Author Topic: 51yo seeking pre-launch feedback please  (Read 1123 times)

1NeecheStachNoob

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51yo seeking pre-launch feedback please
« on: January 27, 2019, 05:48:22 PM »
My current obligations are a 210 car payment and my mortgage of 1400K Property Taxes are close to 5K annually
Current earnings are 50k. Have 401K. Have 8K in the bank.


Ok, here we go! That which doesn't kill me makes me stronger........right?! I know I am missing a lot and I know I am not as diligent nor extreme as some.

The plan: I've been planning a massive downsize and somewhat minimalistic lifestyle for 10 years. I believe I am at a point where I can take a mini-retirement.
I divorced over 2 years ago and in addition to splitting my assets with my former spouse(and friend), I also cut my house footprint in half.
Now its time to take things up a notch.
MINI-RETIREMENT: My mini-retirement will consist of selling off and liquidating my home and most of my possessions.           Post home sale Approx $245K(conservative)
                Post Estate Sale Approx $20-30K
                                         Sale of 2 motorcycles and current bike trailer will be used to purchase a better and more useful bike.
                  
Prior to selling the house I plan to purchase a converted cargo van that will act as a gear/toy/clothes/motorcycle/Mtn Bike/road bike hauler.
It will be spartan and purchased used:                  Approx $20-35K
I am also going to purchase an Airstream Travel Trailer:    Approx  $70-80K
I will most likely be purchasing the trailer prior to selling the house and will plan on writing off the mortgage interest once I establish it as my primary residence.                                                        No Sales Tax in MT is nice.

LONG-TERM: I have a pension/401K I can tap into as early as 55 1/2. My goal is to delay accessing this for as long as possible.
Goal is 10 years and access at 61.                               Balance $650K-680Kish

Based on estimations, I can pull 3.5+K per month at 55.5 thus I want it to contiue to grow. I am currently invested in target date, low fee mutual funds. I am looking into several of the ones mentioned in blog.
•   I also have 2 other independent retirement accounts, in stocks:
   One is 23K and the other is 16K
   And 8K in my bank account


I am a certified life coach and a certified executive coach and will tap this as a tool for additional income. I also plan on blogging but harbor no illusions that this will be an income stream. My background is transferable to consulting and sales. I will plan on pursuing part-time work periodically. Open to anything in this arena.

I plan on traveling the US. Fly-fishing and visiting State and National Parks. I also plan on camping/boondocking majority of the time. I will augment this via visits with friends spread out across the US. I have no problem utilizing showers at truck stops, friends and my trailer-if I choose that but may wait until late spring to de-winterize. The occasional budget hotel stop for the more lavish moments-no more than 1-2 a month.

My plan is being vetted by my CPA, Financial Planner, and Attorney. Am I missing anyone or anything else?


This is what I have come up with thus far. Please feel free to offer suggestions.
Estimated Expense Categories:
•   Insurance-Healthcare Exchange
•   Insurance on Trailer, Van, and Motorcycle
•   Food
•   Gas
•   Misc Park fees
•   Generator
•   Solar(max on trailer and van if possible)


six-car-habit

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Re: 51yo seeking pre-launch feedback please
« Reply #1 on: January 27, 2019, 07:43:25 PM »
 Post Office Box - $ 100 / yr
 Cost for Van+trailer sized spot at state or Nat'l park - $30 a night, possibly more with electric and water hookups - $900 / month
 2 nights budget hotel stay - $150 / month
 Van and trailer oil changes / tires / brakes/  broken fixtures - $ 1000 / yr
 Fly-fishing gear - fishing permits - bait, etc - $ 500 / yr
 Propane for cooking and heat in your trailer - $30 / mo - maybe more.
 Laundry - most small airstreams do not have a washer / dryer - small town coin operated machines $30 / mo - or- wash clothes in river.
 

 Sell all your "estate" items before selling the house, otherwise where will they go ? Have you seen how much used furniture is for sale on Craigslist ? - A lot.

  Am surprised at 50K income you have a CPA + financial planner + attorney , all on retainer...

 edit to add - Might look again at the deductabilty of interest on your Airstream , with the new, higher, standard deductions looming in the upcoming tax years- if i understand the new tax law passed recently , i don't think that will be a viable deduction.

 

« Last Edit: January 27, 2019, 08:12:39 PM by six-car-habit »

ysette9

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Re: 51yo seeking pre-launch feedback please
« Reply #2 on: January 28, 2019, 09:54:42 AM »
Can you post using the Case Study template? You have a lot of scattered information but more holes than not. It would be helpful to see an orderly breakdown of what your current expenses are, what your current income is, what your current assets are and how much they are worth, and what they are invested in (including expense ratios). They include any estimates you have for future spending so we can see if it adds up. There is no way to tell now based on what you have told us.

SpecialSnowflake

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Re: 51yo seeking pre-launch feedback please
« Reply #3 on: February 06, 2019, 10:20:16 PM »
We are full time RVers, and my DH still works from the coach. His company pays for it all but he has a cell with data, 2 hot spots with different carriers and an ipad with a data plan. We need to be where there is strong cell and data signal so boondocking in the middle of nowhere is a no go. If you are trying to work you need to be decently connected.

This is our home and we watch TV so our Dish is another $87 per month. It is rare to find wifi that is streamable in parks and data gets used up fast that way.  Maybe you won’t need TV tho.

Mail Service was $240 last year