests to me that the bulk of the net worth is in real estate. What about non registered investments ? A high net worth individual is defined as one who has more than one million in investible assets . This is the point at which I would call myself a millionaire and begin to think that financial independence is getting closer and closer. Like I said before , he is in a fantastic position to pull ahead of the pack now quite rapidly but is not there yet. So keep saving and get that percentage of net worth tied up in real estate as low as possible but also live your life to the fullest . I say your life because so many people aspire to live the life of the Joneses but I don't think the op is like that. Eventually you will click on something or someone and then be glad that you were so disciplined in your approach to personal finances.


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## SmartBoy (Nov 10, 2013)

Hi iherald,

I registered on the site just to respond to your post! Like others, I want to begin by commending you on doing such a great job with maintaining your financial discipline and eliminating all of your debt. You have a degree of freedom that nearly everyone would be envious of, and are well on your path to financial independence. So can you save too much? I really think that the answer is yes, but the exact details of the answer are individualized for different people. I'll try to share my perspective, as I am in much the same circumstances.

I'm a specialist physician, having entered independent practice around 3 years ago after basically being in school until the age of 30. I'm now 35, unmarried but with a steady partner, and reasonably well-established with a job that pays on the order of $420K before taxes. I am debt-free, I paid for my condominium two years ago with cash (mostly the proceeds of selling my other condominium, for which I paid off the mortgage in ~3 years), and am quickly accumulating net worth. I live simply and relatively frugally - it is not uncommon for me to go an entire week (sometimes an entire month) making no extra purchases other than $100 of groceries every week, $75 of gas a month, going out a few times to eat dinner at ~$50-80/meal, and paying the bills. Because there is no debt, I can essentially live quite comfortably on $1,500/month. I'm incorporated and pay myself a salary, but the vast majority of my earnings stay within my professional corporation where the tax rate is significantly less. After taxes, my take-home income comes to probably ~$30K/month, which means that my savings rate is ~95%. My net worth is ~$1.3 million. In that calculation is the original purchase price of my property, $322K. Everything else counts as liquid assets. Am I saving too much? I would might actually say yes.

When I was a resident (between the ages of 25-31), I was pretty obsessed about saving, paying off my mortgage, and accumulating assets. I worked a lot of extra shifts, I spent like a miserly old man, I only took one or two trips a year, etc. Like you, I worked based on goals. My first goal was to pay off my mortgage, which happened quickly. Then my next goal was to hit a million in net worth, which happened in February. Nothing really changed. I continue to accumulate, save and invest diligently and with a long-term perspective, but the difference now for me is that I don't obsess any longer about what the numbers are, because I know that it really fundamentally doesn't matter. I still calculate my net worth once a month and faithfully enter into my spreadsheets, and I will spend time once every couple of months moving my cash around into appropriate investments, but now I don't worry so much (or at all) about spending any longer. I will always live frugally - I drive a $20K car and am very happy with it, the laptop I am typing on is a refurb that I paid $430 for two years ago and still runs like a charm (overclocked with some extra RAM), but I have spent more money on life experiences and adventures. My girlfriend and I have travelled all over the place in the last number of months, and when we do I don't worry about how much is being spent or what things cost, if it looks like something that would be fun and memorable, we just go for it. When big trips like that happen, the net worth that month only upticks $15K instead of $30K. In the past, I would have cared - but now, I realize that it isn't so important any more.

I pay a reasonably hefty amount for *good* disability insurance as my earning potential is basically all that I have to live by, but after that essentially have no other insurance coverage. I plan to start a family in the next year or two, and we'll need to upgrade our living quarters to accommodate a family, but my partner is also a professional who earns a decent $80-90K income. She likes "stuff" more than I do, but while I might have gotten all uptight in the past if she had purchased a $1500 handbag once a year, now I don't sweat it so much.

In my mind, finding good work-life balance and being happy and fulfilled both at work and at home is what has led me to peace in both environments. I love the work that I do, I just do way too much of it. So I am actively trying to cut down my obligations at work and have more time to relax and pursue other hobbies and interests, like fitness and travel. Sure, that might mean that my income will drop 20%, but I know that we'll be OK financially because we live below our means and because I know that I can make good solid decisions with our money for the future. I don't need more "stuff" - I have a 60-inch television, would I *really* be happier if I had a 70-inch television? I don't need the latest and greatest unless it is going to have a significant impact on my quality of life. My money buys me time and freedom from worry about having to make decisions around money - isn't that fundamentally the definition of financial independence?

My advice would be to find good work-life balance, look for a partner who shares the same values as you do about life and money and family and all that good stuff, and continue to live simply but allow yourself the occasional "splurges" which shouldn't cause you any guilt or remorse and hopefully leave you and the people in your life that you care about with happy and wonderful memories for a lifetime. That's money well spent, in my opinion.


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## MoreMiles (Apr 20, 2011)

SmartBoy said:


> Hi iherald,
> 
> I registered on the site just to respond to your post! Like others, I want to begin by commending you on doing such a great job with maintaining your financial discipline and eliminating all of your debt. You have a degree of freedom that nearly everyone would be envious of, and are well on your path to financial independence. So can you save too much? I really think that the answer is yes, but the exact details of the answer are individualized for different people. I'll try to share my perspective, as I am in much the same circumstances.
> 
> ...


You need to be prepared that our OHIP or any provincial healthcare, may run out of money one day with excessive baby boomer obligation. There will be major changes, such as privatization and/or salarization of physician income.

In Ontario, they are slowly putting GP into FHG, FHN, and FHO... it will not be surprising if doctors all go on salary one day. So it does not matter how hard you work, you get paid the same sum, which will definitely be less than what you can bill FFS. So be prepared for it since you are young. Don't count on your income for the next few decades yet... things will change.


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