one MILLLION dollars...

[Minpin]

I save more than $150K per year.

I agree; very few people can save 50% or more of their income.  I recognize that I'm very privileged in that respect.

That's remarkable. You should have a very comfortable retirement and I wouldn't worry too much about spending a little more than you would like to. Course, I am just a wittle kid. 


You should get into boats, you could retire with a fantastic vessel to spend your weekends on. 

[dazzleman]

That's remarkable. You should have a very comfortable retirement and I wouldn't worry too much about spending a little more than you would like to. Course, I am just a wittle kid. 


You should get into boats, you could retire with a fantastic vessel to spend your weekends on. 

I've always said, it's far better to have a friend with a boat than to own one yourself.  Boats are just too much work for me.  I'm more the type who likes to go someplace, kick back and relax.  My needs are pretty simple, actually, which I why I have some trouble figuring out how I spend so much money.

[Lebowski]

I've always said, it's far better to have a friend with a boat than to own one yourself.  Boats are just too much work for me.  I'm more the type who likes to go someplace, kick back and relax.  My needs are pretty simple, actually, which I why I have some trouble figuring out how I spend so much money.

You live in the NE.  Have you ever thought about retiring someplace w/ a cheaper cost of living?  

[dazzleman]

You live in the NE.  Have you ever thought about retiring someplace w/ a cheaper cost of living?  

I've thought about it, but I'd rather not if I don't have to.  I really like my house and neighborhood, and the fact that I have a lot of friends and family nearby.  I'd be more inclined to trade down to a cheaper house if that were necessary than to leave the area entirely.

[Lebowski]

I've thought about it, but I'd rather not if I don't have to.  I really like my house and neighborhood, and the fact that I have a lot of friends and family nearby.  I'd be more inclined to trade down to a cheaper house if that were necessary than to leave the area entirely.

Leaving friends and family is hard.

[dazzleman]

Leaving friends and family is hard.

Definitely.

Plus, I have plenty of room to trade down and still be comfortable.  My house has some premium value because of the neighborhood and the fat that it's on a golf course.  I could get a house for around $200,000 cheaper in the same town without giving up much in the way of comfort just by changing location a little bit.

[Rupert]

I don't know how you even have enough money to buy your weed.  You live very cheaply.  I can't seem to get my expenses below $100,000 per year (after taxes) no matter how hard I try.

0_0

Monster mortgage? Expensive hobbies that we don't know about? Whores? Gambling? I mean, I know you like expensive restaurants and such, but damn, $100k per year is a fuck ton for one person without some big expenses.

Jeebus, wanna send some my way? I mean, $10k is plenty. You'll never miss it.

[Rupert]

d00d, that's rough.  Once I moved out, there was no turning back.  I love my parents, get along with them and love visiting them, but I'm always ready to leave when the visit's over.

Kudos to you, I couldn't do it.

I get along well enough. They haven't been the stifling types since I was 16 or so. I hate to use the cliche that everyone who lives with their folks says to make it sound like they're cooler than they are ( ), but it's a pretty room mate-like relationship. I pay about 1/3 of the mortgage for rent.

Really, though, it's mostly because I'm lazy, don't want real room mates, don't want an apartment, and can't afford a house. Maybe when I get a raise in a couple of months...

[Rupert]

I save more than $150K per year.

I agree; very few people can save 50% or more of their income.  I recognize that I'm very privileged in that respect.

Holy shit, man, and you complain about not being able to retire and hating your job?!

[dazzleman]

Holy shit, man, and you complain about not being able to retire and hating your job?!

You have to take what I say with a grain of salt.  Contrary to what all you people say, I'm not that old, and I don't really expect to be able to retire at my age.

My job has been very difficult the last 3 years or so.  I recognize that I am privileged financially, but it's always a battle to determine whether the money is worth the cost in other areas.  I work in an environment where many people have little to no life other than their job, and expect others to be in the same position.  I have to decide whether I can manage the demands of this job to tolerable levels and reap the financial benefit for as long as I can, or whether (and really, when) I should step down to a less demanding job that doesn't pay as well.  There are definite financial benefits to being able to sock away large amounts of money every year that I will reap in later years (if the job doesn't kill me first  ) as my house will be paid off and I will get significant investment income.  I have to weigh the freedom that that will bring at a relatively young age against the demands I'm dealing with now.

[dazzleman]

0_0

Monster mortgage? Expensive hobbies that we don't know about? Whores? Gambling? I mean, I know you like expensive restaurants and such, but damn, $100k per year is a fuck ton for one person without some big expenses.

Jeebus, wanna send some my way? I mean, $10k is plenty. You'll never miss it.

No to all of those.  That's the whole thing.  My expensive lifestyle is so embedded across so many different areas of expenditure that it's hard to figure out how to reduce expenses.


As an example, my mortgage interest last year was only about $9,000, so that's hardly a monster mortgage.  It's a lot of little things.  Here's a general list

Mortgage interest -- $9k
Property taxes -- $11k
Communication / TV -- $3K
Electricity -- $2k
Commutation -- $4k
Heat -- $5k
Food / Dining out -- $12k
House cleaning -- $7k
Yard (grass cutting, leaves, snow removal) -- $4k
Gifts -- $3k
General out-of-pocket -- $7k
Home maintenance -- $8k
Vacations -- $6k
Health care -- $4k
Insurance (auto, home, disability) -- $6k
Charitable donations -- $8k
Auto related --- $2k
Other -- $7k

Total -- $108k

Read it and weep.  I wish I could say I was spending the money on whores....

[sportyaccordy]

Damn Dazzle... I was gonna say, that's a lot of dough, but month to month none of this stuff is that much. Your property tax though.... damn

I am hoping to keep all my expenses below $18K this year. Rent, food, phone, everything. Lol.

[dazzleman]

Damn Dazzle... I was gonna say, that's a lot of dough, but month to month none of this stuff is that much. Your property tax though.... damn

I am hoping to keep all my expenses below $18K this year. Rent, food, phone, everything. Lol.

My property tax is pretty high, but if I lived in Westchester rather than Connecticut, it would be double for a similar quality of house.

As you can see, there's not that much I can cut without making drastic changes.  To really cut expenses, I'd have to go to a much smaller house.  That would slash property taxes, heating costs, maintenance and yard costs.  That could also lead to dropping the housekeeper.  All that could add up to nearly $20k per year.

I don't know how you can keep your expenses under $18k.  That's really low.

[Laconian]

If we can keep our current jobs, I'd use $350k as a down payment on a nice house, put the rest into retirement investments (that's the F-U money), and then use our current salaries to pay off our current expenses. The windfall would be used to pay off the house mortgage ahead of schedule.

No unnecessary automotive indulgences.

[dazzleman]

If we can keep our current jobs, I'd use $350k as a down payment on a nice house, put the rest into retirement investments (that's the F-U money), and then use our current salaries to pay off our current expenses. The windfall would be used to pay off the house mortgage ahead of schedule.

No unnecessary automotive indulgences.

"Fuck you" money is absolutely essential.  I'm busily working to build a mountain of "fuck you" money to give me the greatest peace of mind.  Don't let anything derail you from that.

[S204STi]

I don't know how you can keep your expenses under $18k.  That's really low.

That is very impressive.

[dazzleman]

That is very impressive.

I think he shares an apartment with his girlfriend, and it's in a bad neighborhood so it's probably not that expensive.  So I'm sure that helps.

Still, $18K is low for annual expenses.  I don't think I could ever pull that off.

[Minpin]

Dazzle, WTF do you do for fun? Only 6k for vacations? How much time do you get off every year?

No wonder you are burned out, I don't see any money alloted for fun time except for a wimpy 6k on vacations. Find something fun to do, man!

[dazzleman]

Dazzle, WTF do you do for fun? Only 6k for vacations? How much time do you get off every year?

No wonder you are burned out, I don't see any money alloted for fun time except for a wimpy 6k on vacations. Find something fun to do, man!

Some of my vacation costs are buried in other things, like food and entertainment, or other expenses (which include sports and leisure).  Vacation costs mostly consist of hotels and organized tours.

I have plenty of fun when I'm off work.  It doesn't have to cost a lot of money.  If I want to do something, I don't spare the expense.

[Laconian]

I think he shares an apartment with his girlfriend, and it's in a bad neighborhood so it's probably not that expensive.  So I'm sure that helps.

Still, $18K is low for annual expenses.  I don't think I could ever pull that off.

And in NYC?!

[Minpin]

Some of my vacation costs are buried in other things, like food and entertainment.

I have plenty of fun when I'm off work.  It doesn't have to cost a lot of money.  If I want to do something, I don't spare the expense.

That's good to hear. There has to be a balance between having fun while working and spending some of your money, and saving enough so you can retire earlier. No way in hell would I make myself miserable by living extremely cheap if I didn't have to just to retire early. I would hate to miss out on all the fun life middle age as to offer.

[dazzleman]

And in NYC?!

There are two NYCs.  Sporty lives in the cheaper one.  There's the high-flying Manhattan lifestyle, and then there are the poorer neighborhoods in the outer boroughs.  Sporty lives in a dicey neighborhood in Brooklyn, and it's probably not that expensive to live there.

[Vinsanity]

And in NYC?!

he's been talking about moving to Texas, so it might be doable there. In NYC, no way

[dazzleman]

That's good to hear. There has to be a balance between having fun while working and spending some of your money, and saving enough so you can retire earlier. No way in hell would I make myself miserable by living extremely cheap if I didn't have to just to retire early. I would hate to miss out on all the fun life middle age as to offer.

I don't live cheaply, by any means.  The problem for me is not that I don't have enough fun when I'm not working, but that I work too much, and am miserable most of the time I'm doing it.  That has to change in 2010 or I have to make a major change.  There's no question about it.

[sportyaccordy]

I dont have many bills.

Rent- 650
Utilities- 50
Phone- 85
Internet- 20
Food- 200
Gym- 43

So a little over 1000 a month actually now, since my car insurance is paid off and im selling it. Only other hurdle is CC (i have about 1600 left. Will prob pay it off over next 2 months)

I actually might stay in the city now if i can. If i move i will have to buy + insure + maintain a car. So things dont look too bad.

[Minpin]

I don't live cheaply, by any means.  The problem for me is not that I don't have enough fun when I'm not working, but that I work too much, and am miserable most of the time I'm doing it.  That has to change in 2010 or I have to make a major change.  There's no question about it.

What are you hours normally? Wake up at 5 and don't get home till 8ish or so?

I have said it before, you should try and find a smaller firm where everyone is more relaxed about the "rules".

[Minpin]

I dont have many bills.

Rent- 650
Utilities- 50
Phone- 85
Internet- 20
Food- 200
Gym- 43

So a little over 1000 a month actually now, since my car insurance is paid off and im selling it. Only other hurdle is CC (i have about 1600 left. Will prob pay it off over next 2 months)

I actually might stay in the city now if i can. If i move i will have to buy + insure + maintain a car. So things dont look too bad.

I don't see an "Other" category. Everyone has to have an "Other" category...

[dazzleman]

I dont have many bills.

Rent- 650
Utilities- 50
Phone- 85
Internet- 20
Food- 200
Gym- 43

So a little over 1000 a month actually now, since my car insurance is paid off and im selling it. Only other hurdle is CC (i have about 1600 left. Will prob pay it off over next 2 months)

I actually might stay in the city now if i can. If i move i will have to buy + insure + maintain a car. So things dont look too bad.

How do you get by on $200 per month for food?  Do you cook everything yourself?  If you're buying lunch in Manhattan, it has to be more than that.

And what about 'entertainment?'  You must go out boozing sometimes, at least.  Where does that show up in your budget?

[dazzleman]

What are you hours normally? Wake up at 5 and don't get home till 8ish or so?

I have said it before, you should try and find a smaller firm where everyone is more relaxed about the "rules".

I wake up at 6 am.  I get home at 8 pm if I'm lucky.

This week was a killer.  I worked one night until midnight.  It's a terrible time of year (though for the past year, every time of year was terrible).

As I said, 2010 has to be the year things improve, or else I have to make a major change, regardless of the financial consequences.  I still have stock to vest in through 2012, so I'd be leaving money on the table if I left.  The people I work with are aware of my frustrations, and keep promising that things will get better.  We'll see if that happens this year.

[Minpin]

I wake up at 6 am.  I get home at 8 pm if I'm lucky.

This week was a killer.  I worked one night until midnight.  It's a terrible time of year (though for the past year, every time of year was terrible).

As I said, 2010 has to be the year things improve, or else I have to make a major change, regardless of the financial consequences.  I still have stock to vest in through 2012, so I'd be leaving money on the table if I left.  The people I work with are aware of my frustrations, and keep promising that things will get better.  We'll see if that happens this year.

Yikes, those are some rough hours. My dad has never in all his working days had to stay that late. I guess it's the nature of your work though. Hopefully things will improve, or you can find something else to strive towards.