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Old 11-13-2014, 10:48 AM   #21
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Originally Posted by aaronc879 View Post
I assume your city has a library. If so, you should never buy a book or a DVD. Borrow them from the library instead. Little things like that really add up over time.
Agree emphatically with this.
Learn to use the reserve/wait list feature most libraries have... when you see an interesting title - log onto the library website and put in a request for the book - rather than logging onto Amazon and purchasing the book. Little stuff like this can add up.
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Old 11-13-2014, 11:09 AM   #22
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Originally Posted by Kauai bound View Post
I like your thinking and attitude! I'm all ears for guidance, suggestions, and recommendations... because I would rather not work a second job if I don't have to.
I will voice a different opinion on this.

Working more than a full time job will likely add stress, and reduce your time for life's enjoyments now (when you are younger, more vigorous, have more interest). To give up your free time now for a chance at pulling your ER in is, IMO, not a very efficient use of your lifespan.

Why not be aggressive with your investment (80/20, e.g) instead of getting a part time job? That's what I would do although I didn't follow my own advice when I was younger.
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Old 11-13-2014, 11:21 AM   #23
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There are always ways to cut back. You mention you have a kid in college in your OP. That will be changing soon, and improving your cash flow. Now for other things that can improve your retirement cashflow needs.

- Pay down the primary home mortgage. This will reduce expenses needed in retirement, AND get you used to living on less while you pay it down. That's a double benefit since you're getting used to living on less. Even $100 extra a month will make a dent if you're not at the beginning of the loan.

- Consider selling or downsizing one of your homes. Since your kids are almost launched can you move to a smaller NW home at some point. Once kids move out you don't need as much space for them. Smaller home means smaller maintenance/utilitie/property tax bills. Plus you could extract some equity to add to your post tax piles of money.

- Look hard at all the recurring monthly bills. Can you get by with less frills on cell phones? (ex. I switched from Verizon to Ting and save about $50/month). Do you need a landline? (I did - so I went with magic-jack - saving about $30/month). Do you need cable? Do you need netflix? (I dropped netflix and use redbox instead.) Look at each of your monthly bills and figure out if you can downgrade or cut them entirely.

Every thing you cut out of your budget now does 2 things:
1)Adds cash to your savings
2)shrinks the spending budget you'll need in retirement.

I got serious about this about 5 years ago... I picked up tips here on ER on what to cut. It was amazing to me how much faster I reached my goal *without* serious lifestyle changes. (My lifestyle isn't negatively impacted by using magic jack, for example.)

Good luck! We're rooting for you.
Thanks for the great advice, guidance, and direction. This is a truly great Forum site to help accomplish our common goals!
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Old 11-13-2014, 11:27 AM   #24
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I will voice a different opinion on this.

Working more than a full time job will likely add stress, and reduce your time for life's enjoyments now (when you are younger, more vigorous, have more interest). To give up your free time now for a chance at pulling your ER in is, IMO, not a very efficient use of your lifespan.

Why not be aggressive with your investment (80/20, e.g) instead of getting a part time job? That's what I would do although I didn't follow my own advice when I was younger.
I have to agree, working two jobs suck. About 22 years ago, I worked a full time corporate job and appraised real estate on the side, and did miss a lot of family time. That only lasted 2 years. I think my 401K portfolio is pretty stock heavy in Mutual Funds diversity. We've all seen what happened about 8 years ago, and what happened 8 years later if we did not panic.
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