Sort of a Straw Poll

[HopperParticipant @hopper]

Posted by Leslie Rix on 12/05/2020

… the purchase of a new lathe and a mill (Chinese likely) to replace my Myford S7 and Dore Westbury mill both in good working order.

Why?

If they are in good nick they are likely better machines than some of today's low cost Chinese replacements that are known to have ahem widely varying levels of quality control. Some perform faultlessly for years. Others not so much so.

[Ady1Participant @ady1]

Just tell him you've left everything to the dog and cat home

[Pete.Participant @pete-2]

I'm only in my 30's, so I can't fully appreciate how you might feel at that age, but your son should encourage you to enjoy yourself with your time left, and think himself lucky you leave him anything.

Buy yourself your new machines, they're an investment anyway, providing you look after them.

[Robin GrahamParticipant @robingraham42208]

Posted by Hopper on 12/05/2020 23:36:59:

Posted by Leslie Rix on 12/05/2020

… the purchase of a new lathe and a mill (Chinese likely) to replace my Myford S7 and Dore Westbury mill both in good working order.

Why?

If they are in good nick they are likely better machines than some of today's low cost Chinese replacements that are known to have ahem widely varying levels of quality control. Some perform faultlessly for years. Others not so much so.

Maybe the OP wants some 'new toys'? I'm 64 but still haven't outgrown my boyish need to play with stuff. Both old and new. Home engineering isn't always about efficiency I think. Sometimes you just want to have a new toy and play! It's a bloke thing I suppose.

I'm with the majority in saying that the OP should go for it – I, like others bought my first house at 15%, but I worked, payed it off and shall bequeath enough to make my daughter secure. She'd get the sharp side of my tongue if she complained that I was wasting money on my workshop follies though!

Robin.

[File HandleParticipant @filehandle]

If you want it, can afford it and have space for it buy it. Many of the tools in my workshop "are" deceased relatives, at least their spirit. Others are second hand purchases and a few were new. To others they probably don't have the same value that they have to me. I would hope that someone gets value out of them after me. Some of them are older than me, some made by me or repurposed by me. Because of decreased interest by younger generations sadly many tools will simply be thrown away, but that is their loss, not ours. However, it is sad when this happens.

[HowiParticipant @howi]

les, i am the same age as you, got my lathe and mill on retirement, never looked back. I still have other hobies/interests to spend my meagre pension on such as archery (25 years), amateur radio (40+ years), photography (50+ years), electronics from school days and compouters from the begining.

my boys have been promised the house between them, if there is any money left they can share that between them, just don't bank on it. As for my gear/equipment/junk they should have the nouse to know how to get rid of it, it will no longer be my responsibility.

We were spending their inheritance on holidays/cruises etrc which they know about. They are all in good jobs, earning far more than i ever did so they should have no need for it.

why do we get hung up on leaving the kids everything we have worked hard for?

get it spent mate, enjoy yourself whether you create somthing wonderful or just add to the scrap bin, who cares!

Don't put yourself down, 72 isn't old (not in my eyes anyway), you could have 10,20 or even 30 years to go yet, don't sell yourself short.

i intend to draw my pensions as long as i can

[Mick B1Participant @mickb1]

I'm coming up 70, and think of such matters as private to your relationships between you and your family and partner if any. There's far too much potential complexity in such relationships for anybody else to advise you on the basis of a couple of paragraphs of posting.

From my relationship with my missus, who's contributed as much to our current lifestyle as I have, I've made my own decision to keep as much value in money as I can without depriving myself, to make it easier for her if I go first.

I'd be astonished to receive such objections from my sons, but then I'm not sure I'd consult them before making a purchase. But I do think they want us to have a long and happy retirement.

 

MickB1's missus:-

Note from Carol:   I too spent money on retirement to become an amateur potter.  Most of my friends coming up 70 are very involved in their hobbies and willing to spend time and money because it brings self fulfilment and happiness; sometimes friends as well.  Just live the life you have best, as well and as kind as you can, which means being kind to yourself as well.  

Edited By Mick B1 on 13/05/2020 10:11:08

[Peter G. ShawParticipant @peterg-shaw75338]

I'm nearly 77 (2 months to go provided CV-9, lung cancer or heart failure don't get me first). And yes, I've a lot of kit, and tools, and bits of metal etc. A lot of the kit is not very good, a lot of the tools are old & worn, and even I don't know what all the bits of metal are for.

I've read the comments above, and yes, a lot of them apply to me, so not worth repeating. But in respect of what happens when I fall off my perch, well I won't care will I.

One of the worrying thoughts I have l have had for about 15 years is what happens when I do finally depart. I did the probate for my parents, not difficult, but not pleasant either, and I've very unhappy memories of, on the morning I posted off the probate application, receiving a letter from the Halifax quoting an account reference which I knew nothing about. It turned out that this was for an account which had been closed many years previously. As a result, I've produced a document for my children to assist in sorting out my affairs when I go, mainly because not even my wife knows what investments we have – as far as she is concerned, as long as she gets a sum of money each month, she isn't really bothered about where it came from. All three of my children have been told about this document and where it can be found. In it, I have listed a lot of the accumulated equipment, ok junk(!), I have accumulated over the years along with thoughts on what it may be worth. The children haven't seen the document because it is my intention to update it occasionally, so there's no point in them having a copy of something which may well be out of date.

Should I be buying new tools? Well, for what it's worth, in July of last year I was actually toying with the idea of replacing the lathe, but then life in the form of lung cancer intervened and now, I don't think it's worth it. Instead, I'm going to see what I can do to improve the old lathe, because, quite frankly, I can't be bothered with all the upheaval a new lathe would cause. To say nothing of the physical effort required by me to install it.

And what about the learning aspect? Well, for a long time now it has always been a source of wonder to me that as I go through life, I learn all sorts of things, and then, what? It's all lost. Is that a loss to society? I don't know, and I'll leave that one to wiser heads than mine to ponder over.

Financially, we are ok. My daughter appears to be ok, but is she? She doesn't say anything, and I don't ask. My elder son appears ok, but then he has always been single minded in whatever he does. My younger son is looking for something, I don't know what, and he does worry me, but at his age, 32, it's his life. Does that sound hard? Well, yes it does, but what can I do? He has to sort himself out – I can't do it for him. But the point is, stock market permitting, all three of them should get a reasonable sum each on our eventual deaths. So I've no real worries about my tools ending up in a skip. Actually, it might be interesting listening in to the eventual conversations!

Cheers,

Peter G. Shaw

[Alan JacksonParticipant @alanjackson47790]

Leslie,

Tell your son you are going to buy a brand new top of the range luxury car. He may think this is wonderful only to find out that it has probably lost about half its value by next year and so on. Machine tools may not be a financial investment but they will still be returning the interest and entertainment value to you.

Alan

[Brian GParticipant @briang]

As far as the difficulty of disposing of a workshop is concerned, you could always consider leaving it to somebody else, perhaps a local MES or a preservation group that could either keep the tools or sell them to raise funds, then your son wouldn't have to worry.

Brian

[Jon CameronParticipant @joncameron26580]

This is an interesting thread of views, the majority says your money up to you. I can totally agree with that, and although i'm only half way through my 30's I had a car crash 3 years ago that given the amount of cars involved and the conditions at the time could have ended totally differently, my kids and partner where in the car also. We came out with nothing more than a little concussed, and aches and pains. I agree live for today, as if there is no tomorrow. This experience has certainly spurred me onto getting some projects started, as if I don't start now I wont have time to complete a few hundred that are currently in my mind lol.

If you want to buy the tools go ahead your money and for your enjoyment. I would say that although new, I personally would see those your suggesting as a downgrade from your current machines, but that's just my personal view.

My workshop tools are at youngest around 40year old for the mill and 80 year old for the lathe. The only new items in there are drill bits and dead centres ect. Nearly all my tooling is second hand as bringing up five kids between me and my partner there is little left at the end of the day for my hobby, so I haven't the luxury of new machines. In later life if I am in a position to buy new tools when the kids are independent I will jump at it.

Keep safe and keep active.

Jon

[larry phelan 1Participant @larryphelan1]

I am 81 [and counting ] and have no intention of packing up any time soon, so I would say, yes, go for it !

I too hate to think what will happen to all my gear when I snuff it. I have no-one to pass it on to and very few kids want to know anything about such work anymore. Some dealer will come and clear the lot, without a second glance, I suspect. Sad, but you can,t take it with you.

[CirclipParticipant @circlip]

Dear Mr. Rix,

When my dad (bless him) died, what I was left with was having to work overtime to pay for his funeral. Despite it taking a year to get over the extra hours I worked, I did not resent this as I found great amusement at him causing a back track on a promise I made to myself and maintained for more than twenty years of a refusal to ever work overtime again as HMIT gave me a right kicking when I was an apprentice after working through a works holiday shutdown.

Our kids won't have to go through this, both of us pre – paid, BUT, if they had to pay my rent (no, house ours and paid for) or mortgage, then they may be allowed an opinion.

SO, your money and efforts, tell your son to S*D off.

Regards Ian.

[SillyOldDufferModerator @sillyoldduffer]

Posted by Peter G. Shaw on 13/05/2020 10:33:11:

…

One of the worrying thoughts I have l have had for about 15 years is what happens when I do finally depart. I did the probate for my parents, not difficult, but not pleasant either, and I've very unhappy memories of, on the morning I posted off the probate application, receiving a letter from the Halifax quoting an account reference which I knew nothing about…

I know of a much worse case than that! The old man had invested small sums of money all over the place, including abroad. Multiple bank accounts, Premium Bonds, Shares, Building Societies, ISA's, Annuities, Cash hidden around the house, Wine, rare books, antiques, anything that took his fancy. Although a successful earner, he was a rotten money manager who didn't bother with paperwork. His tax affairs were a mess. The executor was finding new problems 3 years after the funeral, and his widow had no idea what she worth.

I think it best to keep my financial affairs simple and well-documented. To keep it straightforward, I've written off the value of my workshop and other toys. Whilst they have value to me, and perhaps you lot, I don't want my entertainment assets to become a PITA when I'm gone. I don't want to burden my grieving kids with quests involving workshop MacGuffins. I think it unkind of enthusiasts to earnestly lecture their descendants about the value of old tools when the kids have their lives to worry about. If they decide to scrap the lot when I'm gone, so be it!

Statistically the average male lifespan in the UK is a little over 80 years. Eighty years of age isn't a cliff edge though. If you survive to 80 (50% do), then you only have a 1:100 chance of not seeing your next birthday. Even in your 90's, the odds of dying before your next birthday are only 1 in 10. As those are quite good odds, there's a reasonable chance hobbies can be enjoyed into extreme old age.

I intend to enjoy my tools while I can, including spending some of my children's inheritance on new ones! My plan is just to die confident my toys aren't going to accidentally cause trouble from beyond the grave…

Dave

[HollowpointParticipant @hollowpoint]

I'm 34 so hopefully I have a while to go yet but my parents are both in their 70's. They have a good phrase which is relevant:

"Money?, you can't take it with you."

Meaning what good is money when you're dead. I tend to agree with that and from my perspective I really don't care if they leave me everything or nothing. So I say go for it! Don't delay buy what you want.

That all being said, If any of you coffin dodgers want to write me into your will please do so! 😁

[Neil WyattModerator @neilwyatt]

Hi Leslie,

I'm 57 and if someone told me at 60 that I only had 8 years left in the workshop I would be getting someone else to taste my food before I ate it!

Plenty of people are active well into their 80s and beyond, with the main issue being thinking ahead about things like hoists for heavy chucks etc. as your ability to lift weights declines.

But you could easily have 30 years or more of active hobby ahead and my experience is that having such a hobby certainly doesn't limit your active life expectancy, it extends it.

Neil

[mark costello 1Participant @markcostello1]

All of Us probably know how much machinery and tools have appreciated in the last 20 years or so, these might be a good investment for the future. Worth a punt although I am not planning to fill up the back forty to find out. Use them,take care of them, and enjoy them. Till You break a drill bit or a tap off and have to invent new words.

[duncan webster 1Participant @duncanwebster1]

Posted by Hollowpoint on 13/05/2020 12:49:01:

I'm 34 so hopefully I have a while to go yet but my parents are both in their 70's. They have a good phrase which is relevant:

"Money?, you can't take it with you."

Meaning what good is money when you're dead. I tend to agree with that and from my perspective I really don't care if they leave me everything or nothing. So I say go for it! Don't delay buy what you want.

That all being said, If any of you coffin dodgers want to write me into your will please do so! 😁

people keep telling me I can't take it with me. If that is the case I'm not ******* going!

[SteviegtrParticipant @steviegtr]

I spent a ridiculous amount on a Ftype & a Ducati motorcycle cause I wanted to. I am in my late 60's & just want to enjoy my lifes work in retirement. I overheard my daughter one night talking to me son. Saying dad is spending all our inheritance. What the fffff is all that about. I think the kids today think about money more than we did back then. I never expected a penny from my parents when they passed. Although I did get some, I had no idea they had anything & the last thing I ever expected was money from someone's passing.

The kids today eh.

Steve.

[not done it yetParticipant @notdoneityet]

Saying dad is spending all our inheritance. What the fffff is all that about.

Quite agree. Especially if we started out with nothing and have managed to accumulate some sort of “wealth” (ie money in the bank, or wherever).

For many, there will be a residence bought and paid for – possibly in times of 15% interest rates – left to be shared by the offspring. Perhaps if some of the youngsters did not spend all their income (and beyond) – with credit card debts, cars on a ‘never own’ basis, mobile phones that go out of fashion regularly, trendy short term clothing and weekly clubbing visits – they might not need an inheritance to get themselves out of debt.🙂.

The kids of today, eh.

[Mike PooleParticipant @mikepoole82104]

If kids have their eyes on an inheritance then life will probably play the carehome joker, you may as well spend it and enjoy it before the carehome get it.

Mike

[SpurryParticipant @spurry]

Posted by Hollowpoint on 13/05/2020 12:49:01:

That all being said, If any of you coffin dodgers want to write me into your will please do so! 😁

I think the new phrase should be …you covid dodgers want……

Pete

[roy entwistleParticipant @royentwistle24699]

I haven't got any kids ( as far as I know ) Why do they think they are entitled to an inheritance ?

 

Roy  ( 86 and still going )

Edited By roy entwistle on 14/05/2020 09:47:21

[SillyOldDufferModerator @sillyoldduffer]

Posted by Steviegtr on 14/05/2020 00:01:05:

… I am in my late 60's & just want to enjoy my lifes work in retirement. I overheard my daughter one night talking to me son. Saying dad is spending all our inheritance. What the fffff is all that about. I think the kids today think about money more than we did back then.

…

The kids today eh.

Steve.

Whilst thoroughly in favour of spending my money on me, it is worth understanding how the world looks to young people.

My parent's morale was boosted by winning WW2 and I was brought up whilst the British economy was booming. For 70 years everything has gradually got better: more pay, cars, home-ownership, modern kitchens, central heating, TV, cheap food, NHS. As Supermac famously remarked, 'You've Never Had it So Good'. Mr MacMillan knew what he was talking about; his perspective included being wounded 3 times in the Great War, the collapse of Monarchies, Facism, Communism,the Great Depression and WW2.

The world young people face isn't our world. When I was at school, there were plenty of undeveloped natural resources – room to expand. There were about 2.5 billion people alive in 1950. Now the population is nearly 8 billion and most of the inhabitable world is developed. There's a long list of strategic materials that have been fully exploited and are about to become very expensive or – like Helium – unobtainium.

Youngsters don't have a high opinion of us. They see a greedy, short-sighted, ignorant shower who blew the world's wealth on a giant party with no thought for what happens next. We assume our fortunate experience of the game of life will carry on for ever, despite history showing that nothing lasts. They think Baby Boomers have thoughtlessly consumed resources essential to the future and polluted the planet so badly that climate change is triggering extreme weather. They see stagnating economies, a host of major problems, opportunities falling away, and no clear way forward. Today it's much harder in the UK for youngsters to buy a house than when I started, plus massive job uncertainty, rising fuel costs, and pandemics. Youth fear the future will be much tougher than our generation can comprehend. That's why they worry, and for many young adults, the only reliable source of wealth is their parents and grand-parents.

Still spending my money on toys, but I try to do it discretely!

Dave

[Danny M2ZParticipant @dannym2z]

LOL. I am A SKIN Spending the Kids Inheritance Now

As my children have done well for themselves I would not like to saddle them with disposing of my hobby equipment and getting ripped-off so I decided leave it to my model club who could value and sell off the gear for realistic prices.

In return the club gets to keep 50% of the proceeds. Balance to my family (less costs for my wake).

Club readily agreed, club treasurer has a naughty gleam in his eyes though.

* Danny M *

[Author]

Posts