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$10,000 a month, $6,000 a month budgets? I retired from the wrong career.
My TOTAL monthly income is $2,500 a month with retirement and social security. Rent, utilities, car insurance same every month, what's left over I use to buy food, dog food and gas. I might have $5 left at the end of the month.
$10,000 a month, $6,000 a month budgets? I retired from the wrong career.
You and me both Jim... I'll have a little more than you but not much. My significant other lives off of the same monthly income as you. Thankfully I have a paid off house but of course I also have the property taxes and maintenance to go with it.
$10,000 a month, $6,000 a month budgets? I retired from the wrong career.
My TOTAL monthly income is $2,500 a month with retirement and social security. Rent, utilities, car insurance same every month, what's left over I use to buy food, dog food and gas. I might have $5 left at the end of the month.
Have to agree with Jim9251, here! We're not fully-retired yet, but between DW's and my SocSec, her pension, and those pesky RMDs, we'll be NO-where near those monthly figures.
More power to Y'all that have that much coming in!
We've lived on a "budget" the whole time we've been working ... Once we retire, we'll have to tighten our belts even-more, just to get by. That's "life", I guess!!
I'll never comprehend the budgeting thing. Sure, one plans for house payment, utilities, food, etc because those are pretty much the same monthly. So there is money remaining. Cool! Maybe some of it can be put in the bank. But sure as can be, I'll break a veneer/tooth and that costs $1,600 to replace. Or maybe MORE vet bills that might be near $1,000. Or... the car breaks and that can cost anything. And lookout if it all happens in the same month! So then.... there is always the charge card. And then, I have credit card payments for the next few months, playing catch up.
So good luck with the budget concept. I suppose if I lived in an apartment and had no pets, never had my hair done, never went anywhere, etc, and sat very quietly eating baby food, I would be able to budget, never break teeth, and actually save some money.
Normally, however, I spend $130 a month on my hair, $200+ on cloths/shoes, hobbies? varies, utilities run avg $500 a month. No car payment as I prefer to keep my 15 yr old ford focus wagon forever, if possible.
I agree, that $10k/m budget is no budget, as many of the line items make little sense. $900/mo charities, $2k/mo food, $400mo/clothes, $1000/mo vacation, $200/mo gifts and $150/mo cpa/attorneys ???
A $6k/mo I can easily see, especially if one has a $3k mortgage/taxes/HOA, where rather than tie up the money in the house, it is earning more than the interest cost. Even in a low to average COL area, it’s easy to have taxes and HOA of $900-1000/mo.
Last edited by Perryinva; 12-01-2017 at 12:56 PM..
We seem to be high - based on review of this thread. We do live in one of the most expensive counties in Texas for taxes.
And we have been working/living overseas for the last 15+ years while we kept our home in Texas - and our son has lived in our house while he has been getting degree(s) and working.
I really hope we are way too high on our budget for retirement. We are aiming to pull the plug in 2 years when I will be 60 and Ms. gamboolgal will be 58....Living and working in 3rd world locations has really made us appreciate the USA and Texas !
Comments appreciated
I guess if you have the income, you can spend it like that. For me most of your line items are way high, and I am still working, although it is just me and DW. You must have a big house, and must run the A/C pretty hard.
Whatever. If you have the money, if you want to spend it like that, go ahead, I guess.
I am burnt out, I am tired of working all the time. Never thought this would happen but here it has hit me, hit me suddenly and I just don't want to deal. On Monday I would rather be at the pool instead of work. Never, ever thought I would feel like this.
I hear you. I just gave notice at my job. I've been working 50-70 hours a week for the last 6-7 years and like you, I'm burnt out and exhausted. I'm only 62 but what good does a fat paycheck do if we're dead?
Budgets vary here depending on income and according to what you've gotten used to, I guess. There are 2 of us on 2400 per month SS plus my dab of money from my Ebay sales. But we learned how to live on less during the recession so have a lot of practice. Neither one of us has or wants a lot of things and don't have a lifestyle centered around shopping and travel. We could move to senior HUD housing but we are managing our rent for now and don't want to live in a " community" like that. After recession trauma just having a steady " for sure" income is a blessing. I could cut a few more budget corners if need be but I like my smartphone and storage unit as a garage and warehouse for my online sales items. Point is, figure out what you need to be content and go from there. I will say that I'd rather "live lean" and free than go back working in some of the roles and places I did in the past. People can be quite happy on a lean budget if they get creative. At least I am.
Gamboolman here - thanks for the comments. A little back ground and why we are asking for comments - and we do appreciate them all. I assure you that we are not trolling.
As I said, we have been living overseas working the international oilpatch for 15+ years while we kept our home in The Woodlands, Texas - a very high cost of living area. We only come home twice per year for total of 10 weeks. For me the rest of the time is working dam near 7 days per week.
The last 3 years I have worked 7 months of my sch'd days off .....we are busy and shorthanded. While typing this I have had 2 X long calls from offshore.....and it is getting on in the evening.....
Been working the oilfields since 78.....you do the math.... and I mean working as in a hand....roustabout, promoted to roughneck...tossing a spinning chain.....then a company man to Gas Plants and now..in a dirty white collar lower level management.....not Executive......taking care of offshore projects for a mega oil corp.....time flies.....
During the last 15 ish...years we paid cash for our kid(s) multiple college degree's....I hope it pays off !
Our son lived in our home, and still does as he finishes up yet another degree......
International compensation is very good. We know we have not been in touch with financial reality for almost 2 decades....thus we are asking for feedback....
Normally, Ms. Gamboolgal will head in to Texas about 3 weeks before me so she can take care of stuff....
Then when I come in .... we are not at home much at all..... as we hit the road or the Airport for whatever trips we have planned....I like to play the pokerzzzzzz and have been known to hit the pits......so we usually have a 2 or 3 week road trip planned or we go to Vegas or AC, etc......yes this is discretionary fun $$....we know that.....no apologies....
And then it's back to the Dark Continent for another 5 to 11 month stretch of 7 days per week high stress 24 hrs a day offshore oil field....
All that said to help yawl see that our budget as shown is real and is based on real numbers for the last 40+ years.....We started out East Texas oilfield poor.....Yes we have done well - considering where we started from......and are doing well the last couple of decades but we will always be of the mind set of
" A poor man has poor ways " I remember my grandfather plowing the fields with mules in East Texas...
We know that we have been and are living in a non real world situation.... and it appears our budget reflects it. Thats why we asked for and appreciate the feedback and comments - Thank you all.
To the one who said budget line items don' t make sense...... I can assure they all do make sense based on what we spend and have spent.....for many years.....don't just glance at our descriptions....they do make sense. All of us will need a CPA and Attorney at some point in life....Just to get our Wills and Trusts etc set up cost ~$5k but it is money well spent as all is set and there will be no shenanigans....if Ms. gamboolgal and I go down on the transatlantic flight to Texas.....CPA cost is near to $600 to $1K per year...
Summary: Looks like our ~$10K Net per month budget appears to have a good bit of fat in it.....good to hear. Yes we have accounted for Income Taxes....
Also, we have included 3% inflation per year in our planning.
We will retire from a mega oil corp...so our Medical insurance costs are as shown are almost 40% higher than what they are today.....again we have based projections on 3% inflation....
We accounted for 3% inflation per year for 40 years out and we look good ... at least per the numerous calculators available....
We have $$ with Vanguard, and also a independent firm that specializes in international Oilfield folks from the South, and of course mega corp......and a year + or so net living expenses in the coffee can in the gun safe....
We currently are about 63% equities, 37% bonds heading toward ~ 55/ 45 in two years.... as we are currently are very heavy in mega corp stock.....
Thanks to all for the feedback - sincerely appreciated.
It does look like once we get done with that final transatlantic flight crossing 7 X time zones and back to Texas that we should be in very good shape....
If your still reading this....well done.....Our plan is to sell out of The Woodlands and to get us a Lakehouse and to spend our time fishing, hunting, gardening....and me chasing Ms. gamboolgal around the old 4 poster bed we have had for near to 40 year....
Thanks to all for the feedback. Looks like we ought to have plenty of room to cut back and still be fine.
Lifes a Dance and You Learn As You Go....
gamboolman & Ms. gamboolgal...
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