[toddm]

We spend a lot of money on a personal trainer; and a coach specific to my poison (cycling). The personal training and coaching are the greatest expense and I will allow my lights to get turned off before I let that lapse - it's that important to me.

There has been a significant investment in a rowing machine, indoor smart trainers for cycling, and quite a bit of free weights. My wife runs, and she spends a healthy amount on running shoes.

There are monthly subscriptions for things like Trainerroad, Zwift, and "upscale" yoga. The yearly cost of all three might be $500.

I invest in a DEXA scan at least once a year for about $50. Workout clothes wear out and need refreshing, but we go cheap on that and the expense is minimal.

There are periodic expenses - a new Fitbit, or a heart rate strap needs to be replaced - but they are not frequent or costly.

There is a large upfront cost to all of this - I now mention the 2 pretty expensive road bikes we use, but they are years old and have more than paid for themselves by helping us attain better heart health - but it's not prohibitive.

I will also note that we have consciously chosen this route vs. maxing out 401(k) or similar. We are not wealthy (in the financial sense) nor are we sitting on a nest egg or in line to inherit a large sum of money.

Finally, we're not monomaniacal about fitness. We like good food, going to movies, socializing, and so on. We could do 3 nights in NYC for about $2500 - or we can skip that and use the money for new equipment or a trial run at, say, a new gym. We choose the later 9 times out of ten.

[maroonblazer]

>> I will also note that we have consciously chosen this route vs. maxing out 401(k) or similar. We are not wealthy (in the financial sense) nor are we sitting on a nest egg or in line to inherit a large sum of money.

This caught my eye. Not maxing out your 401K is leaving money on the table. Money that could make your life easier later on. I'm curious to know what items/activities you'd need to give up in order to max out your 401K.

Is it not worth it?

[toddm]

It is absolutely worth it if you can afford to do so. When I have worked at a place that offers a match, I always do the amount for the match.

My situation is probably different from most people who began making real money fresh out of college: I was in academia until the age of 35, making peanuts and paying off exorbitant student loans incurred as an undergraduate.

As someone who was not free of student loans until 2008, I have really only been in the position to put (max) money into 401(k) plans for 13 years. I was able to max-out for 4 years (2006-2010) but had to liquidate (with penalties) for unexpected expenses.

Several of those 13 years were spent working for myself or at short-term engagements with start-ups where a 401(k) was not on the table.

Presently, my maximum contribution is $26,000/year (I get to "catch up" because I am over 50). That represents a very large percentage of my take-home, so I forego it except for the match part.

As for what items/activities would take the hit, the first one is the personal training and coaching. The second one is home repairs on a 100+ year-old house, and that's not optional. The unexpected roof replacement was $16,000. The new HVAC will be $10,000. The "little things" that are a few hundred to a thousand dollars do add up. And so on. We could finance those or pay them off, and we choose the latter. Cars don't matter: 10+ year-old Hondas that never break down and are paid for.

Yes, more money tucked away for later in life would make things easier: no argument. That said, we both plan on continuing to work - if you asked me what I'd do all day if I suddenly got rich, I'd say "ride my bike more" - and so we gamble in the sense of optimizing physical fitness at the expense of future income.

[abnercoimbre]

What if your current employer doesn't match your contributions? Is maxing out the 401k still advisable?

[ctchocula]

Even if your current employer doesn't match your contributions, deferring your taxes from now to the future (when you might not need to pay as much due to lower tax bracket) is considered good practice from a tax perspective. Of course there are edge cases when that may not hold (e.g. you have a pension) and have more income in retirement compared to now, but it's a good rule of thumb.

[benp84]

I think if I'd have thought of these expenses as "buying physical fitness" I would have spent more. Thanks for the perspective!