Skip to main content
No. of Recommendations: 1
First let me congratulate you on not taking the easy road! Creating 2 comma money is not an easy process!! With that said can you live on that million dollars? I think so. You must be diligent in the management process.

FWIW:

On our journey to retirement, almost there, we started with a lot of self reflecting. Asked ourselves... SELF WHAT DO we REALLY need... The analysis took a few weeks to a couple months. keep refining those spreadsheets with all the spending. Track and reflect on purchases over the last several years helps to refine the retirement lifestyle we want to live. The cash flow analysis is certainly a huge factor, but your friends, ideally like minded, surround you is equally if not more important. Understand from your note some family members have taken the opposite approach to saving. Trust me I have some similar family type members, and so does just about everyone else...

Regarding on my how to retire: Start by managing cash flow a few days. Then to a week to a year while still earning/saving money. Has helped us find out "a number", which is really the cash flow needed to maintain a lifestyle. Now will the lifestyle change. Sure. Hit a couple double type stocks and we go from staying at say a mid level hotel to a higher end hotel on a vacation. We don't and say the market corrects we plan to do something different.

Example: We go to local school auctions. Money goes to the school, and these auctions, depending on the tax year can still be deducted. Side note as you become richer - You want that tax problem from making too much money... Back to the example: One of the prizes was a 7 night stay at a Hilton Head resort. Nice part of the country... Anyway we bid $500 for a 3 bedroom sleeps 8 place not on the ocean place, but walking distance. Oh and we used the place in non hurricane season - lol. Anyway the point is we basically have the place to stay for next to nothing. Other resort residents are paying $300-$400 a night! Now did we go to a nice place to eat with the savings. Sure a couple nights. Another couple visited and we let them stay for free. The visiting couple offered to buy us a nice dinner. We declined and instead we had a nice BBQ cookout. Why because in our lifestyle we learned how to make a steak better than Ruth Chris / other high end steakhouses. High end steakhouse with a four person dinner and drinks approx. $400+ tip. The BBQ $150 all in. The 3 bottles of good $15 wine was plenty.

Anyway as much time and effort you have been putting into your career and job function start allocating the same time and energy to how you want life to be when retired. You will be amazed at what you can do for yourself.

You are on your way, just start practicing the retirement lifestyle you want. Keep surrounding yourself with others that fit your lifestyle. Simultaneously look out constantly on ways to help your local charities. Be amazed at some of the items you'll pick-up.

As you continue to grow and prosper, maybe just maybe, some of those family members who have been way behind might follow your lead.
Print the post  

Announcements

The Retirement Investing Board
This is the board for all discussions related to Investing for and during retirement. To keep the board relevant and Foolish to everyone, please avoid making any posts pertaining to political partisanship. Fool on and Retire on!
What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.