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So You Think You Can Retire?
09-11-2011, 10:50 AM
What's stopping the boomers from racking up massive credit card debt and taking it with them to the grave?
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09-11-2011, 04:00 PM
I was actually on the road to an earlyish retirement, but since my wife decided she could bail with half our savings and half my pension, I'll be working a bit further. But yeah--having no debt is key; all I have right now is the house, the car (used) and the legal fees. I'm still roughly on track. What I can't get is people deciding that living with massive debt is some sort of acceptable lifestyle. I just don't get that at all.
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09-11-2011, 05:01 PM
Quote: (09-11-2011 10:50 AM)Roosh Wrote:
What's stopping the boomers from racking up massive credit card debt and taking it with them to the grave?
Wow, thats a good one. i will start advising that to my parents. Ofcourse the should buy a lot of stuff for me hahaha
Book - Around the World in 80 Girls - The Epic 3 Year Trip of a Backpacking Casanova
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09-11-2011, 06:04 PM
IMO the best idea would be to make a shitload of money in your 20s and 30s and save most of it up by lifestyle management(aka cutting out the useless shit).
A single man living alone doesn't have that many costs compared to a guy raising a family or living with a gf or wife.
Avoiding marriage itself is a huge step towards saving up a lot of money to retire at a comfortable age.
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09-11-2011, 09:11 PM
Quote: (09-11-2011 10:50 AM)Roosh Wrote:
What's stopping the boomers from racking up massive credit card debt and taking it with them to the grave?
the same thing thats stopping 20 somethings from running up massive debt and not paying it back - nothing
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09-12-2011, 02:29 AM
Quote: (09-11-2011 06:04 PM)torontokid Wrote:
IMO the best idea would be to make a shitload of money in your 20s and 30s and save most of it up by lifestyle management(aka cutting out the useless shit).
A single man living alone doesn't have that many costs compared to a guy raising a family or living with a gf or wife.
Avoiding marriage itself is a huge step towards saving up a lot of money to retire at a comfortable age.
Unless ur making BANK it would be kinds hard to live a fun and rewarding life (traveling, partying, meeting tons of women) while your young (20's-30's) and still be able to save to retire at age 40-50.
For the average man you gotta make try to balance out the two imo as both extremes are not healthy.
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09-12-2011, 08:26 PM
Unfortunately, when someone passes away, the debt becomes a liability/responsbility/obligation of the remainant family members. Those mofos of financial institutions are a lot smarter nowadays than in the past. A few years ago, I knew a guy in college who got as much credit as he could his hand on, credit card, line of credit, store cards, anything credit, you name it. The guy maxed them all out, took out massive cash advances on his credit cards/lines of credit, then left to Australia, where he met a girl he married. Now, he has Aussie citizenship and he completely played the system at their own little game. Good for him I say.
The # 1 factor in making or breaking you when it comes to retiring and living the lifestyle you want is debt. Stay away from that life sucker as soon as possible. If you have any debt, swallow your pride, pay that sucker off and become debt free asap. Only once you're debt free that you're truly free to roam the world and do whatever you want where you may fancy. My debts were getting out of hand so that's why I came back to take care of that sucker and by next spring, I should be free for good.
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09-12-2011, 08:46 PM
I'm 55 and semi retired, I paid off everything that I owed on and I am now debt free with the exception of insurance, cell bill and a few other monthly bills but no major ones. I'm taking off until the first of December and then I am going to work 28 days on and 28 days off on a river towboat. I am a chief engineer on ships so I spent a lot of time at sea.
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09-12-2011, 09:07 PM
Quote: (09-12-2011 08:26 PM)Vacancier Permanent Wrote:
Unfortunately, when someone passes away, the debt becomes a liability/responsbility/obligation of the remainant family members. Those mofos of financial institutions are a lot smarter nowadays than in the past. A few years ago, I knew a guy in college who got as much credit as he could his hand on, credit card, line of credit, store cards, anything credit, you name it. The guy maxed them all out, took out massive cash advances on his credit cards/lines of credit, then left to Australia, where he met a girl he married. Now, he has Aussie citizenship and he completely played the system at their own little game. Good for him I say.
The # 1 factor in making or breaking you when it comes to retiring and living the lifestyle you want is debt. Stay away from that life sucker as soon as possible. If you have any debt, swallow your pride, pay that sucker off and become debt free asap. Only once you're debt free that you're truly free to roam the world and do whatever you want where you may fancy. My debts were getting out of hand so that's why I came back to take care of that sucker and by next spring, I should be free for good.
Some good advice VP, but something else that is just as important as debt is living withing your means aka being able to save $1000-$500 (roughly 40-50% of your paycheck) dollars a month. This is pretty much doable on any salary. To give you an example, a fresh out of college teacher in NC can make about 2k a month. Live in a modest small apartment for (500-600$ month) cable/internet (100$) utilities (70$) then just dont go crazy spending money during the month and you should be able to save $1000 - $500 a month letting you take international trips during the 3 months of the year you have off. Not to mention if you want to go somewhere stateside on the weekend or something. The prices are cut in half if you have a roommate.
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09-12-2011, 11:31 PM
G,
I only listed the necessities.
All the other stuff is situational and most is a luxury. Living within your means and being able to save 50% of your paycheck isnt easy by any means esp if ur only making 35-40K. Im gonna touch on some of the issues you pointed out that you cant avoid or negate.
Taxes - the figure I gave was after tax take home money
Car - you can purchase a cheap decent car for cash. 5-6K so it is a non factor for someone living within their means trying to save stacks. my figure is assuming ur car is paid off.
Gas - not very much with a 35 mpg car when u live close to work and essential stores ect. I was spending about 40-50 dollars a week on gas back home. I didnt live close to the center of town.
Food - pretty varied depending on diet. could be cheap if you wanted it to be. I spend about 50 dollars a week on groceries
Alcohol - dollar nights for me mostly soo it was hardly no money. Id cut out alcohol if it cuts to deep into the savings.
Drugs - i dont do drugs lol
Clothes - this can vary greatly and is certainly not a "monthly" expense for me. In a year I prob spend bout 400-600 dollars on clothes. Maybe less maybe more depending on if I out grow some of my older clothes.
Shoes - def not a monthly expense. But i prob buy about 1-2 new shoes a year. so bout 150-200 bucks
Gym membership - a luxury that Id cut out if it doesnt allow you to save money as you can work out at home and run ect. but a local gym in my town runs bout 20-30 bucks a month.
Cellphone & plan - can be dirt cheap or can be almost 100 bucks a month
Insurance - health insurance is covered by alot of employers. def teachers have it covered. Car insurance is what like 150 a month maybe less in nc
So lets add up those totals
160 (gas) + 200 (food) + 150 (alcohol/goin out) + 30 (gym) + 50 (cellphone) + 150 (insurance)
= 740
500+740 = 1240
2000-1240 = 760 bucks excess a month
Some of that stuff you can do without but i included it in.
Also you can get a roommates and pay 200 bucks for a room easy increasing your saving potential.
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09-12-2011, 11:48 PM
Quote: (09-12-2011 11:47 PM)ersatz Wrote:
Quote: (09-12-2011 10:50 PM)thegmanifesto Wrote:
(and where the hell do you find modest small apartment for (500-600$ month? The ghetto of Mogadishu?)
Any typical town in the USA with under a million people not in the downtown core.
these cats from CA and NY dont seem to understand that haha
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09-13-2011, 12:09 AM
Quote: (09-13-2011 12:01 AM)thegmanifesto Wrote:
Again, your math is real sketchy.
Now your not paying for "cable/internet (100$) or utilities (70$)"
(Which are numbers ridiculously low).
By your math it should be $1410 or $1510 per month.
How are you going to save "save $1000 - $500 a month"?
Magic?
Ur right forgot to add in those two things. Still doesnt change anything. Peep the #'s
With the advent of the internet you dont need cable anymore. You can also bum internet off ur neighbors in an apartment building. But lets say you did pay for those things and internet.
740 + 500 + 170 = 1410
2000 - 1410 = 590 (i did say 500 right?)
Now lets look at it with roommates
740 + 200 + 35 = 975
2000 - 975 = 1025 (i did say 1000 right?)
Doesnt look like magic to me, just simple math.... lol
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09-13-2011, 12:15 AM
Dash -
You might be the funniest guy on the forum.
Is NC Community College offering any "simple math" classes to go with your "history" classes?
"740 + 200 + 35 = 975"
Now you are only paying $400 per month for rent?
And no insurance?
(Not to mention car maintenance).
One parking ticket and your fantasy budget is blown.
Stop while you are behind.
No one will take you seriously anymore.
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09-13-2011, 12:20 AM
Quote: (09-13-2011 12:15 AM)thegmanifesto Wrote:
Dash -
You might be the funniest guy on the forum.
Is NC Community College offering any "simple math" classes to go with your "history" classes?
"740 + 200 + 35 = 975"
Now you are only paying $400 per rent?
And no insurance?
(Not to mention car maintenance).
One parking ticket and your budget is blown.
G,
Were did I say what type of place (# of bedrooms) I was renting and with how many roommates?
If you read my earlier post you would have seen where I said you can EASILY get a room for 200$ aka living with roommates. Hence where the 200 figure came from.
Are you even reading my posts. Insurance is included in the 740.... lol
The ladies tell me im funny all the time must be true
I know its hard you you Cali peeps to grasp these figures. Its ok id prob be the same way....