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I'd imagine that if you make for $9/hour then you're probably going to have to work until you're 67-70 years old.
Retire early with not enough money = probably having to work when you're old and out of money.
Work until "retirement age" = probably dead or too tired to enjoy money.
Not sure why it has to be one end of the spectrum or the other? I'd guess that most people will choose somewhere in the middle--work and accumulate enough wealth to feel comfortable enough to retire. Of course how much is "enough" is waaaaaaay different for everybody.
But look at the average income in the US. It's what, $50k per household? How much of that $50k is going into retirement? How many of these folks will have enough money to retire comfortably at 65? They will probably be lucky to be out of debt by 60. Sure it would be easier if the average income was 100k, but 100k jobs represent less than 1% of available jobs...not everyone is going to get them.
and I will say it again , it is not stupid depending where you live to spend more than 6k in taxes . heck in long island or Westchester taxes run 12-20k.
millions chose to live there too.
you are making a judgement on something you have no right to call stupid,.
it isn't anymore stupid then someone who thinks its stupid to live in a place like ohio just because it is cheaper.
I would say its stupid to think you can live in a place with $10k property taxes (and other costly expenses) while believing you'll eventually live a life not centered around work.
If you love your job this may not matter. If you make $100k+ the high cost may not matter. If you come from a wealthy family it may not matter.
each situation is going to be different. why are you assuming that folks who live in this area are trying to not work before retirement age? ..many do retire early but again each persons finances are different.
and I will say it again , it is not stupid depending where you live to spend more than 6k in taxes . heck in long island or Westchester taxes run 12-20k.
millions chose to live there too.
you are making a judgement on something you have no right to call stupid,.
it isn't anymore stupid then someone who thinks its stupid to live in a place like ohio just because it is cheaper.
I live a frugal lifestyle...in my opinion it would be stupid to live in a state where I'm paying 10k plus in property taxes. Your not stupid....Eddie isn't stupid...I think it is stupid in my own opinion to live there for what I desire out if life. Simple.
each situation is going to be different. why are you assuming that folks who live in this area are trying to not work before retirement age? ..many do retire early but again each persons finances are different.
I'm not - hence why I qualified my statement with "if you like your job it may not matter". If one makes $150k and lives on $120k while enjoying their job - they may never be able to retire early, but perhaps they are ok with that.
I would say its stupid to think you can live in a place with $10k property taxes (and other costly expenses) while believing you'll eventually live a life not centered around work.
If you love your job this may not matter. If you make $100k+ the high cost may not matter. If you come from a wealthy family it may not matter.
I agree. If you live somewhere where you have to pay some 25k plus a year just to own a home or just to get by you will have to work a chunk to just get by. If that is fine and you love your job go for it...if you want to live your actual life and have free time to do things perhaps a lower cost state is an option. An option...noone is forcing anyone here. Just an option.
I'm not - hence why I qualified my statement with "if you like your job it may not matter". If one makes $150k and lives on $120k while enjoying their job - they may never be able to retire early, but perhaps they are ok with that.
An example of this is a guy in my office. He is 84 and still comes in every day. He loves what he does and will work until the day he dies. He actually has a few million dollars saved up, but works just because he enjoys it.
I agree. If you live somewhere where you have to pay some 25k plus a year just to own a home or just to get by you will have to work a chunk to just get by. If that is fine and you love your job go for it...if you want to live your actual life and have free time to do things perhaps a lower cost state is an option. An option...noone is forcing anyone here. Just an option.
Look at the area where I live...hoards of northerners migrate here every year. So you are right, millions of people do consider moving somewhere that is cheaper.
I haven't read all 98 pages of this thread, but the scenario outlined in the OP seems doable to me. I could easily cut a few things out of his expenses too.
Sorry if anyone has already mentioned this, but the tough part seems like it would be getting a paid off house and car to start with, and then the even harder part is earning $20k a year. Working 20 hours a week would require a job that pays around $20 an hour in order to make $20k per year. I don't know too many part time jobs that pay that well.
Yeah, I don't know either. In order to get 20k a year in passive income like the OP mentions you would need 4-500k in assets growing at 4-5% a year. If I had no kids, a paid for house, paid for cars, and 500k in the market I could easily live off of 20k a year. I lived on 75% of that as a grad student while paying rent and was not missing anything. The issue is that is near impossible to do before you are 40-45 if you remain single and almost impossible to do until 55-60 if you are married with kids.
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