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Re: Questioning oneself? Peer pressure?
Old 04-20-2007, 11:53 AM   #21
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Re: Questioning oneself? Peer pressure?

Sam

One other thing to question is how these other people have come up with their estimates. I know many currently working people are too busy to do any serious planning and when you ask to go over their assumptions or review their spreadsheets, there are none. It is there broker who told them to aim for 2x to be on the safe side.

Many of them have no clue where their money is going now because they do no tracking whatsoever. : In some of the articles in the popular press, there are many examples of people living off credit card balances while carrying mortgages and leasing cars. Eating out regularly, going to shows, with season tickets to the local sports teams, buying wardrobes that will never be worn often, sending the kids to private schools, buying them cars and providing big allowances.
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Re: Questioning oneself? Peer pressure?
Old 05-17-2007, 11:57 AM   #22
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Re: Questioning oneself? Peer pressure?

Quote:
Originally Posted by kcowan
Many of them have no clue where their money is going now because they do no tracking whatsoever. :
Agreed. I have seen too many. They don't track, they don't care, they have no idea what's going on. Imagine one of them being your significant other !!!


Quote:
Originally Posted by kcowan
..., sending the kids to private schools, ...
Guilty. I sent my children to the most expensive school in Houston. In my defense though, I did track spending.
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Re: Questioning oneself? Peer pressure?
Old 05-17-2007, 02:31 PM   #23
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Re: Questioning oneself? Peer pressure?

.....If you have done your homework don't worry about others.
If you are on this board you are different from those others and are probably on a better path.

------

Exactly! I'm a ways off from FIRE (14 years at age 52), but I have my spreadsheet full of projections and "what if" scenarios. My parents retired at age 57 -13 years ago now - and they don't spend a lot of money, but they do spend it when they want to, and they'll never run out. They don't ever feel deprived, but I'd be surprised if they spend more than $40K a year.

Anyway, I showed my father my spreadsheet last Christmas, and asked for his help in adjusting my assumptions, and after we played around for a while, he said I'll have nothing to worry about, and then said something that I think will always stay with me:

"The ones who make the spreadsheets are the ones who won't need them".

I liked that.
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Re: Questioning oneself? Peer pressure?
Old 05-17-2007, 02:46 PM   #24
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Re: Questioning oneself? Peer pressure?

Quote:
Originally Posted by kaudrey
"The ones who make the spreadsheets are the ones who won't need them".

Smart Dad! 8)
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Re: Questioning oneself? Peer pressure?
Old 05-17-2007, 03:42 PM   #25
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Re: Questioning oneself? Peer pressure?

Just had the same mental ‘panic attack’, a coworker asked how much longer I intend to work & I said well July of 08 is 35 years for me and that is enough. Last year I did apply for a buyout & didn’t get it & I’m still happily working but I imagine I would be at least as happy kayaking or spending time with the children & grandchildren. Now one interesting thing about this coworker, who is really a nice guy, is that he ‘retired’ from our office 5+ years ago and went to work for the state. He liked his job there for 4 years but hung on another year to get vested in their retirement system after 5 years. He left the state job and is working as a contractor to our office. In an earlier discussion he mentioned that he would work for nothing if he had to to keep out of the house & away from the wife. That is so sad to me. But the guy is great with numbers & spreadsheets & when I said I planned to go at 35 years (and didn’t mention I would go now with the right offer) he immediately knew what my pension would be and he said, “hay, deduct medical & you would have to live on 56%”. Which is about right, of course I have looked at my numbers & the house is paid & the 401k type funds are doing OK so I always thought the numbers were good. But just one comment from a knowledgeable coworker and all the little fears came out in me. My response was pretty calm and I mentioned the line I like ”Well, I don’t want to be the richest man in the graveyard” and he nodded in agreement. Its all a matter of balance. Do you want to work? Spend more time at home? Do you expect significantly higher expenses (traveling, buying a boat…)?
One big change for me is youngest son is a senior in high school and going off to college in the fall. That will open up more time, physical & mental space. I suspect this will accelerate my retirement date.
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Re: Questioning oneself? Peer pressure?
Old 05-17-2007, 04:13 PM   #26
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Re: Questioning oneself? Peer pressure?

Quote:
Originally Posted by Sam
Thank you all for your input. I guess it's all about the individual level of comfort one is accustomed to.

In retrospect, I guess I was not being totally fair to myself. I was only paying attention to people whose expenses are much higher than mine, and completely ignored the other end of the spectrum. On this very board, many have reported very low expenses, more than a few less than half of mine. I'd better pay closer attention to the complete picture instead of just the portion I am jealous, envious interested in.

A cup of coffee can cost 1 or 3 dollars. A house 150K or 600K, a 4K car or 40K. Yet they all perform the same function. Moving on.
I'll nominate this and Connie's post as two of the best in 2007.........
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Re: Questioning oneself? Peer pressure?
Old 05-17-2007, 04:43 PM   #27
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Re: Questioning oneself? Peer pressure?

I traced my expenses very closely from about 1970 to 1986 and it is nice that after 20 years my expenses have doubled and lifestyle has remained constant to rising a bit. Income has increased about 400% to the point where I can cover the expenses at about a 3.X to 1 ratio. I pulled the trigger in 1986 (at 46) for ER but, in truth did work some at things I liked to do but did not pay very much beyond a nominal IRA contribution each year until about 1995 when I no longer worked at all.

The point is if you have the expense data, can cover it, and it is accurate you can retire. Of course you have to do what you need to be comfortable.
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