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Old 01-24-2018, 11:10 AM   #141
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The husband of the friend of my wife literally ate his inheritance. The guy got about $120k when Mom passed away, and in 1 year or so - it was gone, because he ate and ate at expensive restaurants everyday.
Wow.

But there is an upside, If he routinely eats that much, he’ll die soon and his savings to life expectancy ratio will balance. Funny how works out.
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Old 01-24-2018, 06:38 PM   #142
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BRother in law still working at 70. So is his spouse.

He cannot afford to retire. Years and years of ongoing consumer debt and a large mortgage payment. Two cars of course. Always concerned about what up their neighbours, relatives, and church friends will say and think.

They could have been nicely retired years ago if they had smartened up, lived a little below their means, said 'no' more often to their adult children, and saved just a little. Have another SIL in the same boat...essentially homeless at 70.

Consumer debt and the economy is such where we live that my spouses church is now putting on money management and budgeting courses. NOthing to do with investment but simply the basic rules of income and expense math that most people on this forum mastered in their early 20 or late 20's. They are doing it the smart way by bringing in professionals in the field.
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Old 01-24-2018, 07:19 PM   #143
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Old 01-24-2018, 07:35 PM   #144
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DW suggests I tell people I am a private money manager, when asked.....
I already (still working, 2018 - 2019 exit planned) refer to my 'second job' of running "My Name, Inc." - investments and real estate, which can take up some time. It is often a daily activity, sometimes I'm on two phone calls at the same time, with issues at two diff properties, while reading an estimate for work at another on email, and trying to give out Halloween candy, while still standing - in my living room, still in my suit from the day job. Yeah, I'm ready to just say: I have my own business. Or: I'm consulting/a consultant. I happen to be advising myself.
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Old 01-24-2018, 07:59 PM   #145
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I plan to say I’m taking a sabbatical, one that happens to never end.
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Old 01-25-2018, 09:06 AM   #146
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They are doing it the smart way by bringing in professionals in the field.
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Old 01-25-2018, 09:28 AM   #147
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We would like to find friends in their late 40s early 50s like us (still with fairly young kids) that are FI and are either semi or totally retired. Its basically impossible. Most people are broke and even the ones that appear to have money and live like us need their large paychecks every two weeks.
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Old 01-25-2018, 09:38 AM   #148
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I have a good friend who retired after working 40 years for the state. He is on the "Golden" pension plan that has not been available to new people since the mid 1970's. His wife, who has worked over 35 years for the state, is on a lesser but still decent plan from the state. Neither is on the hybrid plan that came about in the 90's as part of pension reform (Obviously, I don't live in Illinois. )

He inherited about $300,000 in farmland from his parents.

I don't know what their income is but I doubt it is less than a penny under 100K.

They are both seeking part-time work to help pay for their expenses. New house, new car, upgrades and repairs to their boat, etc. etc. etc.

To each his or her own.
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Old 01-25-2018, 10:38 AM   #149
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His wife, who has worked over 35 years for the state, is on a lesser but still descent plan from the state.
In a descending pension, I suppose payments gradually decline (the opposite of an 'indexed' pension with COLA)?
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Old 01-25-2018, 12:18 PM   #150
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We would like to find friends in their late 40s early 50s like us (still with fairly young kids) that are FI and are either semi or totally retired. Its basically impossible. Most people are broke and even the ones that appear to have money and live like us need their large paychecks every two weeks.
I doubt many with younger kids would RE, even if they would w/o.

Too many possible unplanned expenses.

I'm in your age range, and RE not really by choice, but at least my youngest is off to college this fall, hopefully mostly paid for by Uncle Sam.
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Old 01-25-2018, 12:43 PM   #151
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In a descending pension, I suppose payments gradually decline (the opposite of an 'indexed' pension with COLA)?
Well, that would be true if inflation gets out of control.

Thanks for the heads-up. I have corrected the errors.
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Old 01-25-2018, 02:14 PM   #152
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It's not always about the money

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I doubt many with younger kids would RE, even if they would w/o.
I have a friend at w*rk, 57 years old and a very competent investor (NW north of 10 mil). He is staying on a couple more years as an example of positive work ethic for his two teenage children.
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Old 01-25-2018, 02:44 PM   #153
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I have a friend at w*rk, 57 years old and a very competent investor (NW north of 10 mil). He is staying on a couple more years as an example of positive work ethic for his two teenage children.
That just blows my mind.
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Old 01-25-2018, 02:49 PM   #154
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I have a friend at w*rk, 57 years old and a very competent investor (NW north of 10 mil). He is staying on a couple more years as an example of positive work ethic for his two teenage children.
I would think that retiring early (and being able to do so) would be just as good an example.

I know that when my Dad was demoted in his late 50s and decided to cut loose and try another career because he and Mom had the savings and could take the risk, it really made an impression on me.
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Old 01-25-2018, 03:16 PM   #155
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Well, that would be true if inflation gets out of control.

Thanks for the heads-up. I have corrected the errors.
Well done. No point in taking any of this stuff too seriously!
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Old 01-25-2018, 03:22 PM   #156
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I share finances with friends. Ask for and give advice (when asked).

My SO is a bit more fancy but I am into casual clothes and doing cheap things. Fancy people tend to not like doing cheap things and people who enjoy intellectual conversations on complex topics tend to earn decent income; put those two together and it usually works out.
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Old 01-25-2018, 03:55 PM   #157
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I would think that retiring early (and being able to do so) would be just as good an example.
Absolutely. That's the message I have been (hopefully) instilling in my kids.

Plus, after instruction and example, I feel I have satisfied my parental obligations in this area. At this point, I don't think continuing to work is going to change their behavior.
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Old 01-25-2018, 05:46 PM   #158
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I snicker to myself when I hear the 'poor me' or the 'your so lucky' noise from folks who simply made bad financial decisions or ate themselves into poor health, diabetes etc.

Just more instances of people trying to blame others for their self inflicted problems.
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Old 01-25-2018, 06:04 PM   #159
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I snicker to myself when I hear the 'poor me' or the 'your so lucky' noise from folks
This struck a chord with me. Some time ago DW ran into an acquaintance she had not seen in quite a while. The person gushed, You and your husband were always so lucky".
My wife looked at her and said, My husband died 5 years ago". The woman paled, turned around and walked away.
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Old 01-25-2018, 10:02 PM   #160
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I snicker to myself when I hear the 'poor me' or the 'your so lucky' noise from folks who simply made bad financial decisions or ate themselves into poor health, diabetes etc.

Just more instances of people trying to blame others for their self inflicted problems.
I'm usually too shocked by their stupidity at saying such a thing, and have trouble replying as it would probably be pretty rude.
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