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Started By
Message
Anybody give it all up, and downsize?
Posted on 2/29/16 at 4:00 pm
Posted on 2/29/16 at 4:00 pm
Sometimes I think I just want to work part time, take the equity I have in my house, and pay cash on a small home. Get cheaper yet still reliable cars. I would use my time to cook more, be healthy, spend time with my family, not worry about maintaining my home to top condition, and keeping the new cars spotless. I could do it as long as I could still travel.
Instead I just need to figure out a way I can make more money and still work less.
Instead I just need to figure out a way I can make more money and still work less.
This post was edited on 2/29/16 at 4:05 pm
15
Posted on 2/29/16 at 4:09 pm to Rust Cohle
I think about doing this all the time. I am ready and trying to get the wife on board. She is attached to the house emotionally and can't separate.
I dream of the day when I can cut my practice down and work 20-25 hrs a week. Sell my home. Pay cash for a cottage. Etc.
I dream of the day when I can cut my practice down and work 20-25 hrs a week. Sell my home. Pay cash for a cottage. Etc.
Posted on 2/29/16 at 4:20 pm to Rust Cohle
Nope. I get bored easily.
That being said, I have a job where I have a substantial amount of free time during the winter, so I am able to recharge.
That being said, I have a job where I have a substantial amount of free time during the winter, so I am able to recharge.
Posted on 2/29/16 at 4:22 pm to Rust Cohle
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!
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!
Posted on 2/29/16 at 4:26 pm to Rust Cohle
I've never downsized, but I live in a very inexpensive condo, and drive used cars. A personal choice. I find expensive owner occupied real estate marries one to the property. I like vacations and experiences. So does the person I'm dating. I've found the freedom returned from virtually no mortgage, and no car payment is incredible.
It needs to be said I'm not married, nor do I have any children, so what I do isn't 100% practical or replicable for those that are. Although I think you could copy this lifestyle to some extent.
It needs to be said I'm not married, nor do I have any children, so what I do isn't 100% practical or replicable for those that are. Although I think you could copy this lifestyle to some extent.
Posted on 2/29/16 at 5:11 pm to Rust Cohle
I have no reason not to do this other than giving up OT money.
Have been debating for a while...
Have been debating for a while...
Posted on 2/29/16 at 5:15 pm to TejasHorn
I'm not in the position yet but I don't ever want a big house. Nice cars are easy to unfold and even average drivers these days are quite nice (so I wouldn't see it as a major setback).
Posted on 3/1/16 at 5:49 am to Rust Cohle
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.
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.
Posted on 3/1/16 at 6:21 am to Rust Cohle
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
36 married 2 kids under 6
Posted on 3/1/16 at 6:39 am to ItNeverRains
quote:
4800 ft2
That's a big house. Lots of cleaning.
Posted on 3/1/16 at 7:17 am to Rust Cohle
I plan on building a house/shop type deal sometime this year and paying it all out of pocket. I have been moving toward it for a while and am down to a few options. A "tiny house" would be too small but I am looking at about 1000 living. I am single FWIW so that's plenty and I will sell and upsize as needed if things change. I am not slowing down on work though. Want to work more and grow my business and investments more to be able to retire earlier instead of paying to have material possessions for the rest of my life.
I have an uncle that does very well but he will never be able to retire unless he sells some stuff off and downsizes. He is in his mid 50's though and just keeps buying more shite. His property taxes alone are equal to a decent part time job. I don't want to be like him.
I have an uncle that does very well but he will never be able to retire unless he sells some stuff off and downsizes. He is in his mid 50's though and just keeps buying more shite. His property taxes alone are equal to a decent part time job. I don't want to be like him.
Posted on 3/1/16 at 7:42 am to stout
We'll be downsizing sometime in the next several years. We'll probably buy a couple of properties in different locations that we can travel to and enjoy.
Posted on 3/1/16 at 9:12 am to Rust Cohle
I often think about what you're describing. I don't work a ton but don't save near as much as I need to be insulated from disaster or downturns. Could sell my house, buy more than enough house and save a ton more for bad times and vacations.
I do keep all cars that are paid for and 5+ years old. I love not having all that extra car note every month like I did a few years back.
I do keep all cars that are paid for and 5+ years old. I love not having all that extra car note every month like I did a few years back.
Posted on 3/1/16 at 9:13 am to Rust Cohle
Already there, never needed to downsize b/c we never bought into the conspicuous consumption lifestyle. Have worked PT w/benefits for the past 15 years, not looking to change that; better half runs his own practice and works exactly as much or as little as he wants/needs.
Did build a new custom house, but it's the smallest sq footage in neighborhood. Do buy new cars, but only every 10-12 years (current is a diesel, so I'm hoping for 15+) Try not to buy things that wear out or break easily; my desktop PC is 7 yrs old, still going fine; laptop is 6. iPhone 5s works just fine as well. I'm a big fan of durable, solidly built stuff that doesn't wear out, whether furniture, kitchen gear, tools, clothing, or shoes. (Google "buy it once, buy it for life" for a bunch of sites featuring well-made stuff).
My better half lost both of his recently retired (w/plenty of money in the bank) parents within a 5 year stretch. While they did get to travel a bit, they never made it to Spain, or Hawaii, or Costa Rica, etc. We vowed not to let that happen to us.
Experiences over things...that's pretty much my life philosophy. Most Americans live a lifestyle absolutely paralyzed by "stuff". All of the crap surrounding them doesn't make them any happier, but they keep trying to buy their way toward a meaningful existence.
Did build a new custom house, but it's the smallest sq footage in neighborhood. Do buy new cars, but only every 10-12 years (current is a diesel, so I'm hoping for 15+) Try not to buy things that wear out or break easily; my desktop PC is 7 yrs old, still going fine; laptop is 6. iPhone 5s works just fine as well. I'm a big fan of durable, solidly built stuff that doesn't wear out, whether furniture, kitchen gear, tools, clothing, or shoes. (Google "buy it once, buy it for life" for a bunch of sites featuring well-made stuff).
My better half lost both of his recently retired (w/plenty of money in the bank) parents within a 5 year stretch. While they did get to travel a bit, they never made it to Spain, or Hawaii, or Costa Rica, etc. We vowed not to let that happen to us.
Experiences over things...that's pretty much my life philosophy. Most Americans live a lifestyle absolutely paralyzed by "stuff". All of the crap surrounding them doesn't make them any happier, but they keep trying to buy their way toward a meaningful existence.
Posted on 3/1/16 at 9:16 am to Rust Cohle
Wife and I just started talking about it in recent months. We have some work to do to our current home first though. Problem is we want to stay in our current school district, and the majority of home choices are custom built McMansions or boring, cookie cutter spec houses, so finding a more modest home that fits our tastes is going to be difficult. We don't need fancy, but I have to have a gas range/oven, and the house has to be solidly built.
Posted on 3/1/16 at 9:40 am to The Spleen
quote:
the majority of home choices are custom built McMansions or boring, cookie cutter spec houses, so finding a more modest home that fits our tastes is going to be difficult. We don't need fancy, but I have to have a gas range/oven, and the house has to be solidly built.
That's exactly why we had to go the custom route. I looked at house after house, all designed for large families or featuring spaces we'd never use (ie, formal dining/living rooms, or ridiculously large master baths, or too many bedrooms, all upstairs). Finally figured out it would be more cost effective to start from scratch and get what we needed/wanted, plus great energy efficiency, without having to renovate and deal with god-knows-what. 2100 sq ft is way more than enough for our household of two, but it puts us at the minimum required for the development. Still, weeks pass when I don't enter the guest BR except to dust or open/close the curtains.
Posted on 3/1/16 at 9:52 am to Rust Cohle
I'm thinking of downsizing in a few years. The only reason I got a house this big is because I wanted a big kitchen. (and I do get a lot of use out of it)
I'll probably look into a custom designed house that's smaller with a large kitchen in the future.
In the meantime to make things easier on myself I started renting out one of the spare bedrooms to a PHD student in the area. He's a damn hermit and I forget he is even there.
I'll probably look into a custom designed house that's smaller with a large kitchen in the future.
In the meantime to make things easier on myself I started renting out one of the spare bedrooms to a PHD student in the area. He's a damn hermit and I forget he is even there.
Posted on 3/1/16 at 10:00 am to Powerman
quote:
In the meantime to make things easier on myself I started renting out one of the spare bedrooms to a PHD student in the area. He's a damn hermit and I forget he is even there.
If you knew me now, you'd say I was pretty outgoing. Not over the top, but on the extrovert side of the chart.
But when I was working on my Ph.D., I could have disappeared for three years and no one would have noticed.
Posted on 3/1/16 at 11:28 am to Rust Cohle
I'm doing this by not "upsizing."
We bought our 1500sqft house in 2009 when I made half of what I make now. Since then, we've also doubled our kids from 2 to 4. Most people in my shoes would get a larger house, even if it wasn't financially responsible. And I really wanted to...until I started to get smart about debt, etc.
Now, we are nearly done paying down most debt and are pretty set on just staying in the house and making it work. After all, before we know it, kids will be moving out.
If I can manage to live simply (yet still enjoy life) over the next 15 years, I might be in a position to just work part time by the time I'm 50.
This won't necessarily be because I've amassed a ton of money, but because I didn't rack up expenses.
We bought our 1500sqft house in 2009 when I made half of what I make now. Since then, we've also doubled our kids from 2 to 4. Most people in my shoes would get a larger house, even if it wasn't financially responsible. And I really wanted to...until I started to get smart about debt, etc.
Now, we are nearly done paying down most debt and are pretty set on just staying in the house and making it work. After all, before we know it, kids will be moving out.
If I can manage to live simply (yet still enjoy life) over the next 15 years, I might be in a position to just work part time by the time I'm 50.
This won't necessarily be because I've amassed a ton of money, but because I didn't rack up expenses.
Posted on 3/1/16 at 11:48 am to Rust Cohle
Yup.
Was living in a ~1,600sqft house with a Jaguar XKR, and now I live in a 225sqft studio with a used Prius.
Great decisions, seriously.
I'm currently still in the military, but when I get out next year I'll have 4 rental properties paid off and I'll probably just go to Southeast Asia, South America, or Eastern Europe. Or all 3.
Life is limited. I'd rather live it than just get more stuff.
Was living in a ~1,600sqft house with a Jaguar XKR, and now I live in a 225sqft studio with a used Prius.
Great decisions, seriously.
I'm currently still in the military, but when I get out next year I'll have 4 rental properties paid off and I'll probably just go to Southeast Asia, South America, or Eastern Europe. Or all 3.
Life is limited. I'd rather live it than just get more stuff.
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