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Old 06-03-2009, 12:38 PM
 
Location: Yootó
1,305 posts, read 3,606,150 times
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I am many years from retirement, at least 15, if not 20. This thread has made me realize I need to live frugally as I can right now, and continue to put everything I can into my 401K, and keep working hard until I can't anymore. Thanks for the inspiration.
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Old 06-03-2009, 12:45 PM
 
22,768 posts, read 30,670,896 times
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How does one literally retire on a shoestring?

Wouldn't this be figurative?
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Old 06-03-2009, 12:47 PM
 
4,231 posts, read 15,396,031 times
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Default A few answers (maybe)

There's some questions I don't know but many of your questions can be answered in the FAQ section
http://www.city-data.com/forum/about-forum/
Others I'm not sure about. As you can surmise, Reputation is just that, hopefully helpful thoughts and ideas will enhance it - but there are times you can give a lot of meaningful info w/ no acknowledgement (no points or thanks etc) but in the long run it doesn't matter, it's just a number and not the 'be all/end all', it's not a contest by any means.

There are many moderators (monitors?), no it's not humanly possible for them to read each and every post but they try to keep hot threads from getting hotter, if you catch my drift. Some can be a bit overzealous and others can be a bit underzealous but overall they try to do a good job. If you ask a particular question, yes it's nice to check back to see if someone's asking more specific questions (sometimes one question will lead to others) but it's not exactly monitoring, it's just keeping on top of it as in general most people try to be helpful (unfort. there are always a few trolls and ppl who try to stir the pot, best to use your own judgment in those cases). That said, I've missed posts at times - there's only so many hours in the day - it happens and life goes on.

You need a moderator to delete your own posts but why would you really want to if your post could help someone else, oftentimes people have the same questions and the answers are beneficial to others, also it would negate all the responses and would no doubt lead to a lot of confusion.

My opinion is that this site is as safe as any, that said I wouldn't post certain personal general info for obvious reasons (if that's what you meant), ie phone #'s etc, it is the internet, anyone can read it and you have to be careful.

Quote:
Originally Posted by newenglandgirl View Post
Altho I've been on several threads for months, I don't understand how CD works. I guess it's time I found out.

1. What's a reputation? How does one get one? Is a higher number better or worse? Why does one need one?

2. What's Edit Status? You edit your own status? Why?

3. What about online security

4. What is a monitor? Does s/he actually read every post and monitor it according to rules?

5. If you start a thread, are you supposed to be the monitor?

6. Is there any way to delete any of your own posts permanently?

Thanks anyone for some info!
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Old 06-03-2009, 03:08 PM
 
Location: Near a river
16,042 posts, read 21,937,686 times
Reputation: 15773
Quote:
Originally Posted by rubber_factory View Post
How does one literally retire on a shoestring?

Wouldn't this be figurative?
LOL--I meant by it "no kidding"---Many people say they travel or live on a shoestring but that's kindofa joke...their "shoestring" is a fortune to some!! In naming the thread I meant retiring literally, truly, honestly with very little income! Hope you join in the discussion!
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Old 06-03-2009, 03:31 PM
 
Location: Near a river
16,042 posts, read 21,937,686 times
Reputation: 15773
Quote:
Originally Posted by StealthRabbit View Post
The $69 fare = 2 days property tax obligation is an interesting dilema, as I live VERY cheap excluding those taxes, and prying $69 out of my fist is tough these days.

I definately don't love where I'm at, and the $12k property taxes blossomed in the last few years, now I'm a bit stuck and prop values have really tanked. I would get ~ 50% of my assessed value if I sold today (if I could... which is unlikely, many empty places not moving @ 50% off). I am not really prepared to take that big of a hit, even tho I would be buying lower. Between that and the investment hammering I would be giving up about 30% of my total Net Worth. Very little investment time to recover that! Not sure what to do about this...(Too expensive to stay, big hit if leaving). I will run the numbers, but.... I'll just bet it is wiser to stay and pay the taxes till the RE market gets rid of excess inventory, tho it will probably never 'recover'. ( How much tax can I pay instead of taking $XX0,000.00 less for my home, maybe 20-30 yrs)... I have a VERY desirable place, so it is not too smart to 'fire-sale'. (20 min from city, but in Columbia Gorge national scenic area) http://www.fs.fed.us/r6/columbia/for...s05low-res.pdf (I can see this place on the cover view while sitting here at my computer; all of places on page 4 are within a few minutes of home + many more great 'unpublished' spots) 100+ " of rain / yr (In the form of drizzle) is NOT fun for me... A Prairie kid

Colo is nice, but a BIG F (family / kids / potential grandkids) are PNW. Small F (Very good friends) are Colo. There are also some benefits to being near the coast and a direct international airport. Driving to DEN is like going 1/2 way to Kansas, then you have to fly to SFO, ORD, JFK, ATL, DFW, LAX... to 'get-out-of-Dodge'.

Tough choices for us all.
Here in NEngl, assessed values have nothing to do with what a house can sell for....assessed values are often way below. A $190K assessed house can easily sell near $300K. So I don't really understand that in other parts of the country.

Well, here's my theory....and it's not popular, but I'll expound anyway, and will be willing to be challenged:

I believe from what i've been reading (not all negative doomsayers, either) that this so called recession is going to linger, unfortunately for us boomers, over the first decade of our older years. I don't see any turning around in terms of property values. All over the country cities and towns are crying that they are out of money, that even the federal bailout is not going to help that they're school budgets have to increase and that there will be layoffs of police etc. (the latter definitely not good). Heavy pushes for tax-cap overrides are happening everywhere. The pro's are saying we OWE IT to our cities and towns to allow our prop taxes to go up unconditionally!! That means that the homeowner, no matter how little income, is going to have to foot a bill that is NEVER going to stop escalating in his/her lifetime. So if my prop taxes increase next year by 1/3 (a very likely scenario) and my income does not budge one iota upward, that means that my savings will begin go take a beating. If my taxes go up by 1/3 next year when I'm 61, what will they be when I'm 65 and GF when I'm 70 or 75? (assuming I can afford to live that long)

On top of this dilemma for seniors, consider this: boomers all over the country are going to start downsizing bigtime, looking for their retirement communities, condos, etc., unleashing a huge inventory of houses on the open market. On top of the depreciations already going on, this could very well compound the problem and what we think is going to be a "turnaround" may be a nationwide tanking of house values at the very time that many of us are going to be desperate for liquidating home equity.

That's why I say we should sell now and not wait for the hoped for upturn. It may come too late or it may collide with the glut of boomer houses. So I am not taking that hope into my plans. I am looking to buy down now and get the most for my humble abode now.

Arguments welcome.
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Old 06-03-2009, 06:02 PM
 
Location: Sarasota Florida
1,236 posts, read 4,041,416 times
Reputation: 1243
Talking Very, very true!!

Quote:
Originally Posted by Vinegaroon View Post
I am many years from retirement, at least 15, if not 20. This thread has made me realize I need to live frugally as I can right now, and continue to put everything I can into my 401K, and keep working hard until I can't anymore. Thanks for the inspiration.
These are words of wisdom!! I've ALWAYS lived below my means! Always lived the frugal life, no luxury items, brown-bagged lunches, maxed-out the employer deferred interest plans, saved, saved, saved; NEVER had a credit card balance at the end of the month.

Maybe in those days the timing was right, interest rates were higher then, but the end result has justified any sacrifice

NewEnglandGirl....... I think your plan is GOOD!!
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Old 06-03-2009, 06:35 PM
 
4,231 posts, read 15,396,031 times
Reputation: 4099
Quote:
Originally Posted by rubber_factory View Post
How does one literally retire on a shoestring?

Wouldn't this be figurative?
Years ago I had some recipes that I believe were entitled 'cooking on a shoestring' - not literally! - just some basic simple inexpensive recipes, probably soups and such - I may still have them, in fact, when I tackle the kitchen cabinets - anyway, it's just an expression when it comes to saving $$
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Old 06-03-2009, 06:51 PM
 
Location: DC Area, for now
3,517 posts, read 13,244,091 times
Reputation: 2192
Quote:
Originally Posted by newenglandgirl View Post
Here in NEngl, assessed values have nothing to do with what a house can sell for....assessed values are often way below. A $190K assessed house can easily sell near $300K. So I don't really understand that in other parts of the country.

Well, here's my theory....and it's not popular, but I'll expound anyway, and will be willing to be challenged:

I believe from what i've been reading (not all negative doomsayers, either) that this so called recession is going to linger, unfortunately for us boomers, over the first decade of our older years. I don't see any turning around in terms of property values. All over the country cities and towns are crying that they are out of money, that even the federal bailout is not going to help that they're school budgets have to increase and that there will be layoffs of police etc. (the latter definitely not good). Heavy pushes for tax-cap overrides are happening everywhere. The pro's are saying we OWE IT to our cities and towns to allow our prop taxes to go up unconditionally!! That means that the homeowner, no matter how little income, is going to have to foot a bill that is NEVER going to stop escalating in his/her lifetime. So if my prop taxes increase next year by 1/3 (a very likely scenario) and my income does not budge one iota upward, that means that my savings will begin go take a beating. If my taxes go up by 1/3 next year when I'm 61, what will they be when I'm 65 and GF when I'm 70 or 75? (assuming I can afford to live that long)

On top of this dilemma for seniors, consider this: boomers all over the country are going to start downsizing bigtime, looking for their retirement communities, condos, etc., unleashing a huge inventory of houses on the open market. On top of the depreciations already going on, this could very well compound the problem and what we think is going to be a "turnaround" may be a nationwide tanking of house values at the very time that many of us are going to be desperate for liquidating home equity.

That's why I say we should sell now and not wait for the hoped for upturn. It may come too late or it may collide with the glut of boomer houses. So I am not taking that hope into my plans. I am looking to buy down now and get the most for my humble abode now.

Arguments welcome.
You could be right. Or you could be wrong. It is hard to predict the future.

I look at my house value as whatever it is. All I really want is commensurate changes in the market where I will want to buy another one. If both places fall at about the same rate, then I can sell this one and buy another one for about the same money. But if the new area does not fall, then I would have to look more carefully at living there and what my current house value will buy me.

2005-2007 was a crazy bubble and those prices weren't real unless you sold then. The guess is how far they have to fall from here. Some say we have reached bottom, others say we still need to lose another 5 years before we reach the bottom. Bottom line is nobody knows. A financial planner at a seminar today said he thinks the real estate market is in for a long flat period after it reaches the bottom (where ever that is). I don't expect to see another bubble anytime soon.

I'm just going to proceed with my plans and see what the market is when I want to sell (about 1.5 -2 years from now). I can always put it on the market and set my bottom price and see what happens. You never know. You just need one good buyer.

Property taxes are tough. It seems like they should be going down since all our RE values have dropped so much. It shows how regressive the tax is. At least income tax cannot take more than x% of the money you actually have instead of an artificial value.
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Old 06-03-2009, 07:13 PM
 
5,089 posts, read 15,375,274 times
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A previous post of mine, I talked about going to Liboria Market, here in Denver; a Latino chain, out of Los Angeles. It is still a very good market with outstanding values. Today, I bought peaches and nectarines for 57 cents a lb.---oh, they are grown in California--for those who think all cheap produce comes from Mexico. Zucchini at 33 cents a lb.

Tomatillos at 39 cents a lb. This is great product and is very tart when raw but sweetens as you cook it. Key Limes for 33 cent a lb. This are really called Mexican Limes and are not real limes and come from a different tree variety. I use them as you would use lemons; a little squeeze in ice water is a simple beverage.

I bought red delicious Apples, grown in Washington State for 39 cents a lb. Now these were very interesting. They were very crisp and fresh, as you would find in a new seasonal apple, in the fall. Of course, they could not be, since I am buying them in June. There must be some improvement in cold storage techniques.

Dry Bulk Pinto Beans at 33 cents a lb. Now, that is a real bargain. I cook them and puree them with garlic cooked in oil, onion powder, olive oil, apple cider vinegar, salt, oregano, thyme, cumin and some Mexican hot sauce--I use "Valentina". This is my basic pinto bean puree and I use it in many dishes or straight on tortilla. It is not the traditional refried pinto of Mexico because I do not use lard, and prefer more complex seasoning. I think I can get enough protein from these beans for 8-10 meals a pound; especially if I complement it, to achieve a complete protein, with grains--that is bread (tortilla), pasta, rice, dairy. At 33 cent a lb that about 3-5 cents per meal protein; I have to look at the figures. Adding other ingredients, you can have a meal for 30 to 70 cents, depending on what you eat and how much.

Valentina is the most consumed and basic hot sauce you will find all over Mexico--It is like the ketchup of Mexico. It is mild and has a fruity aftertaste. It is very inexpensive and was sold at Liboria today, for 99 cents a liter. It is made in Guadalajara.

The store was very crowded with Latinos, Asians and yes people like me, hungry non-Asians and non-Latinos--hungry and looking for a bargain. After, I crossed the street to Safeway, which was empty, because they advertised local leaf lettuce for 48 cents a head. That is all I bought (the prices are too high); gave my recycle bag; got my 5 cents, and it all cost 45 cents. Yes, they tax grocery in this suburban city of Westminster but Denver does not tax groceries.

For dinner, I had fruit, more fruit, a big salad---ahh, good, fresh and cheap.

So, there you are. Some ideas, of how, I live so cheaply and well. Okay, some of you will not buy Mexican Produce; some of you are of the "organic" persuasion. Some of you like to eat more meat. You are Okay; I am Okay. We all try to
livecontent---but I achieve my goal with less expense.

Last edited by livecontent; 06-03-2009 at 07:51 PM..
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Old 06-03-2009, 08:45 PM
 
Location: We_tside PNW (Columbia Gorge) / CO / SA TX / Thailand
34,660 posts, read 57,778,624 times
Reputation: 46126
Quote:
Originally Posted by newenglandgirl View Post
Here in NEngl, assessed values have nothing to do with what a house can sell for....assessed values are often way below. A $190K assessed house can easily sell near $300K. So I don't really understand that in other parts of the country.

Assessment methods vary by state, and even interpreted different by county. WA uses 100% of the fair market value of the year preceding the tax eval period...(which means our comps / values are from 12-18 months ago). They don't consider stuff like my home is in no way spiffed to sell, nor does it have granite, jetted tub or hardwood floors... (minor details...) I bought most of my supplies from Habitat or Reconstruction closeouts. $5.00 interior doors and light fixtures, not $250 stuff.


Well, here's my theory....and it's not popular, but I'll expound anyway, and will be willing to be challenged:

I believe from what i've been reading (not all negative doomsayers, either) that this so called recession is going to linger, unfortunately for us boomers, over the first decade of our older years. I don't see any turning around in terms of property values. ...the homeowner, no matter how little income, is going to have to foot a bill that is NEVER going to stop escalating in his/her lifetime. ...what will they be when I'm 65 and GF when I'm 70 or 75? (assuming I can afford to live that long)
My property taxes will be over $120k/yr by the time I'm 65 at current growth rates

On top...what we think is going to be a "turnaround" may be a nationwide tanking of house values at the very time that many of us are going to be desperate for liquidating home equity.

Very true

That's why I say we should sell now and not wait for the hoped for upturn. It may come too late or it may collide with the glut of boomer houses. So I am not taking that hope into my plans. I am looking to buy down now and get the most for my humble abode now.

Agreed in principle, but I'm trusting there will be a more opportune time to sell when the empty foreclosures in the neighborhood are gone, and lenders are dealing, and potentially some 'trickle-down' incentive for buyers other than 1st time homebuyers (coming soon I hear)

Arguments welcome.
I agree, If you can get rid of it at a decent price, by all means do so, especially if you currently have a large home.
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