I like to work on and drive my sports car.....
Hahahaha!! I have that bad habit too dammitt :)
It's all about 'Life Optimization'. Money is just a means to an end. YOU have to figure out if it's worth it!
In my specific case, yes it is worth the 2% of pre-FIRE income for the hobby. once FIRED I plan to relocate to a location where I can indulge in cheaper hobbies.
MMM is practicing 'life optimization':
-400k house in a beautiful area with lots of outdoor activities
-$$ on pricey food & home furnishings
-low cost activites
I am in the opposite boat while working towards FIRE:
-cheap house in a relatively ugly area with limited outdoor activities
-cheap food and minimized $$ on house
-spendy-er activities
FIRE plan is to be more like MMM: nicer location, give up the $$ hobby.
I think the "life optimization" concept is something to keep in mind here.
As is the idea that when we purchase things, "we are just buying feelings."
What do I mean by this? Well, everyone has things that they like to do in their spare time, whether that be watching TV, reading, playing video games, sailing, shopping, scrapbooking, playing golf, etc.
Some of these things are very expensive. Some of them, essentially free.
But the thing is, the reason we do them is that we enjoy the way we feel when we are doing them.
To me, what's more important than just "how much the hobby costs" is to think about why it costs so much, and what are we buying with it?
For example, let's say I have expensive hobby X. (I don't want to pick one because I don't want to offend anyone who might have this hobby.) This hobby requires special equipment and a designated place to do it. Participating in this hobby once a week costs me, say, $400-500/month.
Is that "bad", per se? Well, maybe, maybe not. But what the mustachian in me says is, am I spending that money purely because I really like the feeling of doing that particular thing, and there is no way to get that feeling otherwise? Or, am I spending that money because buying the top of the line equipment and doing it at the designated place where I pay top dollar to participate makes me feel successful and shiny?
If it
really is the first, well then, hey, go for it. But if, after honest reflection, it's a healthy dose of the second as well, well then... I think maybe I'm just mostly purchasing the feeling of an identity. And maybe, just maybe, that's something that is enslaving me more than it is providing me with enjoyment.