Living the Good Life on $24,000 a Year? Retire in Your 20’s or 30’s?

[rachel83az]

I would think that, for most people, you need AT LEAST $50k. But that doesn't take into account inflation. It's not that long ago that $24k was, indeed, considered a good income. If you could somehow manage to make $75-100k in perpetuity, you could probably live comfortably (though not extravagantly) for an indefinite period in all but the most expensive metropolitan areas. Like, 100k/year would probably barely get you a slum in NYC but you could probably live quite well in much of upper NY state (based on what I've been told by friends who live in rural NY).

[bluebooger]

- raccoons getting into your crawlspace
- tree rats in your attic space
- major mouse infestation $300, need for continued servicing going forward $30/mo
- bees build a gigantic hive in your tree, $300
- bees build a hive in your walls, $1700

that's how you save money on groceries

[dfrecore]

- raccoons getting into your crawlspace
- tree rats in your attic space
- major mouse infestation $300, need for continued servicing going forward $30/mo
- bees build a gigantic hive in your tree, $300
- bees build a hive in your walls, $1700

that's how you save money on groceries

 ROFL laughing over here!!!

[ss20ts]

I just spent over $1700 replacing the tires on my 3 year old SUV. And the insurance on it isn't anywhere near $20 a month. I've never had auto insurance payments anywhere near $20 a month. Not even in the 90's.

[dfrecore]

I just spent over $1700 replacing the tires on my 3 year old SUV. And the insurance on it isn't anywhere near $20 a month. I've never had auto insurance payments anywhere near $20 a month. Not even in the 90's.

My mom said she's never paid $20 a month for auto insurance, even when her car cost $3k. She said even in the 60's it wasn't that cheap.

[Kal Di]

I just spent over $1700 replacing the tires on my 3 year old SUV. And the insurance on it isn't anywhere near $20 a month. I've never had auto insurance payments anywhere near $20 a month.

In contrast, you can pay $30 a month for full coverage auto insurance in Mexico, which includes roadside assistance, 21 day car rental, and legal assistance. Depending on the brand, a full set of car tires will cost you $300-$500 or $600-$800 for truck tires.

The expat life isn't for everybody, but $24,000 a year is enough for a lifestyle upgrade in some countries.

[LevelUP]

Here's a list of things I personally have had happen, or have friends who have had happen in just a few years:
- I just bought filters for my home and it ran me $100. Those are supposed to be changed monthly.
- water heater goes out $1000
- leak in downstairs ceiling that turns out to be minor plumbing issue $500
- tree grew into the main line $25,000
- minor roof leak $600
- major roof leak $2500
- entirely new roof $12k
- A/C problem (3x in a single year) - $195 each time
- new A/C $9k
- appliance repair $300
- new/used appliance when something goes out $500-$3000
- raccoons getting into your crawlspace
- tree rats in your attic space
- major mouse infestation $300, need for continued servicing going forward $30/mo
- bees build a gigantic hive in your tree, $300
- bees build a hive in your walls, $1700
- your kid breaks a window playing baseball $600

I have had all those things happen to me except the raccoons.

You have to factor in inflation when planning an income to retire/semi-retire on.

In a 3rd world country, you could easily get by on $500 a month renting an apt/house. For $1000, you could live like a king/queen eating out every single night and probably still afford to hire a housekeeper or a live-in maid.

[ss20ts]

In contrast, you can pay $30 a month for full coverage auto insurance in Mexico, which includes roadside assistance, 21 day car rental, and legal assistance. Depending on the brand, a full set of car tires will cost you $300-$500 or $600-$800 for truck tires.

The expat life isn't for everybody, but $24,000 a year is enough for a lifestyle upgrade in some countries.

Yeah I'm not interested in living in Mexico. A $24,000 a year salary in the USA isn't going to be the same in Mexico or many other countries. If you're even allowed to work which is where the $24K comes from.

[Kal Di]

In contrast, you can pay $30 a month for full coverage auto insurance in Mexico, which includes roadside assistance, 21 day car rental, and legal assistance. Depending on the brand, a full set of car tires will cost you $300-$500 or $600-$800 for truck tires.

The expat life isn't for everybody, but $24,000 a year is enough for a lifestyle upgrade in some countries.

Yeah I'm not interested in living in Mexico. A $24,000 a year salary in the USA isn't going to be the same in Mexico or many other countries. If you're even allowed to work which is where the $24K comes from.

I understand and was only making a comparison.

Many people do not look for jobs in Mexico. Instead, they just work their U.S. remote job there. Many people live like the 1% there because they can do it for the same price that you are probably paying in lifestyle expenses.

As stated before, it's not for everybody, but it's a great way to upgrade your lifestyle with the same amount of money (or even less).

[natshar]

Yeah I've been following Mr. Money Mustache for awhile. I don't agree with all of his philosophies. I do think he is smart.

One thing he is big on is he rides bike everywhere and hardly uses his car. I personally love riding my bike and try to do it for things short distances it is so much more fun and traffic has gotten so bad it's often faster. Biking short distances can save a lot of money. Don't knock until you've tried it.

It is crazy I have been working alongside other people we were working the exact same job making the exact same amount of money as me in the same stage of life (not married, no kids, etc.) And we had nearly identical expenses yet they were broke and I had savings.

There are also some people in this world (maybe you know a few) that you could give them a million dollars today and in a year they'd have nothing. Some people are just bad with money and no matter how much money you give them they always think just a little more would solve their problems, but they have no idea the problem is not the money but how they manage it.

I don't aspire to be exactly like mr money mustache. I personally find my mental health gets terrible when I'm unemployed. I need structure and purpose and for me the easiest way to get that is through employment.