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Old 04-12-2010, 05:02 PM   #21
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Heck, my kids daycare was $5K and out of pocked co-pays for doc visits, dentsts and eye glasses was $2.5K for me.
Just be sure to omit that bit of info if you ever start an LBYM blog about how to escape the rat race. Your revenues would stink!

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Old 04-12-2010, 05:53 PM   #22
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From his 11 April entry:
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In other news: I got my 15 minutes of fame today over at the early-retirement forums. I wish I could find the post on my blog where I talk about lentil soup so I can add a disclaimer: Itís been years since I ate that stuff regularly and I lost my knack for making it (Itís not easy to make it taste good!). Also, not spending money is not a sacrifice when you get the same satisfaction from doing things a different way as if you had spent it doing things the normal way #justsaying.
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Old 04-13-2010, 11:24 AM   #23
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Any "budget" that forces me to live below the poverty line is a reason to keep working.
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Old 04-14-2010, 09:24 AM   #24
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I read Jacob's blog religiously. He's one of the most original, authentic bloggers out there.
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Old 04-14-2010, 09:52 AM   #25
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Careful, if we continue praising Jacob's work like this, he may stop trying so hard. :-)
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Old 04-15-2010, 07:40 AM   #26
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I think Kiyosaki is a fraud. Here's a pretty devastating review of him.
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Old 04-15-2010, 08:07 AM   #27
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I think Kiyosaki is a fraud. Here's a pretty devastating review of him.
I actually enjoyed Rich dad, poor dad though nowadays I'd rather recommend other books. I didn't know anything about personal finance and the message that I should spend on income-generating assets instead of status symbols like a big house made something click and helped me change the way I thought about money.

Sure, not all his advice is good. But I've never understood the people who are angry because "rich dad" may never have existed. After all it's a book about personal finance, the story is just there to help explain things. Next thing they'll get all worked up because the Richest man in Babylon wasn't really the richest man in Babylon.

I always wondered why Reed wanted to dedicate his life to destroying Kiyosaki. But now I've noticed his anger isn't limited to Kiyosaki. Apparently he's on a mission to rid the earth of crappy real estate advice.
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Old 04-15-2010, 08:35 AM   #28
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I've always enjoyed the Reed site. I'm kind of fascinated by the infomercial, get-rich-quick aspect of our society, and I find his analysis of the various gurus quite informative, if a little self-serving. I do agree with him though that Kiyosaki is more con-man than guru. There's no record of Kiyosaki's real estate transactions (at least to the extent he claims). He's just a snake oil salesman. I don't really get your point on the status symbols, however. Kiyosaki positively oozes conspicuous consumption. It's how he appears to measure himself.


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I actually enjoyed Rich dad, poor dad though nowadays I'd rather recommend other books. I didn't know anything about personal finance and the message that I should spend on income-generating assets instead of status symbols like a big house made something click and helped me change the way I thought about money.

Sure, not all his advice is good. But I've never understood the people who are angry because "rich dad" may never have existed. After all it's a book about personal finance, the story is just there to help explain things. Next thing they'll get all worked up because the Richest man in Babylon wasn't really the richest man in Babylon.

I always wondered why Reed wanted to dedicate his life to destroying Kiyosaki. But now I've noticed his anger isn't limited to Kiyosaki. Apparently he's on a mission to rid the earth of crappy real estate advice.
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Old 04-15-2010, 10:16 AM   #29
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I think Kiyosaki is a fraud. Here's a pretty devastating review of him.
I agree. I don't like him or his books. If he's so successful, why is he still working? And if his books really worked, why aren't more people working less and have more money?

Man, guess I should get into the snake oil business - it really seems to pay the bills.
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Old 04-16-2010, 01:03 PM   #30
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I used to joke about selling all my stuff and house and living in an RV or single wide for a few years. Imagine all the $ I could bank. Heck, maybe I'll try it. I'm sure my DD who is 4 wouldn't mind.
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Old 04-16-2010, 01:12 PM   #31
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Since we are both sick and not inclined to go very far from the house, Frank and I spent hours together yesterday perusing the various pages on Jacob's blog from dual computers beside one another, and reading interesting passages aloud to one another. Neither of us would do exactly the same as Jacob, but it was great food for thought and gave us some interesting ideas.

Thanks so much for the link!
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Old 04-16-2010, 01:16 PM   #32
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I used to joke about selling all my stuff and house and living in an RV or single wide for a few years. Imagine all the $ I could bank. Heck, maybe I'll try it. I'm sure my DD who is 4 wouldn't mind.
My two under 6 kids would probably be thrilled with a fulltime RV lifestyle. Homeschooling would be a drag, though.
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Old 04-20-2010, 10:23 AM   #33
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I'll give you frugal: a relative of mine is on SS. His former wife, a professional with substantial income, ran a tab on the family which she hid for years - essentially exhausting the household assets. After the divorce their teen son stayed with him and they lived in income restricted apartment in a nice neighborhood while he straightened out his finances. Son went off to college on a scholarship (maintaining it with a near 4. GPA) and he started searching for a studio condo. He found one, with parking, in a very nice building which he could buy for cash... for ~$145,000, including updating and decorating. He spends, max, $6,000 a year for living expenses.. heat, water, garbage, property taxes, facility maintenance, laundry, high speed inter-net, Comcast. A Veteran, he uses VA health care. He purchased a quality, efficient, used car. He probably could have found a "cheaper" studio but the location is great, it is in a walk-able neighborhood, and the HOA managed for the long term.

He actually has a very high standard of living. Moving to a studio means that he doesn't bring anything home that isn't necessary and doesn't accumulate 'stuff'.
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Old 04-20-2010, 11:50 AM   #34
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Fascinating! I can't live like that, mostly b/c of my critters, but some of the ideas are doable for me, and it's helpful seeing an extreme example of what I'm trying to do in a, well, less extreme way.
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Old 04-20-2010, 04:10 PM   #35
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I'll give you frugal: a relative of mine is on SS. His former wife, a professional with substantial income, ran a tab on the family which she hid for years - essentially exhausting the household assets. After the divorce their teen son stayed with him and they lived in income restricted apartment in a nice neighborhood while he straightened out his finances. Son went off to college on a scholarship (maintaining it with a near 4. GPA) and he started searching for a studio condo. He found one, with parking, in a very nice building which he could buy for cash... for ~$145,000, including updating and decorating. He spends, max, $6,000 a year for living expenses.. heat, water, garbage, property taxes, facility maintenance, laundry, high speed inter-net, Comcast. A Veteran, he uses VA health care. He purchased a quality, efficient, used car. He probably could have found a "cheaper" studio but the location is great, it is in a walk-able neighborhood, and the HOA managed for the long term.

He actually has a very high standard of living. Moving to a studio means that he doesn't bring anything home that isn't necessary and doesn't accumulate 'stuff'.
Brat, is this in Seattle? Tell me where, or PM me if you could.

One of the harderst parts of condo/coop hunting is finding well managed, well maintained buildings.

Ha
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Old 04-20-2010, 05:10 PM   #36
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I will PM you...
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Old 04-20-2010, 06:37 PM   #37
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I'll give you frugal: a relative of mine is on SS. His former wife, a professional with substantial income, ran a tab on the family which she hid for years - essentially exhausting the household assets. After the divorce their teen son stayed with him and they lived in income restricted apartment in a nice neighborhood while he straightened out his finances. Son went off to college on a scholarship (maintaining it with a near 4. GPA) and he started searching for a studio condo. He found one, with parking, in a very nice building which he could buy for cash... for ~$145,000, including updating and decorating. He spends, max, $6,000 a year for living expenses.. heat, water, garbage, property taxes, facility maintenance, laundry, high speed inter-net, Comcast. A Veteran, he uses VA health care. He purchased a quality, efficient, used car. He probably could have found a "cheaper" studio but the location is great, it is in a walk-able neighborhood, and the HOA managed for the long term.

He actually has a very high standard of living. Moving to a studio means that he doesn't bring anything home that isn't necessary and doesn't accumulate 'stuff'.
This is exactly what I want to do in 7 years. I am almost certain his budget is strikingly identical to mine. Seattle was quite nice when I visited while staying at a friend's relative's studio in the city. There should be heavily subsidized exchange insurance by then as well (since I will require a very low amount of income), so it will be similar to veteran's benefits. In particular, I will want a very good internet connection, so it will have to be near a city area. It would only take $310,000 to purchase a $145,000 property, and then have enough for a budget of $6k/year. No roommates would be needed either to achieve that budget.

Personally, I plan to have a lot more than $310,000 (+inflation) saved up so I can have a large entertainment/food budget, but it is good to know at what number my basic costs would be taken care of should I need to take a break.

Edit: Out of curiosity, I ran the numbers to see how long this would take, and it is 3 years of full time work, with no debt, at $135k/year, and assuming the last year of work is 2013. Not bad.
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Old 04-21-2010, 04:40 AM   #38
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There is no way that I could live on 6k/year even with a paid of condo. Just property taxes plus association assesments cost me $5772 per annum alone.
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Old 04-21-2010, 08:02 AM   #39
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There is no way that I could live on 6k/year even with a paid of condo. Just property taxes plus association assesments cost me $5772 per annum alone.
You could if you moved to a cheaper place to live. There is always a way.
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Old 04-21-2010, 09:21 AM   #40
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You could if you moved to a cheaper place to live. There is always a way.
True, I suppose there is always a way. Still, even in cheap cost of living areas, property taxes and monthly condo assessments are almost certain to carve out a big chunk of a 6k budget. And then there's always the dreaded special assessment.
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