Madison MoneySports - Personal Finance Thread

[Senor_Taylor]

Your math suggests you have $25k-30k tied up in hobbies already. I'm in my early 40s and I probably have <$10k. It's a personal choice for everyone, but that might be a place to ask honest questions about whether you're getting the fulfillment you want out of them.

FWIW, I took a pay cut to relocate out of nova and join Amazon. It stung, but I caught up and exceeded my previous earnings within ~3 years. YMMV.

Your Porsche is <10k?

Is Travel not a hobby?

Maybe I'm off base here, but I don't consider a collector car that is occasionally driven on the street and is worth 3x what I paid for it ($15.8k) as a hobby. In my mind, it's an investment that has upside - like a house. If I was tracking it and paying for consumables, then my opinion would be different. That's probably an unpopular perspective in a motorsports group. Even if I did count it, I'm still at about the same level as Tyler with 3x the income.

Travel is pretty much the only hobby I have. The difference with it is it's an experience over an asset, so it's hard to compare. I pay money from my budgeted disposable income, I have an experience, and then do the next thing when budget allows. I'm not sitting on 10s of $K of assets that sit in my house unused 99% of the time. My point was if he wants a track car to prioritize those physical assets based on what brings the most pleasure. I didn't want to sell my Ducati, but I realized that money would make me happier elsewhere. 

If it matters, we spend ~6% of our household income on travel annually. That's probably less than most spend here on their hobbies.... even if you account for the freedom of what 20 years of salary growth affords us. Our level of spending isn't any more right than anyone else's; I provide it for reference. People need to make the choice based on what's important to them.

Yeah, not trying to give you a hard time, it just didn't seem like an accurate comparison. In the same vein of your porsche being an investment, the travel is just throwing money away from a financial perspective. There's no asset.

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