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Old 10-14-2016, 06:17 AM
 
8,185 posts, read 11,902,987 times
Reputation: 17949

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Quote:
Originally Posted by runswithscissors View Post
It's not a matter of OMG. It's a matter of conflating that habit with your average retiree lifestyle for average people. In this particular case, the "retiree" is not average, he's an early retiree - who's decided on the magic number of age 54 without planning for that in advance.

If the OP is relying on Social Security and having to potentially work part time after retiring at age 54, it's statistically unlikely he'll be enjoying your $500 per month "dining" experiences....
No, your conflating my response which was directed at a particular poster (CLR210) who questioned how it could be possible for anyone to spend $500/month on dining out with the OP of this thread (MCNE) who is looking to retire at 54.

Now that we have that straightened out...

Are you seriously going to suggest that it is completely unfathomable to you that regular people can routinely spend $500/month in restaurants? I can understand people being on a budget and not doing so, but it's not like we eat out in gourmet restaurants every night. That's only 6-7 meals (if that) in fairly inexpensive restaurants like the one we went to last night.
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Old 10-14-2016, 06:33 AM
 
Location: Asheville NC
1,602 posts, read 1,312,212 times
Reputation: 4155
Default We average

Quote:
Originally Posted by MadManofBethesda View Post
No, your conflating my response which was directed at a particular poster (CLR210) who questioned how it could be possible for anyone to spend $500/month on dining out with the OP of this thread (MCNE) who is looking to retire at 54.

Now that we have that straightened out...

Are you seriously going to suggest that it is completely unfathomable to you that regular people can routinely spend $500/month in restaurants? I can understand people being on a budget and not doing so, but it's not like we eat out in gourmet restaurants every night. That's only 6-7 meals (if that) in fairly inexpensive restaurants like the one we went to last night.
$500 to $700 a month dining out. Asheville has great restaurants. Many of our friends must average the same because they go with us.
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Old 10-14-2016, 06:38 AM
 
8,185 posts, read 11,902,987 times
Reputation: 17949
Quote:
Originally Posted by selhars View Post
If a person has the resources to spend 10K a month…more power to them. That's clearly a different price point lifestyle than at which many others might live. IMO, it's the lifestyle price point that makes the difference. Lot's of people get hair cuts. They don't get $300 hair cuts. Lots of people eat out. They don't spend $100 per person on a meal. Lots of people go to free entertainment events. Others go to Broadway shows and hundreds a ticket.

Some people can spend 10K a month to live the lifestyle they want. Others have much less than that and so live on less. That's just life.
First of all, it isn't a $300 haircut. My wife spends roughly $250 when she goes to the salon and has her hair cut, styled, colored with highlights, blow-dry, etc. (The other $50 is about what I spend including $15 in tips to the stylist and shampoo person.) I can't believe everyone here is making such a big deal about that. How about it ladies? Those of you who live in high cost-of-living areas, do you really feel that is way out of line? I know when she had her hair done in Sydney, Australia, during our two-month trip last year, the bill was over $500AUS, which was roughly $370 at the time IIRC.

Secondly, where are you getting $100 per person for a meal? I listed my expenses for both my wife and I last night at a relatively inexpensive pizza joint, and the bill after taxes and tip came to $90 for two people. Is spending $45pp on a meal really considered extravagant to you? Are you also as incredulous as CLR210 that a couple could spend $500/month in restaurants in a major metropolitan city?

I am just completely dumbfounded reading the responses to my posts in this thread. In fact, I am reminded of a Sigourney Weaver line from the movie Aliens when she was being questioned about something she had done.



https://www.youtube.com/watch?v=EPa5oVG-nII
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Old 10-14-2016, 06:39 AM
 
1,040 posts, read 484,284 times
Reputation: 1435
I feel like on this thread many people are just projecting their own financial fears and saying "don't do it". Humans have an odd relationship with money based on their own history, experiences, etc As mathjak pointed out if you backtest those numbers the OP will be fine. Congratulations!
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Old 10-14-2016, 07:04 AM
 
71,487 posts, read 71,652,652 times
Reputation: 49068
Quote:
Originally Posted by MadManofBethesda View Post
First of all, it isn't a $300 haircut. My wife spends roughly $250 when she goes to the salon and has her hair cut, styled, colored with highlights, blow-dry, etc. (The other $50 is about what I spend including $15 in tips to the stylist and shampoo person.) I can't believe everyone here is making such a big deal about that. How about it ladies? Those of you who live in high cost-of-living areas, do you really feel that is way out of line? I know when she had her hair done in Sydney, Australia, during our two-month trip last year, the bill was over $500AUS, which was roughly $370 at the time IIRC.

Secondly, where are you getting $100 per person for a meal? I listed my expenses for both my wife and I last night at a relatively inexpensive pizza joint, and the bill after taxes and tip came to $90 for two people. Is spending $45pp on a meal really considered extravagant to you? Are you also as incredulous as CLR210 that a couple could spend $500/month in restaurants in a major metropolitan city?

I am just completely dumbfounded reading the responses to my posts in this thread. In fact, I am reminded of a Sigourney Weaver line from the movie Aliens when she was being questioned about something she had done.



https://www.youtube.com/watch?v=EPa5oVG-nII
my wife spends 45 for a hair cut every 3 weeks or so and a 90.00 coloring every month . she used to pay 100 for each but found a cheaper place she likes better .
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Old 10-14-2016, 07:12 AM
 
188 posts, read 170,500 times
Reputation: 433
Everyone's situation is different. I have been retires since 2001 (now 64) and feel that my retirement has been and will continue to be quite comfortable. I think that I have the money to do all of the things that I want to do.

That being said I have never spent anything close to $90 for dinner for two, let alone $500. There is absolutely nothing wrong with that, it's just something my wife and I have no interest in.
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Old 10-14-2016, 07:44 AM
 
71,487 posts, read 71,652,652 times
Reputation: 49068
if we were able to double or triple our income it still would not cover all the things we want to do and try before we die.

to us retirement is far more than meeting our bills .
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Old 10-14-2016, 08:33 AM
 
188 posts, read 170,500 times
Reputation: 433
I guess your wants are far greater than ours. It's not like we just stay home and pay our bills. We've been to Hawaii twice (5 weeks total), Alaskan cruise extended, and traveled throughout the US along with a Caribbean cruise. I guess part of the reason we have been able to do that is we have don't have any desire for $90 meals, that's not where our priorities are.

Once again there's nothing wrong with $90 meals, it's just that they're not on our priority list, and by forgoing them we have been able to have other experiences we found more valuable.
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Old 10-14-2016, 08:44 AM
 
71,487 posts, read 71,652,652 times
Reputation: 49068
everything is a trade off ,even with us . heck if we had a bigger budget i would do a broadway show weekly as well as get concert tickets for the westbury music fair near us .

so we don't do somethings and do other things instead
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Old 10-14-2016, 09:29 AM
 
10,604 posts, read 14,190,943 times
Reputation: 17199
Quote:
Originally Posted by MCNE View Post
Ha! I'm screwed! Will never have that kind of cash so just doing what I can.
HAHAHA. Well, no you're doing what you can to RETIRE at 54! LOL

Let me tell you a story.

I took a buy-out from the phone company in NJ at exactly age 54. (2nd one actually - first was age 37 but I went back).

The "plan" was to get rehired in Florida. (the phone company is a special legal scenario which provides portability for all employees pre 1984 to bridge their employment to all the various companies).

No way could I sit on my butt for 30 years or whatever. But I had a full pension and benefits so worst case scenario, I'd be ok.

Long story short, I moved to FL waiting for "class" to start - it never happened and I bought a condo. THEN after 17 months I got the call. (ridiculous crap going on) When I selected my new office 3 hrs away and went into "training" and I despised it.

As a former union worker AND manager I knew the right and wrong ways to do things and they were so wrong.

Meanwhile I had a condo I was paying tax, HOA etc in one city and my expensive rental in my work city. I knew I'd NEVER last there. Saying "I'm screwed".

One day I look down in my high rise elevator and notice all the dogs. SNAP there's no dog walker here and in 38 floors LOTS of dogs and corporate relo people and medical. Plus the high rise condo building next door ANOTHER 38 floors of people with money.

I QUIT the last day of training, researched "dog walking/pet sitting" and lived off it from the second month.

I LOVE my business and my clients. YES, I knew about business because I was a product manager at ATT AND owned a retail business during the other time I quit. Not everybody can just up and start a successful business. YES I despise giving the govt 40% right off the top of my revenue. YES it's very different being your own business and not collecting a paycheck and spending 24/7 on it.

Some of my clients rack up $23,000 /yr pet sitting fees with me so yeah - LOVE THEM.

Why plan on doing NOTHING but retiring at 54?

Yeah, I had the dog experience and you need a passion OR super skills/business mentality to be successful but at least consider Plan B more than serving coffee.

OTOH, if you take my advise and buy into a Continuing Care Community - THAT will be "doing everything possible". Just make sure the one you pick is rock solid.

Bear in mind, if the Democrats win in November the FIRST thing they're going for is your 401K - nice little wealth taxes all over the place. So that may have some impact on your decision anyway.

Good luck! OH, and don't do something wacky like buy a golf store just because you love golf. New businesses fail at an alarming rate especially with hobbyist people doing that!
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