Reply to Can 29yr old live off $1.5 million w/working?

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Reply to "Can 29yr old live off $1.5 million w/working?"

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]This board truly has no clue what the lifestyle of the average American is like.

Of course he can retire with 1.5mil and a paid off house!  Of course it’s possible to squander it, but it’s also possible to live a nice, quiet, fulfilling life.[/quote]

Yes, he can retire at 55 or 60 with 1.5M and a paid off house.  But this guy wants to retire AT 29!  1.5M is NOT enough to get you through 50+ years of living, including having to pay for healthcare for the next 36 years.

Maybe if you go live in small town (LCOL) and grow your own food and farm your own chickens for eggs and to eat.  But it's a risky venture when you are only 29 to quit working with that little saved.  [/quote]

Yes it is, you absolute dolt.

Seriously, what exactly do you think this guy’s expenses will be?[/quote]

I am not the "dolt" (super rude, btw) but it would be an interesting experiment to run 29 yo's numbers.
45K yearly income with no SS
Expenses:
Federal (maybe state) taxes
Property taxes
Utilities
Healthcare (forever)
Home maintenance
Food

My 90 year old dad has a small, paid off home, has healthcare for life, no travel, no new clothes, no going out, and it still costs him 5K/month. And that is before income taxes. It all adds up. 
[/quote]
Spending 5k/month? Paid off home, no healthcare costs, no travel.
Where is the money being spent?

I’m single, earn 55k, I pay rent, healthcare, clothes, I travel and I still save $800/month.
[/quote]

High property tax state. Older home that keeps needing repairs. Utilities and food. We are working on utilities (just got rid of his landline) to bring them down, but it all adds up. I would guess you are paying less in rent than he is paying in property taxes, home insurance and maintenance. [/quote]

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