I found this sub recently and I've always been a part of this kind of mindset, from my teenager years to now (I'm 28). Living simple, minimalism, don't take on more than you need or can handle, and don't live to work, work to live.
I'd like to share my retirement plan as I think a lot of people here might want to adopt it too, or discuss their own similar plans.
I will have a tiny home / cabin in the woods for low utility costs, low property taxes, low maintenance costs, low insurance costs. I'm vegan, I can easily live on $150 / m on food with a small garden. Overall, my costs will be roughly $4,800 / year.
- Insurance: $600 (It might be a bit more or less depending on how my home is valued)
- Food: $1,800
- Property Tax: $800 (also depends on home valuation, could be less).
- Dog food: $400
- Utilities: $1,200 (Starlink satellite internet: $40 / m, Electricity $40 / m with solar panel supplementation & wood or propane heating).
No car gas price as I will simply use amazon to order food and whatever else I need, bike around, and if I need to go somewhere further, use whatever automated car service is available which will likely be dirt cheap (10 times cheaper than taxi services now imo if not more).
I'm in Canada, so no medical insurance. Again no car, so no insurance on that.
I'll need around $150,000 invested at 3% (extremely safe rate) to live off of the interest ad infinitum. And I'll make my tiny home comfortable, so $40,000 for decent materials and a great bathroom. And $10,000 for a small plot of land in the woods. In total, I need $200,000 to retire without touching the principal. Less if I invest it a little more aggressively. I'm 28 and have $17,000 saved up (no debts).
Current projections put me at retiring by 42. I can of course choose to keep working so I can have more wiggle room in my finances, and in fact continue to slowly save money in my retirement if I so wish. Time will tell, but this simple living plan illuminates the future in such a bright way, I just had to share.
Submitted September 19, 2018 at 11:11PM by Itisforsexy https://ift.tt/2pqfal7
