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Old 10-13-2016, 02:54 PM
 
Location: We_tside PNW (Columbia Gorge) / CO / SA TX / Thailand
22,585 posts, read 39,962,822 times
Reputation: 23716

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Quote:
Originally Posted by jlawrence01 View Post
I don't believe about 80% of the posts where people are claiming that they are living on some ridiculously low amount. ....
give it a try! you might like it

We didn't have to skimp on our <$40k RTW 10 month trip last yr, some of the $10/night stays were beachfront condos that owners gave us the key and told us the fridge was full. No freeloading, as they come see us, they get the same treatment in 1 of only 9 USA National Scenic Areas. (As our guests have had for 28 yrs). Some stay for a couple nights, some for a few weeks, no charge, they are always welcome.
https://www.google.com/search?q=colu...hpAScQ_AUICSgC

HC? we just have to go without / self insure, now that the US gov withdrew all our affordable options. Thailand (or other countries) is plenty good, Last trip to the hospital was excellent. 5 star Resort adjoins hospital for 'families'. Staff is superb, as well as care and equipment. Been commuting to Asia every other month for 25 yrs, so a simple trip overseas is not a big deal.

When a person CHOOSES to retire at age 54, one might expect some minor 'adjustments'

Entirely possible at a very nice Standard of Living. Even in a BIG (USA) city (SA is #6 in USA) 3.332959186x BIGGER than Miami.

4.923279183 x BIGGER than Cincinnati (which I would assume to be MUCH cheaper CoL than SA)

Last edited by StealthRabbit; 10-13-2016 at 03:07 PM..
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Old 10-13-2016, 03:14 PM
 
26,591 posts, read 52,303,280 times
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I love your posts... especially since you walk the talk.

30+ years of managing property provides an insight into how many live and their finances...

I swear some will always be paycheck irregardless of income... others will always manage to put some aside.

Controlling costs are key as not many have unlimited funds.

I've met people that made a conscious decision to spend all they have and who am I to say as long as they are meeting their obligations.

One of the ways I look at cost is identify recurring costs and annualize... like that $4 coffer each work day is $960 annually... or the $120 entertainment package $1440 annually...

Lighting costs can be trimmed 80% by going to LED and some utilities offer incentives making it a no brainer....
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Old 10-13-2016, 03:36 PM
 
Location: We_tside PNW (Columbia Gorge) / CO / SA TX / Thailand
22,585 posts, read 39,962,822 times
Reputation: 23716
Quote:
Originally Posted by Ultrarunner View Post
...
One of the ways I look at cost is identify recurring costs and annualize... like that $4 coffer each work day is $960 annually... or the $120 entertainment package $1440 annually.....
yeah.... I took some guests out to dinner in NZ and it cost me 3 months of Frosty's! I am trying to back to HS weight again, so need to take a few more folks to lunch!

I wonder how many investment houses I was able to buy cuz I drive a $35 car using free cooking oil (for the last 40 yrs). It is a mindset / lifestyle, I chose to give most of my earnings away to MANY who needed it worse than I... mindset... I have only been IMPROVED by doing so, never in want. (tho AC would be nice in SA summer (which I DO NOT participate!)) 50F sleeping nights are why I have a PNW summer place. Fresh Salmon and Wild berries are a nice benefit too!

I note ALL of my tenants have Cable TV (no TV for me since 1968) and they have much nicer cars than I, but they PAY for it! after all... they are buying houses for me, so I am very grateful for them.

age 35 retirement would have been EZ with a double income family, or even a nice single income 'college-degree' job would have helped. I was already quite busy with elder care when my friends headed off to college at age 18. That little chore was to last till I was age 49, thus age 49 worked out PERFECT for my retirement And off to college I went

Now I am buying some LED's for my shops! (Just in time for my failing eyesight) Any hints on <$30 LED lights for shop appreciated to help retain 'retirement' status, rather than 'work-for-toys!'
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Old 10-13-2016, 03:40 PM
 
852 posts, read 930,130 times
Reputation: 1004
Quote:
Originally Posted by jlawrence01 View Post
I don't believe about 80% of the posts where people are claiming that they are living on some ridiculously low amount. Usually, it involves either that they are "not counting" minor expenses like health insurance, that they are freeloading on neighbors or parents or friends, they are relying on the generosity of others (using free health clinics, subsidized housing, free meals, etc.) or they are living in such squalor that few others would desire.

It is like one of my old Chicago buddies who is living on $800 a month in a small city in the Philippines. He, his wife, and his daughter live in an 325 square foot flat with no running water and no kitchen to speak of. Or one of my old coworkers who lives with Mom and Dad who still pay for her housing, her health insurance, her cell phone, her meals so that she can tool around town in her Mercedes.


That's fine, you don't have to believe it but I can attest that it certainly can be done on 2k per month. You do realize there are lots of folks in low COL locations that do it every day right?
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Old 10-13-2016, 03:55 PM
 
26,591 posts, read 52,303,280 times
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Quote:
Originally Posted by StealthRabbit View Post
yeah.... I took some guests out to dinner in NZ and it cost me 3 months of Frosty's! I am trying to back to HS weight again, so need to take a few more folks to lunch!

I wonder how many investment houses I was able to buy cuz I drive a $35 car using free cooking oil (for the last 40 yrs). It is a mindset / lifestyle, I chose to give most of my earnings away to MANY who needed it worse than I... mindset... I have only been IMPROVED by doing so, never in want. (tho AC would be nice in SA summer (which I DO NOT participate!)) 50F sleeping nights are why I have a PNW summer place. Fresh Salmon and Wild berries are a nice benefit too!

I note ALL of my tenants have Cable TV (no TV for me since 1968) and they have much nicer cars than I, but they PAY for it! after all... they are buying houses for me, so I am very grateful for them.

age 35 retirement would have been EZ with a double income family, or even a nice single income 'college-degree' job would have helped. I was already quite busy with elder care when my friends headed off to college at age 18. That little chore was to last till I was age 49, thus age 49 worked out PERFECT for my retirement And off to college I went

Now I am buying some LED's for my shops! (Just in time for my failing eyesight) Any hints on <$30 LED lights for shop appreciated to help retain 'retirement' status, rather than 'work-for-toys!'
I've owned one new car that I got a deal on when I worked in Germany 15 years ago and still have...

Drove my old $800 Valiant for 20 years... bought it in High School... that car did everything... haul one yard concrete trailers and had all the material for 60' of six foot redwood fence on the roof rack... hauled water heaters across the trunk too...

I've never sold a car for less than I had in it... guess I will have to keep the German car forever!

I like the Costco 4' LED bulbs and/or fixtures... they come both ways.

Did notice they changed the design some... not sure if it affects anything.

Always had trouble with my 8' garage florescent in Olympia... especially when cold... they would flicker and hum... took out the four 8' bulbs and put in two of the 4' LED Costco fixtures that cost $24 each and very happy...

The best return was helping a friend with 1960 T12 three bulb garage lights... did a direct bulb for bulb swap and it was too bright... so left 2 in each fixture... his wife said he sometimes goes to the garage simply to turn the lights on!!!

PS... I got a beautiful 2006 Range Rover for free... it shows like new and drives great... one owner.

Friend bought it new and after the warranty was up was spending thousands each year at the dealer... wife said not a penny more.

The tilt steering column went out and Dealer wanted almost 7k to repair... he was going to trade it on a truck and the dealer didn't want it... I happen to ask what he was going to do with it and he asked if I wanted it... said it would make the wife happy and if he was going to "Give" away his 80k car he wanted it to go to a friend... good karma I guess... it has changed how people see me at work... who knew???
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Old 10-13-2016, 04:15 PM
 
110 posts, read 133,667 times
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Quote:
Originally Posted by mathjak107 View Post
don't forget most if not all of those on lower incomes get subsidized healthcare and cost sharing while those of us over the threshold have to spend thousands of dollars for it . those dollars taken for healthcare are all after tax dollars too so you need even more to cover them .
I hope I can get that as well !
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Old 10-13-2016, 04:22 PM
 
Location: We_tside PNW (Columbia Gorge) / CO / SA TX / Thailand
22,585 posts, read 39,962,822 times
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Quote:
Originally Posted by MCNE View Post
I hope I can get that as well !
do an MAGI on your projected 1040, you might want to consider a different alternate income source than consulting.
https://www.irs.com/articles/what-mo...d-gross-income
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Old 10-13-2016, 04:37 PM
 
Location: Central IL
15,238 posts, read 8,532,850 times
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Quote:
Originally Posted by CLR210 View Post
While I did not itemize, I DID provide how we COULD do it. Not that we have any intentions of living on only 2k per month just that we COULD if need be. DH and I actually did this exercise together a couple of times to look at worst case scenario so trust me, it can be done. We could cut our costs even more if we sold our home and bought something less expensive that would lower our property taxes, homeowner's insurance and HOA fees. Heck, our last house cost us $4670 LESS than our current one on these items and our water, garbage and electric was also MUCH less than we pay now. Also, by your own numbers below, you are proving 2k is possible.


My SA area monthly costs (for both of us):
$147 Property Taxes (Covered by renting out main house, we live in a cabin on property)
$110 Utilities (Electric + internet) On Well and septic, so no monthly expense (Covered)
$117 home insurance (higher rates in TX than my WA props due to OTHER TX areas that have more risk) (Covered)
$10 trash (share cost with 4 neighbors) (Covered)
$100 food and entertainment (plenty of free college and music events in Hill Country, we volunteer at venues for free attendance)
$140 for Dino fuel -gas powered (ick) car, lawn mower, chain saw, and MC (WVO is free and VERY ez to get in TX, for the 'other' cars / tractors, dozers / trucks) ~ 50% deductible as per maintaining income property IRS rules
$20 MAX for car repairs / service ($35 cars that run a million miles don't cost much to maintain, or insure)deductible
$33 car / truck / MC insurance ~ 50% deductible
$40 Pets / livestock (free?) eggs and meat...

No HOA, self haircuts (Flo-Bee ),
$300 / month HC (Sharing network)
$100 / month for garage sale 'treasures' (resold on eBay for 5-10x)

$717 / month GROSS
$236 / net / out of pocket SA TX expenses
$100/month for food for 2 people...supplemented with your livestock that surely DO cost something to feed - this is the kind of thing that makes people suspicious.
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Old 10-13-2016, 04:40 PM
 
26,591 posts, read 52,303,280 times
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^^^If everyone lived the way Stealth lives it would crash the consumer economy...

It really is not that hard to live simply and second hand if you have the mindset...

Our chickens growing up foraged and had produce scraps... very little feed.
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Old 10-13-2016, 04:44 PM
 
512 posts, read 480,605 times
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Quote:
Originally Posted by MCNE View Post
I can't read minds or predict the future but one thing I do know for sure is that there is no way I'll be working my (A) corporate job for the next 8 yrs. Hell I'm struggling with 2019. I understand what you mean however.

I understand you as well. You are doing the right thing by thinking about it prudently and seeking answers from both professionals and others with personal experience.

Every situation is different. For each person who has done it well there are many others who are quietly suffering cash strapped retirements due to retiring too early or by taking withdrawals from retirement accounts early that were not sustainable.

In my 20 years of working as a financial professional, the most comfortable retirements I have witnessed and managed, outside of those that are very wealthy, are by those with pensions and a cola of 3% that cover all of their expenses and have cash retirement accounts as well.

You may be mentally done with your corporate work life but no one wants to go back to work after they retire.
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