A Not So D.U.M.B. Use of Money | Smart Change: Personal Finance

(Chuck Saletta)

I had one item on my to-do list for a long time: bringing my dad to a Duke men’s basketball game at Cameron Indoor Stadium. Yet due to timing coordination issues and the fact that this is usually a difficult and expensive ticket to obtain, I had never been able to get it to work – until very recently.

Last week, I was able to fill this bucket list item at Duke / Citadel game thanks to an auction hosted by the Duke University Marching Band (DUMB). Not only were we able to go to the game, but we had floor seats with the pep band, and I also had the honor of being the guest conductor at various points in the match. It was an absolute blast, and the story behind it presents a great way to effectively integrate a Bucket List item with other life priorities.

Photo courtesy of the Ringas family.

Why was this an item on the bucket list?

There were several reasons why taking my dad to a game was big enough on my to-do list. First off, he and coach Mike Krzyzewski went to high school together, which my dad first told me when he dropped me off at Duke for my freshman year of college.

People also read …

Second, my dad paid for a large chunk of my Duke education, which was critically important for me to start my independent life without crushing debt levels. It’s a favor I try to pass on to my own children, for whom my wife and I have funded 529 plans since birth. Taking my dad to a game seemed like a small measure of thanks for what I recognize he sacrificed in order to help me with my education.

Third, some of my favorite memories of college were from my time as a baritone player in DUMB, especially when I got to perform with the pep band at Cameron Indoor Stadium. It truly is an amazing place to watch a basketball game, and I’m grateful that I was able to play a small part in such a great experience. Winning this auction to be the guest conductor gave me the best chance I could think of to share this experience with my dad.

Why now?

Even though taking my dad to a game had been on my to-do list for a long time, a small handful of things came together to make last week the perfect time to make it a reality:

  • My father recently retired which made it easier to coordinate schedules.
  • Coach Krzyzewski has announced his intention to retire at the end of this season, which made this year our last chance to see him in action.
  • The game I bid on was a game I could fit into my already booked vacation schedule.
  • Duke was still in session before the Thanksgiving break on game night, so Cameron’s “real” vibe would probably be there.
  • I had enough money in reserve for this to work.

Consistent savings and a bucket list

The total cost of the event, including the auction, food, transportation and accommodation, was approximately $ 2,500. For a non-conference game that lasted around two hours, that’s a lot of money to spend, even if it included four tickets to the game.

To truly benefit from the experience, it was vitally important that we had the money available in a way that would not impact the rest of our lives. This became very clear when we both had an expensive car breakdown ($ 1,725 ​​in repair bills) and a furnace failure ($ 690 in repair bills) shortly after learning that I had won the auction.

Add the cost of repairs to the cost associated with playing the game, and it’s almost $ 5,000 of over-the-top costs that we needed to cover in a very short period of time. Even in these times of inflation, that is a significant amount of money. Neither the repair of the car nor the repair of the furnace would wait for a more opportune moment. Also, the auction was non-transferable which left little leeway other than covering everything once my bid was won.

The way we did this job was to tap into savings – cash reserves set aside for our car, for home upgrades, and yes, for bucket list items. It was money that we had saved for a while, but it was money set aside specifically to take care of exactly the things that he took care of. As a result, we were able to cover everything without having to deal with a hangover after the fact. It made the gaming experience even more enjoyable.

Start now to make your bucket list a reality

Whatever your priority list, whether it’s a similar experience or not, it’s important to develop a plan that gets you there in a way that also allows you to meet your other key priorities of life. That way, when you have the chance to make it a reality, you can truly enjoy both the experience and the memories you will take with you once it is done.

It takes time to develop and fund a plan that allows you to cover multiple goals. So start now and give yourself your best shot at checking off the key items on your bucket list.

10 stocks we prefer at Walmart

When our award-winning team of analysts have investment advice, it can pay off to listen. After all, the newsletter they’ve been running for over a decade, Motley Fool Equity Advisor, has tripled the market. *

They have just revealed what they believe to be the ten best stocks that investors are buying now … and Walmart was not one of them! That’s right – they think these 10 stocks are even better buys.

The portfolio advisor returns 6/15/21

Chuck Saletta has no position in the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.

.

Add a Comment

Your email address will not be published. Required fields are marked *