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re: Anybody give it all up, and downsize?
Posted on 3/1/16 at 12:58 pm to ItNeverRains
Posted on 3/1/16 at 12:58 pm to ItNeverRains
quote:
Building a 4800 ft2 living right now, but I have no desire to work less nor does my wife. We both put in less than 15 hrs a week in office, work mainly from home when not with clients. So space is justifiable given the amount of time we will use the space.
Upstairs we've got the bonus, media, & game room for the boys. Definitely prefer to be the house all the kids want to hang at. Potentially gives us best chance to control the environment.
I agree with you, I am just in a different stage of life. I am in the last 5 years of kids in the home and soon will no longer need the space. I loved having my kids friends in my house where I could be peripheral to everything that was happening.
I do not see the need (in 5 years) to keep all this extra space in my home "in case" my adult kids come to visit. The way I see it, the best thing is for mom and I to be "mobile" and go where they are. Once they get full time jobs, get married and have kids..they will be the ones who are busy.
I want less not more these days.
2
Posted on 3/1/16 at 2:04 pm to Rust Cohle
I have thought about it. If I get my expenses down by about a third, I could retire now (at 42 mind you). But I think I might get bored not working, and my job isn't that bad. Our combined incomes is just ridiculous, I think it would be foolish to jump off this gravy train. especially as that I can probably retire and not reduce expenditures in 3-5 years (depending on the market). And I could probably retire in 10 years and have 20% more income to play around with.
Its tough to figure out, and I think the safe course is to stay as is.
Its tough to figure out, and I think the safe course is to stay as is.
Posted on 3/1/16 at 2:38 pm to SECdragonmaster
quote:
I do not see the need (in 5 years) to keep all this extra space in my home "in case" my adult kids come to visit.
This is such a smart/forward looking attitude. I watched my MinL hang onto a now-too-big house out of inertia & the idea that she needed space for "everyone" to come home and visit. But no one ever converged, en masse, on her house...and still she clung to it, despite declining health & mobility. It took us 3 solid months to clear it out after her death; I found wedding gifts still in boxes from 40 years ago...china no one ever used; greeting cards from 30 years ago; embroidered tablecloths that never saw the light of day since someone made them. She would have been happier/freer and enjoyed life far more in a compact apartment or condo, rather than worrying over gutters, roof, AC, etc. and paying someone to dust the six rooms she never entered.
Lesson learned: don't live in a house-museum dedicated to an idealized past or imagined/unrealized future.
Posted on 3/1/16 at 3:25 pm to yellowfin
quote:
Maybe later in life. Right now I have no desire to give anything up or downsize. I'm also still on the way up career wise so I'd be crazy to cut back there. 36 married 2 kids under 6
This is me too. Have 1 car paid that I commute daily in and an SUV for the wife and kiddos. Live in 2300 sqft home that is a good enough size. School systems are the biggest factor for us, otherwise we'd be in a condo on the water.
Posted on 3/2/16 at 6:32 am to SECdragonmaster
quote:
I agree with you, I am just in a different stage of life. I am in the last 5 years of kids in the home and soon will no longer need the space. I loved having my kids friends in my house where I could be peripheral to everything that was happening. I do not see the need (in 5 years) to keep all this extra space in my home "in case" my adult kids come to visit. The way I see it, the best thing is for mom and I to be "mobile" and go where they are. Once they get full time jobs, get married and have kids..they will be the ones who are busy. I want less not more these days.
We designed the house with 2 beds/2.5ba down with office on main, so that once kids are grown and gone we can live on main level and have up for when their families come to visit. Right under 2700 ft2 on main which is plenty. We're pretty locked in to the community so if we were to downsize, it would be in the community, but min ft2 per covenants is 3k so never going to go any smaller than that. And moving sucks.
This post was edited on 3/2/16 at 6:34 am
Posted on 3/2/16 at 7:27 am to ItNeverRains
I'm single, not kids, saved a bunch of money from working overseas (oil/gas). If i get laid off anytime soon I'm just selling everything and moving down to South America and travelling until oil picks back up.
Posted on 3/2/16 at 7:53 am to ProudLSUMom
quote:
We are in the process of doing this. My husband is 59 and I'm 54. We sold our 2700 sq. ft. house in Baton Rouge last July. We bought a smaller (but newer) home in Pass Christian in Jan. 2015. We paid cash for it. We live here full time now.
I am no longer working but my husband is working on a project that will end in April. After that he will just try to find projects that will keep him busy for a few hours a week.
We can make it on our savings, 401K, etc. Our only concern financially is paying for our healthcare until we are old enough for Medicare.
However, it won't be all fun all the time as my in-laws live 20 minutes away and we will be taking care of them when the time comes. I spend one day a week with them now just doing things around their house that they need help with.
We live on a bayou that feeds into Bay St. Louis. We fish off our pier and watch nature from our back porch when not fishing! It's a wonderful life!
This sounds awesome. I have hopes of this someday soon. My wife retired from teaching last year and has a pension. All of our stuff is paid for, we are just saving for my retirement at this point. I hope in about 3-4 years, we will have saved enough money to pay any bills we have and can carry me from about 55 to 59.5 so I can start collecting my 401K.
I want to be a volunteer at the local animal shelter caring for the animals, work more with our church staff doing pastoral care for members of the church to stay active. I'm dreaming. Not sure if it will come true or not.
Posted on 3/2/16 at 8:20 am to kywildcatfanone
I'm a minimalist by nature. The less I have to clean, maintain, furnish, or update is good for me.
With kids though...that's damn hard. Gotta have a house big enough to have a safe place to get away from those things.
With kids though...that's damn hard. Gotta have a house big enough to have a safe place to get away from those things.
Posted on 3/2/16 at 8:39 am to ProudLSUMom
quote:
We can make it on our savings, 401K, etc. Our only concern financially is paying for our healthcare until we are old enough for Medicare.
I'm 34 and my wife and I were expecting our first baby(baby was born January 30). For the past year I had been in the slow process of switching careers with the intention of making the full switch in the middle of this year, after the baby was a few months old. In December, I just got the itch to not work, and take some time for myself, just to enjoy life and do whatever I wanted before the baby was born. I quit my previous job, and it was the best thing I've ever done. Taking a break from the daily grind was amazing. We had enough saved where I could do it. The only concern was the healthcare, paying out of pocket is expensive as f@ck(was previously on employers group plan) and the stress of making sure a policy was in place with no lapse at the time my wife gave birth. Everything worked out well. It sounds cliche, but you really only live once. If you want to downsize and take a step back, DO IT!!!
Posted on 3/2/16 at 8:53 am to 632627
quote:
a break from the daily grind was amazing. We had enough saved where I could do it. The only concern was the healthcare, paying out of pocket is expensive as f@ck(was previously on employers group plan) and the stress of making sure a policy was in place with no lapse at the time my wife gave birth
Not judging but wow. After 2 kids I can't imagine paying for private insurance while unemployed. Especially while my wife was pregnant. Sheesh. And now they stay at the doctor it seems.
Posted on 3/2/16 at 9:23 am to Rhino5
keep in mind I have a new job secured beginning late March and am eligible for full benefits which include healthcare May 1st. I actually left my old job the first week of January so I had subsidized health care til January 31. I am only paying out of pocket for health care for 3 months. It sucks, but we can afford it and it was essentially the cost of freedom.
Posted on 3/2/16 at 9:50 am to 632627
Did you not have COBRA?
Posted on 3/2/16 at 10:36 am to LSUAfro
quote:
Did you not have COBRA
I did cobra. The issue wasn't lapse in coverage per se(legally there is no lapse in coverage)the problem would be that it takes a while for cobra paperwork to be processed, and that hypothetically if I went to a doctor on say February 1, I would have to pay out of pocket 100% and seek repayment from the cobra administrator once the cobra coverage was fully in place. I left my job January 7th, registered and paid for cobra as soon as I got the packet, yet didn't get a certificate of insurance til February 12. Luckily wife went in to labor on January 29th so this was a non issue.
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