|
|
01-07-2004, 11:18 AM
|
#21
|
Thinks s/he gets paid by the post
Join Date: Feb 2003
Location: Mesa
Posts: 3,588
|
Re: Magic Money Number
Mal',
At this point it sounds to me like you are doing the right things. Live below your means and invest the rest.
In order to live below your means effectively, you need to track your spending. That will be very useful eventually when you need to estimate your spending in retirement. Rules of thumb (whether it's 70% or 30% of your pre-retirment income) can get you into trouble. The kind of analysis that led Dory36 to his estimate is what matters. Everyone's situation is different.
Your investing choices will likely evolve for a number of reasons. 1) You will learn more about investing options each year and that knowledge is likely to change your preferences, 2) Your view of risk will mature and evolve as you do changing your target balances, 3) New investment vehicles and investing/tax laws will become available changing your preferences. So at this point the most important thing is that you are investing somewhere and learning what you can about investing options.
Good luck.
|
|
|
|
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!
|
01-07-2004, 11:23 AM
|
#22
|
|
Re: Magic Money Number
Man, at age 42 I had not given ER a thought yet.
I was earning and spending - earning and spending......
When I did get it in my head to ER (about 1992),
I only had one year to prepare. Pretty amazing.
Re. kids, only one (of 3) still at home in 1993. She
is now a sophomore in college and the cost of this continues to haunt me. None of my kids got a free
ride even when I was making the big bucks.
I want to do all I can but it's a struggle.
John Galt
|
|
|
01-07-2004, 11:34 AM
|
#23
|
|
Re: Magic Money Number
I know I repeat here, but it seems appropriate.
I don't have the exact number, but I know we
(a couple) are living on about 25% of my peak
earning years, which naturally came near the end of my career. This does not include the paid off house.
A ton of expense just disappears. The rest you have
to work on. So, I kind of did it backwards, i.e.
made the decision to ER, quit, and then worked out the details afterward.
John Galt
|
|
|
09-01-2009, 06:40 PM
|
#24
|
Confused about dryer sheets
Join Date: Aug 2009
Posts: 1
|
BareBonesJohnGault
Re: BareBones John Gault
Hi JG
We must have been reading that same chapter out of the Terhorst's book at the same time. However things came up that deterred the bare bones plans. It would be interesting to hear from you how it has worked out. In light of the inflation we're seeing. And also have read that Joe Dominguez had to move into a commune just to be able to make it because of inflation and his wife is saying their initial idea of a fixed income retirement was flawed. He has passed.
But here you are and talking about it. Would like to know more. You can pm me if you want. Am currently re-considering re-bare boning it...hehe
|
|
|
09-01-2009, 07:29 PM
|
#25
|
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jun 2002
Location: Texas: No Country for Old Men
Posts: 50,004
|
HM, you might note that that little box you checked in order to post on this thread indicated the thread was several hundred days old - as in a little more than 5 1/2 years old. JG is long gone from this forum...
If you have something to say, please post to a current thread or start a new one. Better yet, go over to the "Hi, I am..." forum and introduce yourself so we can give you a proper welcome!
__________________
Numbers is hard
|
|
|
09-01-2009, 07:52 PM
|
#26
|
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Dec 2006
Location: Collin County, TX
Posts: 9,294
|
Egads..the legs in this thread are longer than the ones I have in my avatar...
__________________
There's no need to complicate, our time is short..
|
|
|
09-01-2009, 07:53 PM
|
#27
|
Thinks s/he gets paid by the post
Join Date: Dec 2007
Posts: 4,764
|
Quote:
Originally Posted by bbbamI
Egads..the legs in this thread are longer than the ones I have in my avatar...
|
I cant tell. The avatar needs to show a bit more.
|
|
|
09-01-2009, 10:02 PM
|
#28
|
gone traveling
Join Date: May 2008
Posts: 3,864
|
Quote:
Originally Posted by HM777
Re: BareBones John Gault
Hi JG
We must have been reading that same chapter out of the Terhorst's book at the same time. However things came up that deterred the bare bones plans. It would be interesting to hear from you how it has worked out. In light of the inflation we're seeing. And also have read that Joe Dominguez had to move into a commune just to be able to make it because of inflation and his wife is saying their initial idea of a fixed income retirement was flawed. He has passed.
But here you are and talking about it. Would like to know more. You can pm me if you want. Am currently re-considering re-bare boning it...hehe
|
deja vu?
|
|
|
09-02-2009, 09:49 AM
|
#29
|
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jun 2006
Posts: 12,880
|
What a blast from the past! Cut-throat, JG.
__________________
Al
|
|
|
|
|
Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
|
|
Thread Tools |
|
Display Modes |
Linear Mode
|
Posting Rules
|
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts
HTML code is Off
|
|
|
|
» Recent Threads
|
|
|
|
|
|
|
|
|
|
|
|
|
» Quick Links
|
|
|