It is possible to live quite well on so little

[folivier]

We went to a wedding this weekend for one of my DW's best friends daughters. I've been impressed throughout the years I've known them. He was a welder in the 70's & 80's until he hurt his back and couldn't work. She quit college when she was pregnant for her first and went to work as a clerk until she went back to nursing school a few years ago. They raised 6 kids, put all 6 through private school where he was a janitor. 4 of the 6 finished college, 2 are in medical school. They still live in the same house trailer. A truly close and loving family, but a family that has always struggled to pay the bills. Whenever I hear young'uns complaining that they can't make it on their $100k salary I think of them who have raised their kids on much less than that. I don't know if they have any retirement savings but am sure that they will be able to live quite well on SS since their budget is so low. Quite an amazing family who have done so much with so little.

 

[dtbach]

Thanks for the story. Sounds similiar to my parents.

 

[calmloki]

Very good to read this and be reminded that spreadsheets and stock schemes can be trumped by care and closeness.

 

[Dtail]

Nice story to read about in the morning. Thanks.

 

[Rianne]

This story broke when we lived in Elmhurst, an upscale Chicago suburb. Lake Forest, a wealthy Chicago suburb, was blessed with a lady who stunned the masses. It tears me up every time I think of it and is in line with the subject, it is possible to live quite well on so little.
https://www.chicagotribune.com/livi...lake-forest-donation-0304-20100304-story.html

 

[marko]

They still live in the same house trailer.

Whenever I hear young'uns complaining that they can't make it on their $100k salary .

Here it is: "They live in the same house trailer".

They didn't go out and buy a house or other things they couldn't afford, like the young'uns on their $100K. Yeah, it's called LBYM!

 

[daylatedollarshort]

House trailers make a lot of economic sense. I really like watching the youtube videos on tiny houses on trailers.

 

[Bigdawg]

"She did not have the (material) needs that other people have," said William Marlatt, her attorney and longtime friend. "She could have lived in any house in Lake Forest but she chose not to. … She enjoyed other people, and every friend she had was a friend for who she was. They weren't friends for what she had."

Great story. Above, from the link, That first line caught my attention. "needs" should be replaced with "wants" in that sentence. Most peoples "needs" are identical with a little gray area. Some people may need meds that others don't, etc... But basically everyone has the same needs. What it comes down to is the fact that this lady had very few "wants".

 

[imoldernu]

Nice to see a thread that recognizes that it isn't always about money.

Some of you have read my first thread there on ER. I used the word "frugal", but never thought about it that way. Will not leave millions, but some nice memories.

From the beginning of retirement, a choice after having cancer in 1989, we did live in a trailer in a campground and a trailer in an over 55 community in Florida. A break after having 4 boys and seeing them thru college, and after working myself out of a medium pay job as the company closed.

It would be insane to say that it was "so little", but never in all of the time since then, have we felt that we were struggling. In fact, the years from 1989 to 2012 were the busiest, happiest and most enjoyable days of our life.

It's really NOT always about money!

 

[Helena]

.

Yes, it's possible to live comfortably on a modest income if you live responsibly below your means and save the rest.

I was able to do it as a single mom of a disabled child. We lived in a small fixer house that I bought decades ago for $35,000.

Although my salary was modest, I worked for a company that had good benefits and was able to retire early at age 55.

.

 

[FIREd]

I agree that it is possible to live quite well (and even happily) on little money - if one does not get caught up in consumerism. Otherwise life can become a long string of disappointments. I have a relative in such situation and she is perpetually frustrated and unhappy because, despite her comfortable income, there is never enough money coming in to fulfill her ever expending desires.

A midlife divorce allowed me to put all my expenses back on the table and to reset my expectations. And what I found was that my needs could be met with very little income (less than $1K per month) once I own a modest home outright.

 

[Midpack]

Here it is: "They live in the same house trailer".

They didn't go out and buy a house or other things they couldn't afford, like the young'uns on their $100K. Yeah, it's called LBYM!

+1, just what I was thinking. Being conservative with how much house you buy and area COL is essential to keeping overall expenses reasonable IMO.

 

[marko]

+1, just what I was thinking. Being conservative with how much house you buy is essential to keeping overall expenses reasonable IMO.

I'm sure there's a chart somewhere that shows the larger the house the more percentage of operating cost; IOW double the sq ft = triple the expense. We have a friend who's landscaping alone is $30K a year (ok, that includes snow plowing).

BIL makes big money (over $1MM) and has a $2MM house to match. He's hitting 65 and 1) says he wants to retire, 2) says he loves his house and won't downsize. He can afford it all but likely will work until he drops; keeps poking around with me as to how we RE'd. (hint: we don't pay $25K in property taxes for a start!)

 

[retiredunder50]

If only more people could grasp this concept:

 

[CaptTom]

Thanks!! This thread is a nice respite from all the threads about how to amass (and blow) one's millions.

 

[NW-Bound]

Thanks!! This thread is a nice respite from all the threads about how to amass (and blow) one's millions.

But, but, but if some LBYM'ers manage to amass millions, is it a bad thing?

 

[Helena]

I agree that it is possible to live quite well (and even happily) on little money - if one does not get caught up in consumerism. Otherwise life can become a long string of disappointments. I have a relative in such situation and she is perpetually frustrated and unhappy because, despite her comfortable income, there is never enough money coming in to fulfill her ever expending desires.

I know someone like that. She is a former co-worker whose salary was always much more than mine. But due to poor judgment, she wasted money on foolish things and she was always in cc debt. She totally ignored [even laughed at] my good frugal financial advice over the years. I was able to retire early [age 55] but she had to keep working to support her high maintenance lifestyle. Her lavish spending didn't stop after she was forced to retire due to health reasons. Last I heard she had to declare bankruptcy.

A midlife divorce allowed me to put all my expenses back on the table and to reset my expectations. And what I found was that my needs could be met with very little income (less than $1K per month) once I own a modest home outright.

Thank God, the best decision I made when I was young was to buy a small $35,000 fixer house. It enabled me to save money to pay it off early which enabled me to save even more money. Later I was able to sell it for a nice profit and buy a larger nicer more expensive house in a better neighborhood. I paid off the mortgage on my second house in three years and have lived debt-free ever since.


.

 

[Helena]

+1, just what I was thinking. Being conservative with how much house you buy and area COL is essential to keeping overall expenses reasonable IMO.

Exactly!

Fortunately, I live in the Dallas area which has everything I need plus a lower COL. But with all the newcomers moving here from high COL states, real estate values here have increased the past few years.

.

 

[Offgrid Organic Farmer]

My youngest son's in-laws do pretty well for themselves.

He was a heavy equipment operator, who got injured in his 30s and he has been on disability ever since. The wife has worked Minimum-Wage jobs around town all along. They have raised three daughters, each have gone through local Vo-Tech schools [with no student debt], and each daughter now has a career earning more than their parents ever earned.

They now live in a leased 2bdrm house for $450/month.

 

[ckelly78z]

We have LBOM for many years, and have driven 15 year old cars for decades, doing many of the repairs myself, and doing all of our farm projects myself. I am currently rebuilding the downstairs bathroom completely down to the studs, and figure to save $2000-3000 doing it myself.

I got an 8% raise last month, and my wife finally restructured her long over due low wages with her boss of 17 years. She ended up getting a 66% raise, and is now finally earning what she deserves. We will continue to LBOM, and save the remainder, and pay off a few outstanding bills.

I do have sympathy (pitty for their bad decisions) for many of my friends who still need to keep up with the Joneses.

 

[dtbach]

LBYM was the way we got to our nice position financially. I certainly know how to live on few dollars but it's nice to now be able to "blow that dough".

I'm glad to hear those less fortunate can still live in dignity and comfort on a small income.

 

[street]

Great story. I think there are a lot of people like what you described and they did just fine. I came from a very poor area and people did just fine during retirement. Of course they didn't travel the world but had what they needed and were happy.

 

[NW-Bound]

Time to repeat one of my favorite quotes:

"It's possible to live well whether you are rich or poor. When you are poor, it just costs less" -- Andrew Tobias

I now have more money than I had earlier in life, so I am spending a bit more. Still do not want to "blow dough" indiscriminately though.

In fact, I desire less and less nowadays. I treasure my health the most, and that's something money cannot buy anyway.