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Anyone full timing on 25000 a year?


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#21 nana25k

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Posted 12 February 2013 - 05:56 PM

The bottom line is that you will spend your money just the same way you do now. If you eat out 4 times a week you will porbable do the same thing. If you go to the movies every week you might do the same thing....etc, etc, etc.
So look to what you spend money on now...will it work on 25K a year? Only you will konw that. I suspect that many are doing just fine on an amount close to 25K or even less.

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#22 richfaa

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Posted 13 February 2013 - 08:19 AM

The full timing decision yes or no should be a decision made with great care.Folks who are full timing tend to defend it and there is nothing better. Those who do not tend to do the same thing with their decision not to. I was pro full timing. Wife not so much.We gave it a one year try.At the end of that year we were both on the same page.We both liked it but also both liked the S&B life style. In our case we found a way to do both and live the best of both lifestyles.

IMO full timing is a great lifestyle but one must not burn the bridges behind them till they are sure it is a lifestyle suited to them.
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#23 JCZ

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Posted 13 February 2013 - 10:31 AM

We began planning 10 years..yes I said 10 years before we both were retired and ready to start our great adventure.In 1996 , actually 1995 we said ..were do we want to be financially in October of 2006 When Helen retired.We developed a course of act ion that included paying off all credit cards and small outstanding loans. We wanted to have as little outstanding debt as possible. We adjusted our investments for maximum return. We examined our Quicken categories to see what expenses we could eliminated or cut back on.We knew we would have at least a 25% reduction in income so we started to reduce spending and expenses by that amount before we retired.Economic conditions changed during that period and I took a job driving a bus to replace lost income and then some. Yes there are always unforeseen circumstances along the way but if you have a plan it is easier to adjust it that having no plan at all.

We were successful in being were we wanted to be in Oct of 2006. It did not happen by chance.It took planning and dedication to a plan and hard work.It is good to look at what others have done and what they spend it should not deter but help you in your course of action.


That's some consolation for us. We started last year and we both retire in 2018 (five more years) and we retire one month apart. My wife's medical will stay with us for life so that's covered. We have no debt other than the new truck and 5th wheel (which will almost be paid off when we start). We've already down sized from the large home to a much smaller home so we've cut all utility costs in half. The car will be paid off in a couple more years.....we'll sell that when we go and put that into savings. Until then, we just continue on the savings path.

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#24 BrianT

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Posted 13 February 2013 - 03:50 PM

These kinds of threads surface every so often. There are probably a dozen or so one could find in the archives, maybe more. (I haven't looked, just remembering.)

The interesting thing is, if you think you can make it on $25k / yr, you probably can. And if you think you can't make it on $25k / yr, you probably can not.

I have a retired pastor friend who decided years ago that they'd save up with the intention that for one year, they'd simply volunteer their services to their community, their neighbors, whoever needed them. Kind of a neat idea, I thought. They had planned to do it for one year. Interestingly, their funds held out for around 7 years before either of them sought any employment of any kind.

I've also known of people earning over six figures that couldn't seem to manage to spend less than what they earned. I know a couple like that right now and if they ever lose their jobs, they're in a world of hurtin' cause most everything they own is mortgaged to the hilt and borrowed against to the nth degree.

We can only share our personal experiences. Only we know what is acceptable and unacceptable to us. One man's feast is another man's famine. One man's trash is another man's treasure. How much will it cost you to eat dinner tonight? $200? Or $20? Or $2? Will you be satisfied if you spend $200? Will you be filled and satisfied with $2 worth of food for your meal? The answer could be "Yes" to either... or "No" to either. If ya happen to like rice & beans, you have a lot better shot of living good on less than if you can't live without the champagne and caviar.

Sincerely, best of luck as you figure it all out.


Brian

#25 MidMi

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Posted 13 February 2013 - 05:51 PM

Good post, Brian.

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#26 Hopeimakeit

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Posted 13 February 2013 - 05:58 PM

Well I did not expect all the varied answers I recieved to this thread. I appreciate each and everyone. I did not figure in medical insurance or vehicle licenses since they will be paid out of IRA interest each year.I want to thank everyone who responded to my question. As I stated I did not want to start this and have to bail due to lack of funds.Haveing to leave due to medical issues or being unable to drive or some other unforeseen problem is one thing. Lack of funds because of some cost that I did not factor in is another.Looks like everything should be fine for us to travel and see the things we want to see.Once again thanks everyone. Hope to see you on the road
See you on the road!

#27 Dog Folks

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Posted 13 February 2013 - 06:11 PM

There is some great specific advice in the above answers,but the basic answer is you CAN do it on $25K a year. We are a household of 3 adults and do very wellon $24K. It is very important to startout debt free.


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#28 Technomadia

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Posted 13 February 2013 - 06:43 PM

In my most humble of opinion, you can live on whatever budget you set. Only you can determine what lifestyle is most ideal for you. Would you be able to live on that income level if you stayed stationary? If so, then you can do while being mobile if you make it a priority to consciously stay within those boundaries.

In the past 2 years, we've probably been one of the $30k+/year examples you cited (http://www.technomad...w-to-afford-it/).

However, keep in mind - we're both in a prime income earning age bracket (39 & 40). In the past couple of years, we've put more effort into our software business and as a result raised our income levels. We've consciously decided to worry less about cost and more about quality of life and being where we want to be... and continuing to building our savings. We've also had family medical issues that have been leading our routing, and selected to pay higher campground monthly fees in a prime area to be exactly where we wanted/needed to be. We have to self pay our health insurance, we don't have access to employer provided plans or Medicare. We've added expenses to keep a more reliable internet connection (which enables our business to continue to grow). We have a storage unit across the country that keeps rising in cost that we need to get rid of, but don't currently have the flexibility to get there and get it done.

Even so, we consider our current cost of living to be cheaper than our previous stationary lives.

When we first set out, our income levels were much lower as a result of taking a bit of a conscious 'break' from career. And we did live on much much less per year... sometimes as little as $20k/year for 2 people. Given that experience, if we wanted to cut back our cost of living - we feel quite confident that we could feel abundant on less. Particularly once we get past this family medical situation and have more flexibility in the places we stay, and finish outfitting our bus conversion for off-grid living. (A project we put on hold when my dad fell ill.)

That's one of the beauties of this mobile lifestyle - is that you can adapt your budget in so many ways. From volunteering, workamping, boondocking, finding a wide range of costs for RV Parks and varying up the pace of travel.

So just because we and others are spending more than your projected budget, don't let that discourage you... we're all at different places in life. Look at the reasons why we spent what we do, and decide for yourself it that's an expense you'll incur.

- Cherie

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#29 Kirk

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Posted 13 February 2013 - 09:21 PM

I appreciate each and everyone. I did not figure in medical insurance or vehicle licenses since they will be paid out of IRA interest each year...


Since you mention that our budget was one of those that caused your concern, let me point out that both of those items are part of that budget which you were looking at. It covers every dime that we spent, with the exception of the cost to purchase a new tow vehicle when we bought it as that came from savings, and the small amount of money that we put into savings each year. Those are the only expenditures which are not included in that documentation. So, for you to compare to what you are looking to live on, you need to add into the numbers all that you expect to spend from other sources, in order to compare the two, or remove those costs from the budget of ours that you are looking at.

I commend you for planning early and well. I believe that the better one plans the greater the probability of success. We actually started our research at about 15 years out, but started to toy with the idea more than 20 years before our retirement. We got really serious about the planning part a little more than 10 years out and fixed on that as our primary goal for that entire time. It is true that some do succeed after very little planning, but if you check to see how many are still on the road after five years, most that I know are those who began with some real plans and goals. Be sure to keep your plans flexible, and be willing to make changes with each review or change of direction. Having plans does not mean being unable to change, only being prepared. :)

Edited by Kirk, 13 February 2013 - 09:22 PM.

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#30 Barbaraok

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Posted 13 February 2013 - 10:31 PM

The interest from the IRA can vary year to year up and DOWN, insurance (medical and vehicle) only go UP. So you might want to look at a little rearranging to keep things in balance.

Barb

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#31 Ranger and Jin

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Posted 14 February 2013 - 08:11 AM

Something missed. My retirement funds are in IRA and mutual funds. If the market suffers you suffer. The price of gase can change dramitaccly from one location to another and a major repair on the are will have an effect as well. I live on a lot less that 25k and barely make it. It would be the same whether I was in a stix and brix or trailer.,Rent is rent, utils the same way so that's how you look at it.

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#32 StarDreamers.us

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Posted 14 February 2013 - 04:27 PM

If your concern is only about the money end of the FT lifestyle- then do not do it. What you came into this world with is how you are going out.

Consider the value and risk to you. Enjoy life. It is far too short.

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#33 Kevin H

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Posted 15 February 2013 - 11:03 AM

We definitely live on less than 25k per year. Also, we were certain we wanted to do this for years prior to our retirement. We bought our motorhome four years before retiring and moved in. Sold the condo then and banked the proceeds, monthly mortgage, property taxes etc. We figured that if we were going to live smaller after retirement, what the heck, let's do it before retirement. Best thing we ever did - fiscally as well as personally.

We lived in one of the more expensive 'resorts' in Austin. Paid $575/mo plus elec. Total was about the same as we paid for our property taxes alone. All the other costs of the condo are still in the bank.

Happy Trails!!

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The richest are not those who have the most, but those who need the least.


#34 Ann Seeton

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Posted 15 February 2013 - 05:14 PM

This is a fascinating discussion. Our plans are ramping up for eventually spending at least two years full timing. We're making progress with projects that must be completed. :rolleyes: My work is progressing and may very well pay for the new lifestyle and let us keep everything else in the bank-- it all depends on how prolific I become and how well my work is received. I'm getting VERY excited over all our plans.

Every time I read threads like this, I get goose bumps because the more I learn the greater the possibilities look and the more into our planning I become.

Keep it up! B)

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#35 Ranger and Jin

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Posted 15 February 2013 - 07:50 PM

I love the shine on people when they get into something new. Sometimes the shine wears off sometimes not. I hope it keeps shining for you Ann.
.

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#36 Hopeimakeit

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Posted 16 February 2013 - 02:46 PM

Well did buy a new 5 th wheel today and paid in advance for the lot here in town. Will be living in fifth wheel until I retire in 2016. Thanks everyone

See you on the road!

#37 Kevin H

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Posted 16 February 2013 - 09:21 PM

Well did buy a new 5 th wheel today and paid in advance for the lot here in town. Will be living in fifth wheel until I retire in 2016. Thanks everyone

Wow! Congrats!! But - You can't just give a two sentence post to entice us and then leave. What 5th wheel did you get? What town are you in? Share all the juicy stuff. There are folks here who NEED to know!!!!

Happy Trails!!

-- Kevin

Edited by Kevin H, 16 February 2013 - 09:22 PM.

The richest are not those who have the most, but those who need the least.


#38 DaveM

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Posted 17 February 2013 - 07:38 AM

I agree with Kevin........what the rest of the story!! lol
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#39 Eric and Susan

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Posted 17 February 2013 - 09:07 PM

We are a different from most full timers. I am 33, DW is 32 and we have a 2 1/2 year old daughter. I was medically retired from the Air Force in July 2012 so I have good medical insurance and income of approximately $1,900 a month ($23,000 a year). Its doable if you stick to an approximate budget. I say approximate because some months we spend more than others, but it averages out. Our decision was based off of a mini retirement while our daughter is not in school. We are not sure yet how long we will full time.

#40 Pieere

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Posted 19 February 2013 - 12:30 PM

I am a single full-timer and lived on as little as $7,700 one year to as high as 25,000; but on average about 16,000. This past year has been a disaster; from having a heart attack. I am not ready yet to even discuss it publicly. By the way; that 7700.oo dollar year was being very frugal; thrift stores to produce stands to used vehicle parts and my own repairs; And a lot of beans and rice. LOL! :lol::lol:

:) Living Life One Day At A Time!