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What to do when I retire in 12 years?

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  • #46
    Originally posted by ScottSI View Post
    Wayne I can carry your bags for free on your trip if you like?????
    thanks for the offer but they have wheels.

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    • #47
      Gavinc, thanks for the budget breakdown. Main things missed are, house maintenance. Depending on the type of house this could be $5k pa quite easily including appliances, painting, gardens, plumbing, electrical etc.

      Clothing can also add up. Mobile phones?

      I like to allocate something for a car replacement every 8-10 years. Not necessarily new, but they don't last forever.

      But yes you can live for very little if you put your mind to it. Particularly once retired!

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      • #48
        Originally posted by Gladdynook View Post
        Gavinc, thanks for the budget breakdown. Main things missed are, house maintenance. Depending on the type of house this could be $5k pa quite easily including appliances, painting, gardens, plumbing, electrical etc.

        Clothing can also add up. Mobile phones?

        I like to allocate something for a car replacement every 8-10 years. Not necessarily new, but they don't last forever.

        But yes you can live for very little if you put your mind to it. Particularly once retired!
        Thanks - yes no home maintenance included,, I mostly do my own but valid point and I suppose when I am too doddery to get up a ladder maintenance costs will increase. The budget I have posted is real, i.e for the past 5 years those are approx figures. Capital expenditure for big items like a car is not include in the budget. As for mobile phones, my last one cost $35.00 and I use prepay, $20 per month on average. Clothing - Gok would be disappointed in me, probably a few hundred per year.

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        • #49
          GavinC - there is no item on your list that we wouldn't have to double or in some cases triple or quadruple the spend. Does your wife not spend anything on items like cosmetics, skincare etc? What about presents for family, friends for birthdays, Christmas etc?

          cheers,

          Donna
          SEARCH PropertyTalk, About PropertyTalk

          BusinessBlogs - the best business articles are found here

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          • #50
            Originally posted by donna View Post
            GavinC - there is no item on your list that we wouldn't have to double or in some cases triple or quadruple the spend. Does your wife not spend anything on items like cosmetics, skincare etc? What about presents for family, friends for birthdays, Christmas etc?
            cheers,
            Donna
            Donna - it's not a precise science this budget business but there are things on the list that hardly get touched some years and hammered a few years later, dental comes to mind. Yes my wife spends money on skincare etc but is careful what she spends and will often buy overseas where it is much cheaper. Presents - none except to each other - I brought her whisky last xmas, she doesn't drink it so I had to help her, she brought me a skin cream
            Car repair budget has been underspent for years, I do my own oil changes. The electricity, phone, rates, water, insurance, rego are all actual figures pulled of invoices and pro-rated over the year.
            I would be interested to know where you double or quad triple the spend? This is where the key is - it comes down to personal lifestyle - some are incredulous that we get by on this, I am incredulous that some people nedd $100,000 to live on.

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            • #51
              Originally posted by gavinc View Post
              Donna - it's not a precise science this budget business but there are things on the list that hardly get touched some years and hammered a few years later, dental comes to mind. Yes my wife spends money on skincare etc but is careful what she spends and will often buy overseas where it is much cheaper. Presents - none except to each other - I brought her whisky last xmas, she doesn't drink it so I had to help her, she brought me a skin cream
              Car repair budget has been underspent for years, I do my own oil changes. The electricity, phone, rates, water, insurance, rego are all actual figures pulled of invoices and pro-rated over the year.
              I would be interested to know where you double or quad triple the spend? This is where the key is - it comes down to personal lifestyle - some are incredulous that we get by on this, I am incredulous that some people nedd $100,000 to live on.
              Inspirational. Very cool. Forumites might also read 'The Millionaire Next Door' about the frugal ways of the wealthy.

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              • #52
                Originally posted by Eugene View Post
                Inspirational. Very cool. Forumites might also read 'The Millionaire Next Door' about the frugal ways of the wealthy.
                I don't want to be frugal but don't intend to be prolifigate.
                Our wine bill is $40/week - life is to short to drink bad wine.
                I have spent to many years scrimping and saving to want to continue it in retirement.
                That's not to say I waste money (I don't think it is waste anyway) as I am a cronic saver and will agonise, at times, over spending $100 (do I really need X or can it wait . Is there a better deal out there etc).

                Each to their own I suppose.
                Which is why budgeting and saving for retirement isn't an exact science.
                What you have said gavinc is certainly food for thought.
                My $100k comes from having a lot of the world still to visit - too much to only spend a couple of weeks a year away.
                If I get to 70 and have run out of world then it will become cheaper to live.
                But I don't want to get to 65, suffer some health issue and wish I had travelled a bit more last year.

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                • #53
                  Perfectly said, Wayne.

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                  • #54
                    Martin Hawes Twenty Good Summers discussed it well I thought
                    http://www.scoop.co.nz/stories/HL0603/S00229.htm

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                    • #55
                      Originally posted by Davo36 View Post
                      Yeah, ok, thing is it's not like that at all Gary.

                      How many wealth people do you know who

                      You actually get bored of that sort of stuff really quickly.

                      Most people who have been driven to create a property empire and make money, are driven to go on and do other things.

                      And so comes the question, What other things? In short, what happens is you reach an existential crisis.

                      Becoming financially free is not a destination, just another step in the journey of life. (How cheesy does that sound lol).
                      Interesting discussion, would have to agree with Davo here.

                      Like Donna, I'm 50 also later this year. I've been investing in property for half that time, but really only successfully for the last 15 years or so with a couple of hiccups along the way.
                      I haven't had a wages job since 1991 when I was a mechanic, so 23 years ago now. Since 2000 I haven't had to work and hopefully will never have to again.
                      Last year we did a cruise around the Hawaaiin Islands, this year we are doing a 9 night on a Carnival Ship and I'm also shouting my sister and her son the trip. There are 12 of us going altogether. It is great to get away and travel at least a couple of times a year, but not something I would want to do, or I think many others would want to do all year around.
                      I also like the idea of the Home Exchange where you pick a destination (like on the movie The Holiday) somewhere in the world and swap houses for a week or two, something we plan on doing either later this year or next year. We also have a wedding to go to in Hawaii later this year.

                      For me though, even though I don't have to work and could travel all year, I would get bored with it and do like time to be at home. I like looking for more real estate deals, that is what I think is fun. Buying properties under market value, selling them on or renovating them, and the new idea I mentioned in another thread a few weeks ago with buy and holds.
                      If I had to choose one i.e. travelling the whole year, or only looking for properties all year and no trips away, it would be a very easy choice - property investing.
                      Facebook Property Chat Group NZ
                      https://www.facebook.com/groups/340682962758216/

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                      • #56
                        Originally posted by gavinc View Post
                        I would be interested to know where you double or quad triple the spend? This is where the key is - it comes down to personal lifestyle - some are incredulous that we get by on this, I am incredulous that some people nedd $100,000 to live on.
                        All the fun stuff….food, drink, eating out, going out, shopping (though we don't overdo it…) and monthly donations to a couple charities etc.

                        I'd be reluctant to spend less than we are now at any time in the future.

                        cheers,

                        Donna
                        SEARCH PropertyTalk, About PropertyTalk

                        BusinessBlogs - the best business articles are found here

                        Comment


                        • #57
                          Originally posted by donna View Post
                          All the fun stuff….food, drink, eating out, going out, shopping (though we don't overdo it…) and monthly donations to a couple charities etc.

                          I'd be reluctant to spend less than we are now at any time in the future.

                          cheers,

                          Donna
                          That's great - we have travelled for 6 months in each of the last two years - that's also fun stuff. Anyway each to their own - it would be a boring old place otherwise.

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                          • #58
                            Keys - some advice from George Best

                            George Best:
                            "I spent a lot of money on booze, birds and fast cars. The rest I just squandered".

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                            • #59
                              If you spend 3-4 months over winter travelling around Asia, it will cost you less than you would ordinarily spend in NZ anyway.
                              It seems lots of people want to travel. It doesn't have to be expensive as Gavin has illustrated so well.

                              One of my favourite blogs is http://www.mrmoneymustache.com/
                              He talks about how he lived frugally, retired young (30s) and what he does with his time etc

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                              • #60
                                That is a bloody good blog. And apparently he makes enough off just the blog to live comfortably anyway!
                                Squadly dinky do!

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