My second favorite FIRE-related website

[FlogBlogger]

...is Escapees Discussion Forum - Powered by eve community , chock full (no pun intended) of like-minded RV enthusiasts, mostly retired, and generally following the LBYM principle.

What's YOUR next favorite FIRE-type of discussion forum?

(And no, I don't have a wandering pointer. Just FI-curious. )

 

[accountingsucks]

I read the moneysense.ca forum and specifically the early retirment section. There is a guy who retired at 33 there (with assets under $400K) and posts there quite often - Derek Foster. He wrote a book and is pretty much my hero...LOL

Canadian Business.com Forums: Early Retirement

 

[FlogBlogger]

Let's see...$400K CAD would be $430K US. Without having the healthcare worries, yes, that seems doable.

Thanks for the link...I'll check it out!

 

[retire@40]

Let's see...$400K CAD would be $430K US. Without having the healthcare worries, yes, that seems doable.

$400K CAD = $372K US

Not quite doable retiring at 33 with only $372K.

 

[FlogBlogger]

$400K CAD = $372K US

Of course you're right.

Not quite doable retiring at 33 with only $372K.

Many with RVs do manage:
http://www.seeya-downtheroad.com/InformationPage/Budget.htm
Sample Budgets For Full-timers

 

[retire@40]

Many with RVs do manage:
http://www.seeya-downtheroad.com/InformationPage/Budget.htm
Sample Budgets For Full-timers

The first link shows an average of $3,000 to $4,000 a month, so it does not support your position that you can live on $1,250 a month.

The second link shows a "thrifty" budget with no expense or accrual for the RV itself. So maybe the assumption for a "thrifty" budget is that you get a free RV that will last for the rest of your life.

So retiring at 33 with only $372K is really not doable.

 

[FlogBlogger]

So retiring at 33 with only $372K is really not doable.

Suffice to say plenty of RVers can and do: Anyone RVing on a $1000/month budget?? - Topic Powered by eve community

 

[accountingsucks]

Well if you read Mr. Foster's book he claims that it is doable. He also has 2 kids if I recall correctly. His strategy is to invest only in companies that have shown a track record of increasing dividends every year without exception. He also owns a couple income trusts that have 10%ish yields. Also in Canada, dividends are taxed extremely favorably...basically you can earn up to 50K a year in Canada as dividend income and not be taxed a penny. He does admit to getting some income from book sales, but it is not much....I think around 5K or so a year. He lives on approximately 30K a year which is virtually tax free b/c of the dividend income he generates on the investments.

 

[haha]

Well if you read Mr. Foster's book he claims that it is doable.

The trouble with this sort of statement is who is making it. Say you wrote a book on how it was possible to live on $75,000 per year. Would anyone buy it? Would people quote you, ask you and pay you for speaking engagements? Come to your website, this generating traffic for ad sales?

No, just like no one would buy a book you wrote about how you tried every kind of diet under the sun but are still as fat as ever.

These authors have incentives to write positive sounding books with strongly positive (and often unbelievable claims).

Maybe they had one really cheap year, and it is based on that, conveniently avoiding adjusting for intervening inflation. A book that is only a moderate hit can do wonders for a bare bones budget, obviating the need for such a budget!

Many things may be possible, just not likely or even very attractive.

Ha

 

[kcowan]

We have a friend who retired to Mexico and lived for 5 years on the income from $250k. Then he decided that he wanted a new car and to buy a house so he went to work selling real estate. He is still working. But he has 2 houses and 2 cars and vacations in Europe.

He still wants to retire again but he is reluctant to be forced to live that way again. His expectations are permanently higher now.

 

[ESRBob]

Let's see...$400K CAD would be $430K US. Without having the healthcare worries, yes, that seems doable.

Thanks for the link...I'll check it out!

Check the exchange rate -- we're on a nosedive to parity with the Canadian Dollar -- it will be pretty fun to see if we get there -- rate of 1.06 candian to the dollar earlier today...

 

[nfs]

He lives on approximately 30K a year which is virtually tax free b/c of the dividend income he generates on the investments.

There's also the theory that Foster's a layabout whose expenses are considerably subsidized by other Canadian taxpayers via "free" education for his kids, "free" health care for the family, tax-free CCTB payments and probably a GST credit to boot. He couldn't do this in the US, not by a long shot.

 

[chinaco]

No, just like no one would buy a book you wrote about how you tried every kind of diet under the sun but are still as fat as ever.

Ha

Sorry... the comparison just struck me as funny.