Join Early Retirement Today
Reply
 
Thread Tools Search this Thread Display Modes
Old 12-08-2007, 05:39 PM   #101
Thinks s/he gets paid by the post
 
Join Date: Jan 2006
Posts: 2,975
Quote:
Originally Posted by Spanky View Post
I agree with you. It's amazing how they manage to live under a tight budget. We are debt free (no loans or mortgage). We hardly eat out. We take one vacation a year (less the $4K). We hardly spend much on anything else. Our expenses are in the $50s.
It's all relative. I make 43K per year pre tax but I live on only $1500/month the rest is saved. My borther, 7 years out of college, has never made more than $24,000 in a year. He says if he made my money he'd "live like a king". Seems like most people on here spend my yearly income on just the mortgage and eating out. My parents never made more than 30K year until after I was 18 my dad finaly got a job in the 50K range. So we never knew anything but how to live on under 30K so it doesn't feel like deprivation to us. It almost seems easy. I would have a hard time finding ways to spend $80K per year. Although I wouldn't mind trying!
__________________

__________________
aaronc879 is online now   Reply With Quote
Join the #1 Early Retirement and Financial Independence Forum Today - It's Totally Free!

Are you planning to be financially independent as early as possible so you can live life on your own terms? Discuss successful investing strategies, asset allocation models, tax strategies and other related topics in our online forum community. Our members range from young folks just starting their journey to financial independence, military retirees and even multimillionaires. No matter where you fit in you'll find that Early-Retirement.org is a great community to join. Best of all it's totally FREE!

You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with our members, see fewer ads, upload photographs, create a retirement blog, send private messages and so much, much more!

Old 12-08-2007, 05:40 PM   #102
Moderator
Ronstar's Avatar
 
Join Date: Aug 2007
Location: A little ways southwest of Chicago
Posts: 9,368
I don't know how people can live under 30k a year either. I'm at 86k to date with no mortgage and no kids. I have to get this under control within the next few years before I fully ER.

Category
覧覧覧覧覧覧覧覧覧覧覧
Auto Fuel $4,642
Auto nsurance $1,486
Auto Registration $171
Auto Service $4,189
Charity $632
Clothing $3,336
Condo Association Fees $2,764
Condo Electric $745
Condo Gas $255
Condo Maintenance $725
Condo Phone $229
Condo Real Estate Taxes $1,452
Condo Insurance $350
Wife Misc $7,320
Me Misc $7,703
Gifts Given $1,238
Groceries $6,808
ATV Insurance $173
Home Insurance $1,718
Dining $3,204
Entertainment $3,915
Fitness $2,394
Lodging $2,120
Travel $5,289
Dental $662
Doctor $40
Glasses,contacts $394
Medicine $15
Professional fees $620
Home Repair $4,584
Homeowners Assoc $126
Household $2,749
Landscaping $1,714
Real Estate Taxes $6,093
Electric $1,778
Garbage $303
Gas $1,254
Internet $769
Security $559
Telephone $658
TV $944
覧覧覧覧覧覧
Total Outflows $86,117
__________________

__________________
Ronstar is online now   Reply With Quote
Old 12-08-2007, 05:46 PM   #103
Thinks s/he gets paid by the post
 
Join Date: Nov 2005
Posts: 2,119
Quote:
Originally Posted by Moemg View Post
I had never heard of property taxes this low so I had to check it out .Louisiana is the cheapest state for property taxes .Nice place to visit but I don't want to live there .Alabama and Arkansas are next .
I remember my dads real estate tax bill in gulf shore al in 1997 451 dollars for a great house on a golf course. I said whats that for a month? He says oh no a year!! But you wouldn't want to send your kids to the public schools!!
__________________
newguy88 is offline   Reply With Quote
Old 12-08-2007, 05:58 PM   #104
Administrator
W2R's Avatar
 
Join Date: Jan 2007
Location: New Orleans
Posts: 38,939
Quote:
Originally Posted by newguy888 View Post
I remember my dads real estate tax bill in gulf shore al in 1997 451 dollars for a great house on a golf course. I said whats that for a month? He says oh no a year!! But you wouldn't want to send your kids to the public schools!!
No kids at home, in my case! But, you're right. Many public schools are below par here and most educated people choose private/parochial schools for their kids, or at the very least, the magnet schools within the public school system.
__________________
Already we are boldly launched upon the deep; but soon we shall be lost in its unshored, harbourless immensities.

- - H. Melville, 1851
W2R is online now   Reply With Quote
Old 12-08-2007, 06:16 PM   #105
Moderator Emeritus
Khan's Avatar
 
Join Date: Aug 2006
Location: Pine Island, Florida
Posts: 6,868
Send a message via AIM to Khan
Quote:
Originally Posted by Moemg View Post
I had never heard of property taxes this low so I had to check it out .Louisiana is the cheapest state for property taxes .Nice place to visit but I don't want to live there .Alabama and Arkansas are next .
My property taxes for 2007: $827.30
(Ohio)
__________________
"Knowin' no one nowhere's gonna miss us when we're gone..."
Khan is offline   Reply With Quote
Old 12-08-2007, 06:22 PM   #106
Administrator
W2R's Avatar
 
Join Date: Jan 2007
Location: New Orleans
Posts: 38,939
Quote:
Originally Posted by Khan View Post
My property taxes for 2007: $827.30
(Ohio)
That is really low! Mine were usually a little higher than that, before Hurricane Katrina. After Katrina, our Parish (=county) council gave everyone a break on property assessments, trying to encourage people to stay and rebuild.

My assessment went way down even though I did not have flood damage and only some wind damage. We were told that this year our assessments would be back as before Katrina, but my assessment was just partially raised and is still not back to where it was. Same for Frank's assessment, so I guess they had a change of heart.
__________________
Already we are boldly launched upon the deep; but soon we shall be lost in its unshored, harbourless immensities.

- - H. Melville, 1851
W2R is online now   Reply With Quote
Old 12-08-2007, 06:23 PM   #107
Moderator Emeritus
Khan's Avatar
 
Join Date: Aug 2006
Location: Pine Island, Florida
Posts: 6,868
Send a message via AIM to Khan
Quote:
Others would really rather be hung by their fingernails, diced, and fed to livestock for breakfast than to work even one hour longer than they need to work. They might be more willing to retire to a low cost of living area and live a more frugal lifestyle in order to have as much free time in their remaining years as possible.

I have been in the latter category for a long time. Lately, it looks like I may have more money in ER than I had expected, though I must work two more years for my lifetime health benefits. Anyway, right now I am at a loss as to how I would spend much more than I have always spent.
I was spending less than $25K/year my last three years at work (grossing $75K).

My CD ladder is going to start generating $4K or $5K per year starting 2009; not sure what I'll do with it. Maybe I'll replace the (then) 32 year old heating system.
__________________
"Knowin' no one nowhere's gonna miss us when we're gone..."
Khan is offline   Reply With Quote
Old 12-08-2007, 06:34 PM   #108
Moderator Emeritus
Khan's Avatar
 
Join Date: Aug 2006
Location: Pine Island, Florida
Posts: 6,868
Send a message via AIM to Khan
Quote:
Originally Posted by newguy888 View Post
I remember my dads real estate tax bill in gulf shore al in 1997 451 dollars for a great house on a golf course. I said whats that for a month? He says oh no a year!! But you wouldn't want to send your kids to the public schools!!
My parents lived in Gulf Shores; I swear they said $100/year property tax (but 10% sales tax, including food).
__________________
"Knowin' no one nowhere's gonna miss us when we're gone..."
Khan is offline   Reply With Quote
Old 12-08-2007, 06:46 PM   #109
Recycles dryer sheets
 
Join Date: Jul 2007
Posts: 192
I live near Boise, Idaho. My property taxes for 2007 are $1053.58, for a 1450 sq ft 3/2 home (built in 1996) in a nice neighborhood.

My average monthly expenses this year will be around $900 ($10,800/yr). I telecommute which saves a lot on both the auto expenses and I don't need to buy office-friendly clothes. If I did not eat out so much I could get the monthly total down by another $200. Also, I had to buy new tires for the car and repair the furnace this year, the total for those two items is about $1,100.

My biggest single expense is beer...followed closely by food.
__________________

NotSoonEnough is offline   Reply With Quote
Old 12-08-2007, 06:48 PM   #110
Full time employment: Posting here.
Helena's Avatar
 
Join Date: Aug 2006
Posts: 648
Quote:
Originally Posted by youbet View Post

Many folks are specifying that they could survive the $30K budget IF they have a paid off house. So, It sounds like one of the admission fees into the "Do It On $30K Club" is having $150K or more for a house in top notch condition requiring no expensive repairs or updates.

More generally, it sounds like many of the folks saying yes to $30K are assuming they're fully capitalized with paid off house and car in good condition, furniture, appliances, etc.

I suppose it would be a lot tougher if you only had the $30K income without a pre-existing set of infrastructure!

Having a "pre-existing set of infrastructure"
should be part of retirement planning.
__________________
Helena is offline   Reply With Quote
Old 12-08-2007, 07:03 PM   #111
Thinks s/he gets paid by the post
Goonie's Avatar
 
Join Date: Oct 2006
Location: North-Central Illinois
Posts: 3,198
Quote:
Originally Posted by Helena View Post
Having a "pre-existing set of infrastructure"
should be part of retirement planning.
It was part of my Folk's retirement plan, as well as my Grandparent's. It was part of the retirement plan for most of my folks' peers also. I learned by example, and took care of the biggies while I was still w*rking, so I wouldn't have a lot of 'infrastructure' expenses after ER.
__________________
Goonie is offline   Reply With Quote
Old 12-09-2007, 12:00 AM   #112
Moderator Emeritus
 
Join Date: May 2007
Posts: 11,044
Quote:
Originally Posted by Helena View Post
Having a "pre-existing set of infrastructure"
should be part of retirement planning.
I absolutely agree with Helena. I would never consider retiring if I had still a mortgage on my house.

Look my mom managed to retire on $18,000 a year in Geneva, Switzerland, the 6th most expensive city in the world. She would have never been able to make it if her condo (a large 4 bedroom condo I might add) had not been completely paid for. Owning your home outright when retiring is in my opinion a must.
__________________
FIREd is offline   Reply With Quote
Old 12-09-2007, 04:16 AM   #113
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
clifp's Avatar
 
Join Date: Oct 2006
Posts: 7,451
I think even living in one of the most expensive in place in the country, Honolulu, I could live on 30K a year assuming a paid off house. Now I'd cheat and include the $800/month rent I collect from my roommate. I think I could do it without her contribution but it would require some adjustment. Growing more vegatables, firing the gardener, eating out less frequently etc.

Still for all the people that find it hard imagine living on $30K a year. Think of this fact $30K a year is $15 hour it actually closer to $18-$19 to account for payroll tax ~4K in income tax and some minimal state tax) . There are heck of lot of people in this country that make less than $19/hour. In fact, virtually everybody that I work with as a volunteer including security guards, cashier, park rangers, tour guides, admin, makes less than $20 hour. Many have some other support system (working spouse, parents) etc. but some are single with kids...
__________________
clifp is offline   Reply With Quote
Old 12-09-2007, 05:19 AM   #114
Thinks s/he gets paid by the post
OAG's Avatar
 
Join Date: Jun 2006
Location: Central, Ohio, USA
Posts: 2,598
RE Taxes are the largest expense we have. Last year about $7,300, this year even with the residence cut (2.5%) and the new Homestead for over 65 ($25,000 decrease in assessment) I anticipate it being in the $6.6 to 6.8 range. This is a nice condo in central Ohio and I really do not see the value in this RE tax system. Almost 2/3d of the money goes to schools. We have not had kids in school for over 20 years and almost always my kids were not in public schools either. I just love the schools here tho, all of the plasma screens used to replace the old paper bulletin boards, landscaped grounds that are 10 times or more of the foot print of the school buildings, build a new one or two every year, the maintenance must cost as much as the teachers salaries. If it were not for RE taxes our $30K budget would be in the $24K range.
__________________
Vietnam Veteran, CW4 USA, Retired 1979
OAG is offline   Reply With Quote
Old 12-09-2007, 05:41 AM   #115
Full time employment: Posting here.
 
Join Date: Apr 2005
Posts: 577
Quote:
Originally Posted by Ronstar View Post
I don't know how people can live under 30k a year either. I'm at 86k to date with no mortgage and no kids. I have to get this under control within the next few years before I fully ER.

Category
覧覧覧覧覧覧覧覧覧覧覧
Auto Fuel $4,642
Auto nsurance $1,486
Auto Registration $171
Auto Service $4,189
Charity $632
Clothing $3,336
Condo Association Fees $2,764
Condo Electric $745
Condo Gas $255
Condo Maintenance $725
Condo Phone $229
Condo Real Estate Taxes $1,452
Condo Insurance $350
Wife Misc $7,320
Me Misc $7,703
Gifts Given $1,238
Groceries $6,808
ATV Insurance $173
Home Insurance $1,718
Dining $3,204
Entertainment $3,915
Fitness $2,394
Lodging $2,120
Travel $5,289
Dental $662
Doctor $40
Glasses,contacts $394
Medicine $15
Professional fees $620
Home Repair $4,584
Homeowners Assoc $126
Household $2,749
Landscaping $1,714
Real Estate Taxes $6,093
Electric $1,778
Garbage $303
Gas $1,254
Internet $769
Security $559
Telephone $658
TV $944
覧覧覧覧覧覧
Total Outflows $86,117
Ronstar, nearly everything on your list is more than I spend, except charity . In the years I see the eye doctor, the doctor total would be higher than yours. (I have bare bones health insurance.) Gift total and telephone is close to mine. And I pay for exams by the vet (for a young healthy dog). I have an old house and some years I pay more for repairs, but they're planned in advance. I own a small place in the mountains too, with total annual expenses of $3,000. I'm well under $30,000 each year without trying. I think I got it from my parents. -kate
__________________
kat is offline   Reply With Quote
Old 12-09-2007, 08:06 AM   #116
Recycles dryer sheets
Hillbilly's Avatar
 
Join Date: Mar 2007
Posts: 135
Quote:
Originally Posted by ikubak View Post
My question is whether there is anyone out there living comfortably on 30K in this forum. If so, is it difficult or not? Do you spend more or less than when you were working?
I do not live on $30k per year and still work. All assets are paid for including house, cars, etc. We are DINKS.

That said, I'm more in the $40-45K range each year. The $40-45k includes all "needs" and "wants". If I go to a "need" budget (no wants), I can go down to around $35k. At that point ($35k), I imagine that the DW will be handing me the daily job postings in the local paper for additional income .



Hillbilly
__________________
Hillbilly is offline   Reply With Quote
Old 12-09-2007, 08:21 AM   #117
Moderator Emeritus
Martha's Avatar
 
Join Date: Feb 2004
Location: minnesota
Posts: 13,212
Those of us who have to pay $1049 a month for health insurance (my family COBRA payment) plus another $100 a month in copays would have a hard time living on $30,000 a year, even with no mortgage.
__________________
.


No more lawyer stuff, no more political stuff, so no more CYA

Martha is offline   Reply With Quote
Old 12-09-2007, 08:32 AM   #118
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Dawg52's Avatar
 
Join Date: Feb 2005
Location: Central MS/Orange Beach, AL
Posts: 7,445
Quote:
Originally Posted by Martha View Post
Those of us who have to pay $1049 a month for health insurance (my family COBRA payment) plus another $100 a month in copays would have a hard time living on $30,000 a year, even with no mortgage.
Good lord have mercy!
__________________
Retired 3/31/2007@52
Full time wuss.......
Dawg52 is offline   Reply With Quote
Old 12-09-2007, 09:55 AM   #119
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Moemg's Avatar
 
Join Date: Jan 2007
Location: Sarasota,fl.
Posts: 10,037
Quote:
Originally Posted by Martha View Post
Those of us who have to pay $1049 a month for health insurance (my family COBRA payment) plus another $100 a month in copays would have a hard time living on $30,000 a year, even with no mortgage.

Health insurance is the real stumbling block for a lot of people .
__________________
Moemg is offline   Reply With Quote
Old 12-09-2007, 10:24 AM   #120
Full time employment: Posting here.
Helena's Avatar
 
Join Date: Aug 2006
Posts: 648
Quote:
Originally Posted by Martha View Post

Those of us who have to pay $1049 a month for health insurance (my family COBRA payment) plus another $100 a month in copays would have a hard time living on $30,000 a year, even with no mortgage.

COBRA is expensive and it's only temporary.
__________________

__________________
Helena is offline   Reply With Quote
Reply


Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
How being conservative probably cost me $30K accountingsucks FIRE and Money 31 06-18-2007 06:01 AM
Best vehicle (station wagon) for under $30K LOL! Other topics 64 08-24-2006 12:13 PM
Retire Early with a fun $30K job? Shabber FIRE and Money 61 08-15-2006 09:20 PM
$30K for the next 10 years-what should we do Foodeefish FIRE and Money 2 07-16-2006 06:32 PM
Where to invest 30k for aging novice? dory36 FIRE and Money 7 10-16-2003 07:49 AM

 

 
All times are GMT -6. The time now is 05:57 PM.
 
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2017, vBulletin Solutions, Inc.