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11-21-2021, 03:25 PM
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#61
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Thinks s/he gets paid by the post
Join Date: Mar 2017
Posts: 1,659
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Quote:
Originally Posted by foxfirev5
As long as you don't post "I've got 5 million can I retire" you're good to go in my book.
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Somewhere around 2008, I estimated how much in assets (mainly pretax retirement) it would take to walk away from jobs in the DC area in the middle of raising a child, and not do anything to change our lifestyle or reduce our spending rate. We were then in our late 40s.
It wasn't much short of $5 million.
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11-21-2021, 03:25 PM
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#62
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jun 2003
Location: Florida's First Coast
Posts: 7,719
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Quote:
Originally Posted by travelover
You buy your clothes new? You are rich.
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"Well we had it tough. We used to have to get up out of the shoebox at twelve o'clock at night, and LICK the road clean with our tongues. We had half a handful of freezing cold gravel, worked twenty-four hours a day at the mill for fourpence every six years, and when we got home, our Dad would slice us in two with a bread knife."
__________________
"Never Argue With a Fool, Onlookers May Not Be Able To Tell the Difference." - Mark Twain
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11-21-2021, 03:34 PM
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#63
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Thinks s/he gets paid by the post
Join Date: Aug 2012
Posts: 1,829
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You had a bread knife? Wow you were rich
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11-21-2021, 03:42 PM
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#64
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Recycles dryer sheets
Join Date: Jan 2020
Posts: 247
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Quote:
Originally Posted by REWahoo
Only my underwear...
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hey - what's wrong with gently used, but thoroughly cleaned under-wears sold at Goodwill store?
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11-21-2021, 03:44 PM
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#65
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Thinks s/he gets paid by the post
Join Date: Jun 2021
Posts: 1,576
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The math is simple, figure out total retirement expenses and then check to make sure that you have enough income to support expenses. If income is less than expenses, work longer or reduce expenses.
We spend $200K a year and we don't live fancy lives, and we still have to balance our books, i.e. income must meet expenses.
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11-21-2021, 03:46 PM
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#66
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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: 50,021
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Quote:
Originally Posted by yhoomajor
hey - what's wrong with gently used, but thoroughly cleaned under-wears sold at Goodwill store?
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Goodwill and other pre-owned clothing stores in this part of the world only sell outerwear.
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Numbers is hard
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11-21-2021, 04:08 PM
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#67
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Thinks s/he gets paid by the post
Join Date: Mar 2009
Posts: 2,985
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Quote:
Originally Posted by Out of Steam
Somewhere around 2008, I estimated how much in assets (mainly pretax retirement) it would take to walk away from jobs in the DC area in the middle of raising a child, and not do anything to change our lifestyle or reduce our spending rate. We were then in our late 40s.
It wasn't much short of $5 million.
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WOW! So sorry for your plight.
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Took SS at 62 and hope I live long enough to regret the decision.
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11-21-2021, 04:33 PM
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#68
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Thinks s/he gets paid by the post
Join Date: Dec 2017
Posts: 2,551
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Most of us here started out modestly. I was fortunate enough to graduate college with no debt and about $2K in the bank. Six weeks later, and I got my first job, making about the same as new STEM graduates make today. Working hard, long, and taking on increasing responsibility, I lived way below my means until I FIRED this year. I lived in an 800 SF apartment until I was moving to my retirement home. Not everyone started out rich here, and most got there after working hard and saving and LBYM. Many did it with blue collar jobs, but more with STEM, IT, or tech jobs; others did it by farming, owning their own business, or investing in real estate. My role models were worth multiple millions, and 23 years after I met them, I made it. I'd highly recommend the Millionaire Next Door, if you want some solid inspiration.
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Balance in everything.
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11-21-2021, 05:30 PM
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#69
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Mar 2007
Posts: 14,328
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Quote:
Originally Posted by HI Bill
.......... Not everyone started out rich here, and most got there after working hard and saving and LBYM. ...........
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I woke up after a three day drunk and found a winning lottery ticket in the gutter.
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11-21-2021, 05:40 PM
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#70
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Recycles dryer sheets
Join Date: Sep 2006
Location: clearwater
Posts: 439
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Quote:
Originally Posted by The Cosmic Avenger
Maybe we should supplement our retirement by charging for advice:
- "Advice": $0.02
- Factual advice: $5
- Useful advice: $10
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this reminds me of this old poster from my teaching career
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11-21-2021, 05:54 PM
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#71
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Thinks s/he gets paid by the post
Join Date: Dec 2016
Location: DC area
Posts: 2,493
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Quote:
Originally Posted by Out of Steam
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That's a little misleading in that it doesn't account for age. Averaging in the net worth of all the 18 year-olds isn't too relevant to ER. From the same source, this is a better look at the data - scroll down for a nice summary table:
https://dqydj.com/net-worth-by-age-c...united-states/
Having said that, your point is valid in that it takes a couple hundred $K, but not 7 digits, to have median NW as an older person.
__________________
FI and Semi-ER March 24, 2017
Consulting to stay engaged
"All models are wrong, some are useful." - George Box
“There is always a well-known solution to every human problem: neat, plausible, and wrong.” - H.L. Mencken
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11-21-2021, 06:04 PM
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#72
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Thinks s/he gets paid by the post
Join Date: Aug 2013
Location: North
Posts: 4,043
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I know this forum has plenty of simple people. I would search for the "long time lurker" or first time poster threads. This might be an assumption but based off my own experience...but I was simple at one time, and still am. I was also super poor when I joined this forum. I think I was earning about $36,000 a year and had just started my first IT job. This forum pushed me to create more opportunities which has only helped my FI goals. I remember being totally intimidated by some of the folks NW and "current assets" and seeing all these just crossed the 1MM mark etc etc. Folks talking about always getting the maximum Social Security credits etc. I am finally in that boat for the first year ever this year...my father NEVER had a year where he received the maximum social security credits but managed to amass quite a net worth. Everyone's situation is different really but I think if you participate and stick with this forum without fear, you will greatly benefit.
Knowledge is power and there is more knowledge packed into this ER forum than I could read in a lifetime of books. The one thing you don't always get from a book is the healthy debates that come from this forum, and the excellent moderation. Even if someone gets snarky or a negative tone, its always addressed. I have had a few times where folks have crossed the line and moderators were always quick to address it. I probably crossed the line myself and had my hand slapped...everyone is guilty of having a bad day.
I wish you the best of luck and encourage you to ask as many questions as you feel comfortable. Not everyone is going to FAT FIRE...and money is not everything. Health is important. Having what only you would consider a good QOL is important. And avoiding big costly mistakes is huge.
__________________
Time > $$$ ~ 100% equities ~ FIRE @2031
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11-21-2021, 06:07 PM
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#73
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Nov 2016
Posts: 9,514
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Quote:
Originally Posted by REWahoo
Only my underwear...
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.....but they have to be on sale!
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11-21-2021, 06:18 PM
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#74
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Thinks s/he gets paid by the post
Join Date: May 2016
Location: Mid-Atlantic
Posts: 2,676
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Quote:
Originally Posted by rothlev
this reminds me of this old poster from my teaching career
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That's very much like the I was thinking of, but the one I remembered had the highest rate for "Useful answers", since they can and often are completely distinct from (technically) correct answers.
__________________
-Looking to FIRE in the mid-2020s, which would be our mid-50s.
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11-21-2021, 06:19 PM
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#75
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Administrator
Join Date: Apr 2006
Posts: 23,036
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Quote:
Originally Posted by REWahoo
Only my underwear...
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Quote:
Originally Posted by street
.....but they have to be on sale!
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I'll let you in on my secret - Old Navy boxers; they usually have half-price sales a couple times a year.
__________________
Living an analog life in the Digital Age.
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11-21-2021, 06:21 PM
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#76
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Nov 2010
Location: Sarasota, FL & Vermont
Posts: 36,363
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Quote:
Originally Posted by Gumby
If you knew my net worth precisely, would it change your view of any advice I might provide? I can tell you it doesn't change the advice I might give. Occasionally, I may even be right (I know, a stretch. But it could happen). I manage to learn from everyone here, and I don't know how rich or poor any of them are.
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The way I look at it is that rich or less rich we share a lot of common "problems", it is just that some members have an extra zero after each number that I have.
__________________
If something cannot endure laughter.... it cannot endure.
Patience is the art of concealing your impatience.
Slow and steady wins the race.
Retired Jan 2012 at age 56
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11-21-2021, 06:24 PM
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#77
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Nov 2010
Location: Sarasota, FL & Vermont
Posts: 36,363
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Quote:
Originally Posted by HI Bill
Most of us here started out modestly. ...
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About a month before we married in 1982, DW and I looked at a $40k 2-bedroom condo. Since we didn't have the 5%/$2,000 needed for a down payment we passed on buying it.
Today, if the monthly credit card bill is less than $2,000, I'm
__________________
If something cannot endure laughter.... it cannot endure.
Patience is the art of concealing your impatience.
Slow and steady wins the race.
Retired Jan 2012 at age 56
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11-21-2021, 06:48 PM
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#78
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Mar 2016
Posts: 8,968
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Yeah. When I drove my used car out to CA from Detroit I had the car worth a couple grand and $2500 cash. Age 23.
Onward and upward!
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11-21-2021, 06:49 PM
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#79
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Nov 2016
Posts: 9,514
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Quote:
Originally Posted by Gumby
I'll let you in on my secret - Old Navy boxers; they usually have half-price sales a couple times a year.
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LOL!! I won't tell anyone.
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11-21-2021, 06:58 PM
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#80
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Nov 2016
Posts: 9,514
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Quote:
Originally Posted by RobbieB
Yeah. When I drove my used car out to CA from Detroit I had the car worth a couple grand and $2500 cash. Age 23.
Onward and upward!
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Interesting humble start.
Your start in life kind of sounded like mine. I had a wore out Honda civic and 400 bucks in my pocket when I set out to take on the world. I had a plan but that was about it. I slept on the floor for 16 months for little to nothing and a cardboard box with my cloths. We all have come a longways in life with a goal and a plan that we went after. I sometimes think about those early years.
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