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Re: Magic Money Number
Old 01-07-2004, 12:18 PM   #21
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Re: Magic Money Number

Mal',

At this point it sounds to me like you are doing the right things. Live below your means and invest the rest.

In order to live below your means effectively, you need to track your spending. That will be very useful eventually when you need to estimate your spending in retirement. Rules of thumb (whether it's 70% or 30% of your pre-retirment income) can get you into trouble. The kind of analysis that led Dory36 to his estimate is what matters. Everyone's situation is different.

Your investing choices will likely evolve for a number of reasons. 1) You will learn more about investing options each year and that knowledge is likely to change your preferences, 2) Your view of risk will mature and evolve as you do changing your target balances, 3) New investment vehicles and investing/tax laws will become available changing your preferences. So at this point the most important thing is that you are investing somewhere and learning what you can about investing options.

Good luck.
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Re: Magic Money Number
Old 01-07-2004, 12:23 PM   #22
 
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Re: Magic Money Number

Man, at age 42 I had not given ER a thought yet.
I was earning and spending - earning and spending......
When I did get it in my head to ER (about 1992),
I only had one year to prepare. Pretty amazing.
Re. kids, only one (of 3) still at home in 1993. She
is now a sophomore in college and the cost of this continues to haunt me. None of my kids got a free
ride even when I was making the big bucks.
I want to do all I can but it's a struggle.

John Galt
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Re: Magic Money Number
Old 01-07-2004, 12:34 PM   #23
 
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Re: Magic Money Number

I know I repeat here, but it seems appropriate.

I don't have the exact number, but I know we
(a couple) are living on about 25% of my peak
earning years, which naturally came near the end of my career. This does not include the paid off house.
A ton of expense just disappears. The rest you have
to work on. So, I kind of did it backwards, i.e.
made the decision to ER, quit, and then worked out the details afterward.

John Galt
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BareBonesJohnGault
Old 09-01-2009, 07:40 PM   #24
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Re: BareBones John Gault

Hi JG
We must have been reading that same chapter out of the Terhorst's book at the same time. However things came up that deterred the bare bones plans. It would be interesting to hear from you how it has worked out. In light of the inflation we're seeing. And also have read that Joe Dominguez had to move into a commune just to be able to make it because of inflation and his wife is saying their initial idea of a fixed income retirement was flawed. He has passed.

But here you are and talking about it. Would like to know more. You can pm me if you want. Am currently re-considering re-bare boning it...hehe
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Old 09-01-2009, 08:29 PM   #25
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HM, you might note that that little box you checked in order to post on this thread indicated the thread was several hundred days old - as in a little more than 5 1/2 years old. JG is long gone from this forum...

If you have something to say, please post to a current thread or start a new one. Better yet, go over to the "Hi, I am..." forum and introduce yourself so we can give you a proper welcome!
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Old 09-01-2009, 08:52 PM   #26
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Egads..the legs in this thread are longer than the ones I have in my avatar...
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Old 09-01-2009, 08:53 PM   #27
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Quote:
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Egads..the legs in this thread are longer than the ones I have in my avatar...
I cant tell. The avatar needs to show a bit more.
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Old 09-01-2009, 11:02 PM   #28
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Quote:
Originally Posted by HM777 View Post
Re: BareBones John Gault

Hi JG
We must have been reading that same chapter out of the Terhorst's book at the same time. However things came up that deterred the bare bones plans. It would be interesting to hear from you how it has worked out. In light of the inflation we're seeing. And also have read that Joe Dominguez had to move into a commune just to be able to make it because of inflation and his wife is saying their initial idea of a fixed income retirement was flawed. He has passed.

But here you are and talking about it. Would like to know more. You can pm me if you want. Am currently re-considering re-bare boning it...hehe

deja vu?
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Old 09-02-2009, 10:49 AM   #29
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What a blast from the past! Cut-throat, JG.
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