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Welcome!

I asked TMF to open this board to provide a place to discuss ways to for early retirees to live rich on smaller budgets.

Why do they live on smaller budgets?

- They're trying to live on economy-battered stock portfolios
- It was the only way they could retire young
- They were forced out of the work world before they were ready
- They draw a small pension income
- They have ample financially resources, but live cheaply because they get a kick out of it

How do retirees “live rich on a smaller budgets”?

The quintessential example of such is Paul and Vicki Terhorst. They retired in their 30's and subsequently traveled around the world. Yet as of 1999, their daily expenses averaged $50 a day or $18k per year.

Of course, not everyone could live on so little and perpetual travel may not be your cup of tea. The point is to find a way to pursue your passions even on a smaller budget.

Let the good times RWOL!







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The quintessential example of such is Paul and Vicki Terhorst. They retired in their 30's and subsequently traveled around the world. Yet as of 1999, their daily expenses averaged $50 a day or $18k per year.

But aren't they a really extreme example of such as they relied on friends to cover much of their normal expenses (housing and such). And besides, wouldn't they have run out of money had they continued with their fixed-income-only investement strategy for much longer (and not have written well selling books) ?

In any case, they are to be admired as they took the plunge and did it !

Hey, I always wanted to post a "single digit" post on a new board - yipeee :-)
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Hey - I'll be a lurker as I'm far from retired - but, I like reading how others have done/are doing it.

C.
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Who are Paul and Vicki Terhorst?

I suppose DH and I could do that. Right now are portfolio would bring in about that much. I think I'd rather work than mooch off friends though.



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Hey - I'll be a lurker as I'm far from retired - but, I like reading how others have done/are doing it.

Great. Lurkers and FIRE wannabees are welcome!
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markr33 said "But aren't they a really extreme example of such as they relied on friends to cover much of their normal expenses (housing and such). And besides, wouldn't they have run out of money had they continued with their fixed-income-only investement strategy for much longer (and not have written well selling books)?"

Actually, this is not an accurate report of how they live. While they have many friends, and get and give hospitality, they are not "moochers". They have an apartment anywhere that they stay for any considerable period. Also, so what that they changed their investment strategy? Did they take vows to persist forever in their original plan? And last, they wrote one book, which was moderate seller, and which they never revised or tried to capitalize on by lecturing, etc. They are actual retirees.

This is not to say that anyone could live like they do. They are very flexible and likeable people. Which as we know are not universal traits.

Bennie
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One of my neighbors, who's been on several Elderhostel trips, tells me that there's a story that's almost an Elderhostel legend -- A woman in her 70s who simply travels from one Elderhostel course/trip to another. Her health is good and she has enough money to pay the transportation and Elderhostel fees. As it's told, she never travelled when she was younger and now can't get enough of it, meets interesting people, learns lots, see the sites. She takes several weeks each year (a reverse vacation?) and visits her children.

I really can't vouch for the absolute truth of this story, but my neighbor says she's met several people who claim to have met the woman and swear to its veracity.
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GWM,

I'm flattered that the name I suggested was adopted for this board. good luck!

db
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GWM,

I'm flattered that the name I suggested was adopted for this board. good luck!


Pssst- workwayless started the board... :)

EK

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Who are Paul and Vicki Terhorst?


Here are some good links from my list of favorites. The first one talks about who and what the Terhorst's "are" about. - Art

Terhorst + Early Retirement

http://www.geocities.com/TheTropics/Shores/5315/

Phillipine Retirement
http://www.livinginthephilippines.com/

International Living
http://www.internationalliving.com/
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A woman in her 70s who simply travels from one Elderhostel course/trip to another. Her health is good and she has enough money to pay the transportation and Elderhostel fees.

I've read about some people who do almost the same thing on cruises. My wife and I took a 7 day cruise to Cancun and Key West out of Tampa Florida that was only $299/each for the entire week. It was the SS Veracruz. It was a lot of fun. The food was incredible. I found the deal in the travel section of the Knoxville newspaper. Lately I've seen quite a few 7 day cruises for $399-$499 for the week. - Art
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Well, hello!

Although I said I probably would not come over, here I am!! After reading through the board purpose, it sounds like I can relate (although I'm just a FIRE wannabe at this point)... to the following...

Why do they live on smaller budgets?

- They're trying to live on economy-battered stock portfolios


Yes, mine's taken a beating, and I don't know if it will recover by my target date in 10 years.

- It was the only way they could retire young


Or, "young-ish", before 65, anyway!


- They were forced out of the work world before they were ready


...could always happen!!

- They draw a small pension income

I will!

- They have ample financially resources, but live cheaply because they get a kick out of it

Ahhh, I wish!

I look forward to reading more on this board (REHP is a regular mud-slinging contest right now!)
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They were forced out of the work world before they were ready

...could always happen!!


This is essentially what happened to me. I was laid off in 1998. I thought at the time it was no big deal. I thought I'd try teaching, but found out it was a lot more difficult than I'd imagined. Then I thought I would start over at the University but found that's a lot harder than I thought too. No one wants to hire a fat old man when they can hire a person fresh out of college. So, I have pretty much given up. Thank God I started saving and investing as soon as I started working. I had a little bit put away in a 403B, and was going to be taking decent distributions. But, like everyone else, my portfolio got decimated in the market meltdown. If I hadn't moved my money to Merrill Lynch and my financial consultant hadn't warned me to diversify I would have lost a LOT more! He's actually been pretty good. I know it's costing me money, but for now I'm happy to stay put. I'm doing ok. Up over $20,000 this year. - Art
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Chooey98: They were forced out of the work world before they were ready

...could always happen!!


Art: This is essentially what happened to me. I was laid off in 1998. I thought at the time it was no big deal. I thought I'd try teaching, but found out it was a lot more difficult than I'd imagined.

I've been laid off of 3 jobs in my life. My husband, who was a welder, would get laid off, sometimes for a year at a time! We just learned to prepare for it, and to have some savings on hand in case our jobs didn't work out.
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Excuse me, EK; I'm quite aware GWM started the board, in case your post was meant as a slap at me -- I merely suggested Retire Well on Less (RWOL) as a name for the board. Now I'm sorry I posted at all.

db
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Excuse me, EK; I'm quite aware GWM started the board, in case your post was meant as a slap at me -- I merely suggested Retire Well on Less (RWOL) as a name for the board. Now I'm sorry I posted at all.

It wasn't a slap! I promise! Isn't GMW (golfwaymore)? He didn't start the board- did he?

I'm not trying to be a nitpicker... I was just wanted to give credit where credit was due... maybe I've spent too much time at the office and this is what I've been reduced too.


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Excuse me, EK; I'm quite aware GWM started the board, in case your post was meant as a slap at me -- I merely suggested Retire Well on Less (RWOL) as a name for the board. Now I'm sorry I posted at all.



Hi db,

I started this board, not GWM.

I forgot to thank you for the board name suggestion. I do hope you will keep posting.

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Excuse me, EK; I'm quite aware GWM started the board, in case your post was meant as a slap at me -- I merely suggested Retire Well on Less (RWOL) as a name for the board. Now I'm sorry I posted at all.

db


She was saying that WWL started the board - not GWM (as you stated) - only that you thanked the wrong person - she wasn't criticizing your statement!

C. <--- have no clue who started the board - just trying to clear up this conversations confusion.
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Credit for the board goes to GWM.

db
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Credit for the board goes to GWM.

Sorry - that is incorrect - it goes to WWL (workwayless) - read the rest of the thread - he even says it.

C.
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I'm just confused. No more posts on this from me. Not even sure who I am.

db
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Great. Lurkers and FIRE wannabees are welcome!

Thanks, I'm both and I'm here as well.

mazske
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