The Amount of Money you need to retire early and live in poverty (beach, financial advisor)
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Vincent: What'cha mean, "walk the earth"? Jules: You know, like Caine in Kung Fu, walk from place to place, meet people, get into adventures. Vincent: And how long do you intend to walk the earth? Jules: Until God puts me where he wants me to be. Vincent: And what if he don't do that?Jules: If it takes forever, then I'll walk forever. Vincent: So you decided to be a bum? Jules: I'll just be Jules, Vincent – no more, no less.
I think it's absurd. And he's not retired, he still works. What about health insurance? A month in the hospital can knock out his $400K nest egg without insurance. What about a car and doctor and dentist visits? What's the point of living in abject poverty? Isn't it easier to work?
Before I retired I tracked all my monthly and annual expenses on a spreadsheet for a couple of years. I pretty much knew what the bare minimum was to cover our expenses in terms of an annual income. When I hit that number I retired at 59. After a year of boredom I went back to work from 60 to 62 and had the additional income of SS. I haven't had any issues. We live in a nice house, drive a nice leased car, eat well, enjoy cable TV and the internet, and central AC and heat. We can afford to give each other and our kids and grandkids modest presents on birthdays and Christmas. We can eat at a restaurant with family or friends once in a while. Unexpected expenses don't stress us out.
Living like the homeless guy in the picture isn't a choice, it's a necessity for him. Abject poverty isn't freedom, it's an economic prison. When I was out of school and hadn't yet gotten established with a good job yet I lived poor, didn't have enough to eat, lived in a tiny apartment, had no car or TV, no money to go out or date girls. Nothing free about it.
Quote:
Originally Posted by bungalowdweller
Financial Samurai is a highly respected money blog written by "Sam" who worked his tail off (still does) and retired early. He's always been totally transparent about his assets, mistakes, etc in achieving his goal. I think he gives fairly good advice for young people.
I'm not yet retired but it's coming-----Next Year!
Those who are retired----active investors, pensioners, those just on SS Please share your thoughts about this latest post of Sam's.
Financial Samurai is a highly respected money blog written by "Sam" who worked his tail off (still does) and retired early. He's always been totally transparent about his assets, mistakes, etc in achieving his goal. I think he gives fairly good advice for young people.
I'm not yet retired but it's coming-----Next Year!
Those who are retired----active investors, pensioners, those just on SS Please share your thoughts about this latest post of Sam's.
This guy did. He retired early. Gets free food, free medical. Lives at the Rescue Mission Estates. Has plenty of friends. Gets in his daily cardio by collecting aluminum cans so as to afford cocktail hour. Nice weather in Southern California. No stress. No phones. No nagging wife. No bills. No worries. The Good Life.
Until he gets jock itch and can't afford a can of Cruex. Or, God Forbid, a toothache. I'd rather have a little more stress in my life and be able to go to an oral hygienist four times a year.
So I need 1.2m in retirement funds in order to live in abject poverty? Saving that amount of money in the next 10 years ain’t happening for me. So I guess I’ll have to settle for probably a much better life living off Govt sponsored programs for the poor.
It's silly...most people have something besides investments...like SS. And why he throws in all the family sizes I have no idea. Few retired "families" are of more than 2 people...and then they'd likely have two SS's even if one is small. The logic is very shaky...I'm not buyin'.
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