Retired Expat
Full time employment: Posting here.
So it seems that most budgeting and financial planning is based on a static view of our lives. Things won’t change much or if they do they are small changes…
Have recently been thinking about our lives, 5, 10, 20 even 25 years from now which is about as long as we both could possibly live. How would our lives change? How would our needs change? What kind of life will we want?
For example; we are pet people.. Always had dogs and cats and hence chose to live in single family homes with a yard. To travel there is the hassle of arranging care and pet sitters, for budget there are vet bills, food bills, additional cleaning costs etc. Recently lost one of our dogs at 18 years old but we will not get another and determined to fight the urge to rescue anymore. So wife and I got to discussing life after pets. Agreed we could move to one of the new luxury high rises going up with all the amenities….What does that mean to our cost of living? No gym fees as that is included. Less housekeeper services. Lower utility costs, Lower house maintenance costs, Less driving as more in the center than our suburban home and I am sure a dozen other things. Could we lose out 2nd car? Conservatively I think it would save $20k of misc expenses. I know we would entertain much less and those Asados for 15-20 with $500 of meat and wine would end!
Would we relocate? We live mostly in South America but keep our home in the US, and while it basically carries itself it is still a major investment. At some point will we get rid of our 2nd home? How would that impact our lives? Our expenses? Our CFP never considers these questions and not particularly helpful in the what if financial analysis of what this will mean to us..
Of course these are first world issues and we are fortunate to be in a position to have to even worry about them but I was wondering what others here who are well off have thought about when it comes to their future lives? At least beyond the move to a CCRC Community at some point?
Have recently been thinking about our lives, 5, 10, 20 even 25 years from now which is about as long as we both could possibly live. How would our lives change? How would our needs change? What kind of life will we want?
For example; we are pet people.. Always had dogs and cats and hence chose to live in single family homes with a yard. To travel there is the hassle of arranging care and pet sitters, for budget there are vet bills, food bills, additional cleaning costs etc. Recently lost one of our dogs at 18 years old but we will not get another and determined to fight the urge to rescue anymore. So wife and I got to discussing life after pets. Agreed we could move to one of the new luxury high rises going up with all the amenities….What does that mean to our cost of living? No gym fees as that is included. Less housekeeper services. Lower utility costs, Lower house maintenance costs, Less driving as more in the center than our suburban home and I am sure a dozen other things. Could we lose out 2nd car? Conservatively I think it would save $20k of misc expenses. I know we would entertain much less and those Asados for 15-20 with $500 of meat and wine would end!
Would we relocate? We live mostly in South America but keep our home in the US, and while it basically carries itself it is still a major investment. At some point will we get rid of our 2nd home? How would that impact our lives? Our expenses? Our CFP never considers these questions and not particularly helpful in the what if financial analysis of what this will mean to us..
Of course these are first world issues and we are fortunate to be in a position to have to even worry about them but I was wondering what others here who are well off have thought about when it comes to their future lives? At least beyond the move to a CCRC Community at some point?
