Reply to s/o Are you over the TSP/401k?

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[quote=Anonymous][quote=Anonymous][quote=Anonymous]

As a frugal person, I hate his blog. I wouldn't want to live like him unless I was extremely poor.

Oh and I'm sure he makes good money now that he has the blog.[/quote]

Another frugal person here (have our mortgage paid off at 30, live on way less than we earn, don't outsource much, etc), and I am so glad to see you say this. We have been trying to figure out what our next financial moves are, and I keep feeling like I should be inspired by MMM. Instead I always feel depressed. Even with no mortgage and no kids, [b]the idea of living on 24k a year sounds awful to me.[/b] I live (what I thought was) pretty simply but the idea of riding a bike most places, changing jobs or homes specifically around a commute (I live in a sprawling area), line drying clothes just sounds like an unenjoyable life to me.

I keep beating myself up because I feel like I don't "get it," but I think I do get it and it is just a bridge too far for me. I like my work though.[/quote]

Me too, but I think the estimate of 75% of your current income is too high. The best thing you can do is find a retired couple that is living the life you'd like and ask them what they spend every year. For me, that was my parents. They are active, go out to eat, golf 4x a week, live near the beach in NC....they estimated about $45-50k a year. Assuming no Social Security income, that's 20 years of retirement if you have $1M in the bank. Not a long time. You might be retired for 30 or 40 years.

Then you also have to save for college educations, which can be $65k per year for private schools.

I'm operating on the assumption $2M is needed to retire and $.5M needed for college (two kids). Once I hit that mark, I'll transfer the money into a conservative fund and start paying off the mortgage more heavily.

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