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View Poll Results: For retirees only. How are you living?
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At our means
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12 |
19.05% |
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Below our means
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43 |
68.25% |
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Above our means!
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3 |
4.76% |
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This poll is no good. I am creating my own poll.
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5 |
7.94% |
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At, Below, or Above your means
03-28-2007, 03:14 PM
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#1
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Thinks s/he gets paid by the post
Join Date: Mar 2006
Location: Houston
Posts: 1,886
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After being on this board a while, it seems to me that most retirees are still living BELOW their means. Let's find out 
For those who answer "BELOW our means", please explain yourself  Why are you STILL saving?
No explanation needed for "Above our means". Just say when you plan to go back to work 
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Re: At, Below, or Above your means
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03-28-2007, 04:09 PM
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#2
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Moderator Emeritus
Join Date: Feb 2004
Location: Oahu
Posts: 17,531
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AOM.
Got a rental rehab and a few home-improvement projects to catch up on, but after last year's portfolio returns there's certainly a little slack in the capital expenses department...
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For more info see "About Me" in my profile.
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Re: At, Below, or Above your means
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03-28-2007, 04:43 PM
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#3
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Recycles dryer sheets
Join Date: Jun 2006
Posts: 92
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I'm not really saving....just not spending as much as I get. If I have a need to spend more, I will. but so far, I'm living just fine.
__________________
FIREd on 12/31/2006
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Re: At, Below, or Above your means
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03-28-2007, 05:07 PM
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#4
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Thinks s/he gets paid by the post
Join Date: Feb 2006
Posts: 1,138
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Below as I am living off of after tax investments yet and growing the pot a bit. Anticipate starting 72T dist in 08 or 09. The bigger that pot gets the less stress I will have over finances. The old widows philosphy about having a stuffed mattress. 
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Re: At, Below, or Above your means
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03-28-2007, 05:08 PM
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#5
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Thinks s/he gets paid by the post
Join Date: Mar 2006
Location: Houston
Posts: 1,886
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Thank you all for voting.
Old habits are hard to die, I guess.
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Re: At, Below, or Above your means
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03-28-2007, 05:55 PM
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#6
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Thinks s/he gets paid by the post
Join Date: Jan 2007
Location: Sarasota,fl.
Posts: 4,733
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I'm living below but this is my first year in retirement .If I'm left with a lot of money at the end of the year I'll just add it to my travel budget.
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Re: At, Below, or Above your means
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03-28-2007, 06:24 PM
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#7
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Recycles dryer sheets
Join Date: Sep 2006
Posts: 465
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So, not only do many people on this board plan for their money to last well into their 80's and 90's and beyond (despite the fact that the average life expectancy is 78)....
http://early-retirement.org/forums/i...topic=12916.45
.... but most people on this board also live below their means during retirement!
This is really a conservative bunch! : I wish my parents were like you guys because I would be in line for a very nice inheritence.
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Re: At, Below, or Above your means
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03-28-2007, 06:28 PM
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#8
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Moderator Emeritus
Join Date: Feb 2004
Location: Oahu
Posts: 17,531
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 Quote:
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Originally Posted by JustCurious
So, not only do many people on this board plan for their money to last well into their 80's and 90's and beyond (despite the fact that the average life expectancy is 78)....
This is really a conservative bunch! : |
Maybe, but we're definitely all above average!
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For more info see "About Me" in my profile.
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Re: At, Below, or Above your means
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03-28-2007, 06:42 PM
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#9
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Recycles dryer sheets
Join Date: Feb 2006
Posts: 403
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Quote:
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Originally Posted by JustCurious
This is really a conservative bunch! : I wish my parents were like you guys because I would be in line for a very nice inheritence. |
My parents' first year of retirement from the military (when they started new jobs) they spent 2% of their income on personal expenses, not including the mortgage payment which was another couple %... that's probably some kind of record... an inheritance is nice but their frugality definitely rubbed off on me in a serious way and consequently I feel uncomfortable unless I am living far below my means. For example, I get really uncomfortable sitting in a brand new car that is for sale on a lot... or buying clothes at an upper end department store... etc... sometimes I wish I could feel a little more free with my spending, but then maybe I'd be broke.
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Re: At, Below, or Above your means
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03-28-2007, 06:51 PM
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#10
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Moderator Emeritus
Join Date: Aug 2006
Location: Greater Dayton area
Posts: 4,744
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Quote:
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Originally Posted by macdaddy
My parents' first year of retirement from the military (when they started new jobs) they spent 2% of their income on personal expenses, not including the mortgage payment which was another couple %... that's probably some kind of record... an inheritance is nice but their frugality definitely rubbed off on me in a serious way and consequently I feel uncomfortable unless I am living far below my means. For example, I get really uncomfortable sitting in a brand new car that is for sale on a lot... or buying clothes at an upper end department store... etc... sometimes I wish I could feel a little more free with my spending, but then maybe I'd be broke.
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It's difficult to turn off the very behavior the made ER a reality.
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"Knowin' no one nowhere's gonna miss us when we're gone..."
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Re: At, Below, or Above your means
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03-28-2007, 07:07 PM
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#11
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Thinks s/he gets paid by the post
Join Date: Feb 2006
Posts: 3,897
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all of the above, the below & the at. firecalc says i'm living at my means. my feeling is that i'm living above my means. my friends think i am living below my means.
example: just today i'm telling a friend how i'm downsizing my next car because the inherited house hasn't sold yet. i'm not crazy about any of the car choices so i'm compromising. so my friend says to me "why don't you just buy an interim car until you find what you want." now there's an idea i wouldn't have thought of (or considered).
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"off with their heads"~~dr. joseph-ignace guillotin
"life should begin with age and its privileges and accumulations, and end with youth and its capacity to splendidly enjoy such advantages."~~mark twain - letter to edward kimmitt 1901
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Re: At, Below, or Above your means
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03-28-2007, 07:58 PM
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#12
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Thinks s/he gets paid by the post
Join Date: Jun 2005
Posts: 2,450
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Quote:
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Originally Posted by Khan
It's difficult to turn off the very behavior the made ER a reality.
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I am not at FIRE yet, but that is what I was expecting....nice poll idea by the way, OP...
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- Hurry! to the cliffs of insanity!
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Re: At, Below, or Above your means
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03-28-2007, 08:53 PM
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#13
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Thinks s/he gets paid by the post
Join Date: Apr 2006
Posts: 1,457
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Quote:
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my feeling is that i'm living above my means. my friends think i am living below my means.
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... my friends have been telling me that for years ... but i think it's because my "underspending" makes them feel uncomfortable with their overspending.
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Re: At, Below, or Above your means
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03-28-2007, 08:56 PM
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#14
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Full time employment: Posting here.
Join Date: Jul 2006
Posts: 939
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I would say AMM. I do an analysis each year and project what's prudent to spend depending on how long I expect to be around. I'm not consciously trying to leave an inheritance to my family but if you're living off of assets, and you die before you plan to, you will live something behind.
I live well, not rich, more like independently middle class.
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“I guess I should warn you, if I turn out to be particularly clear, you've probably misunderstood what I've said” Alan Greenspan
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Re: At, Below, or Above your means
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03-28-2007, 09:10 PM
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#15
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Recycles dryer sheets
Join Date: Oct 2005
Posts: 329
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living below your means is so boring. oh, we can't buy this, no we can't have that, nops those fancy tv and cars were built for someone else, let's wait another two years for the stuffs to get real cheap.... it's almost like the only that lbym people can do nowadays are going to the park, get on this forum and watch TV??
personally i am not a fan of lbym and several time attempted to cross the line but somehow never could, i guess i will have to continue this style after i retire too.
enuff
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Re: At, Below, or Above your means
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03-29-2007, 10:45 AM
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#16
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Recycles dryer sheets
Join Date: Mar 2007
Location: Fort Collins, CO
Posts: 138
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Quote:
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Originally Posted by Khan
It's difficult to turn off the very behavior the made ER a reality.
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It might be hardwired in. I used to save my allowances as a young kid and then loan them back to my dad at interest when he was short on pocket cash. 
Hope to have some to pass on to the next generation. Just have to figure how to keep uncle sammy's fingers out of the pie.
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"It is only possible to live happily ever after on a day-to-day basis” Margaret Bonnano
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Re: At, Below, or Above your means
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03-29-2007, 11:34 AM
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#17
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Thinks s/he gets paid by the post
Join Date: Feb 2006
Posts: 3,897
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Quote:
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Originally Posted by d
... my friends have been telling me that for years ... but i think it's because my "underspending" makes them feel uncomfortable with their overspending.
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sounds about right. it just happens the friend suggesting i buy two cars because i can't decide on one car resides in her atm machine.
Quote:
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Originally Posted by Bikerdude
independently middle class.
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great phrase. i'm very comfortable with that.
__________________
"off with their heads"~~dr. joseph-ignace guillotin
"life should begin with age and its privileges and accumulations, and end with youth and its capacity to splendidly enjoy such advantages."~~mark twain - letter to edward kimmitt 1901
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Re: At, Below, or Above your means
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03-29-2007, 11:40 AM
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#18
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Thinks s/he gets paid by the post
Join Date: Jul 2006
Location: Pacific latitude 20/49
Posts: 1,637
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I define this as spending less than the growth in our portfolio in the year. So any year that the portfolio grows is an LBYM year. Lately that gap has been wide.
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For the fun of it...Keith
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Re: At, Below, or Above your means
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03-29-2007, 12:18 PM
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#19
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Thinks s/he gets paid by the post
Join Date: Jun 2006
Location: Boise
Posts: 1,488
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Quote:
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Originally Posted by gandalf42
It might be hardwired in. I used to save my allowances as a young kid and then loan them back to my dad at interest when he was short on pocket cash. |
I am interested to see how my kids turn out. I have three kids, one is currently living below his means, the middle one is living above his means (and paying interest), the youngest lives at her means. Their means = their allowances, which is their age in dollars twice a month.
2Cor521
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"At times the world can seem an unfriendly and sinister place, but believe us when we say there is much more good in it than bad. All you have to do is look hard enough, and what might seem to be a series of unfortunate events, may in fact be the first steps of a journey." Violet Baudelaire.
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Re: At, Below, or Above your means
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03-29-2007, 02:10 PM
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#20
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Thinks s/he gets paid by the post
Join Date: Nov 2005
Location: North of Montana
Posts: 1,460
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While accumulating, I guess, if total spending + savings < income, you are LYBM.
What is an ER's means? 4% of portfoio? 5? Higher? Lower? What if you plan to spend 7% of portfoolio for x years and then cut back?
While I'm below today, when I ER shortly what will I be?
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“You can fool too many of the people too much of the time.” – James Thurber
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