Join Early Retirement Today
Reply
 
Thread Tools Search this Thread Display Modes
Old 10-01-2015, 11:22 AM   #121
Thinks s/he gets paid by the post
 
Join Date: Mar 2011
Posts: 3,709
Quote:
Originally Posted by Moemg View Post
I have discovered that there are a lot of people who live very nice retirement lifestyles with little money and no stress about money . I was out with a friend on Monday . This friend travels a lot , routinely dines out , just remodeled her kitchen , has a pool guy & a cleaning lady . So when I mentioned I recently lost $100,000 in the market she remarked I wish I had a $100,000 to lose . I was shocked but it made me reevaluate . I do not have a cleaning lady or a pool guy & my kitchen could use an update so who is the smart one ? Someone who lives a devil may care life or someone who lives a LBYM life so they will not end up a bag lady ?
A trust fund baby or someone with a nice pension might have very little assets of their own but still have a very nice income. Lots of people get to RE and FI without LBYM.

Who's the smart one? Good discussion point...is RE the goal regardless of how you get there? Is the FI part always a requirement? Is FI the goal?

Like the OP who's buddy sort of drifts from one "opportunity" to another, I'm not sure LBYM is a strict requirement.
__________________

__________________
Living well is the best revenge!
Retired @ 52 in 2005
marko is offline   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 10-01-2015, 04:00 PM   #122
Thinks s/he gets paid by the post
Senator's Avatar
 
Join Date: Feb 2014
Location: Eagan, MN
Posts: 3,067
Quote:
Originally Posted by jazz4cash View Post
So he did have service and failed to check? I find lots of folks rarely use their smartphones for more than phone calls, text messages, games, email and social media of course.
He did have service, like 5 bars.

He made a deposit from his last paycheck and vacation balances at the ATM, but it was not cleared. Either way, it was too close for my comfort.
__________________

__________________
FIRE no later than 7/5/2016 at 56 (done), securing '16 401K match (done), getting '15 401K match (done), LTI Bonus (done), Perf bonus (done), maxing out 401K (done), picking up 1,000 hours to get another year of pension (done), July 1st benefits (vacation day, healthcare) (done), July 4th holiday. 0 days left. (done) OFFICIALLY RETIRED 7/5/2016!!
Senator is offline   Reply With Quote
Old 10-01-2015, 10:09 PM   #123
Thinks s/he gets paid by the post
redduck's Avatar
 
Join Date: Mar 2005
Location: yonder
Posts: 2,073
Quote:
Originally Posted by Senator View Post
...He said he should get some money from an inheritance in a few years to pay off about half of the mortgage.
Quote:
Originally Posted by travelover View Post
That's my plan, too. I just need to find some new, rich relatives.
No, travelover, you need to find some old, rich relatives.
__________________
Carpe cōleī
redduck is online now   Reply With Quote
Old 10-02-2015, 07:48 AM   #124
Thinks s/he gets paid by the post
 
Join Date: Dec 2009
Location: Alberta/Ontario/ Arizona
Posts: 3,158
Quote:
Originally Posted by marko View Post
A trust fund baby or someone with a nice pension might have very little assets of their own but still have a very nice income. Lots of people get to RE and FI without LBYM.

Who's the smart one? Good discussion point...is RE the goal regardless of how you get there? Is the FI part always a requirement? Is FI the goal?

Like the OP who's buddy sort of drifts from one "opportunity" to another, I'm not sure LBYM is a strict requirement.
Interesting points. I think a good pension implies LBYM at some point. A big inheritance wouldn't of course, but this is pretty hard to plan for. There are ways to get to FI and a nice retirement without undo LBYM though. Senior exec, maybe with some options, small business owner that grows it into something lucrative, somebody that get's lucky(of smart) in the market, lottery win? You don't always have to save $xxx per month for 35 years to get to FI.

Who's the smart one? Who's the lucky one? Better to be lucky than smart? I think you assess this based on how well they played the hand they were dealt. Lot's of different ways to get to FI or to never get to FI, as we have discussed earlier in this thread.
__________________
Danmar is offline   Reply With Quote
Old 10-03-2015, 12:39 AM   #125
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
kcowan's Avatar
 
Join Date: Jul 2006
Location: Pacific latitude 20/49
Posts: 5,739
Send a message via Skype™ to kcowan
I had a friend whose father never worried about money. He was discussing buying a new car with his son and then later he died of a heart attack. They found that the purchase of a new car would have wiped out his savings. Lucky?
__________________
For the fun of it...Keith
kcowan is offline   Reply With Quote
Old 10-03-2015, 07:01 AM   #126
Thinks s/he gets paid by the post
 
Join Date: Mar 2011
Posts: 3,709
I think we also can make the mistake of assuming that everybody wants the same thing.

Many (most?) of us want to work hard, pay our taxes, have a decent home, save some money, send our kids to a nice school and retire well with no debt.

There seems to be another entirely different group of people who are willing to accept whatever lifestyle they can get as long as it doesn't require breaking a sweat. Extra effort is frowned upon.

They can have bills piling up to the ceiling, nachos for dinner and a car that only starts half the time as long as it doesn't interfere with their time watching game shows, sitting around drinking all day and getting up whenever they feel like it (yes, I know this sounds like RE for many of us). Having that new motorcycle is much more important than having to actually PAY for it; worry about that tomorrow.

Fact is, I'm not sure this group would be willing to live any other way. They've done the work/leisure calculation and decided that as long as the TV works, life is good and there's no need for getting up off the barcalounger for anything other than getting another beer. With a gov't safety net under them to provide a certain level of security, "what? me worry?".

So: should we consider them 'early retirees'? As noted, their lifestyle sounds a lot like how many of us ERs live; they just got there a different way, and arguably, a lot faster. Or do you have to retire from something to be retired?

I'm not advocating it; I couldn't live like that for 30 minutes.

But.....I wonder.
__________________
Living well is the best revenge!
Retired @ 52 in 2005
marko is offline   Reply With Quote
Old 10-03-2015, 05:34 PM   #127
Moderator
Walt34's Avatar
 
Join Date: Dec 2007
Location: Eastern WV Panhandle
Posts: 16,579
Quote:
Originally Posted by marko View Post
Fact is, I'm not sure this group would be willing to live any other way. They've done the work/leisure calculation and decided that as long as the TV works, life is good and there's no need for getting up off the barcalounger for anything other than getting another beer. With a gov't safety net under them to provide a certain level of security, "what? me worry?".
I've wondered about that group myself. Is it that they just don't see the opportunity and can't envision a better lifestyle, or they just decided that although they could do it, it's just more work than it's worth to them?

Any psychiatrists on the board?
__________________
I heard the call to do nothing. So I answered it.
Walt34 is offline   Reply With Quote
Old 10-03-2015, 05:54 PM   #128
Full time employment: Posting here.
 
Join Date: May 2007
Posts: 710
Quote:
Originally Posted by Walt34 View Post
I've wondered about that group myself. Is it that they just don't see the opportunity and can't envision a better lifestyle, or they just decided that although they could do it, it's just more work than it's worth to them?

Any psychiatrists on the board?
Not a Psychiatrist but I suspect it's the former and throw in the fact that most if not all of them had a really bad start in life and a bad upbringing.
__________________
Letj is offline   Reply With Quote
Old 10-03-2015, 06:09 PM   #129
Moderator
rodi's Avatar
 
Join Date: Apr 2012
Location: San Diego
Posts: 8,817
Quote:
Originally Posted by Moemg View Post
I have discovered that there are a lot of people who live very nice retirement lifestyles with little money and no stress about money . I was out with a friend on Monday . This friend travels a lot , routinely dines out , just remodeled her kitchen , has a pool guy & a cleaning lady . So when I mentioned I recently lost $100,000 in the market she remarked I wish I had a $100,000 to lose . I was shocked but it made me reevaluate . I do not have a cleaning lady or a pool guy & my kitchen could use an update so who is the smart one ? Someone who lives a devil may care life or someone who lives a LBYM life so they will not end up a bag lady ?
But she may have a good steady income from pension/SS/etc... In other words - she may not have the savings to support her lifestyle, but she's got the income.

And I hear you on the 100k+ loss. It's painful.
__________________
Retired June 2014. No longer an enginerd - now I'm just a nerd.
micro pensions 7%, rental income 18%
rodi is offline   Reply With Quote
Old 10-03-2015, 06:25 PM   #130
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
NW-Bound's Avatar
 
Join Date: Jul 2008
Posts: 19,444
You made me look.

Compared to the value back in May 18 2015 when the S&P was at 2129, I am out more than 2x that.

Now, I spent some of that money by withdrawal, so did not "lose" all of it. Yep, my stock picks hurt me, but that's what one gets for playing with fire. Some years you win big, not some other years.

Oh well, it's only money.
__________________

__________________
"Old age is the most unexpected of all things that can happen to a man" -- Leon Trotsky
NW-Bound is online now   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
pay off the rental mortgage or refinance and invest the difference? WM FIRE and Money 19 02-12-2007 06:32 PM
What a difference a year makes daystar Young Dreamers 9 12-15-2006 09:45 PM
Interesting difference between MSNBC and FoxNews on elections laurence Other topics 7 11-08-2006 06:38 PM
What a difference 100 years brings... cute fuzzy bunny Other topics 18 04-09-2004 07:04 PM
Difference between I Bonds and TIPS?? thirdage FIRE and Money 18 12-21-2003 07:49 AM

 

 
All times are GMT -6. The time now is 03:54 PM.
 
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2017, vBulletin Solutions, Inc.