Can you still get "rich" racing bikes in America?

Curious what is your house payment and what do you think the average payment is right now?

 

I’ve pretty much made up my mind that I’m never going to retire.

I like to buy too much shit.

 

Weren't interest rates when you were in your 20s considerably higher than they are today? (Not to mention $1 million back then was a lot more money)

Dude, this discussion does not apply to you. We're talking about a 35-year-old retiring today.

 

But Mongo likes to think he's still a 35-year-old.

 

ha ha who do you agree with on here lately?

 

It shouldn’t take much to retire, once someone reaches near retirement age. At that point there shouldn’t be a mortgage or car payment. The only monthly bills should be little shit like cell phone, utilities, etc.

A lot of it depends on when someone buys their “forever home”. I have worked with guys that have been in a bind because they bought/built a $300k-$400k house, in their mid 50’s. It’s hard to retire with that kind of debt unless you’ve already got a good retirement built up.

 

If most of us on here lived within our means , we probably would have never
gone motorcycle racing.

 

I can't speak for others, but all of my retirement modeling and planning has me keeping the same lifestyle I enjoy now. There's three options - I hit the number dead on, I save too much, or I save too little. One of those options is fairly catastrophic so I'd prefer to err on the more conservative side.

 

Yeah but that specific set of facts does not support my argument so we bury those m'kay.

 

Safe withdrawal rates anywhere between 3-5% are reasonable. I would never touch principle. I've had an IRA since I was 18, I'm no fool to the numbers. I don't have debt. I buy vehicles cash. I don't buy fancy clothes. The cost to run my household, with 3 kids, is around $2k a month, and that includes some nice life insurance.

I don't need to replace my salary in retirement, I only need to replace my expenses at a withdrawal rate that is safe. I can do that with $1mil. I use my salary now to ensure I am well positioned. My intention is to save more like $2-4MM, but I can absolutely make it on one. Carry on.....

 

Agree completely.

Ive been paying 3-4x the regular house payment for the past 18 months or so, and the house will be paid off before the year is up. We will move once we decide where we want to live, and I’ll sell this one and use that to buy the new one. Or at least make it so the loan is very small, like you said.

I plan on never having a house payment again. Or if I do, it will be small and paid off quickly.

But I figure I’ll always have a car payment, at least until I get ready to retire. I like to change vehicles every 2-3 years.

I always get the lowest possible interest rate, so I have no desire to drain savings just to pay a car off. I’d rather just make the payment, then trade it in when I get tired of it.