Daniel Spils

make a plan for financial independence
I think about this, but I'm not sure I know what it means 2 years ago

I feel fortunate at this juncture in my life. I’ve had financial pitfalls in the past but right now I’m doing well: manageable expenses which have decreased a bit over the past 2 years and a solid income. Not owning a car has been a nice way to free up cash for savings and monthly spending cash.

When I think of “financial independence” I tend to think:
  • own a house (no mortgage)
  • 12 months expenses in the bank
  • cashflow from conservative investments
  • healthcare, taxes and recurring expenses planned for

Which means what? That I need $50,000/year post-taxes to live the good life? Or would I be happy with $2,000/mo in cashflow in addition to regular working income (as I never imagine myself not earning other income)?

Jan 30, 2007, 02:44PM PST | 3 cheers


Comments:

Norm Odsather Is never finished with home DIY projects

I think you are on the right track.

I would add into there somewhere a retirement plan of some sort though. Don’t want to work forever! Something I need to work on after cleaning up my self induced pitfalls. The wife being a state employee is building up her nest egg very well and will have bennies to cover us if she sticks with it to retirement. Your idea of zeroing out the mortgage is a good thing too, when you are retired or low on funds as long as you can make property taxes and utilities a roof over your head is important!

Now if I could just figure out how to make the trucks run on snow and rain, I could start saving my self a small fortune!

Jan 31, 2007, 11:06AM PST | Thread | Respond to this

Daniel Spils

AK State Employees benefits are pretty sweet as I recall—that could work well into retirement for you and the Mrs.

Heathcare is a big one for sure.

Jan 31, 2007, 04:57PM PST | Respond to this

Boomer Anne knows in good times and bad times things change.

My in-laws in NY state work for the government. They are getting the best retirement of anyone I know. A government pension is the best.

Jun 12, 2008, 10:16AM PDT | Thread | Respond to this

Daniel Spils

I'm not a pension guy

I’d love to have one but have never worked at places that have pensions so I’m planning for my self-sufficient finances. But if you know anyone that wants to give me their govt. pension, I’ll take it!

;-)

Jun 12, 2008, 10:29AM PDT | Respond to this

Ed Wynn deciding to lose 35more pounds

food / heat

I’m working on the food / heat end of the equation.. here in Maine.
heat = $1500 per heating season
food ~$200 / week (?)

eggs, meat birds, goat milk / cheese / yogurt / butter, vegetable garden, root cellar, greenhouse, fruit trees and bushes… two more years and they will all be working.

Feb 17, 2007, 06:28PM PST | Respond to this


Daniel Spils has gotten 3 cheers on this entry.

 

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