Need help, whether talking me into it or out of it.

[bcbullet]

So here's the Cole's notes (Cliff notes?):
-46
-Divorced
-14 years with new woman
-Good job...hospital maintenance supervisor, better half; hospital housekeeping supervisor. Gross income well over 100k. no mortgage, no savings due to:
-5 kids (combined) of divorce, mine are 18 and 16, hers are now self sufficient.
-I have spent the last 14 years driving 3 hours to see my 2 kids. Built a truck to live in while in town every second weekend. Has worked out absolutely perfectly ( http://advrider.com/forums/showpost.php?p=23743845&postcount=3963 ). We have stealth camped with nary a problem in a city of 120000.
Now in the process of building a stealth campervan to spend some quality time with my girl in the cities etc. It is an ex cable TV extended van with 90K miles and factrory propane etc.
Now the dilemna...when I finish building this thing in a couple months, I really want to sell everything I own, we both quit our jobs and we both hit the road with our dog. Insane???
Help me out here...we are mortgage free, about 500K in equity, but if we sell everything, we have nothing but hope.
Do it? Don't do it?

 

[Oberneldon]

The answer to your question resides with you. You need to determine your costs and how long your equity, assumed invested will hold out. You can extend your goal by part time work. When calculating your costs remember there are always bumps in the road so pan for the rainy day fund. You may want to consult a financial specialist for help with costs and income.

 

[Seraphim]

Don't have enough information to advise you. We. Don't know your anticipated expenses or if you plan to have supplemental income at any point. General guideline is 4% of a 60/40 portfolio lasts pn the average 25 years - that includes annual cost of living increases in your withdrawal. So $20k WD should last about 25 years. So at 71 your portfolios gone. But that's just a general guideline which is dependent on the market. It might last 30 years or be gone in 15.

 

[Bdog1]

It's never the "right" time. Calculating it out so carefully.

At your stated income I would be tempted to save for a year. And, that's why I'm not full time!

 

[Seraphim]

All the calculations I ran at 2% indicate the portfolio should not run out and might even increase. Or, if you both expect SS income at 62, run down the portfolio and live on SS.

 

[rvwandering]

Welcome to the CRVL forums bcbullet! You did a great job on the truck! We like to see pictures of the van too.

To help you learn the ins and outs of these forums, this "Tips & Tricks" post lists some helpful information to get you started. We look forward to hearing more from you.

 

[Free Range Chicken]

Hello BCBullet how are you?

I read your situation and I didn't see like you have a deadline / roadblock when you must switch your lifestyle.

If that's the case, don't quit your job, and try to get some type of return out of your equity, and I'd recommend to take it in baby steps, finish the conversion, keep working then perhaps get your girlfriend and the dog into a weekend trip, then take a full week of vacations on it, and that should give you a better idea on whether it's insane or not. ALso keep track of your expenses / and that should give you a good idea on the type of income that you will need in that new lifestyle.

After those experiences. talk to your partner and discuss over the possibilities, and if you need adjustments / adaptations on the van, you can make them while still getting your nice juicy income!!

Bottom line do whatever you feel the most that you'd like, and better to try it than to regret not doing it!!

Best of luck!

 

[bcbullet]

Excellent advice all around, thanks!!!!!

 

[wagoneer]

that's way fukin more than i have. If you cannot make it on dat,doing something rong. Go fer it,
nothin to loose. Just my opin

 

[sephson]

Have you considered renting out your place while you're on the road? Hire a property manager to handle the rentals for a percentage of the rent. You'll have a bit of extra income coming in and you won't take a huge tax hit for selling your house.

 

[akrvbob]

I love quotes. I find ones that summarize what I want and need out of life. Then I use them to guide my life. These are some of my favorites, maybe they will help you:

Twenty years from now you will be more disappointed by the things that you didn't do than by the ones you did so. So throw off the bowlines. Sail away from the safe harbor. Catch the trade winds in your sails. Explore. Dream. Discover.
Attributed to Mark Twain

“I'd rather sing one wild song and burst my heart with it, than live a thousand years watching my digestion and being afraid of the wet.”
― Jack London

“I would rather be ashes than dust!
I would rather that my spark should burn out in a brilliant blaze than it should be stifled by dry-rot.
I would rather be a superb meteor, every atom of me in magnificent glow, than a sleepy and permanent planet.
The function of man is to live, not to exist.
I shall not waste my days trying to prolong them.
I shall use my time.”
― Jack London

This is among my favorite quotes. Elizabeth Kubler-Ross spent her life helping people die. I firmly believe that by knowing how to die well, we can know how to live well. This is a tremendous summary of a well lived life and a badly lived life:

“It is very important that you only do what you love to do. you may be poor, you may go hungry, you may lose your car, you may have to move into a shabby place to live, but you will totally live. And at the end of your days you will bless your life because you have done what you came here to do. Otherwise, you will live your life as a prostitute, you will do things only for a reason, to please other people, and you will never have lived. and you will not have a pleasant death.”
― Elisabeth Kübler-Ross

 

[offroad]

You have a 16 year old kid who needs support. Be careful of that obligation. Some states people are obligated for college education until 25 as weird as that sounds. But most likely not.

---

Akrvbob -best response ever

---

Seraphim - your accountant skills are showing. Lol. 5% on $500k is $25,000 per year. And you still have the $500k forever. So the OP should learn about investing and see about making at least that every year. My personal goal is to make 10% every year, which I think is possible if careful.

---

If you think about using SS minimum amount at the earliest age your girlfriend and you can get maybe $25,000 per year. But you still have to pay for medical expenses (insurance, co-pay, drugs) which are $5000 a year for many. It's a gambling game.

 

[Annie W]

Hey, THIS part is pretty good "It is very important that you do what you love...
you may be poor, but you will totally :heart:  live. And at the end of your days you will bless life because you have done what you came here to do.
Otherwise, you will do things only for a reason, to please other people, and you will never have lived."

Ask any Athlete, and they will tell you that HEALTHY PASSION is everything...  All kids, all athletes, & anybody else who from their passion gives... life everything they have INside, will confirm this.

 

[Riverman]

2014

 

[vtwinkicker]

I spent my last few years at work researching this lifestyle on the computer. Found the CRVL website long before his youtube channel. Read a book or two and all those quotes Bob reiterated. I took the plunge and retired early. BOY AM I SORRY!!! Sorry I didn't do it earlier!!

 

[Goshawk]

I spent my last few years at work researching this lifestyle on the computer. Found the CRVL website long before his youtube channel. Read a book or two and all those quotes Bob reiterated. I took the plunge and retired early. BOY AM I SORRY!!! Sorry I didn't do it earlier!!

Agree.


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