How are you living with consequences of not planning for future?

Butterfly said:
$300 per month can mean a whole hell of a lot if you don't have it! And define "toilet of a town," please. You may need to seriously lower your expectations now if you expect to be able to live decently in retirement.
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This particular "toilet of a town" is one of those places that supports an abundance of churches to redirect the frustrations of the human wreckage created by a lack of institutions of higher learning. The rest of the population appears to find solace in meth. Needless to say, my expectations can't get much lower...

Got some actual numbers from finance guy and looks closer to $500/month savings, just on housing. And that's not touching the 50 - 100K we'd clear from current house. Still not what I was hoping for, but hopefully some cheaper options will hit the market.

Glad we started when we did - I had figured we'd put $1500 down and have a place for 200 bucks a month. Live and learn...
 

Mr X said:
This particular "toilet of a town" is one of those places that supports an abundance of churches to redirect the frustrations of the human wreckage created by a lack of institutions of higher learning. The rest of the population appears to find solace in meth. Needless to say, my expectations can't get much lower...

Got some actual numbers from finance guy and looks closer to $500/month savings, just on housing. And that's not touching the 50 - 100K we'd clear from current house. Still not what I was hoping for, but hopefully some cheaper options will hit the market.

Glad we started when we did - I had figured we'd put $1500 down and have a place for 200 bucks a month. Live and learn...
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Back in the day when I was young, most of the druggies were spoiled rich college students.
Good luck with your retirement finances [you'll need it.]
 
KingsX said:
Back in the day when I was young, most of the druggies were spoiled rich college students.
]
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Today they are the children of working people who voted against their own best interests. Poetic justice, don't you think?
 

But, in order to really save, a person has to have a descent paying job and stay on that job for years upon years. Many people don't want to, or can't, stay on the same job for years upon years. There are such things as being laid-off, terminated or company closing. Three companies where I quit my job, the company folded the following year.
A person has to find the right company to work for and that can be darn difficult to do.
 
ClassicRockr said:
But, in order to really save, a person has to have a descent paying job and stay on that job for years upon years. Many people don't want to, or can't, stay on the same job for years upon years. There are such things as being laid-off, terminated or company closing. Three companies where I quit my job, the company folded the following year.
A person has to find the right company to work for and that can be darn difficult to do.
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You are exactly right, yet it sounds like most of the people here found a way.

I have no excuse, since I always made good money, but I'll give one, anyway: My Mother is a nut job. She instilled this idea that you can never "get ahead." She figured that as soon as you saved $2000, the car would need a new engine. If you saved more, then you'd get in an accident, get sick, or the roof would need replacing. She eventually made it "self-fulfilling" by always needing money whenever my wife and I would save something. Like anything else, it just became a habit - spend every penny to avoid disaster.
 
Mr X said:
You are exactly right, yet it sounds like most of the people here found a way.

I have no excuse, since I always made good money, but I'll give one, anyway: My Mother is a nut job. She instilled this idea that you can never "get ahead." She figured that as soon as you saved $2000, the car would need a new engine. If you saved more, then you'd get in an accident, get sick, or the roof would need replacing. She eventually made it "self-fulfilling" by always needing money whenever my wife and I would save something. Like anything else, it just became a habit - spend every penny to avoid disaster.
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Don't throw poor old mom under the bus, LOL!!!

Negative self talk can definitely take its toll but we are the only ones that can combat the voices and turn it around.

I worked for a man years ago that always said "You will always have a car payment.". When he made the last payment he would go out and finance another new car. As far as I know he is still making car payments.

With a little effort you can replace the negative self talk with positive affirmations.

Here is one that helped me.

WarrenbuffetQuote1-300x200.jpg


Good luck!
 
Aunt Bea said:
I worked for a man years ago that always said "You will always have a car payment.". When he made the last payment he would go out and finance another new car. As far as I know he is still making car payments.
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I bought my first new car, paid it off in four years and drove it for 12 years [that's 8 years without a car payment.]
I traded that car in for another new car that I paid off in three years and drove for 11 years [another 8 years without
a car payment.] I traded that car in for another new car that I paid off in three years and am still driving [11 years
without a car payment so far and still counting.]

.
 
This “no more car payment” thing is great, just like “no more mortgage payment”, UNTIL......car repair costs are more than the monthly payments and/or house repairs are more than monthly mortgage payments.

I’m not the “negative” type person, even though some think I am......just a “realistic” thinking person.
 
The trick to retirement is having your life and your money run out at the same time.

If I can make it to next Thursday, I'll be fine. :)

I live in Canada, so if you have been working all your life you get the Canada Pension at retirement plus any money you have put aside privately.

You also get the Old Age Pension and a supplement if your income qualifies.

So then we also have senior homes where the rent is subsidized. No one has to starve or be homeless if you have worked for a living especially if both partners have worked.

I lucked out because I live in an apartment where the utilities are covered like heat and electricity.

The only thing I have to worry about is television and internet and telephone.


Suggestion. Immigrate to Canada. The exchange rate is about 77 cents on the dollar in favour of American funds.

Seriously though, retirement where your funds go farther is an option. A place like Panama or Mexico or one of the American possessions.
 
Camper6 said:
The trick to retirement is having your life and your money run out at the same time.

If I can make it to next Thursday, I'll be fine. :)

I live in Canada, so if you have been working all your life you get the Canada Pension at retirement plus any money you have put aside privately.

You also get the Old Age Pension and a supplement if your income qualifies.

So then we also have senior homes where the rent is subsidized. No one has to starve or be homeless if you have worked for a living especially if both partners have worked.

I lucked out because I live in an apartment where the utilities are covered like heat and electricity.

The only thing I have to worry about is television and internet and telephone.


Suggestion. Immigrate to Canada. The exchange rate is about 77 cents on the dollar in favour of American funds.

Seriously though, retirement where your funds go farther is an option. A place like Panama or Mexico or one of the American possessions.
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When we go to Windsor to visit the in-laws the last couple years, as soon as we exit the currency exchange my wife says something to the effect of "Momma gets to go shopping" or "I'll take that extra couple hundred dollars please". :D
 
ClassicRockr said:
This “no more car payment” thing is great, just like “no more mortgage payment”, UNTIL......car repair costs are more than the monthly payments and/or house repairs are more than monthly mortgage payments.

I’m not the “negative” type person, even though some think I am......just a “realistic” thinking person.
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Depends on the car. Do your homework and buy a more dependable car.

As for the house, if you are in a less expensive area and start out with a less expensive
but well-built house that many call a "starter home" and pay it off as soon as possible...
generally, mortgage/home repairs will not be more expensive than rent in the long run.
Meanwhile you are building equity which means you will recoup money when you sell.


.
 
Problem with having a house......yearly property taxes that a Renter doesn't have. When a person rents, the Management Company of the complex will take care of most-to-all repairs. We have a new water heater, new outside A/C Unit and a new thermostat.

A "more dependable car" would also mean a more expensive one with higher monthly payments.
 
ClassicRockr said:
Problem with having a house......yearly property taxes that a Renter doesn't have. When a person rents, the Management Company of the complex will take care of most-to-all repairs. We have a new water heater, new outside A/C Unit and a new thermostat.

A "more dependable car" would also mean a more expensive one with higher monthly payments.
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The landlord includes the cost of property taxes, repairs, etc in the rent he charges and he still makes a profit.

My Honda Civic I bought new in 2004 was not an expensive car. It's been a very dependable car and I am still driving it 14 years later and payment free for the past 11 years.
 
ClassicRockr said:
Problem with having a house......yearly property taxes that a Renter doesn't have. When a person rents, the Management Company of the complex will take care of most-to-all repairs. We have a new water heater, new outside A/C Unit and a new thermostat.

A "more dependable car" would also mean a more expensive one with higher monthly payments.
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When you rent the owner/management company is doing the budgeting/saving and using your rent money to pay the repairs, taxes, etc...

The same with the idea of no car payments, doesn't mean no more saving. You still need to put the money away to make repairs or to purchase a new vehicle.

I like to rent because it gives me a predictable payment every month and I don't have to worry about the day to day hassles of yard work, trash pickup, snow plowing, etc...

My landlord likes it because my neighbors and I are buying him a multi million dollar property that he can cash in for his retirement, LOL.

Sort of reminds me of Boulevard - Jackson Browne: "Nobody rides for free, Nobody gets it like they want it to be..."
 
KingsX said:
The landlord includes the cost of property taxes, repairs, etc in the rent he charges and he still makes a profit.

My Honda Civic I bought new in 2004 was not an expensive car. It's been a very dependable car and I am still driving it 14 years later and payment free for the past 11 years.
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If a person rents from a private party (Landlord), that is different than renting an apartment from a Management Company. We like to buy another house, but won't be able to, not even with my GI Bill. Have never used it to buy property, because I could never afford the down and monthly mortgage. Can't use my GI Bill, because I have to be on a job for at least 5 years to qualify with a bank. I retired, thru SS Early Retirement, 7 years ago.

As far as the vehicle goes, we have to have one that will pull a 20' power boat, as does our 2005 Durango SLT V-8, and I'm able to sit in comfortably. I'm a little over 6'1" and have the seat in the Durango pushed all the way back when I drive it. In an accident, a small vehicle, like a Honda Civic, can be deadly.
 
ClassicRockr said:
If a person rents from a private party (Landlord), that is different than renting an apartment from a Management Company. We like to buy another house, but won't be able to, not even with my GI Bill. Have never used it to buy property, because I could never afford the down and monthly mortgage. Can't use my GI Bill, because I have to be on a job for at least 5 years to qualify with a bank. I retired, thru SS Early Retirement, 7 years ago.

As far as the vehicle goes, we have to have one that will pull a 20' power boat, as does our 2005 Durango SLT V-8, and I'm able to sit in comfortably. I'm a little over 6'1" and have the seat in the Durango pushed all the way back when I drive it. In an accident, a small vehicle, like a Honda Civic, can be deadly.
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CR,

Check with the VA again on using your SS and or SSDI as a source of income. I believe that now you can use SSDI as long as it has been received for two years and is expected to continue as a result of a permanent disability or permanent SS retirement income.

Good luck!
 
Camper6 said:
I live in Canada, so if you have been working all your life you get the Canada Pension at retirement plus any money you have put aside privately.

You also get the Old Age Pension and a supplement if your income qualifies.

So then we also have senior homes where the rent is subsidized. No one has to starve or be homeless if you have worked for a living especially if both partners have worked.
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I have a co-worker in Canada who is a similar age - we talk about this stuff all the time. My favorite is that she'll get one month salary for every year worked, if she gets laid off - kind of makes it easy to not be stressed.

Anyway, my wife and I took another trip upstate to look at houses in a cheaper locale. The hard part is still keeping sight of the original goal of getting something really, really cheap. It gets difficult when seeing stuff that's bigger than what we have now, for less than half the price and thinking "what if..."
 
Pay off debt!! First and foremost pay off that high interest CC debt, that's a killer. Take a home equity loan if you have to, but work on getting rid of that first. then work on any extra debt. Then we can talk.
 
I can't say my problems are not from planning for the future because I became disabled. No one plans for that at an earlier age! I now try to be thrifty, go to Aldi's for food, the thrift store for clothes, by the cheapest wine, only get the necessary repairs on my car. I save some but it is for my dog and birds vet bills. Nothing left for luxury.
 
We All have made financial mistakes, so we shouldn't throw stones. If anyone says they didn't? Their embarrassed to say so. I had to retire early due to debilitating anxiety. And I wasn't prepared for that. Things happen unexpectedly. I'm scared for my future? I heard someone say 'at least have your car paid for, at least you'll have some where to sleep'. That's so True, I read about homeless seniors. The waiting list for senior housing is 5-10 years. My savings is going fast.
 
Patnono said:
We All have made financial mistakes, so we shouldn't throw stones. If anyone says they didn't? Their embarrassed to say so. I had to retire early due to debilitating anxiety. And I wasn't prepared for that. Things happen unexpectedly. I'm scared for my future? I heard someone say 'at least have your car paid for, at least you'll have some where to sleep'. That's so True, I read about homeless seniors. The waiting list for senior housing is 5-10 years. My savings is going fast.
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True, about making financial mistakes, but when those mistakes continue to be made, something is wrong somewhere.
 
If you've chosen to live in financial poverty in your old age, fine. But for the love of God, don't just "let nature take its course." Poverty of health is far, far worse than living on welfare, believe me. Once your health is gone, you'll realize that it was your real treasure.

And by the way, I'm stating that as a Canadian who has free (yes, free) healthcare.
 
Health Care in Canada

Patnono said:
I agree, Lucky you for having Free health care. If I get hospitalized I have to pay $9,000 out of pocket. Having bad health can be a Domino affect.
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Oh my god -- that's outrageous. The only thing I've ever had to pay for at the hospital is parking. Now Canadians are negotiating free dental, pharmaceutical, and vision care. Of course, we pay for everything we have with our taxes, so it's not actually free. That said, if I had to come up with 9 grand just for a bed in a hospital.... well, that would be an end to my vacations in Mexico!
 

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