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Old 12-03-2019, 02:12 PM
 
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If you can live on 20k now and keep it at that level only adjusted for inflation, most likely.

But that seems pretty low for comfortable living.

 
Old 12-03-2019, 02:18 PM
 
Location: Boston
9,842 posts, read 2,871,477 times
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double what you have saved and work until your 40. You can't afford to live decently on that.
 
Old 12-03-2019, 02:20 PM
 
Location: US
19,239 posts, read 18,861,480 times
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Also keep in mind things will only get more expensive over time. Think about how cheap things were 40 years ago. You now have to think how expensive will things be 40 years from now.
 
Old 12-03-2019, 02:20 PM
 
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If you stop working in your 30's, you will substantially reduce your Social Security benefits. And some of that will be consumed by Medicare. Not to mention any supplemental medical and drug coverage you should get.

Last edited by sayulita; 12-03-2019 at 03:50 PM..
 
Old 12-03-2019, 03:48 PM
 
12,424 posts, read 7,441,278 times
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Quote:
Originally Posted by skeddy View Post
double what you have saved and work until your 40. You can't afford to live decently on that.
I think I already live decent.
 
Old 12-03-2019, 03:50 PM
 
12,424 posts, read 7,441,278 times
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Quote:
Originally Posted by aslowdodge View Post
You beat me too it. That was one long thread where he said he had it all figured out. It looked feasible, but pretty lean and not much room for any bump in the roads. Maybe he is starting to see a few chinks in the armor and has doubts now about his calculations and projections.
He already has a thread where he feels he an buy a new car every year up to 70k value and do it with 5k to 6k a year.
http:////www.city-data.com/forum/aut...early-now.html


If he does that it’s a healthy bite out of his living expenses . Most responses to that auto thread indicated it wasn’t feasible and his numbers were off. Maybe his retired early life is panning out quite like he thought.
Yes, I can buy new cars because I basically have over $20k/year in spending money with no house or car payment. If $10k goes toward a hobby and I have health insurance, food, shelter, etc - why not if I decide to?
 
Old 12-03-2019, 03:54 PM
 
3,697 posts, read 5,362,013 times
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Quote:
Originally Posted by eddiehaskell View Post
Yes, I can buy new cars because I basically have over $20k/year in spending money with no house or car payment. If $10k goes toward a hobby and I have health insurance, food, shelter, etc - why not if I decide to?
You obviously have it all figured out. Why are you asking us?
 
Old 12-03-2019, 03:56 PM
 
12,424 posts, read 7,441,278 times
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Quote:
Originally Posted by Serious Conversation View Post
Let's say I get $800k tomorrow.

Payoff for my mortgage is about $95,000. That gets it down to about $705,000.

Property taxes are about $1,000 annually for city/county. Water/sewer/trash is about $55/month. Power/internet about $150/month. Auto insurance for my Cherokee is about $50/month. With careful food purchasing, I could get by one $200/month or so there. At 33, I don't have any medical problems, but would buy insurance.

It could likely be done in my area, but would require careful planning and budgeting. My townhome is not really suitable for older people (lots of stairs).
Yeah, I think you could do it. I also live in a low cost area (NC).

I can have my true “living” expenses down to less than $10k/year. Anything over that is mine to do as I please.

If I did nothing other than “free” activities I could reinvest $10k+ per year to grow my future income.
 
Old 12-03-2019, 04:08 PM
 
Location: Tennessee
25,707 posts, read 19,098,897 times
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Quote:
Originally Posted by eddiehaskell View Post
Yeah, I think you could do it. I also live in a low cost area (NC).

I can have my true “living” expenses down to less than $10k/year. Anything over that is mine to do as I please.

If I did nothing other than “free” activities I could reinvest $10k+ per year to grow my future income.
It could probably be done, but it would be a barebones lifestyle. I wouldn't want to live that way. With that said, if someone worked at all, even $1,000/month net income would be very helpful here.
 
Old 12-03-2019, 04:11 PM
 
Location: Formerly Pleasanton Ca, now in Marietta Ga
6,264 posts, read 4,502,505 times
Reputation: 8657
Quote:
Originally Posted by eddiehaskell View Post
Yes, I can buy new cars because I basically have over $20k/year in spending money with no house or car payment. If $10k goes toward a hobby and I have health insurance, food, shelter, etc - why not if I decide to?
Well 10K is certainly a different amount than the 5K you originally posted. Guess your plan for 5K didn't pencil out like you thought. So with that are you thinking you've miscalculated your cost to live? Your auto plan was double what you thought, maybe your cost to live is going to be double what you thought and maybe after you spend the 10K you have nothng left?
I know you have free health insurance from the Govt, but what if there is something catastrophic happens?

If you are saying you have all your life expenses covered with 20K a year in extra for spending on anything you want, why did you even bother posting this thread?
Unless it's just to brag?
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