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Old 02-02-2017, 11:08 PM
 
16,785 posts, read 19,645,062 times
Reputation: 33231

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Quote:
Originally Posted by brava4 View Post
First off I always think it bizarre when someone literally lists their assets and expenditures, so weird. But anyway... I like being frugal and not wasting money, quite easy really. And no, I'm far from poor.


Just where did you read that the frugal forum people are poor? Odd.
Couldn't agree more. The OP listed everything but their address and their savings/checking account numbers.

But nowadays people seem to think everything they do is world news.

Quote:
Originally Posted by Sarahsez View Post
Frugality isn't just for the poor. It's also a way to hold on to your money so you can use it for your best interests. Most frugal people I know are comfortable and can meet needs and wants. They aren't the people out showing off their belongings. These people are often low key and could appear to be poor and just live a lifestyle well below their means. A rich person can be really frugal too. They find a way to blend in with the crowd.
Yes, they can.

I live in Southern CA and from time to time run into or meet famous actors.

I was in a store and woman starting talking to me and said "they want $190 for that, are they crazy", it took me a minute but than realized she is a well know TV actress who has been on two hit shows. She could buy out the whole store, but is thrifty.

 
Old 02-03-2017, 03:27 AM
 
Location: Location: Location
6,221 posts, read 7,403,050 times
Reputation: 17867
[quote=Social Security COMBINED will be $1350 per month. That's it but it means no medicare costs. [/quote]


OP, you might want to recheck this information. While QMB is an actual program, the fact that you and spouse will only collect $1,350. (??) combined SS benefits is not the only qualification you need. That would have to be your ONLY income source. QMB also takes into account savings, checking, property, interest income, etc.


I suspect you have heard of this program but have not actually investigated the requirements.


Also question why SS benefits are so low.
 
Old 02-04-2017, 05:55 AM
 
24 posts, read 9,150 times
Reputation: 40
I love this section of the forum (and economics in general) and I'm by no means "poor". The net worth calculator of people between 30-35 puts me at the 63rd percentile of all people in the country. Not complaining for a single teacher with no debt. Not complaining one bit!

Trying to save money does not automatically equal "poor", they are financially smart.
 
Old 02-04-2017, 06:56 AM
 
4,340 posts, read 4,430,352 times
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Yup, this Nw calculator: https://dqydj.com/net-worth-by-age-c...united-states/ puts us in the 95% for 30-34 year olds and I would consider us frugal. We focus on things we value and try to keep things we don't value as inexpensive as possible.
 
Old 02-04-2017, 11:12 AM
 
2,159 posts, read 2,509,149 times
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People who are frugal doesn't always = they are poor. When I was in college, I met a guy who became my friend. My friend's parents owns a lot of rental properties across Sacramento and they live very comfortable life. You see them and you think they don't have money but it's quite the opposite. His father drives an old beat up 70s Chevy Nova at that time when he could easily drive a nice fancy European car.

My wife and I are not rich. Both our incomes combine does not even add up to 100K a year. Yet, we own our own house, live in a good neighborhood, paid off the car, and have everything we could want as far as living comfortable.
 
Old 02-04-2017, 11:32 AM
 
Location: Bella Vista, Ark
69,306 posts, read 79,490,574 times
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Quote:
Originally Posted by theatergypsy View Post
OP, you might want to recheck this information. While QMB is an actual program, the fact that you and spouse will only collect $1,350. (??) combined SS benefits is not the only qualification you need. That would have to be your ONLY income source. QMB also takes into account savings, checking, property, interest income, etc.


I suspect you have heard of this program but have not actually investigated the requirements.


Also question why SS benefits are so low.
I am wondering where she got that information as well and why such a low SS. Apparently they have made almost no income in their working years.
 
Old 02-07-2017, 11:31 PM
 
1,190 posts, read 572,031 times
Reputation: 1010
Quote:
Originally Posted by theatergypsy View Post
OP, you might want to recheck this information. While QMB is an actual program, the fact that you and spouse will only collect $1,350. (??) combined SS benefits is not the only qualification you need. That would have to be your ONLY income source. QMB also takes into account savings, checking, property, interest income, etc.


I suspect you have heard of this program but have not actually investigated the requirements.


Also question why SS benefits are so low.
Thank you. It is not going to be easy to stay under that income guideline but it appears do-able if
I keep checking the SS website and stop working at a specific time, around age 54. But it would really benefit me if somehow I could ensure our healthcare in other ways and continue working forever...
 
Old 02-07-2017, 11:46 PM
 
1,190 posts, read 572,031 times
Reputation: 1010
I guess I will answer my own op now. Me, 48 yrs old, husband 55.

Make 41K combined Me- 26K, him-15K last yr. Myself = more this year-3% cola raise+.50 cents per hr

401k Just offered at work so now 49% of my income is going to it

We own 20 acres of land w. 2 springs on it. Value-120K bought for 50K

We own another parcel of land currently for sale for 29K.

16K in savings account at the moment

7K worth if bicycles

RETIREMENT-
We will own our small home, garage and an ag building. When we sell our second parcel of land (for 20k at the lowest) or when our 160K inheritance comes in..this is a done deal. His parents passed away recently
He'll also build a small cabin to rent out or trade. Pay some friends to build it-profitting about $300 extra per month. The town is a bit in the boondocks and offgrid so we don't worry too much about what the world would think or do. We will also garden for vegetables or if not, attend the farmers market.

INCOME
SS-$1350+Rental $350 (or more)=$1700
Expenses
$75 landline phone + cable internet (the towns only "utility")
$47 Property tax (set 1% of land value by law)
$200 gasoline (driving to/fro the bike club rides)
$600 Food
$50 car insurance
$100 upkeep-bicycles, solar panels batteries, appliances, etc..
$50 hair care/ toiletries, etc
$100 unexpected expenses
$78 cheerful giving
-------------------
$1300 Expenses

No homeowners insurance-,not offered it in this offgrid town. There will be another small dwelling built on the property to rent out, profiting $350 extra per mo (likely more, being conservative)Hopefully over 50% of that is put away for our elderly years. We have a cousin who is planning on renting it now but we could do this twice, husband says there is room for two cabins on the property and we could still keep our privacy having them use the other entrance.

We currently have 18K in a savings account.

Vehicles paid off

Our bicycles are worth about 3K each, we ride them alot.

The 401k $$ is our sons inheritance along with the house& property

My husband likes to buy a car every few yrs from the auto recyclers, fix it, paint it, drive it a few years then re-sell it. So far we've always made a little money ($2-5 hundred dollars) on each car while driving the cars for free. He's been doing this for about 20 yrs. He also wants to start buying diesel cars and making our own gasoline. There is a restaurant nearby which has a ton of oil they toss out. The local town store takes gold as currency so we will be converting much of our currency from the inheritance to gold. Basically buying gold. There are gold miners in this town, the store has always taken gold as currency

So I guess in retirement I see an income of $1350 sufficing but the extra $300 from a tiny rental cabin should help. The town is a bit dangerous, most people like to have others living on their property due to the criminals. But it's also a vacation destination, 50% of the homes are vacation homes. It's a beautiful area. We are hoping to buy a home also, live in it a few years (live part time) then sell it for a profit and use that profit to build on our land. But all we have is 13K down payment so far. And likely wont have much more really soon unless inheritance comes in or the other parcel sells.
.

Last edited by NancyDrew1; 02-08-2017 at 12:25 AM..
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