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Old 12-03-2019, 07:52 PM
 
Location: annandale, va & slidell, la
8,490 posts, read 3,454,995 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).
That's too many years living off of less than a million. $200/month for food?? I spend more than that on wine! Never go to dinner? Never buy a 65" TV, or take a cruise? The dishwasher will break, and the house will need a $15,000 roof soon.
I wouldn't want to live like that and doubt you could either---and now we hear that you support a child.
Dream on.

 
Old 12-03-2019, 07:53 PM
 
12,424 posts, read 7,441,278 times
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Quote:
Originally Posted by Stockyman View Post
I've never lived in a low COL city/town but I can imagine it being doable. Some people do next to nothing with their lives and don't spend any money unless it's absolutely necessary. Loners especially can make this happen. No SO or friends to spend money with or on. That 800K can last a long time for the social outcast in a low COL for sure.
I probably “do” more than 95% of Americans.
 
Old 12-03-2019, 07:54 PM
 
12,424 posts, read 7,441,278 times
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Quote:
Originally Posted by finalmove View Post
That's too many years living off of less than a million. $200/month for food?? I spend more than that on wine! Never go to dinner? Never buy a 65" TV, or take a cruise? The dishwasher will break, and the house will need a $15,000 roof soon.
I wouldn't want to live like that and doubt you could either---and now we hear that you support a child.
Dream on.
I sometimes spend $1000/month on food.
 
Old 12-03-2019, 08:03 PM
 
12,424 posts, read 7,441,278 times
Reputation: 6784
Quote:
Originally Posted by Mathguy View Post
I too can be a minimalist. I have some outside encumbrances at the moment but within 2-3 years I could easily just be back to only having to financially care for myself.

In the rural area where most of my family lives I could pretty easily get by on 20k a year. I'm a simple guy, simple tastes for the most part so I get where you are coming from.

Personally, if I were you I would keep working and if you hate your job then find something fun to do that produces income.

The big wildcard for you is healthcare and at any moment it's possible with the political winds swirling that Obamacare could go away or they could institute an asset test for qualifying instead of just income and then you'd be swinging in the wind. (you might be healthy now but maybe not in 20 years etc. and then you'd be really over a barrell)

Best of luck.
I’m a simple person too. And I know you’ve posted a lot here over the years - we argued quite a few times and then I came to respect a lot of your comments and views so I didn’t argue to the bitter end just to “win”. I’m guessing we both enjoy thinking a lot about a lot of stuff since we comment on so many different topics.

I’m hoping to grow my nest egg as I age so that I can prepare for the future. It’s like I’m trying to play the game of life as efficiently as possible so that I can live a upper-ish middle class lifestyle . I know 0 people that have come before me doing this so I know that I must proceed with caution. I’m not scared at all though.
 
Old 12-03-2019, 08:13 PM
 
Location: Formerly Pleasanton Ca, now in Marietta Ga
6,264 posts, read 4,502,505 times
Reputation: 8657
Again, why are you even posting this?
You have an answer to everything people have posted. You say everyone else has never done it like you have. Seems like you have it all figured out and know better than the rest of us, so why even ask?
I will say if you honestly think you do more than 95% of America, then you don't know as much as you think.
You don't know what you don't know.
But hey, you have the solution to everything people have brought up. If you have ( or think you have) 20k discretionary income, I don't know that that puts you in the upper middle class. Your modest home probably take you out of that category.
$200 a month for food is hardly upper middle class.
 
Old 12-03-2019, 08:19 PM
 
12,424 posts, read 7,441,278 times
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Quote:
Originally Posted by aslowdodge View Post
Again, why are you even posting this?
You have an answer to everything people have posted. You say everyone else has never done it like you have. Seems like you have it all figured out and know better than the rest of us, so why even ask?
I will say if you honestly think you do more than 95% of America, then you don't know as much as you think.
You don't know what you don't know.
But hey, you have the solution to everything people have brought up. If you have ( or think you have) 20k discretionary income, I don't know that that puts you in the upper middle class. Your modest home probably take you out of that category.
$200 a month for food is hardly upper middle class.
What puts someone in the upper 5% of “doing stuff”?

I’m basically doing what I want 24/7. I would think that makes me a 0.0001%-er by way of controlled brain power.
 
Old 12-03-2019, 08:21 PM
 
19,753 posts, read 14,367,207 times
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Quote:
Originally Posted by eddiehaskell View Post
What puts someone in the upper 5% of “doing stuff”?

I’m basically doing what I want 24/7.
Travel would be a big one and I do believe you’ve said in the past you don’t travel really at all
 
Old 12-03-2019, 08:23 PM
 
3,309 posts, read 3,109,173 times
Reputation: 1946
As a passive investor in financial assets, not really unless you wanted to live really lean. 3% safe withdrawal rate - yields are historically low and valuations historically high so maybe even closer to 2.5% would be more advisable.

It does open the possibility to work for yourself rather than someone else if you are okay with labor but just don't want to hold a traditional job. Can open a small business or buy/manage higher yield rental properties.

Also echoing Mathguy here on political risk -- the current system under the ACA is almost perfect for someone trying to live on $20-$25K of investment income. Other people are paying the taxes to support it and you're pulling down premium subsidies and eligible for an enhanced silver plan. You're in a worse place if that changes in either direction and that's a real possibility.
 
Old 12-03-2019, 08:23 PM
 
12,424 posts, read 7,441,278 times
Reputation: 6784
Quote:
Originally Posted by Lowexpectations View Post
Travel would be a big one and I do believe you’ve said in the past you don’t travel really at all
I went on about 3 cruises rencently...mountains 3-4 times....beach 2-3 times. More than could stand to get out really.
 
Old 12-03-2019, 08:24 PM
 
752 posts, read 370,138 times
Reputation: 1396
Quote:
Originally Posted by Lowexpectations View Post
Travel would be a big one and I do believe you’ve said in the past you don’t travel really at all

Curious why travel is a factor. I have no interest in it myself. I can see being interested in a summer home and going there but not travel just for no reason. I already like where I live. Probably I am boring . . .
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