Ideas for Celebrating A Financial Milestone & Staying Motivated

Questions on how we spend our money and our time - consumer goods and services, home and vehicle, leisure and recreational activities
User avatar
JoeRetire
Posts: 15381
Joined: Tue Jan 16, 2018 1:44 pm

Re: Ideas for Celebrating A Financial Milestone & Staying Motivated

Post by JoeRetire »

AnnetteLouisan wrote: Tue Oct 12, 2021 9:39 pm Do you have a strategy for staying motivated when you are already affluent and did you ever treat yourself on accomplishing a financial milestone?
I never needed treats/celebrations to stay motivated. I just kept working until it was time to stop and never cared about artificial milestones.

But perhaps a nice dinner out would work for you.
This isn't just my wallet. It's an organizer, a memory and an old friend.
User avatar
Topic Author
AnnetteLouisan
Posts: 7264
Joined: Sat Sep 18, 2021 10:16 pm
Location: New York, NY

Re: Ideas for Celebrating A Financial Milestone & Staying Motivated

Post by AnnetteLouisan »

JoeRetire wrote: Fri Oct 15, 2021 5:45 am
AnnetteLouisan wrote: Tue Oct 12, 2021 9:39 pm Do you have a strategy for staying motivated when you are already affluent and did you ever treat yourself on accomplishing a financial milestone?
I never needed treats/celebrations to stay motivated. I just kept working until it was time to stop and never cared about artificial milestones.

But perhaps a nice dinner out would work for you.
I never did either, truthfully. Maybe the thing to do as we emerge from the covid emergency is use this as an opportunity to reset goals, reevaluate what is working and not working and chart a better course.
User avatar
Voltaire2.0
Posts: 279
Joined: Thu Sep 26, 2019 10:12 am

Re: Ideas for Celebrating A Financial Milestone & Staying Motivated

Post by Voltaire2.0 »

Very interesting topic.

Starting with motivation, when I crossed that rubicon I shifted my focus from my portfolio balance sheet to its income statement. By treating my portfolio like an endowment, I was better able to focus on the goal of replacing my income and retiring.

As to rewarding yourself, no harm in that. If you live in a VHCOLA area I would wonder if a new house would demote you back below your Multi status. Can you live with that? But houses are good investments and if your current abode is not up to snuff, then it's worth exploring.

I will also suggest two more practical rewards. First, take your loved one to a "We could never afford that restaurant" for a once in a lifetime meal. It's about the experience. Second, and this will sound bizarre, get the most comprehensive medical examination you can find. Go to a university or research facility, if possible. It sounds trite, but the peace of mind from knowing that you're healthy is more valuable than anything you could possibly own or experience. You owe that to yourself.
User avatar
Topic Author
AnnetteLouisan
Posts: 7264
Joined: Sat Sep 18, 2021 10:16 pm
Location: New York, NY

Re: Ideas for Celebrating A Financial Milestone & Staying Motivated

Post by AnnetteLouisan »

checked the price on the hot chocolate - $24! 🤣👎🏻
doobiedoo
Posts: 880
Joined: Fri Jul 23, 2021 1:10 pm
Location: Southern CA

Re: Ideas for Celebrating A Financial Milestone & Staying Motivated

Post by doobiedoo »

AnnetteLouisan wrote: Tue Oct 12, 2021 9:39 pm ...I’d like to celebrate it in some small way since I didn’t celebrate the first mil. And I feel like scheduling some treat would help keep me motivated and goal oriented at work and with my $.
...did you ever treat yourself on accomplishing a financial milestone? I am thinking of upgrading to a nicer home...
I don't recommend a home upgrade as a "reward". Home upgrades usually come with higher costs, e.g. higher taxes, longer commutes, better neighborhoods that have higher association fees, or even just "keeping up with the Jones's". If you decide to upgrade homes as part of your plan, that's fine. But don't make it a reward.

I liked to have an experience as a reward. Partially because a one-time event didn't permanently change my expenses. And partially because experiences tend to be remembered long after the actual event.

Some of my favorite experiences were Hawaii and road trips, e.g. to national parks. Hawaii can be expensive, but road trips are actually quite reasonable in cost.
User avatar
Topic Author
AnnetteLouisan
Posts: 7264
Joined: Sat Sep 18, 2021 10:16 pm
Location: New York, NY

Re: Ideas for Celebrating A Financial Milestone & Staying Motivated

Post by AnnetteLouisan »

Thanks all for the excellent suggestions! lifelong VHCOLA urbanite w much probably imprudent dining and travel in my past but very little good guidance. and my current abode is a micro apt / studio with an an alcove kitchen and its been 20 years and just develped a persistent rodent issue so… it‘s kind of a must at this point. 1200 sq ft would be a massive upgrade. cracking 1000 will be awesome. mentioned in my post I was going to do that anyway, so its not really the reward, although it would be very nice.

my earlier tradeoff was a tiny place so I could afford travel, dining and experiences. now I‘m older and just want safety, a little more space and quiet. plus an office to WFH. considering MCOLA where my sale proceeds would go farther.

I‘m doubtless not the typical BHer but I‘ve worked very hard to be in the bottom quarter here and one way that happened was making a lot of material sacrifices for a very long time. not complaining. Ive been very lucky and much luckier than my childhood neighbors, but not smarter. magnet schools, scholarships, opportunity and saving did it for me, but I didn’t leverage the power of investing until relatively recently. sorry for the TMI.

closing in on $2 mil is very much a miracle for me, and it was extremely unlikely when I embarked on this odyssey. :beer
Reamus294
Posts: 265
Joined: Wed Jul 24, 2019 8:54 am

Re: Ideas for Celebrating A Financial Milestone & Staying Motivated

Post by Reamus294 »

Congrats, that is a big accomplishment! I personally think $2m is a lot of money. Not all bogleheads need $5m to retire. What can support your future expenses is another question.
I don’t think a larger house is a good way to celebrate, but that doesn’t mean you shouldn’t move to a larger more expensive place, just make it part of your plan. Celebrating shouldn’t increase your expenses on an ongoing basis.
I would probably celebrate with a nice bottle of bourbon/wine, taking a few days off to do something I really like (outdoors for me), something electronics, or a quality piece of furniture.
Wannaretireearly
Posts: 4881
Joined: Wed Mar 31, 2010 4:39 pm

Re: Ideas for Celebrating A Financial Milestone & Staying Motivated

Post by Wannaretireearly »

AnnetteLouisan wrote: Wed Oct 13, 2021 3:50 pm Not silly at all. On my last promotion, I said to myself, what do I really want? And the answer was fresh cooking spices in a broader variety, Guerande sea salt and some higher grade salad oils, like La Tourangelle avocado and walnut oils. One year it was new running shoes.
Truffle oil on anything. *Mike drop*
“At some point you are trading time you will never get back for money you will never spend.“ | “How do you want to spend the best remaining year of your life?“
User avatar
Topic Author
AnnetteLouisan
Posts: 7264
Joined: Sat Sep 18, 2021 10:16 pm
Location: New York, NY

Re: Ideas for Celebrating A Financial Milestone & Staying Motivated

Post by AnnetteLouisan »

Wannaretireearly wrote: Tue Oct 19, 2021 12:25 pm
AnnetteLouisan wrote: Wed Oct 13, 2021 3:50 pm Not silly at all. On my last promotion, I said to myself, what do I really want? And the answer was fresh cooking spices in a broader variety, Guerande sea salt and some higher grade salad oils, like La Tourangelle avocado and walnut oils. One year it was new running shoes.
Truffle oil on anything. *Mike drop*
(cocks eyebrow like Leonard Nimoy as mr. spock): very interesting! that could be it! 😂
User avatar
Topic Author
AnnetteLouisan
Posts: 7264
Joined: Sat Sep 18, 2021 10:16 pm
Location: New York, NY

Re: Ideas for Celebrating A Financial Milestone & Staying Motivated

Post by AnnetteLouisan »

Reamus294 wrote: Tue Oct 19, 2021 12:08 pm Congrats, that is a big accomplishment! I personally think $2m is a lot of money. Not all bogleheads need $5m to retire. What can support your future expenses is another question.
I don’t think a larger house is a good way to celebrate, but that doesn’t mean you shouldn’t move to a larger more expensive place, just make it part of your plan. Celebrating shouldn’t increase your expenses on an ongoing basis.
I would probably celebrate with a nice bottle of bourbon/wine, taking a few days off to do something I really like (outdoors for me), something electronics, or a quality piece of furniture.
Thanks! It’s not happening until next year (although who knows with the quarterly statements were all getting lately!) 😀
WFH has meant going from spending 49-45k per year plus 78k in taxes to around 38k. really like my grandma‘s depression era spend. it has been pretty easy day to day but it‘s been kind of long term wearying hence the motivation issue. also Ive had no vacation, except from the office.

still, luckier than most in this frightful multilayered catastrophe.
Gundy
Posts: 114
Joined: Tue Dec 15, 2020 3:08 pm

Re: Ideas for Celebrating A Financial Milestone & Staying Motivated

Post by Gundy »

I took a $20,000 golf trip to celebrate my most recent net worth milestone.
"I look at a hundred deals a day. I pick one." -Gordon Gekko
backpacker61
Posts: 1613
Joined: Wed May 20, 2020 6:36 am

Re: Ideas for Celebrating A Financial Milestone & Staying Motivated

Post by backpacker61 »

Congratulations on your milestone, AnnetteLouisan; you should rightfully be proud. That is a lot of money.

My vote would be for a road trip to take in some of the wonderful National Parks in this country, particularly if you haven't been to visit many of them yet. Great Smoky Mountains NP, Arcadia NP, Mammoth Cave, Shenandoah NP, Pictured Rocks NS, Gettysburg, Yellowstone, Grand Teton, Mount Rushmore; there are so many.
“Now shall I walk or shall I ride? | 'Ride,' Pleasure said; | 'Walk,' Joy replied.” | | ― W.H. Davies
User avatar
Topic Author
AnnetteLouisan
Posts: 7264
Joined: Sat Sep 18, 2021 10:16 pm
Location: New York, NY

Re: Ideas for Celebrating A Financial Milestone & Staying Motivated

Post by AnnetteLouisan »

backpacker61 wrote: Tue Oct 19, 2021 6:36 pm Congratulations on your milestone, AnnetteLouisan; you should rightfully be proud. That is a lot of money.

My vote would be for a road trip to take in some of the wonderful National Parks in this country, particularly if you haven't been to visit many of them yet. Great Smoky Mountains NP, Arcadia NP, Mammoth Cave, Shenandoah NP, Pictured Rocks NS, Gettysburg, Yellowstone, Grand Teton, Mount Rushmore; there are so many.
I love that idea- I‘ve been to 28 states - which were awesome - but I don’t think I’ve been to any of the places you mention. Long overdue!
Wings5
Posts: 331
Joined: Sun Nov 16, 2014 4:17 pm

Re: Ideas for Celebrating A Financial Milestone & Staying Motivated

Post by Wings5 »

We've done a nice dinner but nothing extravagant. Around $150, which isn't routine for us.

Donations to causes we support has been another way to pay it forward.

Congratulations!
“Spending money to show people how much money you have is the fastest way to have less money.” - Morgan Housel
User avatar
winterfan
Posts: 826
Joined: Mon Jan 05, 2015 10:06 am

Re: Ideas for Celebrating A Financial Milestone & Staying Motivated

Post by winterfan »

We never did any celebrating. I still find it hard to believe that we're worth as much as we are. When I mention milestones to my husband, he thinks I'm joking. :happy I still have a child to get through college. I think my prize will be able to send her where she wants to go (within reason of course) and will thrive.
User avatar
Topic Author
AnnetteLouisan
Posts: 7264
Joined: Sat Sep 18, 2021 10:16 pm
Location: New York, NY

Re: Ideas for Celebrating A Financial Milestone & Staying Motivated

Post by AnnetteLouisan »

I never celebrated this stuff either. Seems to be another reason I kinda fit in here. I guess I thought it was a thing to do so. Anyway, its not until 2022 anyway at the earliest, so I have time to think about all the excellent suggestions here!
namajones
Posts: 778
Joined: Sat Aug 08, 2020 12:41 pm

Re: Ideas for Celebrating A Financial Milestone & Staying Motivated

Post by namajones »

AnnetteLouisan wrote: Tue Oct 12, 2021 9:39 pm Do you have a strategy for staying motivated when you are already affluent and did you ever treat yourself on accomplishing a financial milestone?
Take a vacation every quarter. See the world. You can do this while working, and when you return you will be refreshed and motivated to carry on for another quarter until the next vacation.
CAMD
Posts: 54
Joined: Fri Apr 07, 2017 12:56 pm

Re: Ideas for Celebrating A Financial Milestone & Staying Motivated

Post by CAMD »

When we hit 1M, we went to one of our favorite steak houses. We got dressed up, had a cocktail at the bar, a fantastic meal, ordered a nice bottle of wine, and got an ice cream sundae for dessert (with extra hot fudge!). We had so much fun that it has become a tradition whenever we hit a significant financial milestone. The key is acknowledging that this event is to celebrate a special occassion.

Congrats and enjoy whatever you do!
User avatar
NAVigator
Posts: 2545
Joined: Tue Feb 27, 2007 6:24 am
Location: Iowa

Re: Ideas for Celebrating A Financial Milestone & Staying Motivated

Post by NAVigator »

Voltaire2.0 wrote: Sat Oct 16, 2021 10:18 am Starting with motivation, when I crossed that rubicon I shifted my focus from my portfolio balance sheet to its income statement. By treating my portfolio like an endowment, I was better able to focus on the goal of replacing my income and retiring.
I have crossed several "M" hurdles and found no need to celebrate beyond enjoying the satisfaction. When working, it was my goal to cross that point where my money works for me instead of the other way around. I retired about 12 years ago and continue to live frugally and comfortably. I celebrate that freedom daily.
"I was born with nothing and I have most of it left."
Strayshot
Posts: 833
Joined: Thu Mar 05, 2015 7:04 am
Location: New Mexico

Re: Ideas for Celebrating A Financial Milestone & Staying Motivated

Post by Strayshot »

I took 10 friends out to a nice dinner. It was around $2K and we had a nice time for 3 hours. Agree with others in experiences over things to celebrate milestones!
RXfiles
Posts: 469
Joined: Tue May 26, 2020 1:23 pm
Location: Birmingham, AL

Re: Ideas for Celebrating A Financial Milestone & Staying Motivated

Post by RXfiles »

Fancy steak dinner. Nice bottle of wine.

Then go back to what you were doing.
User avatar
Topic Author
AnnetteLouisan
Posts: 7264
Joined: Sat Sep 18, 2021 10:16 pm
Location: New York, NY

Re: Ideas for Celebrating A Financial Milestone & Staying Motivated

Post by AnnetteLouisan »

RXfiles wrote: Wed Oct 20, 2021 6:30 pm Fancy steak dinner. Nice bottle of wine.

Then go back to what you were doing.
🤣🤣🤣👍🏻👍🏻
SQRT
Posts: 1792
Joined: Sat Feb 05, 2011 8:44 am

Re: Ideas for Celebrating A Financial Milestone & Staying Motivated

Post by SQRT »

SQRT wrote: Thu Oct 14, 2021 2:12 am Treat family/friends to a great meal, outing, or trip. I’ve done this many times, often to celebrate a birthday (mine or their’s). Nothing beats creating great memories.
Edit to add. Works best for milestones like birthdays or anniversaries. I don’t think it would necessarily be appropriate to invite friends/family to a celebration of your financial success?
User avatar
Topic Author
AnnetteLouisan
Posts: 7264
Joined: Sat Sep 18, 2021 10:16 pm
Location: New York, NY

Re: Ideas for Celebrating A Financial Milestone & Staying Motivated

Post by AnnetteLouisan »

SQRT wrote: Thu Oct 21, 2021 10:29 am
SQRT wrote: Thu Oct 14, 2021 2:12 am Treat family/friends to a great meal, outing, or trip. I’ve done this many times, often to celebrate a birthday (mine or their’s). Nothing beats creating great memories.
Edit to add. Works best for milestones like birthdays or anniversaries. I don’t think it would necessarily be appropriate to invite friends/family to a celebration of your financial success?
yes- that is definitely not happening. 😂👍🏻
Post Reply