Author Topic: My story  (Read 2806 times)

ACyclist

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My story
« on: October 30, 2017, 07:25:50 PM »
This is my first day here.  I hope to bring something positive to this community.  I've been a lurker and have tried to use some of the great ideas here to get ahead.

I'm 49 years old.  I work a 9 month job at a school and work part time in the summer at a bike shop (gotta support our high end bike habit).  My spouse is in the medical field.

We own a rental free and clear and have less than a year left on our primary residence.  We live in a small 2 bedroom home that is within walking and bike riding distance to services and work.  This keeps transportation costs really low.  Our net worth is $490K.  Currently we are living well below our means.  This allows us to save about 55% of our income.  We take advantage of the pre-tax 18K, and utilize Roth savings as well.  We lost some years of saving, due to being spend thrifts.  However, we have done well catching up the last couple of years.  It may be possible to retire in a few years, but the medical insurance issue is a real concern.  I have a pre-existing condition (MS).  If the medical costs aren't reigned in, I am afraid I may have to work until I can take Medicare.   

I enjoy my jobs, especially the bike shop one.   Although, I want to be able to retire and enjoy my life, before I get too feeble. We recently bought some retirement property in a sweet bike riding zone.  It is only property, so we will need to put a home on it.  This will cost some cash, cause building things aint cheap.  I've got 15K saved in cash, and would like to have about 80K in cash, before I even think about building anything.  I don't love the idea of going back into debt to build.  Construction loans are expensive and the interest only payments are not a great idea. 

Anyhow, this is who I am.  I came here to continue to better myself and our family of 2.

Kay-Ell

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Re: My story
« Reply #1 on: November 01, 2017, 03:44:41 PM »
Hi and Welcome!
I'm pretty new here to but enjoying the online community.

Have you considered a home equity line of credit on your primary residence as a way of financing your new construction?  I certainly understand the appeal of being debt free but the numbers may work out in your favor to get a HELOC.

BeardedMustache

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Re: My story
« Reply #2 on: November 03, 2017, 08:55:59 AM »
Quick note on the health insurance aspect: If it comes to the point where MS causes disability, you can qualify for SSDI and then obtain insurance through Medicare.

It doesn't sound like that's the case, and I hope for your sake it does not. However, it's something you should be aware of.

acroy

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Re: My story
« Reply #3 on: November 03, 2017, 09:19:26 AM »
Welcome!
tiny home???
Working at a bike shop sounds awesome - I do want!!

ACyclist

  • Bristles
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Re: My story
« Reply #4 on: November 03, 2017, 05:15:21 PM »
Hi and Welcome!
I'm pretty new here to but enjoying the online community.

Have you considered a home equity line of credit on your primary residence as a way of financing your new construction?  I certainly understand the appeal of being debt free but the numbers may work out in your favor to get a HELOC.

I have considered that.  Right now I am in money saving mode.  If we do a loan for the build, I only will finance half at the most.

Welcome!
tiny home???
Working at a bike shop sounds awesome - I do want!!

The home has to be at least 900 sq ft. We are looking at carriage home plans.  Garage bottom, 2 bedroom apartment on top.  There are CCRs on the property.  You have to build at least 900 ft home, stick built only.  It's an awesome location. 

Quick note on the health insurance aspect: If it comes to the point where MS causes disability, you can qualify for SSDI and then obtain insurance through Medicare.

It doesn't sound like that's the case, and I hope for your sake it does not. However, it's something you should be aware of.

Gosh, I didn't know that.  Thanks.  The plan is to remain ambulatory, <digis crossed> .

Medical insurance is definitely the larger roadblock towards FIRE.  I guess that is what you folks call it.  I had to google what this FIRE thing was.  HAHA!


Slow&Steady

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Re: My story
« Reply #5 on: November 07, 2017, 10:44:00 AM »
Just chiming in to say that I feel your pain on the health insurance for MS part.  My DH was dx'd when he was 30, he runs his own business so my job provides the insurance.  I worry about if I will have to work until he is eligible for Medicare too. 

soccerluvof4

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Re: My story
« Reply #6 on: November 18, 2017, 02:32:29 PM »
Welcome! Sounds like you have a pretty good plan and hope all works out well for you!

Linea_Norway

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Re: My story
« Reply #7 on: November 18, 2017, 02:44:12 PM »
Welcome. We met in your grocery thread. ;-)

tiny home???

I think a home for someone with an MS condision should be large enough to be wheelchair friendly, just in case. So everything on one floor and wide doors and low/no thresholds.

Until that time, you might be able to put a caravan on it. But you will need drinking water and a sewer or another solution.