How much income do you need to live the dream?

So true, it's all just numbers at the end of the day unless you are swimming around your dollars like Scrooge Mc duck LOL

 

Yes see I always thought you couldn't depreciate items endlessly for 20 years or so, but realistically our properties would be due for renovations again so we could start over with the depreciation couldn't we when the time came?

 

Yes, for the items you use in the renovation.

 

Bingo..

 

Like this?

 

I pulled the pin at my target passive income and then found I didn't even need that much. I found that when you've got plenty of time, you no longer seem to spend much on conveniences targeted at the time poor.

 

That's a pretty cool point.

 

Ditto....

This song sums it up for me...

 

I don't know but I would imagine that we spend a fair bit more than we realise in order to make the money we make. If we don't have to travel to work daily, dress as well as often (daily), cosmetics, cars etc. It all adds up.

What we some of the items you found that you didn't need any more?

Blacky

 

That reminded me of something and old wealthy man once said to me. He said: A poor man says to a rich man 'What will you do with all that money? You will die one day. Whats the point? The rich man replied 'I will die only one time when my time comes. You, die every day.

 

I haven't pulled the plug but I would have thought you spend more when you have more time on your hands, I know we do. Depending on the work you do it can be pretty cheap. I just dress casual at work so I have no suits or expensive cloths, work 10 minutes from home so commuting costs me hardly anything, half the week I bring something from home to eat.

If I was at home though I would have eletrical appliances/lights etc going all day, I would get bored so go out more, when I am out I am spending money etc. For me going to work is cheap. My wife works corporate and even with those added costs we still found it cheaper when she was at work rather than on maternity leave at home.

 

That's pathetic

 

It's not a real conversation. It's suppose to convey a life lesson. Do you understand the message?

 

I see it as a nassicistic view. I know some poor people who are the most happy and content in the world, whilst I know some financially wealthy people who are the most miserable.

Can you explain the life lesson and the message?

 

The message is that money helps you live a better life. It's not everything. But all other things being equal, you will have a better life.

The rich man is the man who can live comfortably because of his hard work and better decisions during his life.

The poor man is the man who is struggling later in life because he didn't make the right decisions financially during life and didn't work hard or spent his money instead of investing or saving.

That's the point of the rich man poor man story.

Nothing to do with having a go at unlucky people or people born into undisirable circumstances etc.

I see it a lot and it has been discussed in this forum already especially in regard to the younger generation who aren't getting out there and working or doing something. One day the time will come where they have nothing and they will see someone else who did well because they put some effort in during life and they will say - 'Why is that guy so comfortable and is enjoying life?' Yet, I'm struggling to pay my rent and put food on the table.

 

Things like (some of which you have already mentioned):
- Work related costs - fuel, parking, work clothes, lunches at cafes, etc
- Transport - we sold a car, leaving us with a motorbike and a car, because we were barely using the second car that was no longer being used for work transport
- Food - far less takeaway and expensive convenience foods. Cooking at home, mostly from scratch, is now a pleasure, is healthier and is much less expensive
- Holidays - we now DIY travel packages and go at non-peak times (not only for the savings but for less crowding), so even though we are traveling more our holiday dollars go much further
- Spending - having much more time to research purchases means more considered purchases and less impulse buys of items we later regret

The first three items have saved more than $15K pa in living expenses, which has been churned back into more travel and helping others out.

 

Not narsasistic at all.....the hidden message is take control of your destiny.....

Money will not make you happy....but I do note that people who have money and are balanced have great lives.

I see the turmoil my colleagues go through...most are chasing more money and higher stress jobs...by climbing the corporate ladder. Unfortunately...there are a lot of sacrifices..and family and relationships suffer. If they took a minute and they thought about how to achieve this via other means..i.e. property...they would be better off. In my early days I discussed this with some...but they do not believe it is possible. They write you off as a looney....now I don't bother unless asked.

I also noticed...that when you have means behind you you act differently and more confidently...this will also translate on how people perceive and behave towards you..for the better mostly. This in turn also helps your career...who would have thought that?

 

In your case, with your low work costs and need to be constantly entertained, it does sound as though it would be cheaper to keep working. For me, getting solar power installed more than covered the extra cost of higher utility bills from being home more during the day. I don't get bored at all at home, so that's not a problem, and when I do go out I tend to choose activities that don't cost much, eg. yesterday going to the cinema in the middle of the day on cheap Tuesday. I shed consumerism years ago, so going to the shops just to browse with nothing specific in mind is about as exciting as work was for me!

 

Two years prior to retiring I was faced with a similar quandary as I too enjoyed my work most of the time. However, one day I asked myself would I enjoy doing something else more? The overwhelming answer was, Yes!
We can all toil on to attain more(money) and quite possibly have an endless supply, but TIME is limited.

 

Yes. It is a dangerous thing when shopping becomes a day out, just for the sake of it.