Monthly / Yearly Spending for Super Savers

I don’t think you’re in the same class as some of the live “cheap” folks on here.

I'm a college dropout who has cleaned toilets to help my in-laws earn minimum wage. I suffered from clinical depression for decades and am currently unemployed. I am divorced, drive a 26-year-old car and ate a PB&J for breakfast today.

I'm also a National Merit Scholar and an Ivy League-educated MBA who worked as an engineer and manager for two Fortune 500 tech companies. I hold a US utility patent, multiple trade secrets and invention disclosures, retired at the age of 46, and own a Lexus. I'm the proud father of three fantastic kids.

I like to think I'm in a class by myself, as most of us are. :flowers:
 
Head over to early retirement extreme if you want to see "super savers"... some of those people are under $15k/year for a family/couple.

I think $15k is just about my annual heath insurance bill for the two of us...if that’s all we had to spend, we’d be pretty hungry and cold...
 
I'm a college dropout who has cleaned toilets to help my in-laws earn minimum wage. I suffered from clinical depression for decades and am currently unemployed. I am divorced, drive a 26-year-old car and ate a PB&J for breakfast today.

I'm also a National Merit Scholar and an Ivy League-educated MBA who worked as an engineer and manager for two Fortune 500 tech companies. I hold a US utility patent, multiple trade secrets and invention disclosures, retired at the age of 46, and own a Lexus. I'm the proud father of three fantastic kids.

I like to think I'm in a class by myself, as most of us are. :flowers:

Glad you have a 26 year old Lexus. In the previous post you used that as a status symbol. But wait if you are unemployed why are you headed to the Caribbean...via first class?
Things don’t add up. Sorry.
 
Same here: we spend $19,000 a year on health insurance alone!

Of course many working folks are covered for health insurance so they can “live on much less” while working.

Fortunately, being retired, saving is no longer critical for us. It’s all about investing wisely and not drawing down too much.
 
Glad you have a 26 year old Lexus. In the previous post you used that as a status symbol. But wait if you are unemployed why are you headed to the Caribbean...via first class?
Things don’t add up. Sorry.

Unemployed, retired - is there a difference?

Well, I guess you could say retired is a subset of unemployed.
 
Glad you have a 26 year old Lexus. In the previous post you used that as a status symbol. But wait if you are unemployed why are you headed to the Caribbean...via first class?
Things don’t add up. Sorry.

OK, I'll be a little more blunt.

I can describe my life and my status or class in ways that make me look either high class or low class. Both paragraphs in my previous post are completely true and they're both about me, yet the first paragraph makes me sound like a loser and the second paragraph makes me sound successful.

Other people will categorize me into a certain class based on what I choose to reveal, but if they do that on very little data then they miss a lot of who I am. If they do that about people in general then they're missing a lot about a lot of people.

People are fascinating, complex people, and most who reach middle age have a lot of history and texture and complexity.

One such person was a friend of mine from childhood. He lived down the street from me and was my same age. He was wicked smart, good looking, and athletic, as well as friendly and outgoing. He ended up going to college on a baseball scholarship. He was married twice and had several sons. He ended up working in construction, mostly concrete work. I lost track of him until about a year ago, when we met over drinks - he wanted my advice on a financial matter, which I was honored to give.

He died a few months ago, never making it to 50. When I die I expect perhaps five people to notice; when he died there were hundreds and hundreds of people posting about him on Facebook (including me).

I'm going to the Caribbean to help blow my dough and as an acknowledgement to my childhood friend that life is sometimes too short.

I'm unemployed in the sense that I don't have a job. As noted above, I retired at 46 and currently have just under a 1.5% net WR.

It is possible that things are not adding up for you because you are drawing straightforward conclusions from too little information. Sometimes those kinds of conclusions can be way off: first, because the little information provided may be selectively good or bad; and second, because some correct conclusions are unusual and not straightforward.

...

ETA: I'm not sure why you're apologizing. That might be a way for you to say you don't believe me. That's OK by me; I don't need anyone to believe me (although I've been on this board for 13 years so I have a long track record for anyone to evaluate). But I think you might be missing out on some interesting experiences by categorizing people and dismissing them rather than trying to understand, and although you didn't ask for my help I thought I'd try offering it anyway. Good luck.
 
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I can’t speak for all super savers, but for me I find it very freeing. The Ideal is to get your Required Expenses as low as possible. By doing this it frees up huge amounts of money. Also, worst case you could sustain your life on minimum-wage.


+1. We don't have a super low budget like some posters here, but we have relatively low overhead for a high cost of living area. I like having SS and pensions cover almost all our retirement expenses. It leaves a lot left over for extras.
 
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I can’t speak for all super savers, but for me I find it very freeing. The Ideal is to get your Required Expenses as low as possible. By doing this it frees up huge amounts of money. Also, worst case you could sustain your life on minimum-wage.

Well said.
LBYM is not always easy: if a job is lost at midlife, and you cannot find another in that salary range, your income could drop by a third, or more-forcing you to live beyond your means until drastic financial cuts are made.

(Look at the people who were scarred financially from the great depression-many formed habits of saving money/not wasting money that lasted the rest of their lives.)

Not everyone has a job that is stable or one they can even endure. That produces stress/worry about their continued employment. Being a super saver could reduce that stress (see sustain yourself on min. wage comment, above).
 
OK, I'll be a little more blunt.

I can describe my life and my status or class in ways that make me look either high class or low class. Both paragraphs in my previous post are completely true and they're both about me, yet the first paragraph makes me sound like a loser and the second paragraph makes me sound successful.

Other people will categorize me into a certain class based on what I choose to reveal, but if they do that on very little data then they miss a lot of who I am. If they do that about people in general then they're missing a lot about a lot of people.

People are fascinating, complex people, and most who reach middle age have a lot of history and texture and complexity.

One such person was a friend of mine from childhood. He lived down the street from me and was my same age. He was wicked smart, good looking, and athletic, as well as friendly and outgoing. He ended up going to college on a baseball scholarship. He was married twice and had several sons. He ended up working in construction, mostly concrete work. I lost track of him until about a year ago, when we met over drinks - he wanted my advice on a financial matter, which I was honored to give.

He died a few months ago, never making it to 50. When I die I expect perhaps five people to notice; when he died there were hundreds and hundreds of people posting about him on Facebook (including me).

I'm going to the Caribbean to help blow my dough and as an acknowledgement to my childhood friend that life is sometimes too short.

I'm unemployed in the sense that I don't have a job. As noted above, I retired at 46 and currently have just under a 1.5% net WR.

It is possible that things are not adding up for you because you are drawing straightforward conclusions from too little information. Sometimes those kinds of conclusions can be way off: first, because the little information provided may be selectively good or bad; and second, because some correct conclusions are unusual and not straightforward.

...

ETA: I'm not sure why you're apologizing. That might be a way for you to say you don't believe me. That's OK by me; I don't need anyone to believe me (although I've been on this board for 13 years so I have a long track record for anyone to evaluate). But I think you might be missing out on some interesting experiences by categorizing people and dismissing them rather than trying to understand, and although you didn't ask for my help I thought I'd try offering it anyway. Good luck.

You provided a “defense” of your situation and then get upset at me for making a judgement based on that?
I train salespeople and I always tell them, that when there is little to judge someone by, you will be judged by little. Act accordingly.
 
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You provided a “defense” of your situation and then get upset at me for making a judgement based on that?
I train salespeople and I always tell them, that when there is little to judge someone by, you will be judged by little. Act accordingly.

I'm not upset in the slightest. Also, I wouldn't characterize anything I wrote as a defense, since I didn't feel attacked.

I do probably get slightly too much enjoyment from being misjudged by people when their judgment doesn't matter to me.(*) "Big cattle, no hat" I like to say. But in the case of salespeople, I think your advice is really good.

(*) ETA: people in general; not you specifically COcheesehead.
 
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OK, I'll be a little more blunt.

I can describe my life and my status or class in ways that make me look either high class or low class. Both paragraphs in my previous post are completely true and they're both about me, yet the first paragraph makes me sound like a loser and the second paragraph makes me sound successful.

I don't think saying you're divorced makes people think you're a loser.
 
Having followed the LBYM model all our working lives, we are now spending all that hoard like drunken sailors. Retired a few years before we expected, but we were ready. I don't judge anyone who wants to live extremely frugally all their lives, but I do wonder if they believe their savings will be put into the box with them. At some point, you should be able to enjoy life, as it's a finite commodity. If it's living on $15K a year when you are retired, more power to you. It's just something that is hard for me to understand. We go on cruises, spend the winter in warmer climates and travel a lot all over the world. It's not that we had high paying jobs or are wealthy - we just saved as much as we could after the kids graduated college and left the nest. And, no, we will not run out of money - the kids know they have to make their own way. Their inheritance is our love. YMMV
 
I agree with members on this topic especially increase your income more than being a super saver. Doesn't require a BS/MA/PHD etc, just being street smart and seeing what the public wants, grabbing the opportunity which requires extra effort and sacrifice. Saved 60-70% of yearly income from salary, invested in market, and took on side jobs and ER'd last year.
 
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I wouldn’t describe your parents as “successful.” Their situation would motivate me to earn, not bunker in.



I think you missed read my statement. My point was that my upbringing makes me think more defense and build a foundation to avoid failure. I don’t see having a fancy car or fancy house as success. You mentioned you lived poor when you were younger and associate not having things as failure and having things as success. It is interesting how ones up-brings has a huge influence on feeling towards handling money. Not saying one way is better than the other, just saying at a young age we both were influence by our parents.
 
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I think you missed read my statement. My point was that my upbringing makes me think more defense and build a foundation to avoid failure. I don’t see having a fancy car or fancy house as success. You mentioned you lived poor when you were younger and associate not having things as failure and having things as success. It is interesting how ones up-brings has a huge influence on feeling towards handling money. Not saying one way is better than the other, just saying at a young age we both were influence by our parents.

You misread or misunderstood my post. I specifically said it was not about things, but I witnessed how not having money put stress on relationships.
 
You misread or misunderstood my post. I specifically said it was not about things, but I witnessed how not having money put stress on relationships.



Got you, super savers are not about not having money it’s more about controlling and storing as much money as possible, trying to limit stress.
 
Isn’t there a TV series about controlling and storing as much as possible? Hoarders. LOL.
I thought that my 50% plus savings rate was extreme, but I guess I am a slacker.

In all things balance.

I’ve already probably said too much. I won’t post anymore in this thread. Carry on.
 
We have never had a strict budget and for the most part always spent what we needed for our desired standard of living. Life is too short. Before FIRE we were DINKS with average but good salaries which allowed us to save ~50% for Re-FIRE-Ment. Then again we are not extravagant either. I would say we are/were a little frugal on certain things but not others.

FF to now It is not our idea of FIRE to go through life living in places we do not like, in a depreciating asset or purposely living below out means. At this stage of our lives it is important to spend what we need to, to live an above average comfortable lifestyle, basically what we have w$#ked for it.

Now is the time to spend, but again nothing has really changed in our way of life from when we were accumulating, we just have a little less income and save less by osmosis rather than planning.
 
For super savers they gotta eat too. I enjoy the food program "Cheap Eats" where traveler Ali Khan has a budget of 36$ dollars for breakfast lunch and dinner in select cities.
 
I thought that my 50% plus savings rate was extreme, but I guess I am a slacker.

In all things balance.

I’ve already probably said too much. I won’t post anymore in this thread. Carry on.


Saving 50% to 70+ of your income would make you a super saver. “One of us, One of us”. :) No worries all points of views are wonderful
 
" I am simple minded so I don’t get it."

Thank you for your honesty.

WHY would anyone try to continue the discussion from there?

To each his own, and I do agree with the statement about "balance."

Saving everything for a rainy day and dying of starvation while the sun is shining is not really a path I would care to follow.


However, many people (most Americans it seems ) are unable to grasp the concept that one need not deny themselves experiences, material goods, or quality of Life by spending responsibly. So they buy "The BEST"...Which to them is dictated only by the price paid for whatever it is they are purchasing. This is usually a behavior found in people who have grown up without money. On some level there is a need to prove to themselves, through what they perceive as the admiration of others, that they have "made it". If they don't spend as much as they can on any given need or want they feel internally that they have been "denied" something.


But, what do I know? I have lived on 20-30k/yr. for the past 30 years while denying myself exactly...NOTHING.

:)
 
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But, what do I know? I have lived on 20-30k/yr. for the past 30 years while denying myself exactly...NOTHING.:)

One person's version of denying oneself exactly nothing, can be vastly different from another's. One may cost less, another's a lot more.

In the places we have lived for the last 35 years, one could not live comfortably on $20k - $30k. $45k - $50k is more like it. Remember all folks have different COL and spend accordingly to achieve their own comfort zone. There is nothing wrong with either. One should not be proud one lives in a LCOL area on a shoestring, as no one should be proud they live in a HCOL area on a higher budget. It is just how it all works out in the wash.
 
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How about living in one of the most expensive U.S. cities and still achieving a 20-30k budget while still living quite comfortably by majority standards?


I do agree with you...What is considered a decent QOL for one is not the same for another and, ultimately, it is a very subjective thing.


:)
 
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I love hearing from people living extremely frugal lives. Personally, it’s always been easier and more financially rewarding to increase income to add to savings vs scrimp, but the income piece can change quickly.

Part of the reason I like the perspective is to help me identify areas we could/should be saving that don’t really matter to us or where we’re spending money that doesn’t increase our quality of life.
 
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