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This rat is tired of the race. STOP I want off
Old 10-19-2018, 10:06 PM   #1
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This rat is tired of the race. STOP I want off

Hi,
I am 52 and counting down until i can quit. I am a nurse and never grew up with money so did not know how to manage it. We live in California. Great weather but very expensive, our cost of living index is 124 which for Ca is low but we live a middle class lifestyle but it costs over $200,000 a year to live average. I want to get motivated to learn how to get to FIRE. Kids are grown but now we have elders to care for.So leaving before retirement is not going to happen.
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Old 10-19-2018, 10:12 PM   #2
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It's never too late to get started on saving for your future. But it sounds as if you're behind the eight ball.
Without an active plan to live far below your means, the only suggestion I have is do like so many Californians--and find a second job.
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Old 10-19-2018, 10:47 PM   #3
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Hmmm Welcome to the forum.

I'm in Southern Ca with an expense budget under $100k. Is the over $200k middle class lifestyle budget something you can reduce?
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Old 10-20-2018, 05:15 AM   #4
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As a nurse, your skills/profession are quite portable. Reconsider picking up and moving out of CA for a lower cost of living area. Bring the elders along.

Do you own your home? With a $200k annual budget I am guessing so. Real estate in CA is once again at a cyclical peak - take advantage of it, sell, and take your capital gains to provide a jump start for relocation and a boost to savings.
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Old 10-20-2018, 06:54 AM   #5
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Kids are grown but now we have elders to care for.So leaving before retirement is not going to happen.
Sometimes we have to do what is right for our family - even if it means continuing to work hard when we'd rather quit.
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Old 10-20-2018, 07:29 AM   #6
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I would suggest that growing up without money is exactly how you learn to manage it.

Live below your means; in other words, buy only what you need, nothing more. Save the rest. This is far more difficult for someone brought up having their every wish catered to.

There's some good advice above, some of which may or may not work for you. But the bottom line is, there ARE ways to escape the rat race.

Good luck finding the one that works for you!
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Old 10-20-2018, 05:01 PM   #7
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Somewhat surprising numbers. I live in California and looked up my cityís cost of living index = 147. We live an upper middle class lifestyle on $110,000/year average, pay lots of income and property taxes, and invest the rest for FIRE. So we definitely LBYM.

Probably the best start to FIRE is to begin tracking your monthly expenses closely. Hard to know what to change without seeing where itís all going.
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Old 10-20-2018, 11:26 PM   #8
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We cut our expenses by putting our budget in the same categories as the Consumer Expenditure Survey and looked for areas we were out of range other than housing. We find most of the expense of living in California is in housing, other than that many of our expenses are not too out of range from the CES and some are even lower.

If you plan on a retirement for 30 years and need $200K annually, your total retirement funding required is $6M. At $100K that drops to $3M, and at $50K it is $1.5M.
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Old 10-21-2018, 06:05 AM   #9
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OP if you want some free advice and tips, you need to share a few more details about your life. If you are just here to read and absorb, Welcome!!!
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Old 10-21-2018, 06:37 AM   #10
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Are you a troll? I'm having trouble thinking of anyone here who spends $200k a year... perhaps a couple of our really high rollers. Many of us live very nicely and some live large on a lot less than $200k.

We have two homes, one in a HCOL area, a mortgage and a car loan and still have to try hard to spend $100k a year.

As others have mentioned... even if you have two maximum SS at 62 you would still need almost $4 million to spend $200k a year so unless you can lower your expenses you'll hve no choice but to keep working.
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This rat is tired of the race. STOP I want off
Old 10-21-2018, 09:36 AM   #11
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This rat is tired of the race. STOP I want off

I am in SoCal in a 3,000 sf home, I have a Honda Accord, a brand new Ford F150 a brand new 911 Targa Porsche, a brand new boat, ZERO debt and I live very comfortable on a $55,000 per year. 200k per year sounds crazy.
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Old 10-21-2018, 09:40 AM   #12
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Are you a troll? I'm having trouble thinking of anyone here who spends $200k a year... perhaps a couple of our really high rollers. Many of us live very nicely and some live large on a lot less than $200k.

We have two homes, one in a HCOL area, a mortgage and a car loan and still have to try hard to spend $100k a year.

As others have mentioned... even if you have two maximum SS at 62 you would still need almost $4 million to spend $200k a year so unless you can lower your expenses you'll hve no choice but to keep working.
Plus Clovis is not an expensive area. House prices are about $300K- $450k for an average house. Itís north of Fresno.
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Old 10-21-2018, 09:41 AM   #13
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I am in SoCal in a 3,000 sf home, I have a Honda Accord, a brand new Ford F150 a brand new 911 Targa Porsche, a brand new boat, ZERO debt and I live very comfortable on a $55,000 per year. 200k per year sounds crazy.
I live on a house worth close to $2 million, and I still have a mortgage. Yeah $200K does sound crazy.
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Old 10-21-2018, 11:51 AM   #14
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I am in SoCal in a 3,000 sf home, I have a Honda Accord, a brand new Ford F150 a brand new 911 Targa Porsche, a brand new boat, ZERO debt and I live very comfortable on a $55,000 per year. 200k per year sounds crazy.

You are the one she needs to emulate...mind sharing how you managed to achieve this miracle?
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Old 10-21-2018, 12:50 PM   #15
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I live on a house worth close to $2 million, and I still have a mortgage. Yeah $200K does sound crazy.
200k is clearly on the high side, but IIRC perhaps 20% of those who posted on a spending poll were over 120k. Not 200k, but not chump change either.
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Old 10-21-2018, 12:51 PM   #16
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Drive-by posting.
The OP hasn't been here since.
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Old 10-21-2018, 03:08 PM   #17
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"This rat is tired of the race. STOP I want off"

The tired rat may need to reduce spending below $200K.
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Old 10-21-2018, 03:19 PM   #18
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I wish the rats in my kiddo’s apartment would get off the rat race, they been chewing the carpet, plus making babies. Kiddo just called me to inform she’s been living in her roommate’s parent house in the last 3 weeks and she’s moving to a new apartment to get away from the rats.
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Old 10-21-2018, 07:56 PM   #19
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"This rat is tired of the race. STOP I want off"

The tired rat may need to reduce spending below $200K.
I guess the rat is eating too much cheese lol .. couldn't help it.
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Old 10-23-2018, 11:56 AM   #20
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Poster is a nurse...working 12 hour shifts I assume possibly working and to tired to return until her next days off....

I am also sure the 200k is income before taxes, she does not spend 200k a year

I am a nurse in California as well, nurses tend to spend and not save. My suggestion start maxing out your 401k,403b, or whatever retirement vehicle offered by your employer. Refi your mortgage to a 15 year term or pay extra to get it paid off. Start .....now...there is always hope.

You will reduce your take home pay but you will also pay less taxes. Pay yourself first in savings.

I max out my 401k compared to a nurse who has the same deductions, we earn the same but I paid 10 k less in taxes and have 18 k saved for the year in retirement so the bottom line is the 18 k in savings only translates to 8k less in take home pay....be smart START now!
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