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Old 21-06-2019, 14:16   #211
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Re: Places Where You Can Retire on $200,000 and Feel Rich

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So he's on Social Security, but not medicare or medicaid?


Seems like the numbers don't add up.

Hes living off his deceased wife's Social Security. She was older than him by a few years. So he isn't at Medicare age yet. He can't work at anything physical. Health issues.



Medicare disability doesn't work due to the types of jobs he has had. He's slipped through the cracks. But the cracks are actually pretty big.
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Old 21-06-2019, 14:43   #212
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Places Where You Can Retire on $200,000 and Feel Rich

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And credit reports take into account a lot more than just if you will pay the money back. There are several measures that go into a credit report, and when you add those are left, itís really just a picture of how likely it is that you will make that bank some money.


Funny thing is itís also based on how much debt you have to. Mine hovers around just under 800 but wonít break 800. Reason is I have no debt, If I were to borrow 50k and buy a nice car or run up several credit card bills, it would top 800.
I donít really care cause other than borrowing money, what does my credit rating mean?

Creditors are suspicious of people that donít carry debt. Your supposed to carry debt, smart, successful people my age have enormous debt.

Yes you can buy a house, by saving up to do so. It will mean likely decades of living in a Mobile Home etc. I bought one of those and paid it off like a car loan, 5 yrs, but being Military sort of killed the owning of a house until getting close to Retirement, because I was too risk adverse, I saw people lose their behinds in Military towns owning a house.

You buy something cheap, in a decent neighborhood, and continue saving money, fix it up really well so that when you do have to move it will sell well for a good price.
Iíve seen a few buy duplexes, fix one up first and rent it, then fix up yours, you renter pays for the whole thing, get it fixed up nice, put it on the market.
What makes it work is your sweat equity.
Iíve only owned three houses in my life, the last one was on 100 acres, was 3,500 sq ft, and I had fixed it up really well, all hard wood floors, all granite and marble counters etc, 90% of the work I did myself.

Anyway I owed no money on it, it was paid off, and itís sale was about 50% of the cash I had to invest for Retirement.
I could have bought a new boat but didnít itís old, but I wrote a check for it, after I sold our old little boat and an airplane, that were paid for.

See funny thing was you could buy a new house with a VA loan with a $1 move in, no money down, you could also plow the yard, the fence, the sprinkler system, a washer and drier etc into the house loan.

However you could not buy a ďusedĒ house with a $1 move in, for that you needed money down.
How well do you think ďusedĒ houses sold in Military towns? Think maybe people were way upside down in their loans?

However many, many people were lining up to borrow to buy new houses when every third house was for sale, they didnít buy them of course they didnít have the money to put down.
Everyone said I was a fool for living in that Mobile Home, I needed to buy a house, you couldnít lose on a house, everyone knew it didnít matter what you paid for a house, you were going to sell it for more later, in fact a smart guy bought a house that absolutely maxed out what they could be lent, that way they made more money when it came time to sell.
Living in that trailer however enabled me to pay for both my College and my Wifeís without a loan, yes you can pay for College without a loan too, why does everyone now get loans?
But that didnít happen.


Most people my age still get up every morning and go to work, the money they have is mythical, their whole net worth is tied up in the equity of their house, unless of course they were smart and took out another loan on that equity to put down money on a new boat or something.
However Iím convinced that it there were a fire sale tomorrow, and the proceeds of that sale went into their debt, most people would still have debt, and thatís the successful people. Those with big McMansions and a beach house and two new vehicles and belong to the Country club etc.
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Old 21-06-2019, 15:15   #213
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Re: Places Where You Can Retire on $200,000 and Feel Rich

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Most people my age still get up every morning and go to work, the money they have is mythical, their whole net worth is tied up in the equity of their house, unless of course they were smart and took out another loan on that equity to put down money on a new boat or something.
.
That sounds the complete opposite to smart
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Old 21-06-2019, 16:16   #214
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Re: Places Where You Can Retire on $200,000 and Feel Rich

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Funny thing is itís also based on how much debt you have to. Mine hovers around just under 800 but wonít break 800. Reason is I have no debt, If I were to borrow 50k and buy a nice car or run up several credit card bills, it would top 800.
.
That isnít really true. Iíve had no debt except the monthly credit card that I pay off each month for years and am in the 830s.

But it matters little.
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Old 21-06-2019, 16:29   #215
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Re: Places Where You Can Retire on $200,000 and Feel Rich

How about the British Virgin Islands?
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Old 21-06-2019, 16:48   #216
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Re: Places Where You Can Retire on $200,000 and Feel Rich

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they = us (the investors)

"banks" and "corporations" aren't really "anyone" they are just "things"
The supreme court ruled that "corporations are people" Ultimately allowing non transparent super pacs to influence lobbying and elections.
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Old 21-06-2019, 16:50   #217
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Places Where You Can Retire on $200,000 and Feel Rich

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That isnít really true. Iíve had no debt except the monthly credit card that I pay off each month for years and am in the 830s.



But it matters little.


But you have a credit card, I donít. I have a debit card. Maybe a credit card is worth 30 points? I donít know.
I guess Iíll go ahead and get a credit card cause I have been nervous about using the debit card as I have heard that your not as well protected with one of those.
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Old 21-06-2019, 17:06   #218
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Re: Places Where You Can Retire on $200,000 and Feel Rich

I NEVER use my debit card. People hack that and they have my money. They hack my credit card and I just cancel it and get another.

Plus the credit card pays me for using it.
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Old 21-06-2019, 17:14   #219
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Re: Places Where You Can Retire on $200,000 and Feel Rich

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Funny thing is it’s also based on how much debt you have to. Mine hovers around just under 800 but won’t break 800. Reason is I have no debt, If I were to borrow 50k and buy a nice car or run up several credit card bills, it would top 800.
I don’t really care cause other than borrowing money, what does my credit rating mean?

Creditors are suspicious of people that don’t carry debt. Your supposed to carry debt, smart, successful people my age have enormous debt.

Yes you can buy a house, by saving up to do so. It will mean likely decades of living in a Mobile Home etc. I bought one of those and paid it off like a car loan, 5 yrs, but being Military sort of killed the owning of a house until getting close to Retirement, because I was too risk adverse, I saw people lose their behinds in Military towns owning a house.

You buy something cheap, in a decent neighborhood, and continue saving money, fix it up really well so that when you do have to move it will sell well for a good price.
I’ve seen a few buy duplexes, fix one up first and rent it, then fix up yours, you renter pays for the whole thing, get it fixed up nice, put it on the market.
What makes it work is your sweat equity.
I’ve only owned three houses in my life, the last one was on 100 acres, was 3,500 sq ft, and I had fixed it up really well, all hard wood floors, all granite and marble counters etc, 90% of the work I did myself.

Anyway I owed no money on it, it was paid off, and it’s sale was about 50% of the cash I had to invest for Retirement.
I could have bought a new boat but didn’t it’s old, but I wrote a check for it, after I sold our old little boat and an airplane, that were paid for.

See funny thing was you could buy a new house with a VA loan with a $1 move in, no money down, you could also plow the yard, the fence, the sprinkler system, a washer and drier etc into the house loan.

However you could not buy a “used” house with a $1 move in, for that you needed money down.
How well do you think “used” houses sold in Military towns? Think maybe people were way upside down in their loans?

However many, many people were lining up to borrow to buy new houses when every third house was for sale, they didn’t buy them of course they didn’t have the money to put down.
Everyone said I was a fool for living in that Mobile Home, I needed to buy a house, you couldn’t lose on a house, everyone knew it didn’t matter what you paid for a house, you were going to sell it for more later, in fact a smart guy bought a house that absolutely maxed out what they could be lent, that way they made more money when it came time to sell.
Living in that trailer however enabled me to pay for both my College and my Wife’s without a loan, yes you can pay for College without a loan too, why does everyone now get loans?
But that didn’t happen.


Most people my age still get up every morning and go to work, the money they have is mythical, their whole net worth is tied up in the equity of their house, unless of course they were smart and took out another loan on that equity to put down money on a new boat or something.
However I’m convinced that it there were a fire sale tomorrow, and the proceeds of that sale went into their debt, most people would still have debt, and that’s the successful people. Those with big McMansions and a beach house and two new vehicles and belong to the Country club etc.
Your RE plan works in Dothan and Fayetteville, not so much in San Francisco or Boston. And your college plan works for an in-state school but maybe not for Harvard. Guess who statistically ends up with a lot more options at retirement?
Conservative finances are fine, and certainly there are lots of people who should be living more conservatively. But taken too far it's also extremely limiting on your potential. This from a guy who left active duty at 16 years at the top of my game to start a company....and financially and mentally am literally 20x better off than if I'd done the conservative thing and finished out my 20. Oh, I took out student loans to get a master's from a school that enabled me to do the startup, easily paid them off in a couple years with the excess earnings. The conservative path for me would have put me as a soon to retire O-6 with a $65k a year pension looking for a full second career instead of being in a position to retire when and where I want. And having missed out on the 10 most fulfilling years of my professional life. So glad I lived out of fear of a life unlived instead of just living out of fear of debt!
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Old 21-06-2019, 17:17   #220
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Re: Places Where You Can Retire on $200,000 and Feel Rich

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I NEVER use my debit card. People hack that and they have my money. They hack my credit card and I just cancel it and get another.

Plus the credit card pays me for using it.


I see your point and acknowledge it. USAA has a card that is unlimited 1.5% cash back, I guess Iíll go that way as they are real easy to work with from a distance, they are set up to operate with deployed service members, they understand they arenít getting a real signature etc.
Besides I guess Iíve been a member for over 30 years at least.
Iíve been against credit cards for a long time, I have always used AMEX as used to you couldnít carry a balance.
But an AMEX is nearly useless in the Bahamas, almost no one took it.
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Old 21-06-2019, 17:23   #221
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Re: Places Where You Can Retire on $200,000 and Feel Rich

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The real fact is that when you don't pay back the loan, that you agreed to, is that you ripped off the investors that put up the money. That's people like me that have money in 401k's etc

Perhaps you should investigate The Fractional Reserve Banking system that the banks use - Its really the banks ripping off investors not the individual who is brought to his knees by the bank.
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Old 21-06-2019, 17:34   #222
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Re: Places Where You Can Retire on $200,000 and Feel Rich

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I see your point and acknowledge it. USAA has a card that is unlimited 1.5% cash back, I guess Iíll go that way as they are real easy to work with from a distance, they are set up to operate with deployed service members, they understand they arenít getting a real signature etc.
Besides I guess Iíve been a member for over 30 years at least.
Iíve been against credit cards for a long time, I have always used AMEX as used to you couldnít carry a balance.
But an AMEX is nearly useless in the Bahamas, almost no one took it.
I look at using my credit card as a month of interest where they pay ME and itís a a lot less trouble paying the card off each month than keeping track of what I used a debit card on in the past

I bet the last 6 months Ive used less than $200 of cash buying stuff
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Old 21-06-2019, 17:41   #223
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Re: Places Where You Can Retire on $200,000 and Feel Rich

I tend along the lines of a64pilot. I'm conservative/cynical towards finances. This has hurt me financially but been good for the health (stress).

I'm amazed at the powers-that-be ability to kick the can down the road but at some point fundamentals have to come into play. When they do, it will be painful.

I carry a small amount of unsecured debt. If the financial-world-ends I'll default. **** the banks. They have no issue having someone else picking up the tab, why should i.

My boat is free and clear. Unless a hurricane puts me on the rocks I'm good.
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Old 21-06-2019, 17:59   #224
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Re: Places Where You Can Retire on $200,000 and Feel Rich

There have recently been a couple of articles in the news about older guys robbing banks just so they'd go back to prison for the medical care.

Says a lot about the state of the US medical system.

https://www.foxnews.com/us/feds-81-y...urity-payments

This one's a vet: https://nypost.com/2019/01/30/freed-...ack-to-prison/
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Old 21-06-2019, 18:09   #225
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Places Where You Can Retire on $200,000 and Feel Rich

People that were long time incarcerated have often committed crimes because they canít handle the outside world, itís been that way forever.
Besides, how much do you think society should pay in Social Security for a career criminal? How much do you think they paid in?
My wife as a school teacher canít get SS, because the school system in Ga doesnít pay into SS. Used to be they had a great retirement, but that changed. She has a 401k and a small retirement Valic I think itís called.
But if she canít get it, I have issues with giving it to career criminals
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