LBYM Extreme - with a plug for ER.org!

[RetiredAt55.5]

"Nearly half of US households couldn't come up with $400 for an emergency expense without borrowing or selling something." (very start of the video)

Here's what I don't get. We have LOTS of restaurants in our area. And most seem to be pretty busy, especially on weekends. Heck, on a typical Friday or Saturday, it could be an 30-60 minute wait to get seated in the Olive Garden or Cheesecake Factory.

And then I go down to the Jersey Shore and I see lots of people lining up for $20 pizzas and $7 ice creams, not to mention the packed restaurants.

Oh, and $8-10 for a beer at a Phillies game.

I guess the OTHER half have lots of disposable income??

 

[daylatedollarshort]

Prices can be quite reasonable, such as the home shown in the photo below with an asking price of $1.6M for a 2-acre island.

If you are a bit short of the $1.6M for the island, you could always buy an uninhabitable, condemned home in the Bay Area for $1.2M -

Condemned House Sells for $1.2M in Fremont

 

[marko]

"Nearly half of US households couldn't come up with $400 for an emergency expense without borrowing or selling something." (very start of the video)

Here's what I don't get. We have LOTS of restaurants in our area. And most seem to be pretty busy, especially on weekends. Heck, on a typical Friday or Saturday, it could be an 30-60 minute wait to get seated in the Olive Garden or Cheesecake Factory.

And then I go down to the Jersey Shore and I see lots of people lining up for $20 pizzas and $7 ice creams, not to mention the packed restaurants.

Oh, and $8-10 for a beer at a Phillies game.

I guess the OTHER half have lots of disposable income??

The "other half" doesn't spend their money; that's why they have it.
The ones without money are spending their future via credit cards. Tick, tick, tick.

 

[ocean view]

The Amazon book description pretty clearly gives the impression they are retired, not just FI: "The deeply personal story of how award-winning personal finance blogger Elizabeth Willard Thames abandoned a successful career in the city and embraced frugality to create a more meaningful, purpose-driven life, and retire to a homestead in the Vermont woods at age thirty-two with her husband and daughter.... Determined to retire as early as possible...."

We’ve all assumed that the use of the word retire here means having left the work force. Clearly, they just mean retire, as in to turn into bed early. [emoji23]

just a little word trickery

 

[timo2]

I was quite happy with my work into my late 50's. It was all science and travel and new experiences. I would not have early retired then even if I could have afforded it (I couldn't but it did not matter) . I guess retirement in your younger years is dependent upon what one has for a career passion. I did not get burned out until I ended up in cubicle land in my 60's. Not being judgemental though. If going at 30 is what you want, go for it.

 

[Walt34]

Prices can be quite reasonable, such as the home shown in the photo below with an asking price of $1.6M for a 2-acre island. Spend a bit more, and there are larger islands of tens of acres, with one or two natural lakes or ponds in the middle. Some are large enough for an airstrip, to allow quicker access than by boat. Or one can use a chopper.

Or just get an amphibious aircraft:

LAKE AIRCRAFT QUALITY AMPHIBIANS FOR OVER 50 YEARS

 

[Amethyst]

Oh, dear, I never implied that those with only $100M cannot own their own island, if they are willing to make a few little compromises.

When I visited the Thousand-Island region, saw that there were plenty of islands with a home on it that could be bought by someone with just $10M, not even $100M. The home may even be moved-in ready.

The tour boat took us by this island/home, which is reputedly the most photographed home in the world.

 

[W2R]

Actually, it may seem odd but I do not want a house on a private island.

For most of us, the trick is wanting what we have, rather than fussing about not having what we want. Another truism is that happiness is a self done project.

After 11 years of daily participation on this forum, honestly I cannot see any greater degree of happiness in the retired members who are living the high life, versus those who decided to retire on a shoestring and are spending very little.

Yesterday I discovered that the oldest person alive died at age 117, and the next oldest will not turn 117 for a few weeks yet.

So (you guessed it) I ran FIRECalc out to age 117. It's fun and worth doing even if one doesn't expect to live anywhere near that long.

 

[steinj]

This post is revealing about these FIRE blogs - they owe it yo their readers to be honest about privilege and income sources.

https://ournextlife.com/2018/03/21/fire-blogger-manifesto/

 

[rayinpenn]

When I read that Mr Frugalwoods earned a cool quarter million in income I thought what “frauds” and intellectually dishonest. While I appreciate saving money at any income level is laudable, I am more inclined to respect someone with an average income who saved a bundle... so very disappointing.

 

[marko]

When I read that Mr Frugalwoods earned a cool quarter million in income I thought what “frauds” and intellectually dishonest. While I appreciate saving money at any income level is laudable, I am more inclined to respect someone with an average income who saved a bundle... so very disappointing.

Ray, I agree but I suspect you mean it's "how" the money is earned not how much, no?

IMO it's dishonest to claim to be RE'd when--aside from a PT hobby-job -- you still have a real job and are being paid for work being done. Even working full time at a job you love (and don't consider work) is not being retired.

OTOH, if one has worked, saved and invested well enough to 'earn' a quarter mil through investments, that is REAL FI. The criteria is how the income is generated not how much, IMO.

 

[NW-Bound]

... if one has worked, saved and invested well enough to 'earn' a quarter mil through investments, that is REAL FI. The criteria is how the income is generated not how much, IMO.

I have made a lot more than a quarter mil some years, and I am quite sure many posters have also.

The problem is my performance, or rather that of the market, is not consistent. There were years I struggled and failed to break even. This 2018 year may be one of those.

 

[marko]

I have made a lot more than a quarter mil some years, and I am quite sure many posters have also.

Exactly. But one should only be able to claim FI/RE if the income is passive vs earned income.

Of course, one can claim to be anything they want, but they shouldn't be blogging about being retired when you're still getting a substantial earned income; at that point you're leading people astray.

 

[NW-Bound]

Oh, dear, I never implied that those with only $100M cannot own their own island, if they are willing to make a few little compromises.

That 1st photo of an island was for someone with less than $10M. For someone with $100M, I show a later photo of a roomier island. And the price still leaves plenty of cash left for an amphibian aircraft like Walt suggested, and our centimillionaire can still say he practices LBYM.

Oh, and about compromising, even billionaires have to make compromises. Few dare make a run out at midnight without bodyguards to get a pizza or hamburger if they feel like it. Or wandering the streets of Paris without an entourage.

That's why I think it's more fun to live like someone with just $10M, when you in fact have a lot more. I could be all wrong. I will never find out.

 

[MRG]

When I visited the Thousand-Island region, saw that there were plenty of islands with a home on it that could be bought by someone with just $10M, not even $100M. The home may even be moved-in ready.

The tour boat took us by this island/home, which is reputedly the most photographed home in the world.

Lot of memories. Thank you for sharing. I don't recall it being that built up in 1970.

 

[Totoro]

Silly question maybe .. why would anyone non-famous want to live on a private island?

 

[ExFlyBoy5]

Silly question maybe .. why would anyone non-famous want to live on a private island?

A dislike of being around people? There are days when I would LOVE to live far, FAR away from another single soul.

 

[Amethyst]

Exactly. Or only live around the people you want, and keep out the annoying ones. An island is a gated community without the gate.

A dislike of being around people? There are days when I would LOVE to live far, FAR away from another single soul.

 

[GravitySucks]

Off topic...
Many years ago a coworker inherited fromnhis Aunt an island near that brown house in the US side of the Thousand Islands. He complained the island only had a campsite and gazebo on it and not a house.
Some people would kick even if they were hung with a new role.

 

[RunningBum]

At times I've been fascinated by the concept of a private island. There are some websites that you can see listings of those for sale. I've never seriously considered it, but dreamed a bit.

The reality is, it wouldn't really fit me. Power, fresh water, internet, is likely going to be an issue. Privacy seems like a benefit, but it's not really so private if boats can go by, and not so quiet if they are motorboats. Sure, a big enough island, house off the water, that would be more quiet.

If you don't have a staff, security can be an issue as someone can just pull up in a boat if you aren't monitoring.

Doesn't seem too convenient to make a grocery run, and it could be downright dangerous in bad weather.

I'd need a pretty big island to get my running in, and I'd get bored of the same trails every day.

So I think I'll enjoy gazing at some of those island properties once in awhile, and most definitely never act on it.

 

[RobbieB]

Private island never did it for me. Too long to the grocery. Too long to help. No people to watch.