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How many Americans with $1 million feel wealthy? Fewer than you may think

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11 hours ago, oldblue said:

Why would I need 8 tanks of gas a month if I don't have to drive to work? Considering my employer(me) only pays for gas when I'm on the job.

 

I have a 2 bed house in a decent(people like you would call it a bad neighborhood but I've lived here 6 years and its just fine) neighborhood, I don't need money to entertain myself. An 08 isn't a clunker, it is funny your wife married you for your ability to spend, explains why you're miserable, if I married a gold digger I would be too.

 

Interestingly enough when you're not fat like most Americans its not expensive to eat healthy food cheap, since you don't need a lot of it.

 

 

 

Fred, you consider anybody not on food stamps to be a gold digger.  

 

We are talking about $50k per year in retirement.  Ask Barney to help you with those reading issues.  Your employer will not pay for your gas when you are retired.  You must have shitty insurance @ $500 per month.  No medical?  Oh, wait, you have Medicaid.  Probably have welfare-level car insurance.  Of course, anybody sues you for what your insurance will not cover would be a waste of their time.  You live in a hovel.  No wonder Wilma gave you the heave ho.  Not to worry, you have $200 worth of Pay-Per-View-Porn every month.  

 

No, we wouldn't call your neighborhood "bad".  We call it a slum.  

 

Before you came along, Fred, I thought the Flintstones were a make-believe family you only found on TV on Saturday mornings.  Now we see you really do exist.

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12 hours ago, Shane1 said:

 

Why would I want to move to France, which is not central Europe, although it's still cheaper than the US? Places like Poland and Czech Republic are maybe a bit behind the US in some respects (most countries are), but they are advanced western nations, far ahead of most of the rest of the world.

 

If you are accounting for two people, shouldn't both people have their own retirement savings? And shouldn't they be paying for shared expenses, such as utilities and property taxes?

 

1.  Car payment for those who won't drive your 2004 Ford Pinto: $0. For a Lexus, which is something I did splurge on. It has lasted for years already. I have no need to replace it any time soon.

2.  Property taxes (not counting HOA fees): $50-100 in a southern state or many other locations. I pay about $400 now. Why would I keep doing that? This is not smart financial management.

3.  Property, car and medical insurance: $100-200 in most other countries. But yeah anywhere in the US, double or triple.

4.  Food and incidentals: $250

5.  Utilities: $200

6.  Gas: $100

7.  Entertainment / Dining out: $200

8.  Clothing: This needs to be its own category?

 

I'm barely at $1k, and I'm not exactly sacrificing. I mean, I guess I could spend $100 per month on clothes, but I don't see what that gets me. This doesn't have to be a cap necessarily. I could take that annual island vacation with whatever's left over, and still have plenty left. If I wanted to spend thousands of dollars every month, that would actually be the thing that would take effort. I know what it's like to not live within my means. That's how I found CB in the first place.

 

Generally when you look at investing and savings, I think most families do it as a unit.  I usually hear, "We have $1m in the bank" as opposed to "I have $1m and my wife has her $1m, too".  If a family has $2m to retire on, then $100k per year isn't bad at all.

 

1.  You must have some serious issues if you think that car will last you twenty years.

2.  I don't feel like moving to Alabama when I retire.  I like where I am now.

3.  Don't forget those medical expenses when you or your wife gets Alzheimers / cancer / stroke.  Or you get sick at all.  Medicare does not cover 100%.  You can have up to $7,000 per year out-of-pocket and even more under certain circumstances.    

4.  Medicare is not free.  Don't be like our buddy, Fred Flintstone, and be a tightwad with your insurance.  You probably actually have a home and assets worth going after for any deficiencies in car / homeowners insurance coverage.  

5.  If you live anywhere there is a real winter, your idea about $200 for utilities is delusional.  

7.  $200.  Sure, if your idea of dining out is McDonald's or Crack in the Box.  A decent steak dinner for two at Outback is $60 -- if you are a cheap bastard like our pal, Fred Flintstone.  Try $70 to $75 if you leave a tip.  Good think Fred's only friend is Barney, the midget.  Inviting him to eat would be cheap.

 

We like to take vacations twice a year.  One of those we stay home and spend time with family.  On one, we like to travel.  It costs $$ to vacation in the Czech Republic and see what a shithole it really is.  

 

You are the typical CBer who went off the opposite deep end when they had the financial skills of a brain-dead monkey at one time.  I never had that issue and I never will.  I've always done well and saved a lot.  I save about 40% of my income and 100% of my wife's -- and she earns 5 times what I earn.  Even in retirement, if we I had only $50k in savings, it would be a nice life and worry-free because our medical expenses are $0.  But that's not your average retiree.  For your average Joe, $50k in retirement is going to be difficult unless you downgrade your lifestyle.  Or unless your lifestyle is already downgraded from the get-go because you just had low standards.  

 

Maybe for you -- and certainly for Fred Flintstone -- maybe you like those challenges -- "Gee, we should all go out to eat at Crack in the Box because Friday's or Outback is out of our budget this month.  Oh, and if your parents ask, don't tell them we are going out because we certainly can't afford to invite them, too, unless they only have Happy Meals.  And even then."  But we all have dilemmas.  Mine is which card gives me the most cash back when swiped at the carwash.  And Fred Flintstone should be happy I don't bother to usually wash the car myself.  They'd have less business and then they'd lay him off.   

 

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9 hours ago, PotO said:

 

Fred, you consider anybody not on food stamps to be a gold digger.  

 

We are talking about $50k per year in retirement.  Ask Barney to help you with those reading issues.  Your employer will not pay for your gas when you are retired.  You must have shitty insurance @ $500 per month.  No medical?  Oh, wait, you have Medicaid.  Probably have welfare-level car insurance.  Of course, anybody sues you for what your insurance will not cover would be a waste of their time.  You live in a hovel.  No wonder Wilma gave you the heave ho.  Not to worry, you have $200 worth of Pay-Per-View-Porn every month.  

 

No, we wouldn't call your neighborhood "bad".  We call it a slum.  

 

Before you came along, Fred, I thought the Flintstones were a make-believe family you only found on TV on Saturday mornings.  Now we see you really do exist.

 

See what I mean about exaggerating, your so out of touch with reality you have to make comparisons to cartoon shows. One of these days you should leave your high up place in that mansion with all your hoity toity acquaintances, in whatever fancy car it is that took it to score your trophy wife and see how blue collar folks live. 

 

Believe it or not there are these modest neighborhoods outside the slums were people take care of their house and lawn. They drive nice slightly older cars that aren't falling apart, dented or all scratched up. Of course you get the mix some have new cars some have clunkers but a good majority just have normal slightly older vehicles. Just like you got the mix with the houses some are rental and a mess but most are homeowners and well taken care of. 

 

You're the one with the reading comprehension issues, you even liked my post earlier about the cost of health insurance. You also got your fantasy of my life and me all wrong. If you knew me at all you'd know I despise government hand outs. Just like I think your a bitch for thinking you need all this money to live a comfortable life, I think all the broke beggars crying lifes too hard are too. You also missed where I save half my salary. Its obvious you can't do math though considering were talking about living on 50k and I gave you the break down of how I do it and my expenses only add up to 21k. If you could do math it'd be pretty obvious I'm not on government assistance.  Unlike you I have to work for my place in life. Another one of your reading comprehension issues is you missed where I bought a fixer upper, you might get the idea from the payment I'm paying on a trailer but thats what it looks like when you buy a house for 40k thats worth 100k after you fix it up. You also forgot I'm cheap why would I do pay-per-view porn when theres redtube.

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11 hours ago, PotO said:

 

Generally when you look at investing and savings, I think most families do it as a unit.  I usually hear, "We have $1m in the bank" as opposed to "I have $1m and my wife has her $1m, too".  If a family has $2m to retire on, then $100k per year isn't bad at all.

 

1.  You must have some serious issues if you think that car will last you twenty years.
5.  If you live anywhere there is a real winter, your idea about $200 for utilities is delusional.  

 

10 years and just under 100k. My commute is now 8 miles. These cars are notoriously reliable. It will last another 10 years. Could last another 20. I could get another car, but why? I like my current reliable car. Still performs and looks great. I'm not going to say, well, I paid off my car in 3 years, time to get another one because I need a monthly payment again. This isn't even being cheap. This is not buying things just for the sake of buying them.

 

Real winter like Massachusetts? It's not the worst winter in the US, but it's not exactly hospitable.

 

Electric: $30, increases in July and August

Internet: $30-50.

Oil: less than $100 per month average for the year, obviously highest in winter

Water: $10

Trash: $20

Phone: Minimal because some people still use these things for some reason

 

These are actual numbers, not projections or fantasy. What would I get out of doubling them? I set my thermostat at a comfortable temperature. Granted, if I were to retire and stay in this area for some reason, I would expect them to spike if I were to be home more often.

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11 hours ago, oldblue said:

 

See what I mean about exaggerating, your so out of touch with reality you have to make comparisons to cartoon shows. One of these days you should leave your high up place in that mansion with all your hoity toity acquaintances, in whatever fancy car it is that took it to score your trophy wife and see how blue collar folks live. 

 

Believe it or not there are these modest neighborhoods outside the slums were people take care of their house and lawn. They drive nice slightly older cars that aren't falling apart, dented or all scratched up. Of course you get the mix some have new cars some have clunkers but a good majority just have normal slightly older vehicles. Just like you got the mix with the houses some are rental and a mess but most are homeowners and well taken care of. 

 

You're the one with the reading comprehension issues, you even liked my post earlier about the cost of health insurance. You also got your fantasy of my life and me all wrong. If you knew me at all you'd know I despise government hand outs. Just like I think your a bitch for thinking you need all this money to live a comfortable life, I think all the broke beggars crying lifes too hard are too. You also missed where I save half my salary. Its obvious you can't do math though considering were talking about living on 50k and I gave you the break down of how I do it and my expenses only add up to 21k. If you could do math it'd be pretty obvious I'm not on government assistance.  Unlike you I have to work for my place in life. Another one of your reading comprehension issues is you missed where I bought a fixer upper, you might get the idea from the payment I'm paying on a trailer but thats what it looks like when you buy a house for 40k thats worth 100k after you fix it up. You also forgot I'm cheap why would I do pay-per-view porn when theres redtube.

 

Ok, Fred.  Yabba dabba doo.  

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1 hour ago, hegemony said:

 

#3 is cool.  Make sure you have prepaid services to return your body to the US for burial after you are murdered.

 

#5 is slightly better.  You'll enjoy the cheapest coke in the world and wouldn't even notice when you get gunned down.  

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25 minutes ago, PotO said:

 

#3 is cool.  Make sure you have prepaid services to return your body to the US for burial after you are murdered.

 

#5 is slightly better.  You'll enjoy the cheapest coke in the world and wouldn't even notice when you get gunned down.  

I like Panama but of the 5 listed I'd pick Portugal although if I lived there I'd be in Paris, Bruges, or Hamburg most weekends.

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26 minutes ago, hegemony said:

I like Panama but of the 5 listed I'd pick Portugal although if I lived there I'd be in Paris, Bruges, or Hamburg most weekends.

 

Either of the other three would be fine.  

 

Only problem with retirement abroad and relying on Social Security is medical care.  In either of those places you'd either pay cash (assuming they even had quality medical care), return to the US or croak.  Medicare doesn't function abroad.  Tricare, though, does.  😉

 

Personally, I'd go to Arica, Chile.  Beautiful, quaint, extremely safe, economically & politically stable, first-world -- but without first-world problems.  $50k per year would be more than sufficient.  But then there's medical care. 

 

I feel sorry -- well, ok, almost feel sorry -- for these people who think Medicare will see them through to the end.  If you live in a community property state, you had better have either a lot of money saved up or a bankruptcy on the shelf waiting when you or your spouse get one of the major medical problems that are common when you get old.  Relying on Medicare is a farce.  

 

A guy used to work with me got out before retirement and is now on Social Security with his family in Vegas.  He gets a bit over $2k in SS every month and has Medicare.  Medicare doesn't cover everything so you need to pay for supplemental Medicare plans plus dental.  About $300 per month.  It only covers him.  Fortunately his wife works.  Anyhow, around August last year he got diagnosed with thyroid / neck cancer.  It was caught really early so the prognosis was very good.  Still, needed radiation.  Radiation continued until March of this year.  His total cash cost was $25,000.  

 

How the fook can that be if he has Medicare?  Well, there are co-pays.  They are limited to $7k per calendar year.  $7k for 2018. $7k for 2019.  But there are other things in addition to the co-pays that aren't covered by the $7k annual limit.  Since the radiation was for his neck, needed a special Spider-Man mask that cost $20,000.  He had an additional $4k over the co-pay for that. Each radiation session of a whole 5 minutes or so cost $17k. He had 14 that cost him an additional $500 each -- over the co-pay amount.  

 

I guess you could say he was lucky because the cancer has disappeared and no signs of it spreading.  He's lucky because they are not forced onto a Meow Mix diet because of the $25k they had to pay.  He's lucky because he doesn't have rent to pay because he has one helluva nice fooking landlord.  Even luckier because his daughter is a genius and she has a total university scholarship and stipend.  

 

But what about the Fred Flintstones of the world?  They'd be pimping out Wilma and probably Pebbles, too.  They'd drill small peepholes in the wall so they wouldn't have to splurge any longer on their PPVP.

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53 minutes ago, PotO said:

 

Either of the other three would be fine.  

 

Only problem with retirement abroad and relying on Social Security is medical care.  In either of those places you'd either pay cash (assuming they even had quality medical care), return to the US or croak.  Medicare doesn't function abroad.  Tricare, though, does.  😉

 

Personally, I'd go to Arica, Chile.  Beautiful, quaint, extremely safe, economically & politically stable, first-world -- but without first-world problems.  $50k per year would be more than sufficient.  But then there's medical care. 

 

I feel sorry -- well, ok, almost feel sorry -- for these people who think Medicare will see them through to the end.  If you live in a community property state, you had better have either a lot of money saved up or a bankruptcy on the shelf waiting when you or your spouse get one of the major medical problems that are common when you get old.  Relying on Medicare is a farce.  

 

A guy used to work with me got out before retirement and is now on Social Security with his family in Vegas.  He gets a bit over $2k in SS every month and has Medicare.  Medicare doesn't cover everything so you need to pay for supplemental Medicare plans plus dental.  About $300 per month.  It only covers him.  Fortunately his wife works.  Anyhow, around August last year he got diagnosed with thyroid / neck cancer.  It was caught really early so the prognosis was very good.  Still, needed radiation.  Radiation continued until March of this year.  His total cash cost was $25,000.  

 

How the fook can that be if he has Medicare?  Well, there are co-pays.  They are limited to $7k per calendar year.  $7k for 2018. $7k for 2019.  But there are other things in addition to the co-pays that aren't covered by the $7k annual limit.  Since the radiation was for his neck, needed a special Spider-Man mask that cost $20,000.  He had an additional $4k over the co-pay for that. Each radiation session of a whole 5 minutes or so cost $17k. He had 14 that cost him an additional $500 each -- over the co-pay amount.  

 

I guess you could say he was lucky because the cancer has disappeared and no signs of it spreading.  He's lucky because they are not forced onto a Meow Mix diet because of the $25k they had to pay.  He's lucky because he doesn't have rent to pay because he has one helluva nice fooking landlord.  Even luckier because his daughter is a genius and she has a total university scholarship and stipend.  

 

But what about the Fred Flintstones of the world?  They'd be pimping out Wilma and probably Pebbles, too.  They'd drill small peepholes in the wall so they wouldn't have to splurge any longer on their PPVP.

Medicare is way better than nothing. But it doesn't cover long term nursing home care and that can be really expensive. Way more than the co-pay caps. If you burn through your assets there is  always medical. Facilities that medical covers aren't great.

 

OTOH, I've always hated insurance and didn't carry any after I retired but long before I turned 65 and got medicare. Was in the hospital for a 5 days from an injury and ran up 50k in bills. At the time my credit was shot but I had plenty of cash to cover things. The hospital apparently ran my credit and decided I was going to be a deadbeat so a woman from their billing office would come by each day and ask all sorts of questions to get me into some sort of program (medical?)  I would just tell them I'd write a check when I was out. Clearly they didn't believe me. After I got out a week or so later I got a phone call about "the bill." I told them just send it to me and I'd pay it.  They said if I paid it they would give me a 40% discount. Likely they assumed I was on hard times based on my abysmal credit report at the time. I didn't even ask for a discount. But cool.  Probably the only time having a crappy credit report paid off. We have one weird medical system.

Edited by cashnocredit

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31 minutes ago, cashnocredit said:

Medicare is way better than nothing. But it doesn't cover long term nursing home care and that can be really expensive. Way more than the co-pay caps. If you burn through your assets there is  always medical. Facilities that medical covers aren't great.

 

OTOH, I've always hated insurance and didn't carry any after I retired but long before I turned 65 and got medicare. Was in the hospital for a 5 days from an injury and ran up 50k in bills. At the time my credit was shot but I had plenty of cash to cover things. The hospital apparently ran my credit and decided I was going to be a deadbeat so a woman from their billing office would come by each day and ask all sorts of questions to get me into some sort of program (medical?)  I would just tell them I'd write a check when I was out. Clearly they didn't believe me. After I got out a week or so later I got a phone call about "the bill." I told them just send it to me and I'd pay it.  They said if I paid it they would give me a 40% discount. Likely they assumed I was on hard times based on my abysmal credit report at the time. I didn't even ask for a discount. But cool.  Probably the only time having a crappy credit report paid off. We have one weird medical system.

 

Yes, better than nothing.  But then maybe not.  What's the difference for many people between only $25k in medical debt and $1m in medical debt?  If they are barely making ends meet, either one and they are screwed.  

 

Yup.  One weird medical system is very true.  

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7 hours ago, hegemony said:

Of course it costs money to pack up and live abroad. There's also a large chance couples living there won't be happy with the average lifestyle. Many added costs like traveling back home once in a while, vacationing elsewhere, medical, etc. One isn't going to move and live at these places like a hermit.

Costs can change. There's no guarantee your cheap retirement location will always stay cheap. Things can change on a moment's notice. A coup or war can happen, leaving you escaping from your "dream retirement" with only the clothes on your back.

Edited by Burgerwars

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4 hours ago, Burgerwars said:

Of course it costs money to pack up and live abroad. There's also a large chance couples living there won't be happy with the average lifestyle. Many added costs like traveling back home once in a while, vacationing elsewhere, medical, etc. One isn't going to move and live at these places like a hermit.

Costs can change. There's no guarantee your cheap retirement location will always stay cheap. Things can change on a moment's notice. A coup or war can happen, leaving you escaping from your "dream retirement" with only the clothes on your back.

 

SSSSHHHHHHH!  Don't tell them that!!!  Let them ship out and get stuck there.  Just means more space for you and I.  

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13 hours ago, cashnocredit said:

Medicare is way better than nothing. But it doesn't cover long term nursing home care and that can be really expensive. Way more than the co-pay caps. If you burn through your assets there is  always medical. Facilities that medical covers aren't great.

 

OTOH, I've always hated insurance and didn't carry any after I retired but long before I turned 65 and got medicare.

 

[snip]

 

Was in the hospital for a 5 days from an injury and ran up 50k in bills.

 

[snip]

 

At the time my credit was shot but I had plenty of cash to cover things. The hospital apparently ran my credit and decided I was going to be a deadbeat so a woman from their billing office would come by each day and ask all sorts of questions to get me into some sort of program (medical?)  I would just tell them I'd write a check when I was out. Clearly they didn't believe me. After I got out a week or so later I got a phone call about "the bill." I told them just send it to me and I'd pay it.  They said if I paid it they would give me a 40% discount.

There are a lot of people who are unaware that cash results in a substantial discount on MANY medical procedures.  It is also part of the reason we now see the doc-in-a-box on almost as many corners as we see $tarbux.

 

In the wake of legislation that screwed many of us who had policies that we liked, I have self-insured for the better part of the past decade.  My medical IS American Express.  The most expensive of the procedures following the accident in 2016 saw me paying less than a deductible would have been.  Since that back procedure, I have had follow-up visits to the doctor on a quarterly basis that run about $120-$150 with prescriptions being discounted with the GoodRX pricing at a rate of roughly $60 each quarter. 

 

Insurance pricing in the medical field is one of the biggest price gouges a consumer will EVER run across...the consumer who is generally healthy will see SUBSTANTIAL discounts when paying cash. 

 

And no, I don't pay the fine, err tax when I file each year...if they were to ever come after me for it, then I will deal with the situation at that time and negotiate the best reduction possible. 

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“Some things are expensive in the area, like eating out, which might cost “$40/person at upscale restaurants, or $10/person at a medium scale restaurant, or $7/person at a tipico Panamanian restaurant,” shes says

 

$40 for upscale dining? Where do I sign up

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7 hours ago, hegemony said:

:offtopic:in case you missed it: Donut Fest LV

 

Wow!  A free donut from each booth!!

 

Just what I dreamed of, being a fat cow with Diabetes.  😆

 

Went to Copperfield last night at the MGM.  Very entertaining show.  

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