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Old 03-13-2017, 07:21 AM
 
Location: Location: Happy Place
3,686 posts, read 1,866,292 times
Reputation: 11294

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Quote:
Originally Posted by thinkalot View Post
It's not what they did for a living. It's how they spent the money.

One example. A car is to get you from point A to point B. That's it. They last 10+ years. I remember telling the salesmen I want the cheapest car on the lot with automatic, air, and some type of radio. Color doesn't matter. I am older than you and have had 7 cars( not all new) in my life. and not getting rid of this one anytime soon. My 3 closest friends drive a 2001, 2003, and a 2005. They are not even close to poor. Two have quite a bit more than me. If taking a long trip rent one. No wear and tear on yours and you get to drive something else for a change. I am thinking that in this one example the money difference between you and me is well into 6 figures. I never had a car loan.

I don't think my life has suffered one iota because my car says Chevrolet and not Lincoln. I still go anywhere I want and do anything I want to do.
Husband and I did basically the same thing. He had a truck, I had a sedan. Both old cars. We compromised on a Honda CRV. Still can haul stuff, but not much. Going from two cars to one will be a huge savings.

I researched and found a very basic model, it has some stuff that came with it that I couldn't care less about, but it was 2k cheaper than any other small SUV out there.

Never been defined by my vehicle!
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Old 03-13-2017, 07:32 AM
 
Location: Western Colorado
11,083 posts, read 12,464,975 times
Reputation: 26096
I retired at 58 because I could. I was tired and fed up. Best decision I ever made.
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Old 03-13-2017, 07:40 AM
 
7,795 posts, read 4,383,926 times
Reputation: 11588
Quote:
Originally Posted by thinkalot View Post
It's not what they did for a living. It's how they spent the money.

One example. A car is to get you from point A to point B. That's it. They last 10+ years. I remember telling the salesmen I want the cheapest car on the lot with automatic, air, and some type of radio. Color doesn't matter. I am older than you and have had 7 cars( not all new) in my life. and not getting rid of this one anytime soon. My 3 closest friends drive a 2001, 2003, and a 2005. They are not even close to poor. Two have quite a bit more than me. If taking a long trip rent one. No wear and tear on yours and you get to drive something else for a change. I am thinking that in this one example the money difference between you and me is well into 6 figures. I never had a car loan.

I don't think my life has suffered one iota because my car says Chevrolet and not Lincoln. I still go anywhere I want and do anything I want to do.
Absolutely! Wealth isn't about high income, but low outgo. Live below your means and spend nothing that you don't have to. Save at the best interest rate you can find. Invest in rental property. "Low overhead."
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Old 03-13-2017, 07:41 AM
 
Location: Central IL
15,207 posts, read 8,513,923 times
Reputation: 35600
I guess there are (at least!) two career routes to take - it seems like most people who retired super-early (before age 60) just worked like heck and burned out/hated their jobs - I don't know if that's because they worked so hard or just in general.
I'm working until 62 - though I know I wouldn't mind retiring now, my job isn't killing me....it's not the kind of job where working overtime will get me overtime pay OR big promotions, so I don't. I make reasonable pay and will get a reasonable pension which I'll take at 62 and hold off on SS as long as possible (hopefully 70). So I'm retiring barely early and don't hate my job. Is hating your job required to retire early? I'm kind of half serious in wanting to know....!
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Old 03-13-2017, 08:01 AM
 
3,941 posts, read 3,259,672 times
Reputation: 11293
I retired at sixty two. I worked since I was seventeen, owned a business and later, managed for others. During my work life there was always the specter of financial uncertainty hanging over my head, periods of unemployment and economic hard times, accompanied by the usual feelings of despair over losing financial ground. The stresses of not working were only overshadowed by the stresses of too much work, it seems I never hit upon a good balance. At this juncture, money and time are pretty well balanced.

Much has been written here regarding the workplace, some found it exhilarating while others found it to be a source of fear, fatigue, and physically, all consuming. Whatever we think about work, most knew it as an obligation at the very least, and obligation can easily become defined as burden. But the biggest drag on one's life from working centers on time, and the fact of there not being a big surplus of it after a day's work. Today, after nine years of retirement, I definitely know I made a good decision in walking away from work and walking toward the life I always wanted, but couldn't find the time for..
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Old 03-13-2017, 08:16 AM
 
Location: SW Corner of CT
1,948 posts, read 1,534,865 times
Reputation: 2438
Quote:
Originally Posted by thinkalot View Post
It's not what they did for a living. It's how they spent the money.

One example. A car is to get you from point A to point B. That's it. They last 10+ years. I remember telling the salesmen I want the cheapest car on the lot with automatic, air, and some type of radio. Color doesn't matter. I am older than you and have had 7 cars( not all new) in my life. and not getting rid of this one anytime soon. My 3 closest friends drive a 2001, 2003, and a 2005. They are not even close to poor. Two have quite a bit more than me. If taking a long trip rent one. No wear and tear on yours and you get to drive something else for a change. I am thinking that in this one example the money difference between you and me is well into 6 figures. I never had a car loan.

I don't think my life has suffered one iota because my car says Chevrolet and not Lincoln. I still go anywhere I want and do anything I want to do.
It's all about choices, I get it.
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Old 03-13-2017, 08:17 AM
 
Location: Western PA
3,586 posts, read 4,930,062 times
Reputation: 2839
I hope to work for four more years and retire at 63. The big stumbling block now is if they change the ACA and the cost for health insurance for two years before Medicare kicks in becomes unaffordable. That's a big worry that could derail my plans. I plan to hold off Social Security until full retirement age or 70 and live off investments until then.
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Old 03-13-2017, 08:54 AM
 
Location: Tampa, FL
27,798 posts, read 26,200,766 times
Reputation: 14611
Quote:
Originally Posted by thinkalot View Post
It's not what they did for a living. It's how they spent the money.

One example. A car is to get you from point A to point B. That's it. They last 10+ years. I remember telling the salesmen I want the cheapest car on the lot with automatic, air, and some type of radio. Color doesn't matter. I am older than you and have had 7 cars( not all new) in my life. and not getting rid of this one anytime soon. My 3 closest friends drive a 2001, 2003, and a 2005. They are not even close to poor. Two have quite a bit more than me. If taking a long trip rent one. No wear and tear on yours and you get to drive something else for a change. I am thinking that in this one example the money difference between you and me is well into 6 figures. I never had a car loan.

I don't think my life has suffered one iota because my car says Chevrolet and not Lincoln. I still go anywhere I want and do anything I want to do.

Sage comment. Car purchases hurt me over the years. Traded in cars a little early but always wanted something that wouldn't leave me stranded. But your point does demonstrate how some are able to retire early because they didn't live beyond their means, paid themselves first (invested).
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Old 03-13-2017, 10:14 AM
 
Location: SW Corner of CT
1,948 posts, read 1,534,865 times
Reputation: 2438
Quote:
Originally Posted by BucFan View Post
Sage comment. Car purchases hurt me over the years. Traded in cars a little early but always wanted something that wouldn't leave me stranded. But your point does demonstrate how some are able to retire early because they didn't live beyond their means, paid themselves first (invested).
We always put some $$ towards IRA's, 403b, and Credit Union....sworn not to touch till we retire. We will have no / low Mortgage, and will move to the South where the COL is better than here in Fairfield County Connecticut. We have made the choice to have the bigger home, in a sought after neighborhood, figuring it'll be an easier sell....we've done very well in Real estate in the past, although the market has changed. As far as the vehicles, I need a dependable tow vehicle, and I would not have my Wife driving a car that may stand a chance of leaving her stranded.....I know, new cars break, but the likely hood is less
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Old 03-13-2017, 10:20 AM
 
Location: San Diego
476 posts, read 509,844 times
Reputation: 879
My dad retired at 39. He was a police officer and owned apartment complexes that he bought in coastal CA in the 60s. He retired from the force at 39 and had paid off his apartment complexes by then. He lived in one of his units until he was 42 years old. He was single all that time and had me at age 43 but wasn't in a relationship with my mom. So he was able to save money by living in one if his units and by not having a family to support. Then he just had me. So I lived with him and he never worked aside from managing the apartments (he did most repairs, painting, vacancy turnover etc). I also remember he never over-extended or leveraged his real estate to buy more. He had a few complexes and could live comfortably off the income. He had no debt and didn't try to live above means. He knew when enough was enough and just enjoyed his time. He passed at 60 so did have a good life.
It seems like most stories I see of people retiring very early don't have kids or families to support.
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