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Don't really want to beat this subject up but
I think we are all familair with the original $50 per day rule introduced to potential retirees by Paul and Vicki around 1988. (not really vaild anymore due to inflation).
Now remember that was supposed to be $50 a day for everything.
So if we take our current living situations and estimate a cash value to substitue for everything we currently have how much per day are we at.
Ok you have a paid off 2002 Toyota. How much per month would it cost if you had to make a payment on that car? in addition to all the other expenses associated with it it.
Nice home I'm sure so take the equity out and figure what a mortgage on that amount would cost per month. Try that with all you household belongings as well.
In addition to the other obvious living expenses like food, clothes, utilities, lets account for vacations, fee's to organizations, parking tickets, eyeglasses, medical insurance, co-pays and prescriptions, Dont forget new purchases such as when your computer goes etc etc.
Gifts on holidays and occassions. I'm sure nobody goes to a wedding with an empty envelope.
Just look at your bank and credit card statements and you will get a clearer view.
Now that $50 a day may be $87 a day today and I am sure alot of people live on $87 a day but my guess is not many on this board.
I say at least double that.
What do you think?
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