Comments on: Step 4: Test drive living on less income http://www.justonemoreyear.com/step-4-test-drive-living-on-less-income/ One couple's story of escaping 9 to 5 until 65 Wed, 20 Jul 2016 17:22:09 +0000 hourly 1 https://wordpress.org/?v=4.5.11 By: Bryan http://www.justonemoreyear.com/step-4-test-drive-living-on-less-income/#comment-196 Tue, 25 Aug 2015 19:58:24 +0000 http://www.justonemoreyear.com/?p=644#comment-196 We will keep the good fight going on our end! 🙂

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By: Steve @ Think Save Retire http://www.justonemoreyear.com/step-4-test-drive-living-on-less-income/#comment-195 Tue, 25 Aug 2015 18:10:38 +0000 http://www.justonemoreyear.com/?p=644#comment-195 Definitely! In fact, I think you are targeting November of 2016 if I’m not mistaking. We are targeting December of 2016 – so yup, we’ll be giving corporate America the middle finger at around the same time.

Then, the REAL fun begins. We will definitely be rolling through Sedona at some point after we retire and get our Airstream going. So, if our schedules don’t work out for a meet and greet before then, we’ll probably wind up finding you guys in Sedona when we’re up there.

Keep fighting the good fight. We’re almost there. 🙂

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By: Bryan http://www.justonemoreyear.com/step-4-test-drive-living-on-less-income/#comment-194 Tue, 25 Aug 2015 17:58:56 +0000 http://www.justonemoreyear.com/?p=644#comment-194 Steve, I have several friends that are DINK’s and were able to retire quite early. In fact the Billy’s are a great example. Having said that, my kids have been a joy.

That is awesome that you are living off your income and saving your wife’s. A 70% saving rate puts you in the ERE and MMM range. You are rocking it! The math works out to working only 7 years when you save at that rate. It also provides a double benefit of keeping your focus on your spending.

I know we are going to meetup sooner as opposed to later. Maybe it will be in the Red Rock country or Tucson? It will be great sharing our story with you and your wife. I have a feeling our projected dates of reaching escape velocity (leaving our jobs) are very close to yours!

Take care,
Bryan

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By: Steve @ Think Save Retire http://www.justonemoreyear.com/step-4-test-drive-living-on-less-income/#comment-192 Tue, 25 Aug 2015 15:13:39 +0000 http://www.justonemoreyear.com/?p=644#comment-192 I think this is an excellent challenge for anyone interested in retiring early. Simply pretend that you are retired from a financial standpoint. There will be some things that you cannot control, of course, like commuting costs (and time). But as a whole, it’s great to be able to give this lifestyle a test drive before diving into it.

My wife and I both work, but we’ve been living off of a single income since we got married last year. We both make respectable salaries. We live off of mine and we completely bank hers. It means we end up saving around 70% of our total combined income every month, which is doing amazing things to our investments and our early retirement date, which has moved closer to us on two different occasions in the past as we continue to look at our finances and our proposed retirement lifestyle.

There are advantages to being a DINK. 🙂

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By: Bryan http://www.justonemoreyear.com/step-4-test-drive-living-on-less-income/#comment-188 Mon, 24 Aug 2015 23:44:38 +0000 http://www.justonemoreyear.com/?p=644#comment-188 The test drive gives us conservative minded folks a little more buffer to try living on less income before quitting our jobs. Knowing that you can live on one income in a dual income household gives you more options should things not work out as planned.

Speaking of planning, it should be interesting to see what Mr. Market does over the next few weeks!

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By: Luke Fitzgerald @ FinanciallyFitz http://www.justonemoreyear.com/step-4-test-drive-living-on-less-income/#comment-187 Mon, 24 Aug 2015 12:45:01 +0000 http://www.justonemoreyear.com/?p=644#comment-187 Love the idea of the Test Drive. Honestly never heard of that before but it makes perfect sense to do. And agree 100% on the single income = more security. If you can live on one source of income, it gives your the “responsible freedom” to venture out to new and exciting opportunities.

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By: Bryan http://www.justonemoreyear.com/step-4-test-drive-living-on-less-income/#comment-184 Fri, 21 Aug 2015 22:31:12 +0000 http://www.justonemoreyear.com/?p=644#comment-184 Steve, that is very good feedback for those of us that have not pulled the trigger yet! We are suffering from “trigger aversion”. 🙂

I think we will probably follow that same path as yours at first with a “YOLO Bender” until we get that out of our system. Once we have some time to adjust, we would then default back to what our new normal.

Thanks for sharing!

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By: Steve Miller http://www.justonemoreyear.com/step-4-test-drive-living-on-less-income/#comment-183 Fri, 21 Aug 2015 22:25:12 +0000 http://www.justonemoreyear.com/?p=644#comment-183 The first two years, we traveled a lot (probably about half of each year). In the past year, we have traveled only about 3 months and we’ve figured out how to manage our money a little better when traveling.

We now stay longer in one place, cook our own meals when we can, and negotiate better rates for staying a month instead of a week.

We also have been shining a brighter light on our expenses and have identified expenses that were not really adding much additional fun to our lifestyle, so we reduced those.

So I would say that we are just managing our money better and enjoying it more.

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By: Bryan http://www.justonemoreyear.com/step-4-test-drive-living-on-less-income/#comment-181 Fri, 21 Aug 2015 22:08:06 +0000 http://www.justonemoreyear.com/?p=644#comment-181 Steve,

I appreciate your insight into you spending level with early retirement.

We will probably spend a lot of money for the first few years with travel and new experiences we have been putting off. I am curious, are you reducing your spending due to reduced income or have you found a new level of balance in your day-to-day expenses that works for you?

Bryan

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By: Steve Miller http://www.justonemoreyear.com/step-4-test-drive-living-on-less-income/#comment-178 Fri, 21 Aug 2015 20:32:23 +0000 http://www.justonemoreyear.com/?p=644#comment-178 I’ve been retired FI for 3 years now and I am finding that we are reducing our spending level each year as we acclimate to our new life.

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