on the road in Oct

[lminor11]

Hi there, 66yo who went on an 18 month motorhome trip around the continent in 2006 and fell in love with the idea. Back to work since 2008 and now ready for my second retirement. I have spent the last 2 years planing, waiting for SS/Medi, and remodeling my 29 foot Tioga class C. Almost done and looking forward to hitting the road again. 

Bob talks alot about an emergency fund. I am presently building mine up and was looking around for any ideas on an amount. I know everyone is different but was thiinking I would see if any class C folks have any suggestions. I will leave here without any debt and a small 401k. I plan on living on my SS of $2500 and am up to an emergency fund of $6000 so far. Do you think that would be enough? (leaves me with some extra remodeling cash) or should I reach little higher...? I am planing on saving at least $100 a month into the emergency fund. 

I am a big golfer and kayaker so I am planning on seeing if I can start up a golf caravan for the winter. I will leave Seattle and wander my way down to Yuma (need some dental work done) playing some golf and kayaking. I guess I might be a little excited....

Larry

 

[WanderingRose]

I think that $6,000 is not bad, but $10,000 would be better.

Major repairs add up quickly.

$2500/mo will let you travel pretty comfortably, and allow you to stash some in savings whether you think you will need it or not,

 

[TravelingZombies]

Sounds like you're off to a great start plus having previously traveled long term will benefit you.

 

[bullfrog]

A motor for your class C, transmission and rear end a month stay in an AirBnb will your emergency fund and credit be enough that you can afford to survive and pay off the debt in a manor that will allow to continue life happily? You can probably do it but replacement for you motorhome is probably way out of your reach with today's prices. You have plenty to survive on but not enough to continue the lifestyle of traveling in a class C at golf clubs and lake side RV parks unless you are a real low cost person. Would I do it in your situation? Yes I would, but I would need to to put at least a $1,000 a month in savings by cutting my expenses or picking up a seasonal job probably till I was 70 years old in order to have enough to buy a home base or live happily till hopefully I died with no debt and little left in the bank cause as health goes away travel becomes more difficult and medical costs will most likely take everything you have and require Medicaid for most which means less than $2,200 in the bank each month after medical expenses in order to get required care possibly paid for by Medicaid. You could continue to work where you are if you can save $1,000 a month from what you make but living survival style in a class C sounds a lot more fun to me. It is a personal choice. Let us know how what ever you do works for you.

 

[vgilbert]

Hello,
I m in a converted bus with Ford E450 engine (year is 2000) Have been on the road 11 months now and the miles are adding up (at 134,500 now)
Major cost to date
New transmission...... $3,400
Tune up, plugs and coils $700.00
2 tires at $225 each
Will need front brake pads/rotors soon, cost ??
Maintaining any large vehicle can be expensive. 
Not to mention if you have to replace your vehicle for whatever reason. I plan on keeping my bus for another 3 years before upgrading to a newer model so I budget monthly for that.
In my view if you have enough saved to replace the entire vehicle you are always good

 

[lminor11]

Well, Bullfrog. You paint a very bleak picture. I don't think any of what you just wrote is true. I can survive and play golf with what I have easily because I have done it before and I have a budget that will allow it. By the way, my motorhome has 45k miles so your bleak picture of my inmement breakdown is somewhat overstated. I am not planning on staying in motorhome parks this time around. I have spent the last 2 years adding solar and batteries to The Tank so I can boondock. I don't need a home base. I am actually saving $2000 a month right now. Yes, you are correct. I could stay another year and save lots more money. How many people do you know who on their deathbed wished they had done that? I won't be living survival style in my motorhome and if I need a little cash I have great IT skills that I can call on to take an occasasional fill in job. No, my choices are not the two your post outlined. I hope other people don't read what you said and think those are their choices. You can get away and not be a survival mode person. Maybe you need to spend some time reading a little more of Bob's post and the folks who write in. (BTW, i have over 750 credit and 2 - $6000 credit cards with no balance)

 

[Lou from Canada]

I retired, but with savings already established. I live pretty comfortably on $2000 a month and I eat out a lot, with nice wine!

I boondock. I have 1 kilowatt of solar by Jim in Denver so I haven’t seen an electric bill in 3 years. I have a toaster, a Keurig coffee maker, a microwave…all the comforts of home. I even have an air conditioner that runs off Jim’s solar. I have a generator which I only use once a year. Water is 25 cents a gallon which I dump into my fresh water tank. I have a thing about pure water.

How much for an emergency fund? Who knows? How much do you spend? And what’s your prognosis for trouble in the future with your class C? Take that amount and triple it! But that’s just me. I’m paranoid!

As for me, I’ve been on the road and I haven’t needed an emergency fund for living on the road. Car breakdowns, new tires, (I’ve put 90,000 miles on my pickup in three years) not a problem. But brother, you should see my dental bill! ? And that’s the thing. Everyone should have an emergency fund, not just nomads.

So your question is wrong. There is no maximum amount that you need. So save. As much as you can, and don’t ever stop. And think about a low cost S&P Index Fund (Charles Schwann, Vangard, the idea is that you only pay $49 a trade no matter how much, and it’s an index fund. No management fees.) And you can liquidate the whole thing in 24 hrs-it’s a fund- …..for $49!

Remember what Warren Buffett said. “Buy stocks when they are low and wait for them to go up. Then sell. If the stock doesn’t go up, don’t buy it!” ?

 

[scottw115]

lminor, it sounds like you are in tremendous shape, finance-wise.

My 2 cents, which is likely worth even less than that, is that you asked a question, and these guys felt dutiful to give you a worst case scenario.  With any kind of luck none of this will happen, as you have put in the time to prep.

Somebody like me, the gloom and doom would be more relevant.  My emergency fund would be my meager 401k, which will be no more than 50k when I'm done in 4 years or less.  I am hoping for 2500/mo income between SS and a small pension.

My plan is to convert a cargo trailer, and outfit it with enough battery storage and solar panels to meet my needs.  I would like to tow with a Suburban/Envoy, or maybe the Ford equivalent.  The only trouble with that is rigs in my budget of 5-8k already have 200k miles on the clock.

I want to put my money into the trailer conversion, and replace the tow vehicle instead of rebuilding.  In my younger days I liked projects such as engine/trans swap, but it would be tough to do without a home base.  And old age!

 

[RvDreams]

Welcome lminor11 to the CRVL forums! To help you learn the ins and outs of these forums, this "Tips, Tricks and Rules" post lists some helpful information to get you started.

Most of our rules boil down to two simple over-riding principles: 1) What you post should provide good information (like your introductory post), and 2) Any response to someone else's post should make them feel glad they are part of this forum community.

We look forward to hearing more from you.

 

[bullfrog]

I didn't say don't do it, in fact I said I would. Your original post didn't say you had a low mileage motor home or credit available which I inquired about. In my experience their isn't much free camping near golf courses or popular bodies of water. I did pretty much what did you will do at 53 years of age with a much older restored 28' motorhome, less emergency fund and a smaller pension and because of that started out having to work sometimes more than I wanted till I reached social security and Medicare age but I have enjoyed the journey and I am about 4 years older than you just retiring once again after also fulltime RVing for almost 20 years now. I have helped and advised a few that have experienced difficulty, physical and mechanical on the road to recover because they had no plan B,C or D and since you didn't mention one and the last time you were on the road you sounded like you didn't want to leave but had to. That becomes a reality as you age and something to be considered. I have followed Bob Wells guidelines long before Bob Wells. George and Tioga started about the same time as I did and RV Sue I watched and followed from before she hit the road till she found a home base several years ago now. Yes people like Rusty on YouTube now at 75 years of age are doing just fine but they are few over 80 still on the road and many much younger that fail because of health and finances. One reason I have an Excapees membership is because of their Care Center for people that love living in their RV for as long as they can. I figured someone should rain on your parade as you didn't mention a plan B or C or D which Bob Wells and many others recommend. Many people do this because they have to and work up to living a great life, much better than if they hadn't. Many do this because they want to and really enjoy it for as long as they can but when things go bad they are not happy if they don't have a survival plan and fail to be able to continue to enjoy their lives the way they started. Just figured you needed to consider that. Two years ago I injured a shoulder and a knee, my kayak hasn't been wet this year and I my son hasn't been able to convince me to ride in a cart with him but I'm pretty happy as I find new activities which I planned for. Have you? Just saying! Best wishes!

 

[lminor11]

bullfrog, I am sorry if it sounded like I jumped down your throat. I really have learned to hate forums because most of the time you ask a simple question ... and then instead of an answer that is helpful, I get what you admitted was raining on my parade. Not was I was looking for. I am glad you have lots of experience. I hope if I have a question that your experience is helpful for you will respond. Otherwise I hope folks will just answer the question and keep their "help me with plan B ,C, and D to thenselves unless I specifically ask for it. Thanks and good luck in life.

 

[bullfrog]

No problem, Bob Wells years ago suggested if anyone hit the road they should have at least a $5,000 emergency fund ( I imagine that he has much more than that now! Lol!!!) and suggested also you should save as much as possible without a plan B,C or D as you would "need" much more in order to survive. Just restating his advice with my examples. Welcome by the way. If it cools down there is a golf course in Page Arizona although after this drought I don't know what kind of shape it is in and some kayaking to Antelope Point on Lake Powell (although the kayaking and camping is much better up north) There was free camping on BLM land just across the road from the main gate at Wauweap the entrance to Glen Canyon National Rec. Area but I understand they were in the process of putting in fire rings and numbering sites so that may change. Be sure to get your $80 Lifetime Seniors Park Pass if needed.

 

[tx2sturgis]

To answer what I think is your question: Yes, $6000 in emergency funds (cash) and $12,000 in available credit cards (as a safety net) seems adequate to me, especially since you will be adding to that 'fundage' every month from a decent income of around $2000. If worse came to worse, you have some emergency backup funds in the 401k. I think your plans are solid. 

Just FYI...yep...this is a forum so anything you type and post here is 'fair game' for us to comment on. That's the way it works. We are trying to be helpful...don't shoot the messengers, ok?

Many of us have seen time and again here on the forum where someone ventures out with a 'questionable' choice of older vehicle and $527 in savings and things go horribly wrong and next thing we see is that they are on the side of the road in West Rooster-Poop Arkansas with a blown motor and no money to fix it. And the family is broke and the commode is leaking and the dog is sick and the bicycle has a bent frame and the roller skate tires are all bald....and sometimes it's even worse...the RV burns up and there is no insurance...blah blah blah....you get the idea.

But....actually, it sounds like you are in remarkably (and comparatively) good shape for the future...so enjoy the journey!

 

[lminor11]

Well, as I said in my original post... I have done this before and have been planning leaving and remodeling my motorhome for the past 2 years...... Don't worry, I have been in other forums and will do a lot more reading and a lot less questioning....it's more my problem than the forums.

 

[RoamerRV428]

 Do you think that would be enough? (leaves me with some extra remodeling cash) or should I reach little higher...? I am planing on saving at least $100 a month into the emergency fund. 

I am a big golfer and kayaker so I am planning on seeing if I can start up a golf caravan for the winter. I will leave Seattle and wander my way down to Yuma (need some dental work done) playing some golf and kayaking. I guess I might be a little excited....

Larry

Larry well hot darn ya sound like you got a great future on the road from what I am reading    You done this, been there, have some bucks and you got your agenda of golf and kayak planned out......to me you are gonna be living the dream as you see fit!  Loved your post.

On money it is subjective in that I am a saver, one of those who loves that ol' emergency fund that I don't have to steal outta my 401K or steal from other funds etc......so I love love love that little ol' savings acct that I never touch but builds and builds for that spending that slaps us in the azz hard when they hit    We all get them of course and we moan thru them but when that happens I say, ok this is the money I can 'waste on life' to get me thru cause to me those expenses are a waste cause all crap breaks down and we gotta pay for it to be fixed LOL

So for me I think give a tad more ya know when you can....like your 100 a month on the road, when ya feel it or can bump up a tad and always keep adding....but that is my personality, I love alot of buffer money in my life....but feel how ya need to flow.  6K is fab....more is better of course HA

From what I read on ya you are gonna do fine and just have a great adventure.....you are like me kinda in that when I hit the road I should have enough, but I got back up to help fund so in the end, our road adventures are kinda the same maybe but I also boondock alot cause I love it, I don't spend alot of money cause that ain't me on fluffy stuff....I do like you...would pay to play golf and enjoy it but go back to my free camp space and not pay for that.

hey do you have another vehicle....class C is great but you have to take it everywhere, you gonna tow a small tow vehicle or anything else to give you that extra freedom to roam easier, cause with a C ya always gotta break camp to go anywhere and while most don't care and do it, a small vehicle would make life a tad easier on ya....just curious on that one.

You obviously got this!

 

[becida]

Bob talks alot about an emergency fund. I am presently building mine up and was looking around for any ideas on an amount. I will leave here without any debt and a small 401k. I plan on living on my SS of $2500 and am up to an emergency fund of $6000 so far. Do you think that would be enough? 
Larry

Bob is right, machines break, bad luck happens and from time to time you may need the emergency money.

In my world you're golden! You could do an engine or a transmission with what you have, tires & brakes are normal wear items... 

When I look at this adventure my question is if I came back from town (or even out of the store) and my rig is gone can I continue?  Maybe that's a reach in the problem world but a fire would do it, a thief could do it, the cops could do it. 

My plan was (if needed) to get a van or pickup and start again if it all went to poop.... as long as I was enjoying myself. I get more cash from SS on the next 4th Wednesday of the month.

FWIW there are plenty of workcamping jobs out there to replenish the reserve if it comes to that. The one beet harvest I worked worked we had a 70 something yo lady on the crew who needed new tires, so she was working again. I enjoyed my workcamping time at Adventureland (2 seasons)!  But this is not about workcamping is it?