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I think as long as you have a plan you'll be fine. You've reserved yourself to working for a long time to come it sounds like. I wanted to be done saving by my mid-late 30's with the ability to walk away. That is why we've put so much away ourselves and kept cost of living very low as incomes grew. I just like the feeling. There are many ways to skin a cat.
Hope to retire by my mid-60s and could see myself doing a part-time gig afterwards, just to keep busy, when not traveling. Probably won't stay where we are living now, but even if we do, will likely downsize. I'm sure we'll be able to take our equity and buy somewhere else outright with money to spare. Property taxes would be higher (if we stay in CA), based upon Prop 13, but I can't see total costs being anywhere close to that.
Yes, that's unfortunately true. It's tragic that so many people, even most of those in the upper middle class, are on a treadmill of their own creation.
Ah one of my favorite and most wise posters nails it again.
No one is required to live in super high COL areas; it's a choice. It may not feel like a choice, but it is. No one is required to constantly buy more stuff, that too is a choice. Just as living more simply is a choice, so is living a more extravagant lifestyle.
Sometimes I think spending time on finance-related forums causes more angst and anxiety for folks because there's a combo of bragging and an ongoing message of 'you'll never have enough and whatever you do, you won't make the best choices you could have.'
Don't allow anyone but you to define your success! If you are healthy, if you have enough food for today, tomorrow, next week, next month, next year, if you are safe in your home, you are fine. If you are living within your means and putting something away, that's good! Figure out what's really important and meaningful and be grateful instead of feeling like you can never measure up.
I've been around enough multi-millionaires to know that when someone defines themselves by how much they have, the fancy things they buy so they can look important, and are obsessed with money even when they've gotten to the point where they have financial freedom, then they are poor deep down inside and there is nothing that will fill that hole.
Ah one of my favorite and most wise posters nails it again.
No one is required to live in super high COL areas; it's a choice. It may not feel like a choice, but it is. No one is required to constantly buy more stuff, that too is a choice. Just as living more simply is a choice, so is living a more extravagant lifestyle.
Sometimes I think spending time on finance-related forums causes more angst and anxiety for folks because there's a combo of bragging and an ongoing message of 'you'll never have enough and whatever you do, you won't make the best choices you could have.'
Don't allow anyone but you to define your success! If you are healthy, if you have enough food for today, tomorrow, next week, next month, next year, if you are safe in your home, you are fine. If you are living within your means and putting something away, that's good! Figure out what's really important and meaningful and be grateful instead of feeling like you can never measure up.
I've been around enough multi-millionaires to know that when someone defines themselves by how much they have, the fancy things they buy so they can look important, and are obsessed with money even when they've gotten to the point where they have financial freedom, then they are poor deep down inside and there is nothing that will fill that hole.
Yup, I know so many people that do this stuff. A guy my wife works with has a wife a 10 year old daughter and a 23 year old step son. He just sold his $350k 3k sq ft house to move into a $500k ~3.8k sq ft house, for pretty much no reason other than they were tired of the one they had that they had just bought about 6 years ago. I just don't get why you need that size house for essentially a family of 3. We are a family of 3 and have more than enough room in a house that is 2.2k sq ft. Our income has more than doubled since we bought this house 4.5 years ago and we haven't even considered looking for something different. I consider a home a place for shelter. I want it to be nice, but I don't need an extravagent castle. I'd rather save that money to give us options sooner in life.
Yup, I know so many people that do this stuff. A guy my wife works with has a wife a 10 year old daughter and a 23 year old step son. He just sold his $350k 3k sq ft house to move into a $500k ~3.8k sq ft house, for pretty much no reason other than they were tired of the one they had that they had just bought about 6 years ago. I just don't get why you need that size house for essentially a family of 3. We are a family of 3 and have more than enough room in a house that is 2.2k sq ft. Our income has more than doubled since we bought this house 4.5 years ago and we haven't even considered looking for something different. I consider a home a place for shelter. I want it to be nice, but I don't need an extravagent castle. I'd rather save that money to give us options sooner in life.
Exactly.
What you've done in your financial past can't be changed, and can have consequences years and years down the line, even if you've learned improved habits.
I didn't graduate college until I was 24 and with the economy the way it was at the time, it took four years to find my first professional track position. I never made over $40k until I was 27.
When your income is in the 20k-30k range, it is nearly impossible to meet these multipliers, even living frugally with no minimal to no debt.
These are best case scenarios, assuming life doesn't intervene, and also imply good financial behavior that many younger people do not have.
Sometimes I think spending time on finance-related forums causes more angst and anxiety for folks because there's a combo of bragging and an ongoing message of 'you'll never have enough and whatever you do, you won't make the best choices you could have.'
Yes, this is pretty much how I feel on here and other financial blogs.
I generally adhere to the 50/20/30 rule, but it just never feels like enough.
Yes, this is pretty much how I feel on here and other financial blogs.
I generally adhere to the 50/20/30 rule, but it just never feels like enough.
There will always be people who earn more or save more or spend more or have a better life or are worse off than you.
I remember back many years ago I was working with someone in their mid-30's who liked playing the market. He talked about "just a little bit of money" $5,000 was. I thought he was an ass and braggart. $5,000 to me back then was a TON of money. Took me months to save up. This guy lived like a homeless person, had no place to call home, saved lots of money, etc.
A few years later he died of a heart attack in a hotel.
A lot of good that money did him. It's too bad he was actually a pretty good guy I enjoyed working with him but it's important to live your life how you want and do things that you enjoy/make you happy. You could get hit by a bus tomorrow and never see it coming.
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