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Originally Posted by genuinegirly
I'm working to develop a lifestyle that allows me to live far below my means.
The goal is to invest more than half of my income for the next twenty-five years, to no longer depend upon a steady income age 50.
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Originally Posted by Martian
That's very aggressive. I would contend that this will be difficult with an annual income of less than $90 000 per year and impossible with an annual income of less than $60 000 per year, unless you plan on living very poorly or being single for your entire life and never having a family.
I already do live simply and am comfortable on an income of $20 000 per year. I plan on getting an education and advancing into a proper career path in the near future, at which time I will hopefully be able to bring that up; should I ever pass from the noble bachelor ranks I expect to require a family income of at least $50 000 and preferably closer to $100 000 per year, and will need to accommodate that.
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Another thing that is perfect about genuinegirly.
As a single guy, I have done this on $55,000 year before taxes. $12,000 goes to mortgage, $3,000 prop taxes & HOA (no income tax here), $2500 food, $500 utilities, $300 cell phone, $20 Linux DVR, $0 OTA antenna, $0 internet. Ok, I don't have MS Money right now to tell me the exact figures and everything else I spend money on. But most things I have bought before and don't need to buy again.
It is definitely possible and I live a pretty good lifestyle right now. I don't need to change anything. But part of this planning is becoming self-sufficient and not relying on the government or corporations.
But, I was able to buy a really nice house for $142,000. And I will have enough saved up in 2-3 years to pay it off just out of my savings. I already own 25% of it, and have a possible 40% in savings/stocks/401k right now. But it makes a big difference where you live and how much you can make there as to the possibility of retiring.