Retirement... (i.e. what are you going to be after you've grown up)

Khane

Khane

Got something right about marriage
21,090
14,950
Furry said:
Thats sounds like a perfectly fine amount to live modestly off of to me. I’d have to pay off my mortgage to make it work, but I have the money to do that. I don’t have any expensive habits that I feel the need to do.
Click to expand...

I live modestly, with no debt. In a house I bought for 245k in 2009. My property taxes are $9300/yr. My homeowners insurance is $2k/yr. The CPI is outrageous right now.

Some of these things are more or less depending on where you live but pretending 16k/yr is fine anywhere in the US just shows how out of touch you are with reality.
 
  • 1Like
Reactions: 1 user
Haus

Haus

I am Big Balls!
<Gold Donor>
16,615
67,795
Khane said:
I live modestly, with no debt. In a house I bought for 245k in 2009. My property taxes are $9300/yr. My homeowners insurance is $2k/yr. The CPI is outrageous right now.

Some of these things are more or less depending on where you live but pretending 16k/yr is fine anywhere in the US just shows how out of touch you are with reality.
Click to expand...
Yeah, one whole driver in my "buy land and build a house away from Dallas" plan is escaping the insane property taxes in Dallas (even if you're homesteaded for the exemption)
 
  • 1Seriously?
Reactions: 1 user
Haus

Haus

I am Big Balls!
<Gold Donor>
16,615
67,795
1754856455015.png
 
  • 1Truth!
  • 1Like
  • 1Rimshot
Reactions: 2 users
Kithani

Kithani

Blackwing Lair Raider
1,559
2,114
Khane said:
I live modestly, with no debt. In a house I bought for 245k in 2009. My property taxes are $9300/yr. My homeowners insurance is $2k/yr. The CPI is outrageous right now.

Some of these things are more or less depending on where you live but pretending 16k/yr is fine anywhere in the US just shows how out of touch you are with reality.
Click to expand...
Maybe his dream life is just sitting around on p99 eating pizza rolls, who knows
 
Burren

Burren

Bronze Baronet of the Realm
5,179
7,760
BrutulTM said:
I've

I've been listening to Dave Ramsey clips on YouTube lately and some of the calls are what you expect. "I'm a single mom that doesn't have a marketable enough skill to justify the expense of day care and I have been using credit cards to fill in the gaps." but it's surprising how many people call in and say "My wife and I are bringing in $240k a year but keep going into debt because we can't figure out how to get by on 20 grand a month."
Click to expand...
Dummies. Also, survival of the fittest.
 
Furry

Furry

Email Loading Please Wait
<Gold Donor>
24,874
34,498
Khane said:
I live modestly, with no debt. In a house I bought for 245k in 2009. My property taxes are $9300/yr. My homeowners insurance is $2k/yr. The CPI is outrageous right now.

Some of these things are more or less depending on where you live but pretending 16k/yr is fine anywhere in the US just shows how out of touch you are with reality.
Click to expand...
My escrow is about 5k. 11k is enough to cover bills and pizza rolls imo.

Of course I’d want to do more, my only really big money waster is travel, but if I can’t I just won’t, problem solved.
 
Burren

Burren

Bronze Baronet of the Realm
5,179
7,760
Furry said:
Thats sounds like a perfectly fine amount to live modestly off of to me. I’d have to pay off my mortgage to make it work, but I have the money to do that. I don’t have any expensive habits that I feel the need to do.
Click to expand...
Man, you need to try harder then. So many great money-sink hobbies and habits 😂
 
  • 1Worf
Reactions: 1 user
Fucker

Fucker

Log Wizard
14,715
35,336
Haus said:
Yeah, some of it, I think, has to do with letting lifestyle inflation creep in on you.
Click to expand...
I know that. A few friends are creeped into a fucking corner.

One couple are 50-52. Ferrari, Lamborghini, a few other sports cars, and a new Porsche on the way. Two houses and a luxury apartment. ALL of it financed. They are spending like they are 30 y/o multi-millionaires, not like the single earner household at the end of career that they are. They are a layoff away from financial ruin. All of their cars are new, which means they are wildly upside down on them. One house is new, purchased at market peak and is worth less now. The wife goes on week + vacations once a month. I don't know what their overall financial status is like, but I can guess....it's all debt. HUGE debt.

Another is a friend, early 40's, who owns his own law firm. Two new Ferrari's, two old ones, brand new house. Profligate spending on luxury items. All of it financed. He's one heart attack or economic downturn away from ruin. Keep in mind he barely made it through the last economic downturn in 2009, and he had vastly fewer expenses then. He works very long hours and gives himself two weeks off every year and Sundays. He's also a huge ball of stress that never lets off.

In both instances, they spend every penny that comes in AND get ultra fucked on finance charges as cherry on top.

Topical. Currently watching The Company Men (2010). Affleck, Costner, Jones.
 
  • 1Cringe
Reactions: 1 user
Haus

Haus

I am Big Balls!
<Gold Donor>
16,615
67,795
Fucker said:
I know that. A few friends are creeped into a fucking corner.

One couple are 50-52. Ferrari, Lamborghini, a few other sports cars, and a new Porsche on the way. Two houses and a luxury apartment. ALL of it financed. They are spending like they are 30 y/o multi-millionaires, not like the single earner household at the end of career that they are. They are a layoff away from financial ruin. All of their cars are new, which means they are wildly upside down on them. One house is new, purchased at market peak and is worth less now. The wife goes on week + vacations once a month. I don't know what their overall financial status is like, but I can guess....it's all debt. HUGE debt.

Another is a friend, early 40's, who owns his own law firm. Two new Ferrari's, two old ones, brand new house. Profligate spending on luxury items. All of it financed. He's one heart attack or economic downturn away from ruin. Keep in mind he barely made it through the last economic downturn in 2009, and he had vastly fewer expenses then. He works very long hours and gives himself two weeks off every year and Sundays. He's also a huge ball of stress that never lets off.

In both instances, they spend every penny that comes in AND get ultra fucked on finance charges as cherry on top.

Topical. Currently watching The Company Men (2010). Affleck, Costner, Jones.
Click to expand...
Compared to Mrs. Haus Mrs. Haus and I who own two cars grand total, both wholly paid off. One 2013, and one 2017. heh
My idea of a extravagant expensive side project vehicle would be buying an older El Camino to restore/restomod.
 
  • 2Like
Reactions: 1 users
Cad

Cad

scientia potentia est
<Bronze Donator>
28,376
61,481
Burren said:
I just want to race cars and pet dogs while drinking and eating well. Not too much to ask. 12-17 years until retirement though, which seems really far away 😪
Click to expand...
How old are you? 17 years away seems insane. 17 years ago my net worth was like $100k or something.
 
  • 2Like
Reactions: 1 users
Burren

Burren

Bronze Baronet of the Realm
5,179
7,760
Cad said:
How old are you? 17 years away seems insane. 17 years ago my net worth was like $100k or something.
Click to expand...
We’re both 43 right now. Ideally we’re done at 55, but our careers are just talking and relationships, so another few years doing financial consulting part time wouldn’t be too hard.
I’ve got the number in my head for us to draw 4-5% annually and never run out while still doing and having whatever we want. But, we aren’t there yet.
 
Gravel

Gravel

Mr. Poopybutthole
43,537
153,057
Cad said:
How old are you? 17 years away seems insane. 17 years ago my net worth was like $100k or something.
Click to expand...
It's interesting. I found Mr. Money Mustache from the misc in 2014. I don't know if I was doing my TSP (401k) at all that year, but 2015 we finally decided to get serious about it. Prior to that, we'd saved somewhere between $80-100k during the first decade of our marriage (married in 2004).

But for these purposes, we'll say we started in 2014. We retired at the end of October 2021. Meaning it only took us 7 years to save up enough to retire.
 
Burren

Burren

Bronze Baronet of the Realm
5,179
7,760
Gravel said:
It's interesting. I found Mr. Money Mustache from the misc in 2014. I don't know if I was doing my TSP (401k) at all that year, but 2015 we finally decided to get serious about it. Prior to that, we'd saved somewhere between $80-100k during the first decade of our marriage (married in 2004).

But for these purposes, we'll say we started in 2014. We retired at the end of October 2021. Meaning it only took us 7 years to save up enough to retire.
Click to expand...
I need a net of $50k per month. It’ll take more than 7 years for that pile.
 
  • 1Mother of God
  • 1WTF
Reactions: 1 users
Burren

Burren

Bronze Baronet of the Realm
5,179
7,760
Comfir
Fucker said:
I know that. A few friends are creeped into a fucking corner.

One couple are 50-52. Ferrari, Lamborghini, a few other sports cars, and a new Porsche on the way. Two houses and a luxury apartment. ALL of it financed. They are spending like they are 30 y/o multi-millionaires, not like the single earner household at the end of career that they are. They are a layoff away from financial ruin. All of their cars are new, which means they are wildly upside down on them. One house is new, purchased at market peak and is worth less now. The wife goes on week + vacations once a month. I don't know what their overall financial status is like, but I can guess....it's all debt. HUGE debt.

Another is a friend, early 40's, who owns his own law firm. Two new Ferrari's, two old ones, brand new house. Profligate spending on luxury items. All of it financed. He's one heart attack or economic downturn away from ruin. Keep in mind he barely made it through the last economic downturn in 2009, and he had vastly fewer expenses then. He works very long hours and gives himself two weeks off every year and Sundays. He's also a huge ball of stress that never lets off.

In both instances, they spend every penny that comes in AND get ultra fucked on finance charges as cherry on top.

Topical. Currently watching The Company Men (2010). Affleck, Costner, Jones.
Click to expand...
Confirmed financial tards.
 
Cad

Cad

scientia potentia est
<Bronze Donator>
28,376
61,481
Burren said:
I need a net of $50k per month. It’ll take more than 7 years for that pile.
Click to expand...
Thats about $15-20M you'd want. For a luxury retirement, that is quite a goal if it is 10+ years off. I started investing in 2010.

If you make enough to afford that spend now, if you cut your spending a fair bit for a few years you'll have that a lot faster than you think. If you could save $25k/mo of that $50k/mo it will snowball a lot faster than you think.

It's really just a personal decision though, some people want to buy toys and experiences and luxuries with their money, and others want to buy time - nothing wrong with either decision, it's your life to live. Me personally I'm taking the exit ramp now though because my mom died and a cousin died and it has really got me thinking about how many years we have left and how I want to spend them.
 
  • 2Like
Reactions: 1 users
Cad

Cad

scientia potentia est
<Bronze Donator>
28,376
61,481
Burren said:
Being American. It’s half of what most of our friends make, but they also have stupidly lavish lifestyles.
Click to expand...
I did a few divorces for wealthy people and got really good looks at their finances. Tons of wealthy people are just as financially illiterate as poor people, they are just good at something so they make a lot of income. Tons of them just live off credit cards and business lines of credit and pay those down as needed. Cash crunch comes and they are fucked though because they rely on their (very high) incomes coming in to keep ahead of bills. It's completely insane.
 
Gravel

Gravel

Mr. Poopybutthole
43,537
153,057
Burren said:
I need a net of $50k per month. It’ll take more than 7 years for that pile.
Click to expand...
Not going to tell you how to live your life, but you don't need a $50k/month spend. You want it.

Good luck with your savings goals though. In the end it's a math problem.
 
  • 2Truth!
  • 1Like
Reactions: 2 users
You must log in or register to reply here.