Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
Your assumption that people who want to work and get ahead are on auto pilot or not living thought out lives, not necessarily so.
I'm not implying that at all. I'm just saying look around at your stuff, think about what makes you happy and go from there. I hope everyone has much of what they want.
Quote:
People don't have to be doing work they "can't live without doing", in order to be happy, that's the uncalled for smugness.
I decided that it was either like, love or don't do. It's a personal decision for all of us. Sorry if I came across as smug.
Quote:
You could not do the things I do on your income, but so what. I'm not in competition with low income premature retirees anyway, it's a different lifestyle.
Yeah, I don't like that type of competition either. I just try to live the happiest life I can, stay healthy and say my prayers.
I'm just trying to get ideas about what people do with their money...maybe I'm missing out on some fun!
this must be a joke live on 20 k a year ROFL LMAO. this poster must be forgetting that the car won't run forever not to mention maintance and on and on. called bills
this must be a joke live on 20 k a year ROFL LMAO. this poster must be forgetting that the car won't run forever not to mention maintance and on and on. called bills
Quote:
Originally Posted by mathjak107
come on' you know everything works out on paper.
Ok, just had to sign up after hearing about this from the similar Slickdeals Finance thread and reading most of this.
You simply have to know how to buy 'smart.' You certainly don't go out and buy beyond your means and extend yourself for years with car payments while holding onto a huge, depreciating asset.
The OP has talked about buying a used vehicle with a dependable repair history. Some people just have a certain knack for buying things where others would spend at least twice or more for the same exact thing.
Here's an example for you:
I purchased a brand new Chevrolet Cavalier in 2003 for $5800 after all the rebates, promotions, etc. NO trade-in. I drove that car for 8 years and put roughly 50k miles on it. I didn't put a nickel in repair into it other than oil changes. I sold it 8 years later for $5000. Not taking lost opportunity cost of the initial cash outlay into account, my net cost was then roughly $100 per YEAR of depreciation.
Here's another one:
Purchased a brand new 2009 Pontiac G5 for $6500 after all the same rebates, promotions, and after Obama gave me $4k for a 20 year old truck I hadn't been using that was essentially worthless at the time. Drove it for 2 years and sold it for $12000. Net cost? You figure that one out...
Another one:
After selling the original Cavalier and regretting it, I picked up another used one - a 2005 for $4000 with 35k miles. I've used it for roughly 3 years and could still sell it for what I paid, if not more. Again, $0 in repair other than oil changes that I do myself.
As an aside, used Cavaliers are really sleeper cars that not many people know about. After doing much research and first-hand experience, I've determined they are about as reliable as any Honda or Toyota and the initial cash investment is much lower. You have to know how to search and look for deals. There definitely are diamonds in the rough. Purchase something that has already seen at least 50% depreciation with the lowest original miles you can find and in the best condition.
I use these lower priced vehicles as commuters to rack miles up on and beaters for the snowy winters. I have other vehicles I use also, but these are just examples how people don't have to spend (or lose) thousands and thousands of interest-laden dollars to get from Point A to Point B.
This type of buying can extend to real estate or any other expense.
I have to hand it to him, the OP really does seem to have his head screwed on straight and has his priorities figured out at such a young age. All the Negative Nellies gotta at least give him some credit.
I couldn't have stated the conundrum of the do-gooder syndrome any better. I hope voters that Obama stole that money from actually pay attention and put that $4000 to a much better use than enriching leeches and parasites.
I couldn't have stated the conundrum of the do-gooder syndrome any better. I hope voters that Obama stole that money from actually pay attention and put that $4000 to a much better use than enriching leeches and parasites.
The Cash-for-Clunkers program was nothing compared to the program where thousands of people were receiving FREE electric cars valued at roughly $7000 AND there was NO limit to the number of cars you could get - only your tax liability. I missed out on that one. Kick myself for not taking advantage. Know a guy who picked up two for FREE.
I think you might be able to pull it off, the risk is government. They are keen on spending like a drunken sailer on whores and have no conciousness about those on fixed incomes.
Inflation could eat you alive. And I see inflation coming
- $20,000/yr passive income (increasing with inflation)
- modest home paid off (1000-1500sq ft)
- fuel efficient car paid off
- no debt
- low cost of living part of the US
With an income of $20k/year, health insurance can be had for free (Obamacare).
A modestly sized home of say 1000 sq ft (not small in most countries or even the US 40+ yrs ago) will allow for low utility cost, low property tax and lower maintenance cost.
If a person locates near a decent sized city (50k+) they may even be able to walk/bike/use public transportation.
Here is my personal expenses:
Rent $0
car payment $0 (for the next 7-8 years)
Food $325/month (includes eating out a lot)
Utilities $225/month (includes required $50 cable tv package)
Gasoline $60/month
Cell with unlimited data $40/month
Gym $20/month
Car insurance $60/month
Property tax $67/month
Health insurance $38/month (could get a bronze plan for $0)
home insurance $50/month
clothes/haircuts $30/month
home/car maintenance $??/month
travel/vacations ??
total: $915/month -- as low as $850 if needed.
That's about $11k/year which gives me a cushion of about $9k/year. I also have savings which can be tapped in an emergency.
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 have been doing this since 1998 and have a few questions...
Why eat out often? It defeats the entire premise of living cheap.
Why is there a mandatory $50 TV cable bill? Get a $30 antenna and watch TV for free. HD is superior over the air.
Why go to a gym? You can walk, or ride a bike for free and you can do simple exercises in the privacy of your home.
If you are retired, how is clothes/haircut making the list?
You aren't ready for it. It will cost more than what you think, especially if you need to repair your car or house.
Dare I defend Mr Haskell. But I take it that to his way of thinking, he's living the good life. And if he enjoys those things and can afford them, on 20K...I must admit I don't see why he shouldn't pay for have and enjoy those things.
I'd retire and not work also, (just like he's doing, IF -- I could live the kind of lifestyle I want ), but my lifestyle takes more money than 20K.
If you gave me 40K a year and said I wouldn't have to work -- but that I had to live like him -- I still wouldn't do it.
But if what he's doing works for him, more power to him. I think his attitude is a bit smug, and I think he picks which points he'll respond to (only the ones that support his view). But he'll find out soon enough if there are any holes in his plan.
Yes. You mentioned this already. Everyone is free to read about this topic on Slickdeals too if they don't mind going through 40 or so pages containing much of the same stuff.
The heart if the question is - can one live well on $20k/year given their home and car is paid for?
I'm not sure why you are so interested in the "how" part. If one can't accept the premise provided in the OP, why participe in the debate and berade me for not answering personal questions? A simple "I don't want to discuss my finances" should suffice.
The entire premise is about the 'how' part. Somebody making $20K per year for life and never having to work for it, never having to work at it and so on and never making a ton of money yet somehow has no debt and a home is pretty important. I mean a person making $30K per year but has to work 80 hours a week at two full time jobs probably would rather know how to make $20K per year doing nothing over how to save a few bucks on food.
That's the problem with the entire story. The "HOW" part is far more important than the not spending money part. Most poor people live off of under $25K per year as it is, that' s not exactly an original concept. The idea somebody makes $20K per year for life and never has to work for it and is "retired" before 30 years old, well most people who still work would want to know more about that idea. And yet it's always BS answers. That seems to be the heart of the story more than anything else. Why the lies?
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
live on 20 k a year ROFL LMAO
