it's not the value that matters - it's the age and thus maintenance of the car. You will cop it either way - just depends whether you can be bothered with cars breaking down and needing maintenance or just keep them fresh. I usually prefer the latter but think I have become emotionally attached to my current one.
What Assets & Income do you need to Retire?
- Thread starter sash
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Cars don't need to eat up cash. I bought a 2000 model Ford Ghia in 2005 for $6500, had its' first repair last week and only because someone spilled a drink on the computer. I could just never justify buying a new car, regardless of my ncome/net worth.
Louise
i've got a 10yr old corolla that's never broken down or given me a day of grief - except when i give myself a flat tyre from doing u-turns up the curb or call out the road service because it won't start (auto was in drive instead of park and i had baby brains at the time). although i do get it serviced every 10,000km.
I think you missed the point.....
Spend less than you earn. This was just one way of putting it, though I am sure that janitors can live quite well anyway. Remember, it is not what you earn, but how you manage it.
No, you don't exit to live like a janitor.
What's the point of that? That's how 90% of our retired people live now. Their lives are cr@p. I see them every day at the golf club. Pathetic. Every cent is an issue.
There are some golf clubs where the retirees are loaded, and I've worked at them, but it's not a very big percentage of golfers and retirees I might say.
The idea is to live well below your means for a period of say; 5 years and invest heavily with the excess funds you have from your elected lifestyle, and retire early, rich, and happy, instead of living like a w@nker and trying to keep up with the other w@nkers for your whole working life, hating your job, no freedom, no wealth building, no assets (other than the Mcmansion and the Beemer - and I hate to tell all those people; these are not assets) and so on.
If a person loves their job while signing up for all that then they are one of the very few lucky ones and good luck to them being happy working for 40 or 50 years.
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Yes, we are thinking the same thing, perhaps we will have to put our 5.y.o. out of the booster seat and in the middle, but she is so tiny still. The car is wide enough but the seats are shaped to fit 2 adults with fold down armrests and drink holders, not carseats. We are contemplating a stationwagon but they are sooo ugly and I do really like my car.
The assets and income I want to retire on has changed quite dramatically over the past year....
It's rather strange, but now I want a block of land big enough to grow our own vegetables, have a good number of fruit trees, a few chooks and most importantly our own potable water supply (ok that's going to be the hard one I bet!).
Cheers,
The Y-man
It's rather strange, but now I want a block of land big enough to grow our own vegetables, have a good number of fruit trees, a few chooks and most importantly our own potable water supply (ok that's going to be the hard one I bet!).
Cheers,
The Y-man
I share that dream Y-Man but I also want enough money to spend my time as I choose and also to help others. Ultimiately giving back is my goal. I will not be able to contribute as much if I am on $50K per year.
that's my dream to y-man ... although i intend to make a reality within the next 5 years.
also have to add in energy self sufficient - solar panels and windpowered generators, water reticulation and the like.
BUT - i still want to be able to travel extensively at no less than business class. bit contridictory, i know.
i need my mortgage gone.
about $100 - $120k in today's living expenses - adjusted with CPI.
which would mean approx $3mil - $4.5mil in asset base, with at least 50% of them +ve geared by an average of 10% OVER the cost of holding.
this is a 10 -12 year plan though, so i see it being feasible.
about $100 - $120k in today's living expenses - adjusted with CPI.
which would mean approx $3mil - $4.5mil in asset base, with at least 50% of them +ve geared by an average of 10% OVER the cost of holding.
this is a 10 -12 year plan though, so i see it being feasible.
Hah, I have an 8yo corolla, same deal. But I get flat tyres from running over nasty sharp objects - got two after my house was reroofed, the roofies got nails *everywhere*. Nice little car. My daughter will get it when she is 16 and the car is 16 but she's already flatly refusing as the car isn't pink.
That particular model would probably fit 3 babyseats in the back, although it might be pushing it a bit, you'd have to get the less chunky style babyseats.
I want $500k pa minimum.
Travel and charity.
The longer your time frame the easier it is to achieve.
Ive never been one to jump on the get rich quick bandwagon. Sure there will be some winners in this type of game, but the vast majority of people will simply erode any chance of long term security by trying.
Better to get rich slowly and have a solid foundation, than to enter get rich quick schemes and watch it all evaporate.
Ive never been one to jump on the get rich quick bandwagon. Sure there will be some winners in this type of game, but the vast majority of people will simply erode any chance of long term security by trying.
Better to get rich slowly and have a solid foundation, than to enter get rich quick schemes and watch it all evaporate.
Depends what you mean by living like a janitor. If it means having enough to keep clothes on my back, a roof over my head and food in my stomach, plus a few luxuries like internet and records, then bloody oath. I did some serious soul searching a couple years ago and really trimmed down on my wants.
I discovered I would gain enough passive income to be able to stop working in half the time I initially thought. That's a lot of free time that I am now in control of. A big house and fancy cars and whatever else people like/want just does not even come remotely close to being as important to me as time. I hope those massive incomes and massive houses are worth losing all that precious time for.
As I've said before - time is the one thing that can never be replaced. It's become even more important to me in the last ten months or whatever since my niece was born. It kills me that I only get to see her once or twice a year. I want to be able to visit her more often, just to hang out. She is by far the most precious person in my life and I miss her like crazy.
It's also quite a motivator that although I like my job, I'd rather sit and home and watch the grass grow than go to a job - any job.
Mark
I prefer to think in 'houses' rather than assets/income in todays dollars because the dollar figure keeps changing with time and inflation.
We value time and freedom over 'things' and this is reflected in our rather modest lifestyle and expectations.
I am aiming for about 5 houses owned outright, though it will probably be more on a low LVR because I can't see us ceasing buying or selling down on 'retirement' as if placing a full stop on wealth creation.
We aim to retire in our 40's though I am not working and probably won't anymore in a formal sense.
We value time and freedom over 'things' and this is reflected in our rather modest lifestyle and expectations.
I am aiming for about 5 houses owned outright, though it will probably be more on a low LVR because I can't see us ceasing buying or selling down on 'retirement' as if placing a full stop on wealth creation.
We aim to retire in our 40's though I am not working and probably won't anymore in a formal sense.
