Why you should not take equity out or dump your 401 K to take super expensive hunts.

[Grumman]

On the interstate today I had a brand new Corvette go wizzing by. The license plate read “NO401K” lol.


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[NRA4LIFE]

Our once marina neighbor had a 57 footer named "SOKI". Spending Our Kids Inheritance. Their kids were not amused.

 

[cfounta1]

It took many years to get the 401k to be appreciating over a couple grand a month. I'm not young enough to reset that.....but I do wish I did the dall when it could be done for 10k.

The best time was yesterday. Next best time is now

 

[go_deep]

You only live once, but it's a long life to live with a little bit of nothing too.

 

[TheGrayRider]

“Only two things we will regret on the deathbed, that we are little loved and little travelled.” Mark Twain.​

 

[TheWhitetailNut]

In my mind it’s really simple. If you can “write a check” for said hunt and it make zero difference in your financial position or burden you with more debt, then you can afford it.

Otherwise, not so much.


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This really the gold standard, no argument there. Anyone with six figures in their checking account needs a role model.

 

[kybuck1]

So many variables to consider. I think this deserves some thought and priorities. Good old plus and minus chart for each individual is my best advice. The hunt prices have exponentially exploded here in the recent past, far more than the majority of stocks. However, you don't get that compounding growth if you take it out.
When do you plan to take it out, when do you want to retire, how big a priority is a hunt for you, new car vs hunt, nice family vacation vs hunt....so many variables. Personally, I wouldn't dip into my 401K but I'll work my butt harder for a few years to save up for it. And these hunts are important to me as life experiences.

 

[Szwampdonkey]

Thank god i enjoy hunting anything i can do diy for the cost of gas and lodging. In the end the antlers don’t mean much to me other than to trigger a memory. I realized long ago literally no one else cares what i have on the wall. For me it’s all about the actual hunt. Even if you have the money i think its insane to spend $200,000 to kill an animal that in the end will just sit on your wall for people to simply look at and either say “nice” or “disgusting”. Even those that can appreciate it won’t be nearly as excited as i would be or realize what went into getting the animal they’ll just think it’s simply cool. But most i take downstairs in the man cave barely glance at the game down there.

 

[KenLee]

My Daddy died at 60 and my Mama had a stroke 3 days after retiring at 72. Neither got to enjoy their savings, but almost all has been eaten up for Mama's medical needs. It all definitely will be, even though she hasn't known what's going on the last at least 10 years. No enjoyment at all from both their 401k and other savings. I say enjoy yourself and roll the dice on a tomorrow that may never come.

 

[McCrapper]

There is extremes to all of this.

Someone really close to me owns his own business, he is a multimillionaire through his own contributions plus if he sold his business today he’d net at least 10-15 million. This man frets over a few thousand dollars every deer season and is so stressed from work that he may not enjoy his fortune. My dad is the opposite, made plenty of money over the years and spent almost all of it on hunting/life. He is 80 now and still works some, he won’t leave us much but that guy is happy and didn’t miss out on much in life.

As much as retirement seems so desirable, the amount of people that deteriorate rapidly and get bored of life once work ends are rarely talked about.


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[Mike D Texas]

There is extremes to all of this.

Someone really close to me owns his own business, he is a multimillionaire through his own contributions plus if he sold his business today he’d net at least 10-15 million. This man frets over a few thousand dollars every deer season and is so stressed from work that he may not enjoy his fortune. My dad is the opposite, made plenty of money over the years and spent almost all of it on hunting/life. He is 80 now and still works some, he won’t leave us much but that guy is happy and didn’t miss out on much in life.

As much as retirement seems so desirable, the amount of people that deteriorate rapidly and get bored of life once work ends are rarely talked about.


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IMO a lot of the sedintary lifestyle after retirement is a result of not saving in your prime years and just barely surviving (monetarily) after retirement.

Or having to work so long from not saving that your health deteriorates to the point that you aren’t physically able to do things after retirement.

I’m trying to balance both. I WANT to retire early enough to be able to enjoy life afterward while being able to be self sufficient financially.

 

[2531usmc]

I’m a little older and have retired but still work part time. I raised three kids and squeezed every nickel. I have a great life in retirement because I taught myself financial awareness and financial discipline. I also taught my kids financial awareness and discipline. They are on the right track…

But as I lived my life I saw friends and family members do the opposite. They went through a couple of common stages:
Decade of 20s:YOLO
Decade of 30s: YOLO, but I’ll start thinking about retirement.
Decade of 40s: starting to think about it and starting to plan for it,
Decade of 50s: realizing their work life is coming to an end. starting to feel the real fear of not being able to live off social security and their savings. Worried about keeping their homes
Decade of 60s and beyond. Basically trapped in house just trying to pay bills and feed yourself.

Conversely, if you flipped the script upside down, that would be the friends and family members that scrimped, saved, and invested starting when they were young,

 

[WRO]

Thank god i enjoy hunting anything i can do diy for the cost of gas and lodging. In the end the antlers don’t mean much to me other than to trigger a memory. I realized long ago literally no one else cares what i have on the wall. For me it’s all about the actual hunt. Even if you have the money i think its insane to spend $200,000 to kill an animal that in the end will just sit on your wall for people to simply look at and either say “nice” or “disgusting”. Even those that can appreciate it won’t be nearly as excited as i would be or realize what went into getting the animal they’ll just think it’s simply cool. But most i take downstairs in the man cave barely glance at the game down there.

The memory of 10-15 days in the untouched back country is priceless of the northland is not repeatable, you’re not accounting for that.


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[RdRdrFan]

A lot of good points in this thread. A lot of ignorant posts as well.

In my line of work I see the details of people’s financial lives daily. A few things I’ve learned (that apply to this thread) in my decades of doing what I do:

- Don’t ever assume that you know what someone’s financial position is unless you have seen their financials. Making assumptions based on what you THINK you see from the outside is a dangerous and typically erroneous move.

- One size (or solution) doesn’t fit all. Sweeping statements and generalizations shows a lack of exposure to the myriad of situations that exist. There are a lot of those on this thread including the basis and actual title of the thread.

- Personal Financial Planners are for the financially illiterate. If you have half a brain and can read….you will be better off on your own. A much better plan is to study and observe the habits and actions of highly successful individuals and learn how they make things work. I deal with wealthy individuals daily. Uber wealthy. They utilize help. But it is specific and professional help. Tax attorneys, CPA’s, etc. To a person they would all laugh at the idea of utilizing a PFP. Best way I know how to put it, a guy that can justify a Rolls Royce isn’t going to take financial advice from a guy who can only justify a Ford Pinto. Not saying that all of the advice you would get from every PFP is bad. But it is rarely designed for you to reach your maximum potential.

At the end of the day, unless you know what someone’s financial position is then don’t judge it.

This whole thread is a clickbait response to the guy who is taking out a HELOC to go get his slam. Details are fuzzy but from what I remember, that guy had a $1.5MM home paid for and didn’t have any other debt. He was going to book his hunt on the HELOC and have it paid off in 5-7 years. Based on that limited knowledge coupled with the ignorance of some of the responses on the thread, I’d wager that he is better off financially than 90% of the people that responded to that thread and 98.3% of the people who criticized him in the thread.

 

[KenLee]

I’m a little older and have retired but still work part time. I raised three kids and squeezed every nickel. I have a great life in retirement because I taught myself financial awareness and financial discipline. I also taught my kids financial awareness and discipline. They are on the right track…

But as I lived my life I saw friends and family members do the opposite. They went through a couple of common stages:
Decade of 20s:YOLO
Decade of 30s: YOLO, but I’ll start thinking about retirement.
Decade of 40s: starting to think about it and starting to plan for it,
Decade of 50s: realizing their work life is coming to an end. starting to feel the real fear of not being able to live off social security and their savings. Worried about keeping their homes
Decade of 60s and beyond. Basically trapped in house just trying to pay bills and feed yourself.

Conversely, if you flipped the script upside down, that would be the friends and family members that scrimped, saved, and invested starting when they were young,

What about the ones who are already dead?

 

[Szwampdonkey]

I’d wager that he is better off financially than 90% of the people that responded to that thread and 98.3% of the people who criticized him in the thread.

Didn’t you just contradict yourself here??? Didn’t you say to not judge people without actually seeing their financials? Have you seen mine or anyone else responding here?

 

[RdRdrFan]

Didn’t you just contradict yourself here??? Didn’t you say to not judge people without actually seeing their financials? Have you seen mine or anyone else responding here?

Nope. Didn’t make a concrete statement about anyone’s position. Said that I would make that bet. I don’t KNOW (and didn’t say I did) but I’d certainly make the bet. It’s a fairly safe bet.

 

[Szwampdonkey]

The memory of 10-15 days in the untouched back country is priceless of the northland is not repeatable, you’re not accounting for that.


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So you’re saying i don’t have priceless memories???? Seriously, i’ve been at this 40 years man i’ve got an entire lifetime worth of priceless memories. I ain’t just walking out in my backyard ya know.

 

[Szwampdonkey]

Nope. Didn’t make a concrete statement about anyone’s position. Said that I would make that bet. I don’t KNOW (and didn’t say I did) but I’d certainly make the bet. It’s a fairly safe bet.

Still contradictory to your points man. Wonder if Warren Buffett would plop down $200,000 for a hunt? That guy is richer than everyone on this thread combined and could pay cash. Too bad he isn’t on Rokslide to chime in but my money would be on him saying it’s a really poor financial decision.

 

[TheGrayRider]

“Enjoy yourself. It is later than you think.” Chinese proverb.