This thread is making me feel less isolated, because as a not very early retiree (58) I see lots of friends of a similar age buying motorhomes, holiday homes and boats. I'm not a watergoing person and don't want the responsibility of owning two houses so a boat and a holiday cottage were never in the frame, but so many smart middle aged couples we know have become motorhome owners and insist that they're saving a fortune and have much more freedom that my husband and I sat down and did the sums and concluded that even if the motorhome retained its entire value on resale we would still be better off renting a holiday cottage for six weeks every year and the occasional chain hotel room for weekend trips.
(I voted boat, because a boat is the option most likely to become a white elephant after the initial novelty wears off.)
They are saving a small fortune by having spent a large fortune…
New Term: Ego Assets - an asset with little or no return. Usually only owned by rich people to tell other slightly less rich people that they own one. Examples included beach houses, and airplanes.
LOL this is great. I have a friend who is big into ego assets. He got a boat in the past several years. Doesn't use it much. I guess it's 'nice' in that it has appreciated in value, except all that is probably being offset by the cost of gas, maintenance (even though he doesn't use it much) and slip fees. He likes buying all sorts of toys, from camera gear to fishing gear to guns to cars... you name it he probably has it lol. Of course, he and his wife are at a place where they can enjoy these 'luxuries' - they just bought a lake cabin not long ago mid-COVID, although it seems like those might be better 'luxury investments' than beach homes. He probably has multiple pre-orders in for EVs as well (at least two Rivians and who knows what else). I just bought a cheap pellet gun and was asking him if he had one, and just earlier he told me that he's looking now for some in the $200-$500 range (the one I bought was $50 lol) hahahaha. I think it makes him feel good that he can buy (and often does) the higher priced items that I wouldn't dare ever buy (another example is fishing reels - he'll easily buy $300-400 fishing reels where my cap is maybe $150~ at the highest... there are exceptions but for the most part that's my rule of thumb). I think the only place I have him beat is with guitars - in the past few months he purchased like 3-4 guitars but none of them are more than a few hundred bucks at most whereas all but one my acoustics at least at $2k and higher lol. His justification though is that he's not good enough to warrant purchasing a super expensive instrument... I guess I should question my own ability to play in that case lol. My 'cheapest' guitars are my electric, bass and my very first acoustic (Takamine) that was gifted to me from my grandmother... I don't think I'd ever want to sell that guitar even though it doesn't sound very good.
Half-jokingly, one 'lesson' I've learned is to try to be really good friends with people who have ego assets because they may invite you to join in partaking the use of one or more of those assets once in a while
e.g. my friend with the boat would have me go out with him on a regular basis for a while... then he started asking me to chip in more for gas and things like that, even on local inshore trips where we only went a couple miles - once he started asking for money for every trip, I started declining and backing out (originally he told me not to worry about chipping in on those short trips but kind of backtracked on it a bit). It was all good - I don't need to go out that often lol. He actually invited me out a few times recently but I declined because my wrist has been jacked up and I don't want to risk making it worse - riding in small boats can be tough on the hands per all the 'auxiliary' things you have to help with: pulling anchor, climbing on and off the boat and over things, grabbing and closing hatches, bags, tackle boxes, stabilizing yourself when there are swells, etc. It has been a while since we've gone out on his tandem kayak so I may ask him about that though as I think I can probably handle that now...
Another buddy of mine recently delved head-first into some pretty hardcore fishing and got big into fishing for bluefin tuna. This is a total black hole as far as chasing fish - you can very easily spend thousands of dollars on gear, tackle, trips, etc just to target these fish. Admittedly, I would probably be there if not for my wrist... anyway, he has gone full force and has probably caught several hundreds of lbs of bluefin tuna in the past several months. His biggest being a 150lber (I know, this is small for you East Coast/Nova Scotia guys but for the Pacific side this is a very good size). Anyway, I don't see him too often but whenever I do he'll offer me a few pieces of his bluefin. He had to buy a new freezer just so he could store the 150lb catch. I have no idea how he is storing the other fish he caught after that. I think he has probably given a good amount of it away.
So... be nice/good to your friends with ego assets! LOL