Posted on 08/02/2023 11:43:36 AM PDT by ChicagoConservative27
Everybody’s situation is different but the cost of commuting is higher than most people think.
Without commuting the car lasts longer, has lower maintenance, no paid parking (if applicable), no tolls (if applicable), less gas usage etc.
Remember - this is what some workers thought.
There is a youtuber out there and asks women how much should the guy spend on an engagement ring? Some gal said $100,000! Another said 3x his salary.
Another one was how much does a guy need to make before you would marry him. Six figures was common.
“..and leave the $10k to help clean up your belongings.”
I told my kids I’m leaving them a box of matches.
“Everybody’s situation is different but the cost of commuting is higher than most people think.
Without commuting the car lasts longer, has lower maintenance, no paid parking (if applicable), no tolls (if applicable), less gas usage etc.”
That is something I have found out. Been a pleasant surprise.
Dummies still haven’t realized if they keep electing Democrats, the number will keep going up faster than they can ever save the money.
“I’m only short about $1.799,999.60 million right now.”
And now you know. And GI Joe says “knowing is half the battle”.
LOL. This is why I dress in old clothes that are a bit threadbare and don’t drive a fancy car.
I don’t want modern women thinking I have any money. Saves a whole lot of headaches. Leeches won’t latch on if they think you’ve already been bled dry.
Speaking of retiring this is in todays Florida news…
Study: Florida no longer the best state to retire, not even in Top 5 The analysis was based on statistics including public health and, especially, costs of living.
PAY of your Mortgage unless you have a super low Mortgage Rate. I am at 2.75. My advisor said it would cost me money to take money out of vehicles growing at 7 to 8% to pay off a debt only costing me 2.75%.
Is he right?
The new world order.
You will own nothing and you will love it.
While working, it was annoying to have to pay ever larger parking fees and tolls. Parking lots and garages would raise their prices, and some drivers would switch to taking trains and buses resulting in the parking lots being empty for a couple weeks. But the trains and buses would raise their fees resulting in them being empty for a couple weeks. Everyone would eventually give up and pay the higher prices.
Over the decades, parking lot fees went from $2 a day to $25 a day and higher - and that's if you can find one that isn't full. Then there are gas price increases and toll increases on the bridges. Not to mention ever longer wasted times in clogged traffic costing more gasoline use. Glad to have left that rat race behind.
He could be right. If your mortgage rate is lower than inflation. In effect you're using someone else's money and paying them back no interest when taking inflation into consideration.
For others, the amount of the interest you pay over the years can easily be several times what the principle was when you got the loan. Pay down the principle, and the interest amount quickly goes down to a manageable level. The key to this is not having high credit card fees, and buying within your means so you have money to pay down mortgage principle. Too many people are stuck paying off credit cards with high interest, resulting in no free cash to pay off mortgages. Lots of people. If you have low interest on your mortgage, then don't pay it off while you concentrate on paying off the credit cards and other high interest loans first.
“If you pay off your mortgage and vehicles your monthly expenses to go down in a hurry...”
I had a paid off mortgage and bought a new car(now paid off) before retiring and moving to Florida and buying another home. Through dumb luck this was at the bottom of the housing market. I rented the old home because I didn’t want to sell it at a cheap price. The old place rental money now pays for the mortgage, taxes and insurance on the Florida home, which was bought for a cheap price. Both homes have virtually tripled in value since then.
I take the required distributions from my IRA but let the rest of the investments run and reinvest most of the dividends.
The old advice is still good. Live beneath your means and invest the rest. I spent money on traveling extensively and enjoying life so I have great memories, just no mansions or luxury cars.
THANKS!!!
Exactly what we are doing. We want the only debt left to be the mortgage.
Your adviser probably charges you some percent of assets under management. That is a typical arrangement.
So he might be right in theory.
But no guarantee on the market going up. Or down.
Ask your advisor how his fee would be affected. Get ready for some hemming and hawing.
Dump your advisor—you can figure this stuff out for yourself.
That is a retirement tip I give everyone.
> $90k/year for 20 years.
And that is assuming that the money makes absolutely no return. $1.8 million in a 20 year treasury at the current rate of 4.32% pays $77,760/year in interest.
There is no figure that is enough. If you have $1M, you will want $2M. The best you can do is keep working at some scale to pile up cash. The key is to not be in a position to deny yourself things for lack of money because, at this point, you have more money than time.
According to Charles Schwab...Where are they basing their info on? NYC? SF? If you live in fly over country and have 1.8 Million and use 4% per year, you can live for 25 years on that money and that is assuming no growth on the principle. Bringing in $72K/year with no expenses doesn’t suck.
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