Money’s a ticket. Only you can decide its price.
The N.Y. Knicks are two games from winning their first NBA title since 1973.
Speaking of tickets, The seats for the Spurs Knicks Final are outrageously expensive.
The cheapest go for around 8k each. The obvious response is who in their right mind would buy these tickets?
I agree 100% with Ben. For most people this would be a ridiculously bad decision. Most people isn’t everyone. Believe me I’m the last person to opine regarding luxury purchases. I own pants older than most of my colleagues.
This weekend, my neighbor have me a pail of chicken crap for my compost and I was overjoyed. My son commented “That dude is the only person I know who’s happy about getting chicken shit.” I’m not advocating mindless purchases but memories also compound.
Who is anyone to judge if you spend money on things that provide great meaning to you? Only you can answer that question.
I have many clients with overfunded financial plans. The market Gods have been generous the last decade. Numerous families have way more money in their accounts than when they retired ten years ago despite systematic withdrawals.
It’s been well documented that many retirees underspend and the 4% spending rule is too conservative. Michael Kitces points this fact out here. Just because clients can afford stuff doesn’t mean they will purchase it.
Let’s say a client who is a die-hard Knicks fan with a plan similar to the above asked me if they should spend 20k and take their grandchild to the game.
My answer is a resounding yes!
First, the Knicks haven’t won anything in 53 years. Who knows even if they are 2026 champs they won’t need another half-century before returning to glory.
Jet fans have been waiting 57 years, and Met’s partisans 40! NY sports fans should take nothing for granted. Championships are the astronomy equivalent to Haley’s Comet. Once in a lifetime events.
Second, money is all about memories, this experience could stay with a child for the next 70 years. Priceless experiences are rare and invaluable. Championship tickets could qualify as eulogy material. As one ages collecting moments rather than things should be of top priority.
Third, though this client, like many others, may have a large discretionary budget but won’t come close to funding it. 20k won’t ruin this plan and may provide a spark to do more with his money. Nobody lives forever.
There are some caveats here. This isn’t about clout chasing. Buying these tickets to be part of the in-crowd is gross. If you have the funds and live and die according to your team’s travails purchasing expensive tickets qualifies as something that defines meaningful.
Everyone’s different. The easy answer is this money should go into your grandchild’s 529 or custodial account and be worth multitudes more in the future.
Guess what, this client can do both or next year if he’s feeling guilt pangs. There’s plenty of time to fund an investment account, the same doesn’t apply to being part of a world championship. No harm, no foul.
Life is lived in the now. Who knows how many years the mid 70’s Knick fanatic has left. He lived his whole life saving for tomorrow.
Tomorrow is today.
Go Knicks!
