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Old 04-03-2008, 04:52 PM
GLS GLS started this thread
 
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Quote:
Originally Posted by cousinsal View Post
Well, I did one of those retirement calculators the other day, and if I put away 125% of my salary each year, I can retire comfortably. LOL
I think I used the same calculator. It projected that at my current savings rate, I can afford to retire six months after I die.
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Old 04-03-2008, 07:47 PM
 
Location: Atlanta
738 posts, read 644,586 times
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Listen, there are more ways to make money and retire well than Carter's has little liver pills! Take my Dad for example. He was a middle manager his whole career, put three kids through college and amassed eighteen rental properties, all paid for, that generate about $18,000 per month in income. A few years back he bought a farm in central Georgia, promptly went to the livestock auction and bought pregnant cows. Between the tax credits he received for his agricultural endevours and the proceeds of the sale of calves, it covered his annual holding costs pretty well until a Florida rancher bought it last year for almost twice what he paid for it! He is now doing the same thing in Alabama. Buying hundreds of acres of prime timberland, planting pines and has developed a plan for harvesting them that will provide substantial income for 30-50 years, long after he is gone.

All it takes is turning off the TV, putting down the bag of Cheesy-Poofs, getting off of the sofa, and reading a little bit or attending a course now and then. Or look around and think about something people need and devise a better way to provide it. A guy in our morning coffee group invented the little thing that has something to do with your Ipod and your shoes. He just sold it for $20 million.
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Old 04-03-2008, 07:54 PM
 
Location: Forests of Maine
30,687 posts, read 49,476,475 times
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Quote:
Originally Posted by Buckhead_Broker View Post
Listen, there are more ways to make money and retire well than Carter's has little liver pills! Take my Dad for example. He was a middle manager his whole career, put three kids through college and amassed eighteen rental properties, all paid for, that generate about $18,000 per month in income. A few years back he bought a farm in central Georgia, promptly went to the livestock auction and bought pregnant cows. Between the tax credits he received for his agricultural endevours and the proceeds of the sale of calves, it covered his annual holding costs pretty well until a Florida rancher bought it last year for almost twice what he paid for it! He is now doing the same thing in Alabama. Buying hundreds of acres of prime timberland, planting pines and has developed a plan for harvesting them that will provide substantial income for 30-50 years, long after he is gone.

All it takes is turning off the TV, putting down the bag of Cheesy-Poofs, getting off of the sofa, and reading a little bit or attending a course now and then. Or look around and think about something people need and devise a better way to provide it. A guy in our morning coffee group invented the little thing that has something to do with your Ipod and your shoes. He just sold it for $20 million.
Cute.

My father buys mortgage notes.

He has been doing it for twenty years, he never pays more than 30cents for each dollar of face-value [or principle value]. The properties commonly go into default, and he puts them back on the market.
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Old 04-06-2008, 10:12 PM
 
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Quote:
Originally Posted by forest beekeeper View Post
Cute.

My father buys mortgage notes.

He has been doing it for twenty years, he never pays more than 30cents for each dollar of face-value [or principle value]. The properties commonly go into default, and he puts them back on the market.
It seems that you and the buckheadbroker had parents that were good examples. I think for most pple this is not the case. I know that I am one of them. I got a little lucky in life by owning my business and so I had to learn what money management, taxes, investment means. I also learned how to think outside of the box, read and gained more knowledge. My point is that I was one of the lucky ones.

I think that most pple work, save, spend on what they earn from their paychecks...they don't think outside of that. Don't you think that you were lucky to have parents that were good examples? After all, we all starts with how we view things and then knowledge.
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Old 05-28-2008, 08:48 PM
 
8,080 posts, read 13,470,251 times
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We want to sell out and move to a 10 acre farm on a lake
like On Golden Pond. We have no clue how much we could
get by on if we grow vegetables,raise chickens, eat fish from the pond,
own one car...you get the picture.
Right now we spend about 6 to 7 K a month but alot of the expense is an
old house that cost to heat/cool and maintain, gas going all over town ,
eating out because of being in the rat race.
My husband has health insurance for life but mine is already 400 a month and goes up alot each year.
We don't like to travel and we enjoy the simple things but it is hard to calculate the cost of a lifestyle you have never lived.
I know my dad lived on next to nothing and enjoyed friends and life in his retirement. He went with friends to a senior lunch everyday at the church and always saved 1/2 his meal for dinner. ( okay that sounds like he was starving...
he didn't have to do this..it was too much to eat at lunch..)

Back to my point... We would have about 4 K/month if we sold out now.
What we get out of our house should just about pay for our next smaller house. We are working on figuring which expenses will decrease/be the same or increase if we try this new lifestyle.

Does anyone know someone that sorta "homesteads" and how much they
spend??
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Old 05-28-2008, 09:11 PM
 
Location: Forests of Maine
30,687 posts, read 49,476,475 times
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Quote:
Originally Posted by kelly237 View Post
We want to sell out and move to a 10 acre farm on a lake
like On Golden Pond. We have no clue how much we could
get by on if we grow vegetables,raise chickens, eat fish from the pond,
own one car...you get the picture.
Right now we spend about 6 to 7 K a month but a lot of the expense is an
old house that cost to heat/cool and maintain, gas going all over town ,
eating out because of being in the rat race.
My husband has health insurance for life but mine is already 400 a month and goes up alot each year.
We don't like to travel and we enjoy the simple things but it is hard to calculate the cost of a lifestyle you have never lived.
I know my dad lived on next to nothing and enjoyed friends and life in his retirement. He went with friends to a senior lunch everyday at the church and always saved 1/2 his meal for dinner. ( okay that sounds like he was starving...
he didn't have to do this..it was too much to eat at lunch..)

Back to my point... We would have about 4 K/month if we sold out now.
What we get out of our house should just about pay for our next smaller house. We are working on figuring which expenses will decrease/be the same or increase if we try this new lifestyle.

Does anyone know someone that sorta "homesteads" and how much they
spend??
We 'homestead'.

I have been on pension since 2001.

We bought bare land, well really forested land with riverfrontage.

We are building a house and starting up a farm. We have hogs, goats, chickens, honey bees, etc. I tend a stall at an organic farmer's market selling eggs and veggies. We produce about half of our food. We still have one teenager living at home.

My Dw works part-time in a grocery store, while I tend the farm, work on the house and once a week sell at the farmer's market.

Our combined income is about $3k/month.

If we were not building the house and the farm, then $1k/month would be plenty.
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Old 05-28-2008, 09:15 PM
 
48,516 posts, read 83,978,960 times
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I thnik one thing you need to consider in any move is the closeness of good medical facxilities. Ten prime acres can be pretty expensive un;less you find something like a small place were the owner has died and the relatives have moved and don't want to keep the place. There are such buys. If moving to a on to vacant land the cost of a infrstructure such as a well or septic systen can be pretty high. Also you will need a place to dispose of garabge as many areas have no such thng in rural areas.It also is hard if you are not use to rural life but can be learned.When I had a place out about 30 miles from a small town I found it to take alot of investment and getting use to. In the end I decided it was no place to retire unless you were not use to the convenences of even a small city.It is not at all like living in a town and we once had powerline out for a month so we had a propane generator installed after that.I found the simple life alot of work but did enjoy it because I had a another place.Why not rent a place similar and get a look at what is invloved before jumping in.
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Old 05-28-2008, 09:37 PM
 
Location: Forests of Maine
30,687 posts, read 49,476,475 times
Reputation: 19134
That is a good point since my retirement my Dw has had three heart attacks; our land cost $900/acre [my farm has riverfrontage], across the road is more forest land that my SIL bought for $300/acre. We live 20 miles from a major teaching hospital.
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Old 05-28-2008, 10:39 PM
 
8,080 posts, read 13,470,251 times
Reputation: 10322
Quote:
Originally Posted by texdav View Post
I thnik one thing you need to consider in any move is the closeness of good medical facxilities. Ten prime acres can be pretty expensive un;less you find something like a small place were the owner has died and the relatives have moved and don't want to keep the place. There are such buys. If moving to a on to vacant land the cost of a infrstructure such as a well or septic systen can be pretty high. Also you will need a place to dispose of garabge as many areas have no such thng in rural areas.It also is hard if you are not use to rural life but can be learned.When I had a place out about 30 miles from a small town I found it to take alot of investment and getting use to. In the end I decided it was no place to retire unless you were not use to the convenences of even a small city.It is not at all like living in a town and we once had powerline out for a month so we had a propane generator installed after that.I found the simple life alot of work but did enjoy it because I had a another place.Why not rent a place similar and get a look at what is invloved before jumping in.

All very good points to consider. I figure if we buy and develop the land
some then we could always sell when we get tired of it or older
and move closer in. The medical issue is a big one because we both love our doctors!! maybe we could find something 20-30 minutes away from good medical.
care.
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Old 05-28-2008, 10:42 PM
 
8,080 posts, read 13,470,251 times
Reputation: 10322
Quote:
Originally Posted by forest beekeeper View Post
That is a good point since my retirement my Dw has had three heart attacks; our land cost $900/acre [my farm has riverfrontage], across the road is more forest land that my SIL bought for $300/acre. We live 20 miles from a major teaching hospital.
Living on 1-2 K a month would be amazing. Cities are so expensive.
Maybe we should come to Maine. We are in NC and thinking NC or Ga
mountains but land that I see for sell is usually 2-10 K per acre.
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