Anonymous wrote:

Anonymous wrote:Some of the automatic "No shots" are jealous and/or out of touch. Ironically, you're in a much better financial position than many of them, who, w/ their DH's help, are earning a combined $250k, paying a third in taxes, a third on mortgage payments, a huge chunk on childcare, property taxes, and all the ancillary costs of a dual-working household.

A $50k pension and a paid-off residence is enough for a family to live on. Full stop.

But don't spend all your $750k on the house--that's just stupid. You're not doing THAT well. We have $2M in investments right now, and we're living in a $450k house, and that's plenty.

So find something for absolutely no more than $350k. And working will be optional, but you may find you just want to do something, even part time, to bring in some extra cash, to cover the little extras, and to have a reason to get up in the morning and get out of the house. As hard as that is to believe now trudging through a stressful life in a place like Gaithersburg, you'll want to do something.

Anyway, this is the wrong place to be asking this question. These people are rats on treadmills, only more miserable. Check out www.mrmoneymustache.com Those people are a bit crazy, too, but they'll tell you that you should have retired yesterday. (And there are some military retirees on the forum, too.)

And thanks for your and your DH's service to our great country.

I want to be your friend in real life.

8:02 here. Are you OP?

What 8:02 said. Go for it, OP.

Anonymous wrote:Some of the automatic "No shots" are jealous and/or out of touch. Ironically, you're in a much better financial position than many of them, who, w/ their DH's help, are earning a combined $250k, paying a third in taxes, a third on mortgage payments, a huge chunk on childcare, property taxes, and all the ancillary costs of a dual-working household.

A $50k pension and a paid-off residence is enough for a family to live on. Full stop.

But don't spend all your $750k on the house--that's just stupid. You're not doing THAT well. We have $2M in investments right now, and we're living in a $450k house, and that's plenty.

So find something for absolutely no more than $350k. And working will be optional, but you may find you just want to do something, even part time, to bring in some extra cash, to cover the little extras, and to have a reason to get up in the morning and get out of the house. As hard as that is to believe now trudging through a stressful life in a place like Gaithersburg, you'll want to do something.

Anyway, this is the wrong place to be asking this question. These people are rats on treadmills, only more miserable. Check out www.mrmoneymustache.com Those people are a bit crazy, too, but they'll tell you that you should have retired yesterday. (And there are some military retirees on the forum, too.)

And thanks for your and your DH's service to our great country.

I want to be your friend in real life.

Some of the automatic "No shots" are jealous and/or out of touch. Ironically, you're in a much better financial position than many of them, who, w/ their DH's help, are earning a combined $250k, paying a third in taxes, a third on mortgage payments, a huge chunk on childcare, property taxes, and all the ancillary costs of a dual-working household.

A $50k pension and a paid-off residence is enough for a family to live on. Full stop.

But don't spend all your $750k on the house--that's just stupid. You're not doing THAT well. We have $2M in investments right now, and we're living in a $450k house, and that's plenty.

So find something for absolutely no more than $350k. And working will be optional, but you may find you just want to do something, even part time, to bring in some extra cash, to cover the little extras, and to have a reason to get up in the morning and get out of the house. As hard as that is to believe now trudging through a stressful life in a place like Gaithersburg, you'll want to do something.

Anyway, this is the wrong place to be asking this question. These people are rats on treadmills, only more miserable. Check out www.mrmoneymustache.com Those people are a bit crazy, too, but they'll tell you that you should have retired yesterday. (And there are some military retirees on the forum, too.)

And thanks for your and your DH's service to our great country.

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:You are proposing to live on 48k per year. Do people do it? Sure. But it's tough, and I bet the vast majority of them would say they would like more income. They are, and you would be, a few financial emergencies away from real trouble.

Since your only reason boils down to, "I don't wanna work anymore!" (Join the club, sister), I'd forget this extraordinarily selfish plan and continue working until you hit a realistic number.

But the difference is she's proposing to live on 48k/yr essentially as a retiree -- no mortgage, paying military retiree healthcare rates. That's what makes it doable.

OP -- where in NC? Why build a 750k house? You can get a whole lot of house in most of NC for like 300-350k. If you spend just 300k on a house and invest the rest, it'll grow over decades; I mean your kid is young -- you have over 10 yrs until you have to finance college, so why not make the money work for you.

Is there ANYTHING you or DH would want to do? Even part time or seasonal or a hobby job? I think the numbers do work, but at only 40, I'd feel a bit safer if there was some income coming in -- even if it was just part time retail which paid for my utilities and food. Then once you get started living this way and it works out, you could quit that job.

My husbands parents and bro and sister in law live in Charlotte. His bro has a son the same age as my DS. Since we are one and one I want him to be raised close to his cousin so he has a sense of family. Charlotte is also one direct flight away from my parents and by brother, sister in law, and nephew. We want to build a really nice house that is ranch style (so we can age in place) on an acre and also have a really nice pool and back yard set up so that it is a "destination" that our family and DC friends could also come and visit with their kids. After years of working, moving, and military life, it's pretty much my definition of happiness to build a custom home that is designed around kids, family, and friends. To get the school district we want, I'm projecting 150k for the land and $500 to build. I'm not opposed to working (as part of this dream) at retail at a store I loved or teaching online or something, just to keep a little cash rolling in, but I so badly want to get off the 9-5 treadmill.

And this is why I say it's not reasonable. You want a really nice house with a pool. The costs of buying are total guesses. Flights won't matter cause you can't afford them.

Charlottes propert tax rate is 1.28 per 100, so a property tax of $6,400 is plausible for a $650k house. Cars are gonna run about $300 a year for tag renewals. Assume 1 car.

Out of the gate property tax costs are $600 a month.
Cell phone: + 100 (700)
Internet TV: + 100 (800)
Electrical: +150 ($950)
Hearing: +100 ($1050)
Gas for car: + 100 ($1150)
Pool maintenance: + 100 ($1250)
Weekly food: $200 * 4 = $800 ($2050)
Insurance: $500 ($2550)
Life insurance: $50 ($2600)
Clothing for 3 people, assume $400 pp a year: +100 ($2700)
Haircuts for 3, assume cheap: + $30 ($2730)
2nd cell phone presumably for husband: + $100 ($2830)
Home repair budget $100 ($2930)
Car insurance: $100 ($3030)
One night out a month / dinner and a movie $100 ($3130)
....

I could keep going but pretty simple math here - there is no budget to "entertain" family to visit, no budget to buy plane tickets to see them, no budget to throw parties or have friends over for BBQs (each of which quickly costs $50), no budget to get the kid a laptop, etc.

You envision a nice house with a pool, friends coming over, parents visiting, etc - but your budget is one where you need to stay home, try not to go out to dinner, buy all your clothes from target and lay awake at night hoping your medical premiums don't change or the water boiler doesn't need repair. Fuck that.

She is not going to be happy going from officers wife to cutting their income and living a very basic life. Good luck OP. Every year congress also tries to screw over retirees pension and take away tricare from anyone working age - one of these years they will probably succeed with tricare.

Yup. Her vision of a really nice house with a pool is dramatically mismatched with the reality of raising a family of 3 on that salary.

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:You are proposing to live on 48k per year. Do people do it? Sure. But it's tough, and I bet the vast majority of them would say they would like more income. They are, and you would be, a few financial emergencies away from real trouble.

Since your only reason boils down to, "I don't wanna work anymore!" (Join the club, sister), I'd forget this extraordinarily selfish plan and continue working until you hit a realistic number.

But the difference is she's proposing to live on 48k/yr essentially as a retiree -- no mortgage, paying military retiree healthcare rates. That's what makes it doable.

OP -- where in NC? Why build a 750k house? You can get a whole lot of house in most of NC for like 300-350k. If you spend just 300k on a house and invest the rest, it'll grow over decades; I mean your kid is young -- you have over 10 yrs until you have to finance college, so why not make the money work for you.

Is there ANYTHING you or DH would want to do? Even part time or seasonal or a hobby job? I think the numbers do work, but at only 40, I'd feel a bit safer if there was some income coming in -- even if it was just part time retail which paid for my utilities and food. Then once you get started living this way and it works out, you could quit that job.

My husbands parents and bro and sister in law live in Charlotte. His bro has a son the same age as my DS. Since we are one and one I want him to be raised close to his cousin so he has a sense of family. Charlotte is also one direct flight away from my parents and by brother, sister in law, and nephew. We want to build a really nice house that is ranch style (so we can age in place) on an acre and also have a really nice pool and back yard set up so that it is a "destination" that our family and DC friends could also come and visit with their kids. After years of working, moving, and military life, it's pretty much my definition of happiness to build a custom home that is designed around kids, family, and friends. To get the school district we want, I'm projecting 150k for the land and $500 to build. I'm not opposed to working (as part of this dream) at retail at a store I loved or teaching online or something, just to keep a little cash rolling in, but I so badly want to get off the 9-5 treadmill.

And this is why I say it's not reasonable. You want a really nice house with a pool. The costs of buying are total guesses. Flights won't matter cause you can't afford them.

Charlottes propert tax rate is 1.28 per 100, so a property tax of $6,400 is plausible for a $650k house. Cars are gonna run about $300 a year for tag renewals. Assume 1 car.

Out of the gate property tax costs are $600 a month.
Cell phone: + 100 (700)
Internet TV: + 100 (800)
Electrical: +150 ($950)
Hearing: +100 ($1050)
Gas for car: + 100 ($1150)
Pool maintenance: + 100 ($1250)
Weekly food: $200 * 4 = $800 ($2050)
Insurance: $500 ($2550)
Life insurance: $50 ($2600)
Clothing for 3 people, assume $400 pp a year: +100 ($2700)
Haircuts for 3, assume cheap: + $30 ($2730)
2nd cell phone presumably for husband: + $100 ($2830)
Home repair budget $100 ($2930)
Car insurance: $100 ($3030)
One night out a month / dinner and a movie $100 ($3130)
....

I could keep going but pretty simple math here - there is no budget to "entertain" family to visit, no budget to buy plane tickets to see them, no budget to throw parties or have friends over for BBQs (each of which quickly costs $50), no budget to get the kid a laptop, etc.

You envision a nice house with a pool, friends coming over, parents visiting, etc - but your budget is one where you need to stay home, try not to go out to dinner, buy all your clothes from target and lay awake at night hoping your medical premiums don't change or the water boiler doesn't need repair. Fuck that.

She is not going to be happy going from officers wife to cutting their income and living a very basic life. Good luck OP. Every year congress also tries to screw over retirees pension and take away tricare from anyone working age - one of these years they will probably succeed with tricare.

Previous pp-thanks for the budget! Seriously I'm going to start there and work from your assumptions. I'll be ok as a retired "officer's wife" (lol) bc we live frugally currently, which is how we manage to save. Agree 100 percent w Tricare, the costs are always going up.

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:You are proposing to live on 48k per year. Do people do it? Sure. But it's tough, and I bet the vast majority of them would say they would like more income. They are, and you would be, a few financial emergencies away from real trouble.

Since your only reason boils down to, "I don't wanna work anymore!" (Join the club, sister), I'd forget this extraordinarily selfish plan and continue working until you hit a realistic number.

But the difference is she's proposing to live on 48k/yr essentially as a retiree -- no mortgage, paying military retiree healthcare rates. That's what makes it doable.

OP -- where in NC? Why build a 750k house? You can get a whole lot of house in most of NC for like 300-350k. If you spend just 300k on a house and invest the rest, it'll grow over decades; I mean your kid is young -- you have over 10 yrs until you have to finance college, so why not make the money work for you.

Is there ANYTHING you or DH would want to do? Even part time or seasonal or a hobby job? I think the numbers do work, but at only 40, I'd feel a bit safer if there was some income coming in -- even if it was just part time retail which paid for my utilities and food. Then once you get started living this way and it works out, you could quit that job.

My husbands parents and bro and sister in law live in Charlotte. His bro has a son the same age as my DS. Since we are one and one I want him to be raised close to his cousin so he has a sense of family. Charlotte is also one direct flight away from my parents and by brother, sister in law, and nephew. We want to build a really nice house that is ranch style (so we can age in place) on an acre and also have a really nice pool and back yard set up so that it is a "destination" that our family and DC friends could also come and visit with their kids. After years of working, moving, and military life, it's pretty much my definition of happiness to build a custom home that is designed around kids, family, and friends. To get the school district we want, I'm projecting 150k for the land and $500 to build. I'm not opposed to working (as part of this dream) at retail at a store I loved or teaching online or something, just to keep a little cash rolling in, but I so badly want to get off the 9-5 treadmill.

And this is why I say it's not reasonable. You want a really nice house with a pool. The costs of buying are total guesses. Flights won't matter cause you can't afford them.

Charlottes propert tax rate is 1.28 per 100, so a property tax of $6,400 is plausible for a $650k house. Cars are gonna run about $300 a year for tag renewals. Assume 1 car.

Out of the gate property tax costs are $600 a month.
Cell phone: + 100 (700)
Internet TV: + 100 (800)
Electrical: +150 ($950)
Hearing: +100 ($1050)
Gas for car: + 100 ($1150)
Pool maintenance: + 100 ($1250)
Weekly food: $200 * 4 = $800 ($2050)
Insurance: $500 ($2550)
Life insurance: $50 ($2600)
Clothing for 3 people, assume $400 pp a year: +100 ($2700)
Haircuts for 3, assume cheap: + $30 ($2730)
2nd cell phone presumably for husband: + $100 ($2830)
Home repair budget $100 ($2930)
Car insurance: $100 ($3030)
One night out a month / dinner and a movie $100 ($3130)
....

I could keep going but pretty simple math here - there is no budget to "entertain" family to visit, no budget to buy plane tickets to see them, no budget to throw parties or have friends over for BBQs (each of which quickly costs $50), no budget to get the kid a laptop, etc.

You envision a nice house with a pool, friends coming over, parents visiting, etc - but your budget is one where you need to stay home, try not to go out to dinner, buy all your clothes from target and lay awake at night hoping your medical premiums don't change or the water boiler doesn't need repair. Fuck that.

She is not going to be happy going from officers wife to cutting their income and living a very basic life. Good luck OP. Every year congress also tries to screw over retirees pension and take away tricare from anyone working age - one of these years they will probably succeed with tricare.

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:You are proposing to live on 48k per year. Do people do it? Sure. But it's tough, and I bet the vast majority of them would say they would like more income. They are, and you would be, a few financial emergencies away from real trouble.

Since your only reason boils down to, "I don't wanna work anymore!" (Join the club, sister), I'd forget this extraordinarily selfish plan and continue working until you hit a realistic number.

But the difference is she's proposing to live on 48k/yr essentially as a retiree -- no mortgage, paying military retiree healthcare rates. That's what makes it doable.

OP -- where in NC? Why build a 750k house? You can get a whole lot of house in most of NC for like 300-350k. If you spend just 300k on a house and invest the rest, it'll grow over decades; I mean your kid is young -- you have over 10 yrs until you have to finance college, so why not make the money work for you.

Is there ANYTHING you or DH would want to do? Even part time or seasonal or a hobby job? I think the numbers do work, but at only 40, I'd feel a bit safer if there was some income coming in -- even if it was just part time retail which paid for my utilities and food. Then once you get started living this way and it works out, you could quit that job.

My husbands parents and bro and sister in law live in Charlotte. His bro has a son the same age as my DS. Since we are one and one I want him to be raised close to his cousin so he has a sense of family. Charlotte is also one direct flight away from my parents and by brother, sister in law, and nephew. We want to build a really nice house that is ranch style (so we can age in place) on an acre and also have a really nice pool and back yard set up so that it is a "destination" that our family and DC friends could also come and visit with their kids. After years of working, moving, and military life, it's pretty much my definition of happiness to build a custom home that is designed around kids, family, and friends. To get the school district we want, I'm projecting 150k for the land and $500 to build. I'm not opposed to working (as part of this dream) at retail at a store I loved or teaching online or something, just to keep a little cash rolling in, but I so badly want to get off the 9-5 treadmill.

I forget but the annuity is at least $100 a month, plus 1/3 for taxes, plus, real estate taxes, house insurance, gas/electric/water/phone/cable/internet, cars, car insurance, and you'll need dental insurance or Tricare retiree is over $100 a month. If you are not near an active base, you will have steep co-pays on standard. Most retirees have a second career. Reasonable to move and build a house but one or both of you need to work at least part time. Its not $48000 a year when all is taken out. Even if it is 1/4 taxes - that brings you to $3,000 a month, minus the annuity - maybe another $100, maybe more, I'd have to look at our statement, plus $50-150 or more for tricare prime - assume more as your husband must be an officer, minus $100 a month per dental insurance. And then the rest.... it will put you very tight at best.

Yes I really need to nail down the health care costs but great news, a new VA health center is opening in Chatlotte down the road from our desired area!

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:You are proposing to live on 48k per year. Do people do it? Sure. But it's tough, and I bet the vast majority of them would say they would like more income. They are, and you would be, a few financial emergencies away from real trouble.

Since your only reason boils down to, "I don't wanna work anymore!" (Join the club, sister), I'd forget this extraordinarily selfish plan and continue working until you hit a realistic number.

But the difference is she's proposing to live on 48k/yr essentially as a retiree -- no mortgage, paying military retiree healthcare rates. That's what makes it doable.

OP -- where in NC? Why build a 750k house? You can get a whole lot of house in most of NC for like 300-350k. If you spend just 300k on a house and invest the rest, it'll grow over decades; I mean your kid is young -- you have over 10 yrs until you have to finance college, so why not make the money work for you.

Is there ANYTHING you or DH would want to do? Even part time or seasonal or a hobby job? I think the numbers do work, but at only 40, I'd feel a bit safer if there was some income coming in -- even if it was just part time retail which paid for my utilities and food. Then once you get started living this way and it works out, you could quit that job.

My husbands parents and bro and sister in law live in Charlotte. His bro has a son the same age as my DS. Since we are one and one I want him to be raised close to his cousin so he has a sense of family. Charlotte is also one direct flight away from my parents and by brother, sister in law, and nephew. We want to build a really nice house that is ranch style (so we can age in place) on an acre and also have a really nice pool and back yard set up so that it is a "destination" that our family and DC friends could also come and visit with their kids. After years of working, moving, and military life, it's pretty much my definition of happiness to build a custom home that is designed around kids, family, and friends. To get the school district we want, I'm projecting 150k for the land and $500 to build. I'm not opposed to working (as part of this dream) at retail at a store I loved or teaching online or something, just to keep a little cash rolling in, but I so badly want to get off the 9-5 treadmill.

And this is why I say it's not reasonable. You want a really nice house with a pool. The costs of buying are total guesses. Flights won't matter cause you can't afford them.

Charlottes propert tax rate is 1.28 per 100, so a property tax of $6,400 is plausible for a $650k house. Cars are gonna run about $300 a year for tag renewals. Assume 1 car.

Out of the gate property tax costs are $600 a month.
Cell phone: + 100 (700)
Internet TV: + 100 (800)
Electrical: +150 ($950)
Hearing: +100 ($1050)
Gas for car: + 100 ($1150)
Pool maintenance: + 100 ($1250)
Weekly food: $200 * 4 = $800 ($2050)
Insurance: $500 ($2550)
Life insurance: $50 ($2600)
Clothing for 3 people, assume $400 pp a year: +100 ($2700)
Haircuts for 3, assume cheap: + $30 ($2730)
2nd cell phone presumably for husband: + $100 ($2830)
Home repair budget $100 ($2930)
Car insurance: $100 ($3030)
One night out a month / dinner and a movie $100 ($3130)
....

I could keep going but pretty simple math here - there is no budget to "entertain" family to visit, no budget to buy plane tickets to see them, no budget to throw parties or have friends over for BBQs (each of which quickly costs $50), no budget to get the kid a laptop, etc.

You envision a nice house with a pool, friends coming over, parents visiting, etc - but your budget is one where you need to stay home, try not to go out to dinner, buy all your clothes from target and lay awake at night hoping your medical premiums don't change or the water boiler doesn't need repair. Fuck that.

It's not my dream to work retail-it's something I wouldn't mind lol. I worked retail all through college, I didn't mind it.

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:You are proposing to live on 48k per year. Do people do it? Sure. But it's tough, and I bet the vast majority of them would say they would like more income. They are, and you would be, a few financial emergencies away from real trouble.

Since your only reason boils down to, "I don't wanna work anymore!" (Join the club, sister), I'd forget this extraordinarily selfish plan and continue working until you hit a realistic number.

But the difference is she's proposing to live on 48k/yr essentially as a retiree -- no mortgage, paying military retiree healthcare rates. That's what makes it doable.

OP -- where in NC? Why build a 750k house? You can get a whole lot of house in most of NC for like 300-350k. If you spend just 300k on a house and invest the rest, it'll grow over decades; I mean your kid is young -- you have over 10 yrs until you have to finance college, so why not make the money work for you.

Is there ANYTHING you or DH would want to do? Even part time or seasonal or a hobby job? I think the numbers do work, but at only 40, I'd feel a bit safer if there was some income coming in -- even if it was just part time retail which paid for my utilities and food. Then once you get started living this way and it works out, you could quit that job.

My husbands parents and bro and sister in law live in Charlotte. His bro has a son the same age as my DS. Since we are one and one I want him to be raised close to his cousin so he has a sense of family. Charlotte is also one direct flight away from my parents and by brother, sister in law, and nephew. We want to build a really nice house that is ranch style (so we can age in place) on an acre and also have a really nice pool and back yard set up so that it is a "destination" that our family and DC friends could also come and visit with their kids. After years of working, moving, and military life, it's pretty much my definition of happiness to build a custom home that is designed around kids, family, and friends. To get the school district we want, I'm projecting 150k for the land and $500 to build. I'm not opposed to working (as part of this dream) at retail at a store I loved or teaching online or something, just to keep a little cash rolling in, but I so badly want to get off the 9-5 treadmill.

OH LOL your dream is to work retail!? Let me guess, you have never worked retail before?

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:You are proposing to live on 48k per year. Do people do it? Sure. But it's tough, and I bet the vast majority of them would say they would like more income. They are, and you would be, a few financial emergencies away from real trouble.

Since your only reason boils down to, "I don't wanna work anymore!" (Join the club, sister), I'd forget this extraordinarily selfish plan and continue working until you hit a realistic number.

But the difference is she's proposing to live on 48k/yr essentially as a retiree -- no mortgage, paying military retiree healthcare rates. That's what makes it doable.

OP -- where in NC? Why build a 750k house? You can get a whole lot of house in most of NC for like 300-350k. If you spend just 300k on a house and invest the rest, it'll grow over decades; I mean your kid is young -- you have over 10 yrs until you have to finance college, so why not make the money work for you.

Is there ANYTHING you or DH would want to do? Even part time or seasonal or a hobby job? I think the numbers do work, but at only 40, I'd feel a bit safer if there was some income coming in -- even if it was just part time retail which paid for my utilities and food. Then once you get started living this way and it works out, you could quit that job.

My husbands parents and bro and sister in law live in Charlotte. His bro has a son the same age as my DS. Since we are one and one I want him to be raised close to his cousin so he has a sense of family. Charlotte is also one direct flight away from my parents and by brother, sister in law, and nephew. We want to build a really nice house that is ranch style (so we can age in place) on an acre and also have a really nice pool and back yard set up so that it is a "destination" that our family and DC friends could also come and visit with their kids. After years of working, moving, and military life, it's pretty much my definition of happiness to build a custom home that is designed around kids, family, and friends. To get the school district we want, I'm projecting 150k for the land and $500 to build. I'm not opposed to working (as part of this dream) at retail at a store I loved or teaching online or something, just to keep a little cash rolling in, but I so badly want to get off the 9-5 treadmill.

I forget but the annuity is at least $100 a month, plus 1/3 for taxes, plus, real estate taxes, house insurance, gas/electric/water/phone/cable/internet, cars, car insurance, and you'll need dental insurance or Tricare retiree is over $100 a month. If you are not near an active base, you will have steep co-pays on standard. Most retirees have a second career. Reasonable to move and build a house but one or both of you need to work at least part time. Its not $48000 a year when all is taken out. Even if it is 1/4 taxes - that brings you to $3,000 a month, minus the annuity - maybe another $100, maybe more, I'd have to look at our statement, plus $50-150 or more for tricare prime - assume more as your husband must be an officer, minus $100 a month per dental insurance. And then the rest.... it will put you very tight at best.

Anonymous wrote:

Anonymous wrote:You are proposing to live on 48k per year. Do people do it? Sure. But it's tough, and I bet the vast majority of them would say they would like more income. They are, and you would be, a few financial emergencies away from real trouble.

Since your only reason boils down to, "I don't wanna work anymore!" (Join the club, sister), I'd forget this extraordinarily selfish plan and continue working until you hit a realistic number.

But the difference is she's proposing to live on 48k/yr essentially as a retiree -- no mortgage, paying military retiree healthcare rates. That's what makes it doable.

OP -- where in NC? Why build a 750k house? You can get a whole lot of house in most of NC for like 300-350k. If you spend just 300k on a house and invest the rest, it'll grow over decades; I mean your kid is young -- you have over 10 yrs until you have to finance college, so why not make the money work for you.

Is there ANYTHING you or DH would want to do? Even part time or seasonal or a hobby job? I think the numbers do work, but at only 40, I'd feel a bit safer if there was some income coming in -- even if it was just part time retail which paid for my utilities and food. Then once you get started living this way and it works out, you could quit that job.

My husbands parents and bro and sister in law live in Charlotte. His bro has a son the same age as my DS. Since we are one and one I want him to be raised close to his cousin so he has a sense of family. Charlotte is also one direct flight away from my parents and by brother, sister in law, and nephew. We want to build a really nice house that is ranch style (so we can age in place) on an acre and also have a really nice pool and back yard set up so that it is a "destination" that our family and DC friends could also come and visit with their kids. After years of working, moving, and military life, it's pretty much my definition of happiness to build a custom home that is designed around kids, family, and friends. To get the school district we want, I'm projecting 150k for the land and $500 to build. I'm not opposed to working (as part of this dream) at retail at a store I loved or teaching online or something, just to keep a little cash rolling in, but I so badly want to get off the 9-5 treadmill.

Anonymous wrote:Why are people automatically saying "no shot"?

As I understand -- OP would live mortgage free bc she has the cash to build her home. Her DH's pension would bring in 4k and expenses are around 2-2.5k factoring in military healthcare. There would be an "extra" 1.5k/month to say for retirement and/or college, and some months they could forego that saving for a vacation or a home repair.

Why the automatic NOs?

I presume the $4k would be taxed, so it's more like $3k. Take out of that your $2.5k and she's got $500 - with a young kid who is about to go to school. So clothes, dental, backpacks, books, sports, how much kids can eat, sleepovers, lessons, tutoring, after school activities, summer camps, etc are all expenses this family hasn't experienced yet. It simply doesn't seem realistic to me - or at least it's exceptionally high risk.

Some of these expenses could of course be forgone - you don't NEED to travel, kids can get tutored by mom and dad, summer camps can be in a backyard, etc. Some may not: dental work, glasses, eating, clothes, etc.

What if the medical premiums pop even modestly? What if the kid ends up needing any kind of professional assistance? What if someone has any out of network expenses? What if the house experiences a meaningful repair, like say, a roof or a water heater? Or just even more simply, what happens when she needs to get a new car? You buy a beater? Probably, but your maintenance will likely have more surprises. What if she decides she wants private?

Say I'm wrong about the $3k and it's really $4k and she's got a clean $1,5k a month to save - so let's say she puts $500 into 529, and $1,000 into her emergency funds. Water heater broke, she's out $4k. Now say 3 months later she needs a new car because her old one died or was totaled. Say she buys a beater for $10k; ten months of her savings are wiped out. Say that year the AC needed repair too. $2k. Say little Timmy needed braces or really wanted to go to some camp, and suddenly you are in a position where your emergency fund is declining... And in my experience there's always going to be a little something that pops up. A small steak of bad luck - hardly a 2 sigma event - and she's killed the bulk of her emergency fund.

Can you live on $50k a year? Sure. Is it wise to do so by choice? Debatable. In the end it's a risk tolerance question.

Whew, $4000 military pension? He must be pretty high up there in rank.

I know quite a few people who are living in extremely low cost of living areas making $50k-$70k a year and seem happy and well taken care of, so it's definitely something you can do if you're determined and disciplined.