Join Early Retirement Today
Reply
 
Thread Tools Search this Thread Display Modes
Old 08-19-2020, 01:49 PM   #141
Thinks s/he gets paid by the post
Out-to-Lunch's Avatar
 
Join Date: Jan 2020
Location: Milwaukee
Posts: 2,546
Quote:
Originally Posted by youbet View Post
We just, sadly, lost our 2000 Civic. One of the steel brake lines rusted out quickly leaking all the fluid from the system and creating quite a surprise for me! I got a couple estimates from shops I've done business with before and the price tag for redoing the system was too high to justify. (20 year old car with about 180k miles.) So, I sold it to a DIYer for $500 and waved goodbye.

That leaves us with only our older vehicles, a 1999 F150 and a 1999 Buick Century.

DW thinks it's time to start shopping!
Yeah, it is hard to know what needed repair is enough to make one cry "uncle." Mine has been holding up well at 187k (knock on wood).

One interesting thing is that my model (an Si hatchback) is very popular among some youngsters for hot-rodding. So from time to time I get unsolicited offers to buy it from me, both in person and in the form of notes left under my windshield wipers. So I think that I will be able to get rid of it when the time comes!

My "toy car" is a '99 (BMW 3-series convertible with a swapped '00 Camaro engine), but the "new car" is a 2015 Subaru. We only bought a new one because my DW dislocated her shoulder and could no longer drive a manual tranny.
Out-to-Lunch 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 08-19-2020, 02:32 PM   #142
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
youbet's Avatar
 
Join Date: Mar 2005
Location: Chicago
Posts: 12,382
Quote:
Originally Posted by Out-to-Lunch View Post
Yeah, it is hard to know what needed repair is enough to make one cry "uncle." Mine has been holding up well at 187k (knock on wood).

.
Indeed, you do not ever know!

Our Civic seemed to have the gift of eternal life for years and years. It just went and went and went. No accidents. No corrosion. An EX 4-door sedan.

Then DW left to do some shopping and when she pressed the brake after backing down the driveway, the pedal went to the floor. I got it to the shop using the handbrake. Up on the lift, we found all four brake lines that run through a central plastic channel from the master cylinder to each wheel were badly corroded. And one had rusted though and all the brake fluid had departed........ If you poured brake fluid into the cylinder, it just ran out the corroded brake line to the floor.

Replacing the lines is very labor intensive and, after watching a few YouTube videos, I decided that as a geezer I wouldn't be able to do it. 20 years ago, I wouldn't have hesitated. I found a DIYer who wanted to buy the car and take on the job, so that was the end of the Civic, at least for us.

Of all the things I had imagined could lead to the demise of that car, rusting brake lines wasn't one of 'em!
__________________
"I wasn't born blue blood. I was born blue-collar." John Wort Hannam
youbet is offline   Reply With Quote
Old 08-19-2020, 02:55 PM   #143
Thinks s/he gets paid by the post
 
Join Date: Dec 2014
Location: St. Charles
Posts: 3,312
Since this has turned into a car thread:

We buy new cars. Keep them 8-10 years. Put low miles on them (DW just sold her 2012 Pathfinder with 64,xxx miles). We have not had any repairs of consequence in over 20 years. Just maintenance.

She bought a new higher end car, I still have my 2012 Altima with 55,xxx miles.

I see no advantage to keeping a car until I don't trust it. YMMV

FWIW, DSIL has a 20 year old Sentra. She lives with DMIL, who is willing to buy a new car. DSIL is stubborn. I don't like a 62 year old woman driving a 90 yo woman around in a 20 year old car. Money is NOT the issue. DSIL is just plain stubborn.
__________________
If your not living on the edge, you're taking up too much space.
Never slow down, never grow old!
CardsFan is offline   Reply With Quote
Old 08-19-2020, 03:28 PM   #144
Thinks s/he gets paid by the post
Out-to-Lunch's Avatar
 
Join Date: Jan 2020
Location: Milwaukee
Posts: 2,546
Quote:
Originally Posted by CardsFan View Post
I see no advantage to keeping a car until I don't trust it. YMMV.
I don't really disagree.

I bought my car from its original owner in 2001. He kept meticulous records, including the original purchase and ALL service items (tires, etc.) Obviously, I knew how much I paid him for the car and how many miles it had. So I tallied up all of his expenses per mile compared to all of my expenses per mile. This included both operating costs and depreciation. (I used Edmunds or KBB prices for the residual value of my car at any point in time.)

Long story short, I think he got the better end of the bargain. I even took steps to take inflation into account to make the margin smaller.

But I don't care. I just like the car and want to keep driving it!
Out-to-Lunch is offline   Reply With Quote
Old 08-19-2020, 06:52 PM   #145
Recycles dryer sheets
 
Join Date: Jun 2018
Location: Alameda
Posts: 227
So much depends on where you live, however, if you factor in the cost of living. I was reading a NYTimes article pre-COVID. Can't remember exact details but it had something to do with retirement planning, and how much living costs fluctuated depending on where you reside.

Our retirement income looked great vs the national income average. Top 8%, woohoo!

Then when I paged down and put in my zip code for a recalculation, we dropped to Top 20%. LOL!
zippy2020 is offline   Reply With Quote
Old 08-19-2020, 09:08 PM   #146
Thinks s/he gets paid by the post
 
Join Date: Aug 2013
Posts: 1,551
Quote:
Originally Posted by Andre1969 View Post

But, at this point, I'd say it would take more like $2.5M or so for me to feel secure, whereas in the past I was happy with $2M, and actually starting to think about retiring. I'd never think of $2M, or even $2.6M, as being "wealthy", though, although I guess "wealthy" means different things to different people. If you're a long ways from it financially, it probably does look like a lot of money.
If you are living in DC, I agree with the $2 mil minimum - expensive city. I live in NC and $1.2 mil - $1.3 mil works.
__________________
No to consumerism, Living a simple life, enjoying the experience - not the material stuff
cyber888 is online now   Reply With Quote
Old 08-19-2020, 09:11 PM   #147
Thinks s/he gets paid by the post
 
Join Date: Aug 2013
Posts: 1,551
I guess i'm really really low mileage. Your 2012 SUV has 64K. My 2013 allroad has 35K. I think I have 8-10 more years to get to 64K miles .

Quote:
Originally Posted by CardsFan View Post
Since this has turned into a car thread:

We buy new cars. Keep them 8-10 years. Put low miles on them (DW just sold her 2012 Pathfinder with 64,xxx miles). We have not had any repairs of consequence in over 20 years. Just maintenance.

She bought a new higher end car, I still have my 2012 Altima with 55,xxx miles.

I see no advantage to keeping a car until I don't trust it. YMMV

FWIW, DSIL has a 20 year old Sentra. She lives with DMIL, who is willing to buy a new car. DSIL is stubborn. I don't like a 62 year old woman driving a 90 yo woman around in a 20 year old car. Money is NOT the issue. DSIL is just plain stubborn.
__________________
No to consumerism, Living a simple life, enjoying the experience - not the material stuff
cyber888 is online now   Reply With Quote
Old 08-20-2020, 12:51 PM   #148
Recycles dryer sheets
 
Join Date: May 2013
Location: Gainesville
Posts: 137
Quote:
Originally Posted by Mr. Tightwad View Post
All my life I focused on long term financial freedom. It worked out so well, I stopped working at 45 and bought a Tesla (actually 2 of them).

Sometimes you can have both.
Haha, you are correct, Sir! just make sure you get the order right, FI first, then Tesla
Retire52 is offline   Reply With Quote
Old 08-20-2020, 01:05 PM   #149
Administrator
Gumby's Avatar
 
Join Date: Apr 2006
Posts: 19,489
Quote:
Originally Posted by Retire52 View Post
Haha, you are correct, Sir! just make sure you get the order right, FI first, then Tesla
Exactly right. The big problem I see is people living rich before they actually are rich.
__________________
Living an analog life in the Digital Age.
Gumby is online now   Reply With Quote
Old 08-20-2020, 01:25 PM   #150
Recycles dryer sheets
KarlH's Avatar
 
Join Date: Jul 2020
Location: Northern Illinois
Posts: 120
Quote:
Originally Posted by Retire52 View Post
Haha, you are correct, Sir! just make sure you get the order right, FI first, then Tesla
For me it's FI, Tesla (with cash), then Retire... working on that last part now.
KarlH is offline   Reply With Quote
Summary Findings – Net Worth Comparison USA
Old 08-20-2020, 03:45 PM   #151
Recycles dryer sheets
 
Join Date: Mar 2012
Posts: 65
Summary Findings – Net Worth Comparison USA

Quote:
Originally Posted by aaronc879 View Post
I think the term "pension millionaire" is pretty spot on. My Aunt retired at age 58 with almost no savings but a 80% Cola'd pension and healthcare. I never asked but I would guess her pension is somewhere around $75K now plus she gets maybe another $30K from SS. That lets her live a very comfortable life despite never saving any money before retirement. She has saved some now because she doesn't know what to do with so much income at her age. $75K/yr for 30 years is over $2M. That is a lot of money. More than most people can save in a career(this site does not represent most people). I think pension millionaire is a pretty accurate term


I know you say she didn’t save anything, but in my state we do contribute 9% to the pension fund, with no say over how they invest it. So yes, even if I hadn’t saved anything else, I am forced to save that 9%.
Several years ago they let the voters decide it could go into the market. Right before the crash and then they made many poor decisions trying to gain it back quickly.

I taught for over 30 years and my pension is about 24k with a 1% yearly increase that can be taken away at any time (back before 2013 it was Cola’d and now 1% but no more than $500 increase). So all state employees with pensions are not “making bank”.
volfan is offline   Reply With Quote
Old 08-21-2020, 06:33 AM   #152
Recycles dryer sheets
 
Join Date: Jun 2014
Location: Central FLA
Posts: 280
Maybe I'm cynical, but I rarely feel good about my net worth based on what others have or do not have. I feel better or worse when I look at the costs of various spend categories for the lifestyle I want...so in that vein, I don't feel so wealthy....when I add up housing costs, taxes, autos, etc. Considering I'm in the top 2-3% (from the original post), it seems my money should go farther. That's all.
SunnyOne is offline   Reply With Quote
Old 08-21-2020, 07:04 AM   #153
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
DFW_M5's Avatar
 
Join Date: Sep 2003
Location: DFW
Posts: 7,055
I just realized being retired, I will not make 1% unless I win the lottery.
__________________
Doing things today that others won't, to do things tomorrow that others can't. Of course I'm referring to workouts, not robbing banks.
DFW_M5 is offline   Reply With Quote
Old 08-21-2020, 08:25 AM   #154
Thinks s/he gets paid by the post
Markola's Avatar
 
Join Date: Nov 2013
Location: Twin Cities
Posts: 3,274
Quote:
Originally Posted by DFW_M5 View Post
I just realized being retired, I will not make 1% unless I win the lottery.


+1. One thing I’ll have to get used to psychologically is seeing the liquid net worth spend down over time from its peak right now, having FIREd last month at 54. The calculators project 85-97% portfolio success for 40 years but we have to get to full SS, Medicare and no mortgage before the balance starts ticking back up again at about age 70. I’m used to seeing it grow steadily! I guess that’s the “retirement portfolio smile” shape others speak of .

I’ll get used to the trade off, because this not working stuff is actually everything it’s cracked up to be.
Markola is offline   Reply With Quote
Old 08-21-2020, 09:26 AM   #155
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Car-Guy's Avatar
 
Join Date: Aug 2013
Location: Citizen of Texas
Posts: 7,709
Quote:
Originally Posted by DFW_M5 View Post
I just realized being retired, I will not make 1% unless I win the lottery.
Same here... I'm about half way between 1 and 2% on this "low balled" chart but that last .5% is not going to happen, especially now that I'm retired... Even if it did happen, it would not change my lifestyle at all... Now if I could more than quadruple my current net worth, I may do some things different... Maybe...
__________________
I don't know how to act my age since I've never been this old before.
Car-Guy is offline   Reply With Quote
Old 11-17-2020, 07:33 PM   #156
Recycles dryer sheets
HawaiiShrimp's Avatar
 
Join Date: Nov 2020
Location: So Cal
Posts: 108
Quote:
Originally Posted by Car-Guy View Post
From my POV, "as a retiree", I consider 2m as cautiously comfortable.. 10+m as reasonably well off, 25+m as borderline wealthy and 50m as FU money. But that's me...
I completely agree with your assessment. With $10m NW, I'm still not comfortable buying a high end house. Unless I reach $30M or more in NW, I can't say I'm wealthy. Living comfortably, yes, but definitely not luxurious or anything like that.

This is why $30M is my goal.
HawaiiShrimp is offline   Reply With Quote
Old 11-17-2020, 07:34 PM   #157
Recycles dryer sheets
HawaiiShrimp's Avatar
 
Join Date: Nov 2020
Location: So Cal
Posts: 108
Quote:
Originally Posted by RobbieB View Post
To a guy with 5 grand NW a guy with half a mill is wealthy.

When you have 5 mill it takes half a billion.
That's very true too.
HawaiiShrimp is offline   Reply With Quote
Old 11-17-2020, 10:05 PM   #158
Thinks s/he gets paid by the post
rk911's Avatar
 
Join Date: Dec 2018
Location: DuPage County IL
Posts: 1,900
wealthy...rich...well off...all are subjective depending on the desired style of living.

us? we still live waaaay beneath our means and have a very comfy life not wanting for anything material. we live in a middle class neighborhood in a 60-yr old 3BR split level home we have remodeled to suit us over the last couple of decades and drive 10 and 17-yr old vehicles. zero interest in a larger home, high-end vehicles or intl travel. all of our domestic travel is in our motorhome. if family, friends and neighbors knew our NW they would be shocked and most definitely think of us as wealthy. whatever floats your boat.
__________________
Rich
Ham Radio, Sport Pilot, RVer
FIRE: 8/11/2005, age 55y,1d
Administrator for a regional 9-1-1 call center
rk911 is offline   Reply With Quote
Old 11-20-2020, 12:26 PM   #159
Recycles dryer sheets
aleabo's Avatar
 
Join Date: Jan 2012
Posts: 62
As a person working in Data Analytics field I'd advise to take any research and statistics data with grain of salt. Big grain of salt. I know quality of the data used (in many cases it pure garbage) and level of the people who call themselves Data scientist.
Just think - millions of people working in high tech - 6 figures salaries, stock options, etc. Those people NW millions. Doctors, lawyers, business owners - don't believe that only 5% of population have NW more than 1M. The only caveat here that if family has 1M individual will have 500K..
aleabo is offline   Reply With Quote
Old 11-20-2020, 01:00 PM   #160
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Midpack's Avatar
 
Join Date: Jan 2008
Location: NC
Posts: 18,619
Another source...
__________________
No one agrees with other people's opinions; they merely agree with their own opinions -- expressed by somebody else. Sydney Tremayne
Retired Jun 2011 at age 57

Target AA: 50% equity funds / 30% bonds / 20% cash
Target WR: Approx 2.5% Approx 20% SI (secure income, SS only)
Midpack is offline   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
Usa #1, usa #1, usa #1, usa #1, dex Health and Early Retirement 14 02-07-2011 03:46 PM
Mail Service? Any new findings? Enuf Life after FIRE 13 07-04-2008 06:10 PM
Usa......usa.....usa........ Dawg52 Other topics 6 07-04-2007 09:54 PM
USA, USA, USA... mickeyd Other topics 6 12-18-2006 03:53 PM

» Quick Links

 
All times are GMT -6. The time now is 12:16 PM.
 
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2022, vBulletin Solutions, Inc.