My biggest Non-Frugal Habit

[Stasher]

Since I have following FI and ER sites over the last year and especially MMM I have been torn with my single largest money drain. The thing I am most passionate about is Motocross racing, my entire family of 4 does it with me, it is our family time (yes we could find other activities) Here is the lowdown, it costs a lot when you look at the whole package. We have 4 bikes that if I sold would fetch me about $20,000 or more, I have a motor home we have only ever used to pull the bike trailer to the races with at about $20,000 and the trailer $7000. Look at that. Money tied up that I could invest, I haven't even touched on fuel, maintenance , race fees, equipment, tools and insurance plus probably a lot of other costs. We don't spend our time or money anywhere else (other than hockey season) but man did we pick an expensive family activity. Not sure what we would do if we "minimalized" this aspect of our lives and our closest friends here in town do the same as us. I'm in a real dilemma with this money drain in my life, I have mentioned it to the wife and she understands too.

[lauren_knows]

If you plan out your finances and can still meet your goals with this activity included, then why not?

If you're doing your planning, and can very obviously see that this impacts your goals more that you want, time to find a new hobby.  Maybe take up cyclocross racing (seems like the non-motorized version of your current hobby)?

Being frugal isn't about completely eliminating ALL expenses from your life.  It's about eliminating the fluff so that you have money for what matters to you.

[Stasher]

Thanks for the insight Bo , in my current financial circumstance it is easily afforded but would definitely be something that would be axed when I reach FI. I guess it is a discussion I need to have with the family and see what they really value and what they would like to fill our time with instead. Family democratic discussion :)

[happy]

Some people talk about "min-maxing". They minimise expenses hugely so they can Max out on something they love. Seems to me thats what you are doing. It will affect your FI date, but only you know if its worth it or not. I for example work part-time even though it will take longer to be FI because the free time is more important to me now.  There are trade-offs and its important to still enjoy your life on the way.

More important is to first get rid of all your mindless consumption eg cable that gives you choice of 100 channels when you can only watch one at a time.

More thoughts about the motorcross to ponder:
Is there anything else that is cheaper, from which you would the same amount of enjoyment?
Does your family love it the same as you, or do they just follow along and enjoy it because its a good family time with friends ie would they all be just as happy with alternate activities? (hint have you asked them)
If a lot of your friends are also involved what would happen if you stopped: would you have to find new friends? Would that be OK or not OK?

Work out what it costs annually, plus what you could sell all the equipment for.  Run the sums using say 5% or 7%  interest, compounded out for  5 or 10years. Figure out how much time this would take off your FI journey. You might say I'd rather work 2 years longer and do motocross (this is what I did, I decided I'd rather work longer part-time). Do the sums, you might be surprised one way or another.

Once you've decided , either way, be happy:). If you decide to stay with the MC, enjoy, don't feel guilty.

[Stasher]

Thanks Happy , I will do that mental checklist as you eluded too.

[Marmot]

My one suggestion is consider making your next primary vehicle one that can tow the trailer, so that you can sell the motor home. If you already have another vehicle that can tow the trailer, then consider selling the motor home now.

IMO the main danger for hobbies is when people do not think of the expenses. You are already aware of the cost/benefit, so no worries there. Best of luck!