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Retirement Discussions / Retire Well on Less


Subject:  Re: What it takes to escape work??? Date:  5/17/2004  10:51 AM
Author:  decath Number:  558 of 1701

Also, I didn't see if the $65K recommended applied to a family of four, a retired couple or a single person. A retired single person could live like a millionaire on $65K. (I could).

With FIRE on the horizon of 7-9 years, my wife and often find ourselves observing the lifestyles of those in my neighborhood, while comparing their's to ours.

For example:
Cars: Us - 9 YO Honda Civic for me; 4 YO Honda CRV (both paid off); HS son uses my car occasionally; college age daughter is paying for her own 8 YO Honda civic
Them - SUV's; new 20k+ cars every 3 or 4 years; each 16 YO up has at least a 10k+ car or pickup

Home: US - Not exactly LBYM but because of making extra payments on our home, we are around 50% equity with a pretty small P&I payment of $715 per month on a home valued at 270k.
Them - 300k - 600k homes all around us; enormous payments of $2000+. My neighbor next door paid $2800 in P&I and he is a fireman and his wife is a school teacher. He spends his off hours doing side jobs as a gutter installer just so he can make his 4 car payments and the house payment
consumer debt Us - none!
Them - The few I've talk to have continuous large credit card payments each month. They give my puzzled looks when I tell them we pay off our CC balance each month
Furniture and play things: Us - look for