Once the mortgage is paid you have pretty much all your salary or at least 3/4 of it as spendable money.
Oh yeah…my monthly budget now is about 1000 dollars a month not including food. I do have a small mortgage at a low rate though…but it only adds about 300 a month to my expenses, most of which is going to principal at this point so I’m not worried about paying it off. 1500 a month is more than enough for me to get by on…you really don’t need a ton of money month to month if you set yourself up right.
It’s like I can’t relax untill I know I have a good stash of wealth put by for emergencies.
I know the feeling man. Once I got a decent stash for emergencies it was just like f~~~ it…might as well just keep stashing the money and go for early retirement. The way I see it is if in a couple years down the road I really want to buy something expensive that is a depreciating asset(like a sports car) and I have a mountain of cash its no big deal, I can buy it, but if I blow all my money now and in a couple years really wish I had a bigger nest egg there is no way to recover compared to had I invested the money earlier.
We had a redundancy scare at work a few months ago. Two people got let go. All the staff were on edge and visibly panicking, (especially the women). I was the only one who didn’t give a s~~~. I was like, Whatever will be will be.
Yup…this is how my job is too. I know it will be there for a few more years at least, but given the industry it is in I’m seriously doubting its going to be there still if I planned on working another 30 years til I’m 60+. The beauty is typically they’ll announce they are shutting down at some point in the future, and people will immediately start job hunting. This leaves them short staffed as they need people while shutting down and some people in my department for some time even while after shut down. Once they end up short staffed because people leave for jobs with more longevity they’ll pay out retention bonuses for those who stay behind. If they do shut down I’ll end up with a couple 200k+ years(ridiculous bank when taking my above budget into account), at which point I can milk unemployment for 6 months.
One of the older guys just asked me last week where I think I’d go work if this place closes, and I just shrugged and said I’d probably just retire. He was completely stunned by my response because most the guys there around my age go into absolute panic mode when they think about that as many of them are stretched thin with debt payments and would be upside down in a month if they couldn’t find another six figure job rather quickly. Even if I was a little short of where I wanted to be to retire, it really wouldn’t even matter that much…I could just go get a 12 dollar an hour job at Home Depot to cover my basic living expenses and just let my investments grow for a few more years. If I ended up with 600k+ at that point, a 10% year is still more than the average income someone makes while working…so a 10% year and a 20k a year job would still leave me in a rather comfortable position.
The people who were panicking were the exact same people who constantly make fun of my Old Phone, My Old Car, My Old Bike, My Wallmart clothes.
They don’t make fun of me so much these days.
Haha beautiful. Gotta love these types of people. I find when they do stuff like make fun of your car, making fun of their car payment generally puts them back in line.
I just don’t see any value in purchasing expensive s~~~ for enjoyment if whatever enjoyment you get out of such purchases is accompanied by having to stress over money.
Beer 3 years, 1 month ago.
