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January 07, 2009

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Laurie Brown

What a fun outlook on the right time to retire. So many "about to retirees" are no doubt bemoaning the collapse of their assets - I hope they get to read this and take a little different look at their situation. I've always known that it is much easier to be poor when your friends and neighbors are poor - when everyone is practicing thrift and frugality, it's far easier to live within your means. Yes, we are now all on the same "diet" (except Bernie Madoff).

Thanks for a very entertaining post.

P

Indeed. Peer pressure to spend should not be underestimated. Still, a recession often results in one's savings and investments getting truncated.

Retired Syd

@Laurie: I suspect Bernie Madoff will be on the prison diet pretty soon!

@P: Hopefully the market will right itself in the next few years before I have to turn those truncated-on-paper losses to REAL losses!

ElizabethG

I remember the dotcom heydey, and frankly, in many ways, I prefer a recession, or at least calmer times. The traffic is better, it's easier to find tables at restaurants or cheap plane tickets at the last minute. But more importantly, the conversation has shifted away from real estate speculation and hypothetical stock option portfolios. I hope frugal stays the new black for a few years.

Retired Syd

@ElizabethG: I know what you mean about the traffic--I used to be able to accurately judge the state of the economy simply based on my commute time, and much preferred recessionary traffic.

Love that" frugal is the new black" comment!

LTF

Yep, frugal is definitely the new black. Dealing with a recession is always easier if you have a rainy day fund already in place and no debt. I agree with your wealthy friend's attitude about money and asset allocation vis a vie things that depreciate like cars.

Self Managed Super Fund

Have to agree with the second hand bike buying prius driver. Possessions come and go (and usually decrease in value), but experiences with your family and friends make lasting memories and stronger relationships.

Jules @ Lovely Las Vegas

I had a plan when I was younger: live in a smaller house so I could afford a house cleaner... but these days, I think cleaning the house on my own is a great way to save money and burn calories. Although, of course, it isn't my most favourite way to spend time.

About the Prius, I finally tried one out during a recent trip to San Diego -- totally cool drive, plus only 1 gallon of gas was used during the whole trip of 3 days filled with driving : ). Gotta love it!

Great post as always!

Retired Syd

I was very surprised by the Prius. The interior is much bigger than it looks like it would be from the outside and the car is so QUIET. You almost can't tell it's on. I always thought they were funny looking cars, but even the look is growing on me.

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