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Re: I would like to see more people posting
Old 07-14-2003, 01:04 AM   #21
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Re: I would like to see more people posting

Yeah, that's me: shy and intimidated!

Red
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Re: I would like to see more people posting
Old 07-14-2003, 04:20 AM   #22
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Re: I would like to see more people posting

Re. "shy and intimidated", me too.
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Re: I would like to see more people posting
Old 07-14-2003, 10:49 AM   #23
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Re: I would like to see more people posting

Yeah, Red & John, you two should come out of your shells more often.
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Re: I would like to see more people posting
Old 12-05-2003, 12:10 PM   #24
 
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Re: I would like to see more people posting

Quote:
*Although Iíve worked through many of the problems people discuss in these postings, Iím still looking for useful insights regarding retirement with limited resources.
Cool Change - I too was inspired by Paul Terhorst's writings. "How to Retire At 35" was the first book I read on the subject of ER. Shortly after that I read "Your Money or Your Life" by Joe Dominguez and Vicki Robin, which gave me a lot of the nuts and bolts of how to pull it off for myself (although I didn't follow their investment advice). I didn't have $400k of equity in my house to cash out, as Terhorst originally did, so I needed another ER vehicle. YMOYL's advice of cutting expenses (as a lifestyle change rather than a monetary "diet") combined with building the nest egg sounded perfect for me. So that's what I did.

Because I made some bad decisions in stocks (along with many others), I'm still working, 9 years after starting all of this. But I'll be there by age 55 anyway, which I guess isn't too bad considering I'd done absolutely nothing about retirement until I was 40, and started out with a negative net worth. I've kicked myself over and over about not being smarter sooner, but I've come to realize that it's pointless to do that now. What's done is done, and the important thing is to make better decisions from this point forward.

If you haven't read YMOYL, I'd highly recommend it. Since you're already retired, some of the book probably won't interest you, but there's plenty there that could help you with your questions about non income-producing assets. They suggest an interesting way of deciding for yourself if something you own (or want to own) is really going to be worth it, in your own estimation.

Best of luck,
Gib
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Re: I would like to see more people posting
Old 12-06-2003, 06:06 AM   #25
 
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Re: I would like to see more people posting

Hello Gib and Cool Change. Yep, YMOYL is good, and as
you all know, Paul Terhorst is my ER guru. I have an
observation about "income producing assets".

I became president of a small manufacturing company
back in 1977. One of my deeply imbedded management
techniques was looking at everything we
owned and seeing money. For example, I used to
explain this to my staff as in walking around the factory,
where others would see a pile of stale inventory, or an old unused machine, I would always see something which could be converted to cash and then used to
produce more money. "No lazy money" is the short
version of this. Anyway, many people are unable to view
their world like this. It is automatic with me, and now that I no longer work it's still operating. Anything
(and I do mean anything) which is just sitting around
unused gets liquidated immediately. Consume it, use it or turn it into cash.

John Galt
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Re: I would like to see more people posting
Old 12-07-2003, 06:27 AM   #26
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Re: I would like to see more people posting

Quote:
Anything (and I do mean anything) which is just sitting around unused gets liquidated immediately. *Consume it, use it or turn it into cash.

John Galt
So, I guess you don't have any pets. What about fire extinguishers?
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Re: I would like to see more people posting
Old 12-07-2003, 09:56 AM   #27
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Re: I would like to see more people posting

Quote:
Anything (and I do mean anything) which is just sitting around unused gets liquidated immediately. Consume it, use it or turn it into cash.
Quote:
So, I guess you don't have any pets. *What about fire extinguishers?
Hey Ted and John, I hope my wife doesn't adopt this strategy when I retire next year. My only consolation is that she wouldn't be able to sell me for much.
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Re: I would like to see more people posting
Old 12-07-2003, 12:53 PM   #28
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Re: I would like to see more people posting

The dog and cat make sure I don't sit around unused. As for fire extinguishers - you should see some of my attempts at 'dark roux' for seafood gumbo - looks alot easier on TV with Paul Prudomme.
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Re: I would like to see more people posting
Old 12-08-2003, 02:40 AM   #29
 
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Re: I would like to see more people posting

Got 4 dogs here. Useful for fetching sticks, lap/foot warmers
and providing 100% loyalty, no matter what bad stuff is
happening in your life. Re. fire extinguishers, we are required by law to have at least one in our boat. If we get a fire in the house, guess I will have to run outside to get
it. BTW, in 2003 I grossed thousands of dollars selling
misc. stuff that we had laying around here, or that
I bought (for cheap) and resold. This could be easy
ER money (selling other people's unwanted stuff)
if I wasn't so lazy.

John Galt
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Re: I would like to see more people posting
Old 12-08-2003, 06:06 AM   #30
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Re: I would like to see more people posting

Auctioneer's are mentioned prominantly in Stanly and Danko's The Millionaire Next Door. Could John Galt have an 'Auctioneer Mind' - perhaps a book awaits!
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Re: I would like to see more people posting
Old 12-08-2003, 08:57 AM   #31
 
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Re: I would like to see more people posting

I would say I do have an "auctioneer's mind set", although some folks think I just obsess about money.

Re. "books", I have a hundred in my head (once when
interviewing for a job the guy talking to me stated, "Man, you've had an interesting life!")
As Hemingway once said, "I know some pretty good
stories." Alas, good writing is hard work, which I usually
avoid. Thus, it is unlikely these books will get written.
It's been quite a party though............................

John Galt
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Re: I would like to see more people posting
Old 12-09-2003, 11:48 AM   #32
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Re: I would like to see more people posting

All right, I've been gone for a while, so in deference to this thread I'll put up a post, but won't start a new thread !

"About Schmidt" is mentioned throughout this thread. This is probably one of the most depressing movies I've seen. Yeah, if your work is your life and you're thinking about early retirement, watch this one. I guess the bright side is you could always find yourself an "Ndugu" to fill your time !

I'm still working, and that's kept me busy, but the motorcycle riding season in the NE is over, so I find myself with a bit more time on my hands. I'm 33 (like many of you it seems...) and hope to be RE in a few years. I've thought about doing it sooner with part time work/hobbies picking up the difference in the nest egg, but I'm just not that fed up yet. I figure with about $500k, I'd be sitting pretty (Terhorst would be proud) but as a disclaimer, I'm single and own a VERY inexpensive house.

I'll try to kick in from time to time, when I see something more to flap my gums about, I'll do so. ...
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Re: I would like to see more people posting
Old 12-09-2003, 12:46 PM   #33
 
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Re: I would like to see more people posting

Hello Panhead! Missed your insightful comments.

'About Schmidt' was depressing, I agree, but I still think Jack N. is one of the greatest actors working.

I am staring my 60th year in the face, so my riding days are numbered. Last trip to Texas I left the bike there
so I can get some riding in this winter. Also, there
is BIKE WEEK in Daytona Beach ijn the spring, so all is not gloom.

Man, you don't need $500K. After my divorce in 1998,
I wasn't even close to that and I still retired. On the other hand, being near to SS eases the problem a lot, especially if you are making it work mostly with smoke and mirrors.

John Galt
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Re: I would like to see more people posting
Old 12-09-2003, 08:19 PM   #34
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Re: I would like to see more people posting

I finally saw About Schmidt recently and loved it. I found it hilarious and not depressing in the least (sure it was a little sappy, but it was JUST a movie!)

But, then again, I am a true ER (part time at 44 and full time at 49) so I had absolutely ZERO empathy for the character Nicholson played. That movie had something to do with retirement but certainly not EARLY retirement!

To me, it just pointed out the necessity to get out of the working world at a reasonable age (if possible, of course). If Schmidt had left LONG before 66 (wasn't that the age he retired at?), think of all the great trips he and that wife could have had in that RV.
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Re: I would like to see more people posting
Old 12-10-2003, 05:26 AM   #35
 
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Re: I would like to see more people posting

Hi Jack,

Yup, I agree with you. The reason I liked the movie is it told a story that is true for tens of Millions of American Men. It may wake up a few!

If anyone thought it was depressing, maybe it was because it was a little too close to home
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Re: I would like to see more people posting
Old 12-10-2003, 09:00 AM   #36
 
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Re: I would like to see more people posting

Maybe I fell asleep during the movie . Anyway, it
certainly tells the story of vast numbers of people
who "strut and fret their hour upon the stage"
without ever getting to smell the roses. Now, that is depressing!

John Galt
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Re: I would like to see more people posting
Old 12-10-2003, 09:47 AM   #37
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Re: I would like to see more people posting

Hey Cut Throat

Nah, that movie certainly wasn't close to home for me at all, but it was depressing to see a guy retire at 66 when the job was all he had, then realize he wasn't needed or appreciated (this could be insight for some here...), then have his wife kick off, realize he doesn't particularly like what's left of his family, then the incident with the other couple in the motor home... Geez, that was depressing ! I do agree it had it's funny moments too, mainly the Ndugu stuff.

Oh yeah, John Galt, I completely agree about Jack N., the man is truly a gifted actor.

Well, I'm under the weather today and working from home, trying to get an idea of what it would be like not to work at all. I pulled out my copy of Terhorst earlier and thumbed thru it as well, just for a little motivation.

Yeah, Daytona Bike week, that's the one big one I haven't made it to yet. I've tried to go half a dozen times, each time I plan it out, something tragic happens that keeps me from going. I'll get there yet, though !

Hey John G, I hear you about not needing the $500k to retire now, and I agree. I think it would look something more like semi-retirement with less though. I'd have to do some kind of work. The safe withdrawal calculations performed on a nest egg of $XXX to produce $YYY income inflation adjusted annually doesn't provide me with enough to not work right now. How did you do it with less ? Just kinda ride the wave and see where it took you ? Work if you need the cash, don't when you don't ? I've read your threads, and I know you didn't retire with the much-preached 4% withdrawal, so how did you manage ? There's many ways to do it, and in the end, I'll pick my own, but I'll also be borrowing ideas from many of you !!!

panhead -- curious since 1902 !
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Re: I would like to see more people posting
Old 12-11-2003, 03:51 AM   #38
 
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Re: I would like to see more people posting

Good morning all!

For an answer to Panhead's question
about "how I did it", I would like to say "with my
superior brain". However, since I am pretty honest
(if not modest) I must say it was mostly luck.

It is true that when I semiretired in 1993,
my net worth was miniscule, I still had one child at home and an acquisitive wife, plus some debt. Being a very
confident sort, I just figured I would work it out as I went along. Such was my motivation to retire. Three somewhat unforseen events put me over the top.

1. I dismantled my little manufacturing company and
liquidated most of the assets. This worked out much
better than I anticipated.

2. I received an "offer I couldn't refuse" to go back to
work temporarily, which I accepted with the assurance that it would be a short term deal.

3. I divorced the wife, mentioned above.

Although this worked out just fine, it's a route which I
can not promote to others, obviously. Waiting until you are almost 50 (as I did) before giving ER a thought
does not bode well for success.

John Galt
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Re: I would like to see more people posting
Old 01-30-2004, 06:25 AM   #39
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Re: I would like to see more people posting

Quote:
Anything
(and I do mean anything) which is just sitting around
unused gets liquidated immediately. Consume it, use it or turn it into cash.
I'm a new member (having a great time catching up with the older threads), and while I tend to lurk for quite a while on a site before jumping in, the title of this thread is an encouragement to hop in

I think there's a lot to be said in favor of this approach (quoted above), assuming that "use" is taken broadly - if something gives me enjoyment, it's being useful, even if it's not in a practical sense. (My cat, who is parked on my lap right now, doesn't really do anything to earn his cat food in a practical sense, but he is a much-loved member of the family, for instance!)

I've never been particularly materialistic or wanted lots of consumer junk like a fancy car (my definition of "fancy" being basically "Costs more than $15,000"). But even so, over the past year or so I started realizing that we had quite a bit of "stuff" that wasn't being used or enjoyed. My husband and I are both avid readers, and we had huge quantities of books that we'd bought... even though we didn't pay much for them (used) they still took up space. So we culled out all the ones that we knew we wouldn't re-read, and now whenever either of us reads a book from our collection, if it's not going to be re-read, it goes on the "get rid of pile" - either to be sold on Amazon, or traded in at the used bookstore for credit, or donated to the library. And we're making more use of the library for books we might have bought, earlier. We've done the same thing for other odds and ends that can be sold on Ebay or Amazon, or locally - even if it only brings in $10, well, that's $10 in the pocket *and* less clutter around the house.

So keeping an eye on the question of "Do we really use this?" has been helpful in clearing out stuff and getting some money back. I review DVDs, so I get a pretty constant flow of new movies into the house as well - if we kept all of them (or even a lot of them) it would get cluttered pretty quickly, so being strict about "Do we really want to keep this?" has been helpful. In a way, it's encouraged both of us to "let things go": even if I enjoyed a book or a movie, I don't HAVE to keep it!
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Re: I would like to see more people posting
Old 01-30-2004, 10:49 AM   #40
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Re: I would like to see more people posting

I've lurked on this board for six months or so, and having recently changed jobs where I have more time on my hands, hopefully I'll be able to post a little more. I think many of us can learn a lot by reading & sharing our experiences.

Personally, I could live on less than $15k/year including the mortgage... but I'm to the extreme on many issues I'm afraid. I've considered trying to grow some of my own food to reduce grocery costs. I cut my dryer sheets in half to make the box last longer (although I could line dry my clothes...). I have also calculated how much my PB+J costs to make, thus calculating how much lunch costs me on a weekly basis.

Thankfully my wife keeps me from going overboard with my LBYM tendencies. She is also "cheap within reason". It is a huge help in my FIRE goals that she is also frugal... now if I can just get her to cut those dryer sheets... :

-Jay
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