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My wife and I are currently doing a bit more of a compromise on this vs standard retirement. We are both healthy and making good money in our careers at a company that give us a lot of vacation time and travel opportunities (and we're both working jobs that are in line with our personal interests). We currently enjoy getting to travel a lot and enjoy a few luxuries here and there, while simultaneously saving over 50% of our incomes (before counting any company matches). We also have both of our college degrees paid for (hers 100% by academic scholarship, mine partial scholarship and then the rest paid off within a few years out of school), have had paid-for used cars for ~10 years, and bought a house well below the limit we were approved for. We still have a mortgage, and probably will for another 12 years or so, but the mortgage interest rate is low enough that we easily make more annually in the markets to justify paying it off. Otherwise we could pay it off cash tomorrow.
We recognize that we could fairly realistically retire today and live very frugally, but at the moment we are enjoying our work, enjoying the travel, and socking away a lot of money for the future. Our current goal looks like we will retire in our 40s with a very healthy annual amount versus in our 20s with half that amount (both adjusted for inflation in comparison). Just a slightly different approach but one that we personally prefer.
I think the key is you have made some smart choices which now allow you the freedom to do as you please. You are choosing to work, which is vastly different from working because you must.
All these people criticizing are most likely in a worse situation spending 95% of their 50k salary per year. Envy is prominent in this thread. This guys living a minimalist lifestyle while everyone else is out chasing material goods that do nothing but take up space.
All these people criticizing are most likely in a worse situation spending 95% of their 50k salary per year. Envy is prominent in this thread. This guys living a minimalist lifestyle while everyone else is out chasing material goods that do nothing but take up space.
Kids are not "material goods that do nothing but take up space.", so I assume you are only talking about non-parents.
Switching to single payer won't change the health care system's monetary shortfall if too many choose not to work or chose to underwork (especially coupled with such a large percentage of our population becoming elderly). It is just a different way of funding subsidies for healthcare. IMO too many people are thinking of single payer as a panacea.
In my specific case, I do "work" in the sense that I have income that is taxed. It's enough for me to live the life I want. Am I underworking by being retired...not really, unless the inherent goal for every citizen is to work and consume as much as possible (yeah, our economic system may sorta be built on these principals).
All these people criticizing are most likely in a worse situation spending 95% of their 50k salary per year. Envy is prominent in this thread. This guys living a minimalist lifestyle while everyone else is out chasing material goods that do nothing but take up space.
I see this all too often - two people working 50+ hrs/week and they can barely make ends meet. Buying "stuff" is what gets them through all the working they don't like...it's like a drug addict that needs his fix. A vicious cycle.
Next thread, it's VERY long lol. But I totally like your approach to life which lines up with my main man, Dave Ramsey, which is to "live like no one else, so later you can live like no one else". I believe in living BELOW your means, saving/investing the difference, and doing what you can to bring in a quality stream of income (W2, 1099, Businesses, etc) while managing your taxes in a way that keeps them very low.
I do think your calculations might be a little TOO low though? I haven't gone through every single page in the thread but I assume your expenses are the same as on page one which are the following below, but I'm going to put my comment under each item if that's okay with you?
Rent $0, car payment $0 (for the next 7-8 years), and home/car maintenance $??/month
Notes: You see, the Home and Car Main. portion is blank right now which are skewing your numbers down too low. I didn't get the year, make and model of your vehicle but you have to factor in some repairs on it, oil changes, etc. Plus, if you own your own home, who cuts the grass? Does the paint jobs? Cleans the gutters? Or all other assorted home repair/main. work? I will say, for this budget about $300 a month at the minimum combined for home/car repair/main. work going forward. Plus, there will come a time when you will need to update the car to a newer vehicle or do some serious replacement to the major parts (which means you should obtain another car anyway). I won't even FACTOR that into this, but you can just see for yourself that a major investment like that will be due in a couple of years as well or as you estimated, in about 7 years.
Food $325/month, Utilities $225/month, Gasoline $60/month, Property tax $67/month, and Car insurance $60/month
Notes: All of these are variable expenses that CAN and COULD increase. Right now you are factoring them at $737 a month. Food prices have been increasing every year, Gas continues to go up, Utilities go up, Property Taxes can go up based on the area, and Car Insurance Rates could increase if someone HITS YOU and you have to file a claim in order to get it covered. I would reasonably put this combined at $900 going forward.
Cell with unlimited data $40/month, Gym $20/month, clothes/haircuts $30/month, and travel/vacations ??
Notes: Okay the cell, gym and your spending on the clothes/hair should remain relatively the same. But you have no fun at all? No traveling, no vacations, no taking a chick on a date, no going to a strip club, no movies, no bowling night out, no NOTHING? For the rest of your life? I don't think so lol. I would add about $100 a month at the BARE minimum for some leisure time in here.
Health insurance $38/month (could get a bronze plan for $0) and home insurance $50/month
Notes: I would not think that your health insurance is going to remain so low going forward, Obamacare will increase the cost of health insurance continually going forward throughout the years. Right now I'm at $140 with a solid setup for my 31 year old self and no kids. I think you should reasonably expect the health insurance to at least go up to $200 a month as you age and that's BARE MINIMUM. Home insurance might stay around the same. No life insurance? No home flood insurance? No dental or vision insurance?
So I would put the new monthly total at around a high of $1,640 but it could be around $1,250 on average to start out as you go forward. With $20,000 a year in income coming in, you should just about BREAK EVEN but considering taxes will have to be paid on that amount of money, you might not breakeven. I would look for $40,000 a year at least and keep the expenses managed conservatively still going forward like you have them. There's only SO LOW the expenses can go, but I think managing them in the fashion that you do while getting the income at $40k, or hell, even $30k, will set you up pretty good going forward.
I don't like work, schedules, mornings, bosses, responsibility, feeling replaceable, consumerism, etc, etc.
I do like coming and going as I please, sleeping until noon, hanging out at the pool, traveling, women, reading BS on the internet, playing basketball, working with my hands once in a while, etc.
Anyone else want to join me?
I sleep in just about every day, do what I want, when I want, don't have to answer to a boss, come and go as I please, travel when I want, mess around online, and usually end each day of my life with a few bong rips. I make a lot more than 20k / yr though....In America....without even a high school diploma.
The OP's food and utilities costs are insane. I live on ~$150/month for food and I am splurging a bit. You just have to cut out the wasteful, unhealthy fast food. I can eat lunch for a week on the cost of one lunch out. I even go out to dinner at least 1-2 times a month as it is. I eat some sort of cereal or bread for breakfast, a meat sandwich/fruit/yoghurt for lunch, and cook dinner/eat leftovers in the evening.
Utilities - how are you possibly paying that much?! Running the AC 24/7? A total ripoff. And cut the cable - or move somewhere that doesn't require it. Streaming online is far better and cheaper.
The rest of the OP really makes me realize how good a deal renting is. I rent a studio apartment in my city for $1000/month and currently spend ~20K/year. Even that's excessive and I'm currently looking at renting a room. All utilities are included and I don't have to worry about property taxes/maintenance/etc. IF I cut down to renting a room it would cost me ~$500-$600/month.
I bike everywhere/take mass transit, so no car needed. Haircuts are free if you do them yourself (or in my case, have a family member do them for me). My 20K budget also lets me take one international vacation a year.
Summary: OP's post is not only realistic, but actually has a lot of fat left he could trim without giving up much.
Come on lol, does a "quality" of life matter at all though? I mean yes, you can have virtually NO expenses if you reduce your quality of life to NOTHING....but come on, a quality of life does matter here.
Come on lol, does a "quality" of life matter at all though? I mean yes, you can have virtually NO expenses if you reduce your quality of life to NOTHING....but come on, a quality of life does matter here.
Are you suggesting that expenses and quality of life are correlated?
In no particular order, the biggest factors influencing human happiness include meaningful work (with lots of autonomy, low stress, and low fear of losing your job), private life, community, health, freedom, and a philosophy of life.
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