A Question of Responsibility

K

kpcollins31

New member
I have been questioning myself lately as to whether or not this hobby is a responsible choice for me -- and I am not referring to the environmental impact of the hobby (although that could be a separate discussion). What I am referring to is the financial commitment. This hobby seems to cover the full spectrum of people from low wage earners to self made millionaires.

For me personally, I earn a decent amount of money but I am questioning whether this is the best way to spend it. I have two young boys and my wife stays home with them. Now I find myself saying should I really be spending $X per month on this hobby when I should probably be saving more for my kids' college education? Should I be saving more for retirement? Should I be paying down debt or building an emergency fund?

When I look around, I see others in less fortunate financial situations who are probably spending a majority of their take home pay on this hobby, which as we know can be addictive. I realize we all make our own choices so I was curious if others have had similar thoughts.

Kevin
 
Live a little. You work hard for that money, do something with it that makes you happy. I'm not saying spend it all, but you shouldnt feel guilty about spending some of your hard earned money.
 
Yeah you only live once, why sit around and think about the best way to spend money?
Its only money, its just paper! I dont think it should be hoarded, afterall the goal of life is happiness and if your reef tank makes you happy then why not? if you need more money go make more, its out there you just have to be a go getter.
 
reef keeping money comes out of the entertainment section of my budget. I still save the same amount, I just eat out less often :) IMHO, emergency funds, retirement savings, and such must come first.
 
<a href=showthread.php?s=&postid=11114241#post11114241 target=_blank>Originally posted</a> by fishyvet
I still save the same amount, I just eat out less often :)
Click to expand...

Me too. Except remove the word "out". :rollface:
 
Re: A Question of Responsibility

<a href=showthread.php?s=&postid=11113865#post11113865 target=_blank>Originally posted</a> by kpcollins31
I have been questioning myself lately as to whether or not this hobby is a responsible choice for me. What I am referring to is the financial commitment. wage earners to self made millionaires.

For me personally, I earn a decent amount of money but I am questioning whether this is the best way to spend it. I have two young boys and my wife stays home with them. Now I find myself saying should I really be spending $X per month on this hobby when I should probably be saving more for my kids' college education? Should I be saving more for retirement? Should I be paying down debt or building an emergency fund?

Kevin
Click to expand...

If you have to ask then I would say yes... you should cut back or quit.
 
You can get carried away... i think
1. set a monthly "budget" for the hobby
2. make sure you're giving other things in life their attention
3. once the tank is set up... you're good to go. don't buy unneeded chemicals, gimmicks and corals for every inch of tank... let everything grow =)

as for me... I spent 11k on a 30gallon tank - it was amaaazing! then i had to move and sell everything. I'll get back in in about 1-2 yrs and will spend a lot to get the tank/setup but I hope to do more trading with other hobbyists to reduce the monthly amount spend.

oh, since I don't have a tank now I've been spending 3+ hrs a day playing video games... and that's probably less productive =( but cheaper!! =)
 
Im in the same boat...My wife is a stay at home mom, with my son, and then I have one on the way.

I dont get to go out and buy all the coolest gadgets, and toys, and fish or coral. It takes me a very long time to purchase anything. I do save for my son's education, and I have money out of my check for a 401k, and I will also get a pension.

I have pondered the same as you, and even got away from reefing for several years due to I just couldnt afford it. But Im now planning on a new 300g tank, which I have been saving for for awhile now. It may end up being a fish only tank, but at least it is something and it relaxes me after a long day...
 
I'm in a very similar situation. Prime breadwinner, two kids, saving for college, haha I bet our our houses have nearly the same square footage!

This hobby is expensive to get into, but from your sig, it looks like you already have a complete setup with some pretty nice equipment. With a TEK light, ASM G3 and refugium you can grow anything if you know how.

If you're feeling like you spend too much on the hobby, stop buying stuff and just enjoy watching your tank develop. There are lots of hardy, inexpensive fish out there that are long lived and very attractive, and you can always get cheap frags from local reef buddies. Feed with cheap homemade food, dose with Randy's 2-part, and you really don't have to spend much.

The big expenses seem come for people who:

a) absolutely MUST buy the best
b) frequently upgrade their equipment
c) buy the rarest fish
d) buy the most expensive "designer" corals.
e) don't know what they are doing and repeatedly crash their tanks

Avoid doing these things, and you can keep cost pretty low.
 
Also, there are very few things you really need to buy other than salt, water and electricity... And if your kids are at all intrested they are getting a head start in science ;)
 
A reef tank is living art! Let it grow is great advice! I've found some great deals on used equiptment and been very lucky with how things have turned out so far.

I think even better advice is Let it grow!Frag it! Sell it or trade it for new stuff.

I've gotten almost everything I have from local reefers for short money.
 
You are asking advice from the WRONG crowd here. We are all REEF addicts! LOL

On a more serious note, you should be setting a side a certain amount for retirement, your kids education, emergencies etc etc. You should also set aside a certain amount of money for your personal enjoyment. HOW you want to spend your "personal enjoyment" money is up to you. Does reefing give you more satisfaction than doing other things?

Without us all knowing your exact spending habits, only you can be the judge of whether it is worth the money or if you should be spending your money elsewhere.

However, if you retirement or kids education funds are suffering because of your reefing habits then I would say cut the reefing until you can afford it.

Good luck!
 
Kevin,

I try to keep myself out of situations where I'm forced to weigh a want (hobby) vs. a need. Admittedly, this hobby has cost at least twice as much as I anticipated so yes, I did have this thought to answer your question -- though since then I've found maintaining the hobby is much more manageable than the initial startup. The hard part is not letting it take up too much of my time and boring the people around me -- my wife rolls her eyes whenever I mention the tank now ;)

In my opinion, paying off debt, an emergency fund, retirement, family and friends should all come before any hobby.

Slightly off-topic, but very much so worth mentioning - I've read quite a few books on money management and investing, and I'd urge you to read The Only Investment Guide You'll Ever Need by Andrew Tobias. Not only does he keep everything very simple, but his recommended strategies are the most sound I've ever come across. Amazon sells it for ~$11 and it should belong in anyones library (in my own humble opinion) before any book on reef keeping or aquaria.

That being said, I also agree with those who say "you only live once" -- Those who spend their entire lives working over hours, saving for retirement, turning their kids into "trust fund" babies then find themselves at 65 realizing even though they've lived to 65, they haven't really "lived" -- they were just squirrels. Don't be a squirrel.

Life is a trade off -- just take caution and use your best judgement when deciding what to trade off.
 
Constant financial and time consuming drain, but after all money spend on it - it's pity to just give it away to some other unfortunate (it is not an investment - I cannot return the money spent, with percentage).

On the other hand, this is a piece of better life, that I will never have (live on tropical island and have leisure to watch fish and corals). Like some people build dollhouse-size Ferrari garage ;)

Trying to make it manageable.
And stopping going to LFS :D . But each good find, as this weekend, is emotional equivalent of vacation on tropical island, for $100.

For those of us, with family obligations, it's irresponsible (IMO). Just as paying for the vacation travel, entertainment and buying coffee in cofee shop, instead of preparing it at home. You see my ambiguous point.

Decisions, decisions, decisions...
 
Once the tank hits steady state, it isn't that expensive. Also, I have no problem NOT hanging out in a bar or something for the evening and blowing $50. $50 is about a case of salt, which is good for 6 months.

If you can sit tight and go to frag swaps, your existing coral can get you new coral for free.

My $12.99 royal gramma that I bought 14 years ago is still kicking. and he mostly lives on omega-1 flake food (1 can per year)

I have light bulbs out the wazoo, use dowflake/epsom/baking soda/kalk

i have a several years supply of GP's still....

and I think that about covers it.

seriously if I estimated a 1/2 bag of salt a month and lets say 1/4 of a lightbulb, i am probably spending <$50 including electric
 
Some good points made here. I don't have any kids or a wife, so I have plenty of money for hobbies and such. Very rarely do I drink alcohol or eat at a restaurant. I think it's reasonable to say that I have some disposable income; this is the money left over after paying all the bills, investments, etc...

Reefkeeping does require ongoing maintenance funds. Not only do you need salt, but electricity, additives, food, bulbs, equipment, GFO or carbon (if you use them), test kits, RO/DI water filters and beads, and many other items that will require replenishment or replacement during the year.


Things seem to work out about evenly. I don't "have" to have a tank and the money would most certainly do me a lot better if I invested it. Like someone above stated, "You only live once." Ain't it the truth...
 
Aree with much of what has been said here, but can I add one more thing? As long as you're not neglecting them (and the fact of your post seems to me to make that unlikely), I think it's good for kids to see their parents have interests and doing things that make them happy. Only you (and your wife) know where the appropriate lines are (financial and time).
 
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