Do you have enough money TO STOP WORKING?
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- เผยแพร่เมื่อ 14 ก.ย. 2019
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NO debt! Is the most important! I have NO
mortgage. I have NO CC bills, I have a car payment. Will be paid off soon. Then I want a teardrop. Great video Cozmo!
Eric we are twins separated at birth I have not had debt for many years. If I use my CC I log on and pay it off the same day. I paid cash for my car and trailer (that meant waiting which I had no problem with). I hate spending future income on debt. You are on the right track. Let me know which teardrop you end up with. I love them all! =Cosmo
My goal, in all this is: The day I die, the last check I wrote bounces! Meaning I spent it all and enjoyed my hard work!
Great video! It comes down to common sense.
Baw haw haw. Its a good point. We dont want to outlive our money/ But we cant take it with us. Hopefully we can calculate the right mix of spending. =Cosmo Check my other videos th-cam.com/users/cosmoweemsvideos SUBSCRIBE th-cam.com/users/cosmoweems
😂
This video is the most common sense financial topic I have heard. Man, THANK YOU!!!!! I'm coming into the retirement days in about 10 years and your video is exactly what I I been thinking about. Like you I'm also coming from the IT world. Thank you for inspiring me even more.
Thanks Eric =Cosmo Check my other videos th-cam.com/users/cosmoweemsvideos SUBSCRIBE th-cam.com/users/cosmoweems
Hey there Cosmo ... I really ENJOY your videos, sir.... I LIKE how you "tell it like it IS" , ... too many other tend to "sugar coat" EVERYTHING... Not you, sir, and that IS "appreciated" !!!!
You teach me a little something with each video .... (And that is PRICELESS) !
Rick S. (Massachusetts)
Thanks So Much Rick. I meet the nicest people on here and on the road!. Its fun to meet like minded people who have their heads screwed on straight. =Cosmo
Hey Cosmo. Thanks for fireside chat. Sorry to hear about the loss of your dear friend. He was lucky to have you in his life. ❤️
Thanks Wendy.. Where he goes we all follow. He was a motivator for me to go out and enjoy life to the fullest. Regards =Cosmo
What a difference a year makes, since I first watched this video. Thank you again we all have to start thinking about what might be ahead.
Thank You Kat. That is wonderful. Keep me posted on your progress! Thanks for watching =Cosmo
Cosmo, I have just found your channel and I am subscribing. I was born and raised in NYC, worked my entire career from the bottom up. I just semi retired, taking a low stress, flexible position in the cycling industry (my main hobby). I tell anyone who will listen, debt is the greatest enemy of living well (that and silly expectations of how you should live, 3 cars 3000 square foot home etc.). I paid off my house early, maxed my retirement contributions and pay off my CC every month in full. I do use my credit card for all my bills, I never pay fees and I earn points that I can use toward CC payments. I buy cars used and research all major purchases. I agree with the philosophy live simply and live well. I travel when the mood hits me, keep a nice small home in the country 80 miles from NYC and live the life I always wanted. Cheers on your lifestyle and showing how it is attainable.
You my friend are no underachiever. Cash is king. I worked on Wall Street (software) and walked by the enormous buildings debt interest payments from people like you and me built. I am not part of that either. Life is so much better with out the weight of debt. I followed a similar path as you. WELL DONE underachiver2000. You are free to enjoy your life within our means. Bravo =Cosmo
Man Cosmo, you have got to be one of the most honest, and straight forward men I have ever listened to. That is not a silly statement, as I have known a lot of good men, many who have been mentors. This has been some of the best financial advice I have heard. Thanks.
Thanks Monty. I could not make sense of the soft predictions the financial planners were making. These hard numbers are at least a starting place we can believe! Thanks for watching =Cosmo
Pension..................I worked for one employer for 43 years. I'm glad I did.
Excellent Well done.t Sadly for most people these day a pension is a thing of the past. =Cosmo Check my other videos th-cam.com/users/cosmoweemsvideos SUBSCRIBE th-cam.com/users/cosmoweems
Very helpful and down to earth video, Cosmo, thank you! I'm only 50, but I really appreciated hearing your thoughts about planning in general, and how you did it for yourself specifically. I really took a lot away from this one, Cosmo, thank you again.
Great Greg. Once you get the major moving parts on paper its much easier to fill in the gaps. I have no doubt you will be prepared for a good retirement =Cosmo
Cosmo,
Thanks for your advice and perspective. I've been watching your "teardrop adventures" for the past month and stumbled on this video. Very helpful at this time in my life as I'm getting older and thinking about my future, enjoying retirement in the great outdoors!
I have to add that all of your videos are fun, whimsical
and enjoyable- thank you!
𝕋𝕙𝕒𝕟𝕜 𝕐𝕠𝕦 𝕗𝕠𝕣 𝕨𝕒𝕥𝕔𝕙𝕚𝕟𝕘 Mike! ✅ Check my other videos th-cam.com/users/cosmoweemsvideos
SUBSCRIBE th-cam.com/users/cosmoweems =𝓒𝓸𝓼𝓶𝓸 ✅
Thank you for keeping it simple!
Thanks Keith! =Cosmo Check my other videos th-cam.com/users/cosmoweemsvideos SUBSCRIBE th-cam.com/users/cosmoweems
Great video, always like your straight forward no nonsense approach. keep up the Great content!!
Thanks! This was a different direction for me. Was not sure how it would fly.. I appreciate your comment =Cosmo Check my other videos th-cam.com/users/cosmoweemsvideos SUBSCRIBE th-cam.com/users/cosmoweems
Thanks Cosmo, Great Dick,Spot, Jane financial presentation. Makes sense and causes positive changes.
Thanks JP. Complexity kills. This is a self correcting starting place. The rest is up to us. =Cosmo Check my other videos th-cam.com/users/cosmoweemsvideos SUBSCRIBE th-cam.com/users/cosmoweems
Excellent video Cosmo. I think you made this subject easily understood. Though I have been budgeting like this for years so I am ahead of the game perhaps. MS Excel rocks!
I run across people who never prepared because they think it is complicated. I tell them the same type of simple advice and it is like they are seeing light for the first time. I get so excited to talk them through it and celebrate when they can relax a bit more about the scary future.
Thanks Ande, Its a simple topic made needlessly complicated by the professionals. I read only 50% of Americans have any savings for retirement. The Average baby boomer has $150K saved for retirement. But of the friends who are willing to talk about money - they are doing well. =Cosmo Check my other videos th-cam.com/users/cosmoweemsvideos SUBSCRIBE th-cam.com/users/cosmoweems
Thank you for doing this video! Very helpful!!!!!
Thanks Theresa! =Cosmo Check my other videos th-cam.com/users/cosmoweemsvideos SUBSCRIBE www.youtube.com
Good Program And You Outlined A Down To Earth Way To Figure Out How To Spread Your Budget Across Your Projected Lifetime. Good Video And Good To Know! Thank You For The Information! I Moved To Florida And My Debt Is Small And Can Be Removed With My Savings. Thank You Again!
Excellent! You are on the right track! Good work. Thank You for watching. Check my other videos th-cam.com/users/cosmoweemsvideos
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Thanks for this, Mr. Weems. Just another realization that I have a lot of work (preparation) to do. Very helpful. Jimi Hopkins
Thanks. There are many women on the road graveling alone. I know one who is in a teardrop trailer. If you need more video resources let me know. Thanks for watching =Cosmo
HI Cosmo, I'm Stephen from Argentina and came across your video on financial planning tips. I'm 56 relocating from Argentina (expat San Diego back to USA,) after 22 years with future wife, both same age. I wanted to say thanks for sharing your thoughts and giving me inspiration on something that seems such a daunting task.
I'm following your adventurous and tips on camping and a big fan. GOD BLESS and THANKS!
Thanks for dropping in! =Cosmo
Good video. Thanks.
My experience is that as you approach retirement, getting a handle on how much you spend and figuring out how to pay down debt will pay off immensely. It'll be a lot harder to make ends meet at retirement time if you still have credit card debt and/or a mortgage.
We are in total agreement! Debt is dum. If your outgo exceeds your income, your upkeep will be your downfall! =Cosmo Check my other videos th-cam.com/users/cosmoweemsvideos SUBSCRIBE th-cam.com/users/cosmoweems
This is a great video. I love the Chinet budgeting method.
Thank You for watching. Check my other videos th-cam.com/users/cosmoweemsvideos
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Good stuff! Thanks for sharing 👍
Thanks for your comment. =Cosmo Check my other videos th-cam.com/users/cosmoweemsvideos SUBSCRIBE www.youtube.com
Hey Cosmo, I think you do a great video about this and you think about it in a similar way that I do. Only Exception is I figure out it based on monthly life expectancy verses daily. Also the average male in the United States I think lives to like 75 not 95. If we all live to 95 most of us would be broke long before then even if we planned. Love the Teardrop by the way.
Thanks James. This is very much a do it yourself with your own tuning. It has to be! Sounds like you are on the right track. I looked up life expectancy. Again you have to make your choice 43% of men live to age 85
22% of men live to age 90
7% of men live to age 95
1% of men live to age 100
There are probably many actuarial tables available and I am sure none agree with each other ! =Cosmo
I just discovered your channel ❤️, I’m a 45 year old female lol . I am luckiest to have a good job with a good pension. Working on eliminating debt. I have adopted a minimalist life style in the last couple years and hope I can have freedom 58 ! I am canadian 🇨🇦 and you should really bring your passport next time and go to mont Tremblant lol. I’m a follower now so I’ll wait for that video 😜
Hi Andree, Thanks for dropping in. The country I visit most is Canada. I have love it! I will be back to try again and Mont T. O am very happy to hear you are on track to an early exit of work. It takes great discipline and the rewards are fantastic. Minimalism is good. Much of what we buy we dont need! Stick with it and report back on your progress. =Cosmo
We hired a fiduciary adviser that actually did a great job. Ran a monte carlo analysis given all of our variables and demonstrated how likely it was that we'd have what we needed. I feel pretty confident. There are folks out there that will take the time to give you a good plan.
Thanks Kevin. I agree there are solid honest advisors out there. I was generalizing the marketplace. Fee based and anyone I work with would have to be a fiduciary . We do seem to be in more turbulent waters these days and I am sleeping well! Thank You for watching. Check my other videos th-cam.com/users/cosmoweemsvideos
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Awesome video as always! I actually have my own spreadsheet and have three years till retirement. Lol, great minds think alike... ;)
I wIll be adding Medicare to it thanks to you! Your videos always appreciated!! Thank you so much.
Paul
Food to hear from people who are on the right track! Check my other videos th-cam.com/users/cosmoweemsvideos SUBSCRIBE www.youtube.com
Great video, love the way you look at life..... 🇳🇱❤️🇺🇸👍✌️🥇
Thanks Guido! =Cosmo
Chinet makes square plates? ☺️ Seriously good conversation Cosmo 👏🏻👍🏻
Square plates fit my square storage tube better than round. The old square peg thing. Thank You! =Cosmo =Cosmo Check my other videos th-cam.com/users/cosmoweemsvideos SUBSCRIBE th-cam.com/users/cosmoweems
Well I’m a female and I love your vids. I guess your youtube reports mean you already know that. I really liked this video and I feel you are a few years ahead of me in terms of your planned vs actual outcomes. So this helped me a lot. And yes, I also have a huge spreadsheet that only would work for me. I ALSO have a countdown but I’m sliding back on pulling the plug. Thought I’d be there now, but cautious me is going for another 15 months. ON THE MORTGAGE. Paying off the mortgage would mean pulling the cash from my 401k, which comes with a chunk of taxes and less fluidity... idk... everyone says pay it off, but couterpoints are it drops my income on the medicare AND taxes, and I might just squeak below a medicare tier.. and also, if the mortgage will outlive me, then why not keep the cash and let the kids pay it off from the estate (they’ll still be ahead). Isn’t that where reverse mortgages came from? Since EVERYONE says payoff the mortgage I’m thinking I am missing something important.
Thanks for your comments! TH-cam shares general statistics not information on specific individuals. Break down by gender and age is about as deep as it goes in the demographics. Sounds like you are on the right track. Debt is paid off to avoid paying non productive interest. it is possible a good percentage of your future income will go to paying for renting money. If you have an amortization schedule, have checked how much interest you are paying and are comfortable with your numbers - no problem. How many years do you have to go on the mortgage and what is the interest rate? If you are in the first few years of a mortgages you an see what you are paying for interest. One friend has a $500K motgage. They will be paying $250K in interest if they pay off the mortgage on schedule. Its like a giant credit card. To get a full picture would take a bit more details.. Regards =Cosmo Amortization schedule --> Note the cumulative interest www.calculatestuff.com/financial/loan-amortization-calculator
You are fascinating. I camped up north twice this year. UP Michigan, Lake Superior. Hooked.
Superior is spectacular UP in Michigan is a really special place for me. Thanks for dropping in! Thank You for watching. Check my other videos th-cam.com/users/cosmoweemsvideos
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All great information ✔️
Julie Thank You for watching. Check my other videos th-cam.com/users/cosmoweemsvideos SUBSCRIBE th-cam.com/users/cosmoweems
Interesting. I'm retiring at 55. My friends/family wish they could but I kept our 1st small home, drive used cars and camped all our family vacations. We ate in almost all meals. All I can say is they must really like their cars, houses and vacations since they have to work at least 10 more years. I stuck with a modest paying government job and was forced to put 10% of my gross salary towards my pension plan. I worked 35 years now I play for 35 years
Congratulations, Well done. I live below my means and i am happy doing it. When I see a status vehicle I think debt. =Cosmo
Forgot to mention that I bought my 1st nice car, a 2019 Subaru Outback. A part time job will more than pay for this.
DG we are of one mind. I keep my cars for 10 to 12 years. Thank You for watching. Check my other videos th-cam.com/users/cosmoweemsvideos SUBSCRIBE th-cam.com/users/cosmoweems
Once again good info....
Thank You! =Cosmo
There is a "little" thing called inflation. And when you are retired you have to find ways to make your "assets" grow, at least at the rate of real inflation, otherwise,
over time, you will get squeezed and have to cut back on how you allocate your money. I'm 79 and my wife is 76. We both retired in 1992. I was 52 and she was 49 at that time. We have no debt period. No mortgage and we pay cash for our cars, travel and whatever entertainment we choose to do. But each year everyone's basic expenses have increased due to higher costs just to live. The same items in our basic budget from 1992 until today Sept 2109 has increased almost 70%. And each year we have to decide what we can and cannot afford to do. Earning income on savings is extremely difficult because interest rates have been so low, for such a long time that the rate you can get from T Bills or CD's, for example, doesn't even cover the rate of inflation. Moreover, if you have liquid assets and try to make it grow, you are forced into investments that have risk. So, there are also constant decisions that need to be made, more than just analyzing that you have X amount of dollars divided in your hypothetical days of life left to come up with how long your money will last or how much money you will have to spend each year. So, ,there is the "inflation" thing that over time destroys people on fixed income, followed by one's health condition. And the years between ages 75 and 95 generally bankrupt people because of medical bills. And your health and accompanying medical expenses is something no budget or planning can account for.
Ya everyone needs to bake in their own variables and projections. Any attempt for me to do that for anyone else would be a blunder! Thanks =Cosmo
Thanks Cosmo and Howard for sharing. TH-cam can be so much more than the verbal and video content in each episode. The amount of knowledge rising in the comments can be very helpful to those looking to learn. Keep on sharing!
I did. Is 3 months shy of 20 years now. I`m certainly not rich, but have enough for the wife and I. No boss, no coworkers, no schedule, no clock. Every day is a Saturday. I don`t need to do anything, and I`m pretty good at it. 72 yrs old now.
Nice David. Congratulations. Im loving it. The pandemic has reset a lot of things and more Americans are saving again which hopefully will help many. I am activating in a big way and loving it. TRX was a huge game changer for me. th-cam.com/video/l5beop97Hu8/w-d-xo.html I feel great! Keep me in the loop on your retirement. Best wishes =Cosmo
Cosmo, you would be so proud - Just bought my first 200 watt portable solar panel - I'm ready for camping nearly.
Great! I know you did your research and I cant wait to hear your results! Let the fun begin!
=Cosmo
Just checking. You do have a charge controller right?
What type did you get?
@@karinhart489 this time I bought the cheapest possible on Amazon.
Play with your panels and controller at home so you have experience before you hit the road. You are probably already doing that. =Cosmo
Just watched your video on can you retire. Thank you again. CSC.
Hi William. Good luck on preparing for retirement. I am there now and its GREAT! Dont forget to keep your body and mind in good shape too! Regards =Cosmo 𝕋𝕙𝕒𝕟𝕜 𝕐𝕠𝕦 𝕗𝕠𝕣 𝕨𝕒𝕥𝕔𝕙𝕚𝕟𝕘! ✅ Check my other videos th-cam.com/users/cosmoweemsvideos
SUBSCRIBE th-cam.com/users/cosmoweems =𝓒𝓸𝓼𝓶𝓸 ✅
Good information. I hope to retire in FL. Where i atleast will not have state income tax
Excellent! You may like this. www.kiplinger.com/tool/retirement/T055-S001-state-by-state-guide-to-taxes-on-retirees/index.php
I never had a mortgage until age 70 but I look at it as rent now. This comes from having a husband in a nursing home - and if you want your loved one taken care of properly, it is big dollars. Since I have about 5 more years to go maybe before I die, I'm not overthinking this too much. If you are working on a plan, start by knowing what you are spending now by keeping track of every dollar. You might find expenses that you don't need to spend.
A mortgage can work for some people in some situations. But when I looked at a mortgage amortization schedule and realized the huge banks are funded non productive interest I found another way. My friends $500k condo will cost her $750K with mortgage interest. If you can afford (or choose) to carve out a big chunk of future earnings or current savings to pay hundreds of thousands in interest its your choice. =Cosmo
I really enjoy your videos. Very informative and straight forward. I hope to retire and start a boondock adventure Aug. 2020. Could you share the format or approach to the spreadsheet you refer to? I have a modest budget on excel but it does'nt include all of the future projections that you refer nto. I'm not being nosey about your numbers but would like to see an example of how you go about it.
Thanks and looking foward you the next one!
You have to design your own I listed the points to start with. Determine your age and days to live. Net worth now. Add in Medicare costs for your income and Social Security. Get what I talked about down on paper and start digging! It a good investment in yourself. =Cosmo
I plan to review this multiple times. I am 66 and still work full time+ as an RN. Boy, am I exhausted. Physical and mental requirements of the work devour time and energy I want for leisure. I love the outdoors and miss the restoration of time in nature.
I hear you I was used up when I retired. But retirement is great and nature has indeed restored me You are in a great spot RNs can work whenever they choose. Check your numbers and pull the ripcord ASAP Thank You for watching. Check my other videos th-cam.com/users/cosmoweemsvideos
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Great advice, KISS (keep it simple stupid) due to some medical expenses I will probably have to work a little longer than I wanted too. Thanks.
Thanks Steve Good Luck! =Cosmo Check my other videos th-cam.com/users/cosmoweemsvideos SUBSCRIBE th-cam.com/users/cosmoweems
Complexity kills!
i was thinking this video would be about you parasailing or water skiing on vacation..siting on a beach waiting two see the sun set is my favorite ... very sirius topic cosmo ...
Thanks. Its about reality! Regards =Cosmo
@@CosmoWeems ya i hear you old age creeps up on you with out no regard for anything... cool video.
Nice job
Thanks for watching =Cosmo
Good introductory advice, albeit a little over-simplified.
Thank You! Ya plenty of overly complicated information is available. This is a sanity check for if you have enough to stop work now. Its self correcting of your money increases or decreases. They are numbers you can rely on, not fantasy! =Cosmo Check my other videos th-cam.com/users/cosmoweemsvideos SUBSCRIBE th-cam.com/users/cosmoweems
Very good one👍
My question would be what you spend today as a retired.. " ex fix cost".the fun money part...eating drinking, camper maintenance, travelling and spending your month..how much will that be now as.. retired person " camperish and healthy life stile no excessive hobbies" and be in 10 years, 20 years? Dounle triple? Say an equivalent of 100 dollars a day enough? Means 300 in about 100 to 200 months from now?0r the last 3000 days..and is money still money after all in 10 years..who knows
-> all after energy, maintenance of house, insurance and taxes are paid
I cant read the future. This is to tell you where you are now. From there you can make assumptions about your future. If you can not retire if you can not afford to retire! Thank You for watching. Check my other videos th-cam.com/users/cosmoweemsvideos SUBSCRIBE th-cam.com/users/cosmoweems
@@CosmoWeems thanks..I retired 3 years ago...but still look for a bullet proof formula for fun years to come!
Cosmo! Love your channel! Thanks for all your great work! I have to disagree with you a bit. They don'ty take stocks out of the Dow or the S&P 500 because they make the charts look bad. They take them out because they under perfom and may not be proper indicators of the particular market being indexed.. If you own an index fund based on one of these, would you rather they kept these bad stocks in? I don't think so. Sometimes great companies go south, even when their particular market is performing well.. When that happens you can either stick with them because you hope for a recovery, buying their stock while cheap, or you can move on.
One of the biggest mistakes people make is trying to pick stocks. Stick with something like an IETF. I love SPY, which is and S&P 500 based IETF. Nothing is without risk, including cash. But the S&P 500 is one of the safest investments on earth. You can easily find an online S&P 500 calculator. Use on and try to find a ten year block of time where you could actually lose money if everything you had was in the S&P 500. Hard to do. Especially if you compare it to any other vehicle. If you picked the ten year period centered on the last recession, you'd still average about 7% a year with dividend reinvestment!
Pretending risk can be totally avoided is just as bad ass assuming it can't be avoided. MOST people don't have the relatively high income you did. By realistically managing risk vs reward, even lower income folks can save for a decent retirement. And they can do it without "financial advisers" who (I agree with you on this one) will probably have their interests over yours.
Working retirement plan: 1. Get an online brokerage account with IRA's. 2. Put as much in as possible (preferably in a stock like SPY, see above), but don't make it painful or you won't succeed. 3. Do this as long as possible. 4. Retire. 5. Live until you die.
Hi Rick. Thanks for your comments.
The goal of this video was to provide a no nonsense simple calculation that tells you how much money you have and how long it will last in the simplest terms. The calculation only takes a few minuets and answers the question if you can stop working. All that is needed is a calculator and a paper plate! One can bake in every variable to make that calculation as true as possible. It’s a quick cross check to any financial hot air floating around you (or me). That is all it is. I did include other costs people will face and should factor in.
When the Dow yanks out the poor performers and you are holding them, that is pain. When they pop in a new good performer the chart does not reflect the reality of performance for the index. When I look at the dead bodies that were removed from the index its quite amazing.
The unspoken message most finical gurus present is the chart is the reality! But the scrutinous investors are aware It is not.
I am not risk averse and I am not against betting in the stock market. I am not in favor of undecipherable BS
=Cosmo
As long as you can buy a used travel trailer for less than a used car, I am not worried... One can always boondock if necessary... Cars can be rented for a day to move your travel trailer to the next boondock site...
Its a strategy. I did not know you could tow with a rental vehicle. Cost effective is good! Thank You for watching. Check my other videos th-cam.com/users/cosmoweemsvideos
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I think having a goal is also important. The goal could be overly simple. Like: visit all camp grounds in norther Canada, visit all motel 6s on the east coast or go to a bowling tournament.... but have a dream or a goal.
I agree goal is critical. It kept me motivated to keep working. now I am doing all the things I wanted to do! Check my other videos th-cam.com/users/cosmoweemsvideos SUBSCRIBE th-cam.com/users/cosmoweems
I admire the use of the paper plate to explain how to be frugal,and did you use the plate afterwards?
You mean you have doubts? That is a cherry and chocolate flavored markers and I ate the plate too! Baw haw haw Thanks I needed a laugh. =Cosmo Check my other videos th-cam.com/users/cosmoweemsvideos SUBSCRIBE th-cam.com/users/cosmoweems
My advice is don’t plan on waiting to enjoy your life until you think you can retire because life can throw you curveball in a hurry. My husband had a massive stroke at 61, which completely derailed ALL of our plans. Now he spends his life in a chair in front of the TV. Meanwhile, I’m stuck doing everything. Fortunately, I have a great job that allows me to telecommute so I now have a small rv that I can escape in for a few days at a time. I probably will work a lot longer than I would have (70+) but I’m determined to find small things that allow me to enjoy every single day. BTW I disagree regarding Medicare. My husband is eligible for Medicare but the benefits on my private employer supported plan make Medicare look like garbage, especially when it comes to long term health care matters like physical therapy. Medicare definitely is better than an unsupported private plan, but people accustomed to employer plans are often surprised when they retire,
I agree totally. I had a run in with cancer. It was a wake up call and I was lucky. I do find joy in the small things like you. I buy supplemental Insurance to fill the gaps. Few have the proper insurance and Medicare is a help for most. Nature is a big help to my sanity and I hope it helps you too! =Cosmo Check my other videos th-cam.com/users/cosmoweemsvideos SUBSCRIBE th-cam.com/users/cosmoweems
Cosmo Weems, I discovered your videos a few days ago and have binged watched a bunch of them. You have a natural gift for talking to the camera. Take care, and please continue to share the joys of exploring nature in your teardrop. Today I’m working on finishing a vinyl skirt for my Lance 1475. (I knew I kept those deflating air beds for a reason!). With some cold temps ahead (I’m in Northern IL), I’m hoping to extend my camping season into early December. We shall see!
Financial advisors are for financial advisors.
I agree! Thank You for watching. Check my other videos th-cam.com/users/cosmoweemsvideos
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Okay well, I didn't bring my crystal ball with me in this lifetime so I have absolutely no idea how many days I have to live. Lol. I know I won't be counting on SS or anything like that, so I will just assume that I'll need to "work" in some capacity until I die. It's a miracle I'm alive right now, anyways, so I figure living until 95 isn't in the cards for me. I don't really think I'd like to be around that long. Not as a typical American, that's for sure. Our elderly are wasting away in nursing homes, whereas the Asian elderly are out in the parks doing tai chi in the mornings. I'm not exactly a normal American but I still don't think I'd want to hang out here for another 50 years. There would have to be some really compelling reason for me to do that. I guess you never know what the future holds.
I'm open to a huge lottery win, BTW, if the universe is listening. Lol. 😁
I agree its not the years in you life that count. It’s the life in your years that counts. Some Asians seem to understand this and work at being young. I agree and practice yoga almost daily I seem to start solidifying as soon as I stop. I hope to milk as much active years as I can out of life. I did the opposite. I worked myself to death to be able to retire and gave up a social life. That was and still is a gamble. I loose if I drop dead before I get to enjoy it! Shouldn’t we be having this discussion around a campfire? Sounds like you are planning the right moves in van life. You are probably already watching Bob Wells, enigmatic nomad, etc. Picking the minimum of gear to get started is a good idea then acquire the rest when you actually know you need it with the expenses you save from giving up a home. High on my list would be a good sleeping bag. Its possible you have nothing to loose and a lot of fun to gain if you dive into van life. Forget about being normal - that is a fairy tale. Just be you it works. =Cosmo
Yeah, I'm not normal so I should be just fine. Lol. I do watch Bob and Jamie and a whole lot of other nomad channels. I have been slowly buying things here and there that I know I'll need. I try to get something for my rig every time I order regular household stuff from Amazon, even if it's just a kitchen utensil or a tool. I hope that I'm all ready come next autumn since that's when I want to leave. I don't think I can stand another Indiana winter...
Working part-time may be part of the strategy.
Thank You Barry! Good point! I could only jam a limited amount of info in here. My brother has enough money to cover expenses. For fun money he works part time and uses that for travel money =Cosmo Check my other videos th-cam.com/users/cosmoweemsvideos SUBSCRIBE th-cam.com/users/cosmoweems
Cosmo Weems - For 8 years I did the part time gig. Getting the time off to have fun is the shitty part.
Yes but it finances having fun!
You forgot one ingredient that make the "cake" really moist and sweet, a pension! I retired at age 55 and never looked back. We enjoyed your campsite chat. Thanks.
Congrats Ed In the work place these days less and less workers have a pension. I dont have the numbers but most places only offer contributions to 401Ks and those sorts of self funded plans. I am in the self funded category. Obviously if you have that option your in a great place! But the simple calculation can still be useful. Live long and have a great time. =Cosmo Check my other videos th-cam.com/users/cosmoweemsvideos SUBSCRIBE th-cam.com/users/cosmoweems
@@CosmoWeems Ps. My wife enjoys watching your videos alongside me. I'm the one signed in to TH-cam so you wouldn't even know in this case that a woman is watching. Keep up the great work.
I think no matter what age you chose to take the SS, it all comes out to be about the same total money you get over time. You get less at 62 but over a longer period of time.
I don't agree. You have to crunch your numbers (like I did) and see whats best for you. I figured I would be happier I was getting more money later in life when I was too old to earn more. In my case I would be getting $24K vs $40K waiting. There are some good reasons to collect sooner too. Its all in your numbers. =Cosmo
@@CosmoWeems Can we claim at 53? LOL , I know, a loooonnnngggg way to go. Wish I was there.
I wonder how many think to plan their demise. Some are fine with leaving it to others to take care of or a paupers funeral but some may want to plan these expenses. The variables are endless.
I ws appointed executor of a friends estate. He chose to be cremates. It cost $3000. Most people prefer not to think about the one certain thing in our lives, Death. Buddhists have am much better outlook on death. Its a fact and it should be experienced if it is not very painful. Why miss it numbed with drugs. It might be good! Thank You for watching. Check my other videos th-cam.com/users/cosmoweemsvideos
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If you want to keep more of your SS and retirement distributions don't live in NJ. PA does not tax those funds. I retired to TN to do even better.
Thanks Peter. I found this useful www.kiplinger.com/tool/retirement/T055-S001-state-by-state-guide-to-taxes-on-retirees/index.php
=Cosmo
How are you doing with this cova 19
So far so good. I am financially stable (which is much different than rich). Health is hanging in, Riding bicycle and walking daily. But looking forward to camping lots as soon as we can. Be well and thanks for checking in. =Cosmo
Hey Cosmo, you forgot the second "P" in suplimental
Ya I learn from my mistakes and repeat them perfectly. The video has been released in the wild and cant be changed now. The font is so small when I am using the video editor I can barely see it. Thanks =Cosmo Check my other videos th-cam.com/users/cosmoweemsvideos SUBSCRIBE th-cam.com/users/cosmoweems
Totally misguided on Social Security. Make yourself three columns...one is you at 62, one is you at 65, The last is you at 70. Know what you will receive based on your S.S. statement.
Start the income in the 62 column, and accumulate (the lowest amount) downwards by month. Your 65 and 70 columns are blank until enough months/years go by, then they will start accumulating. (at a higher rate)
The result? **It took me ten years past the (highest) 70 column start until I broke even! **(making me 80) At eighty, even with the highest payout, I was no farther ahead.
I am now 72 and do not for a moment regret taking S.S. early. Especially helpful for the person who doesn't need it, and can invest it...making an income on your own money and not letting the government keep it. I've never met anyone who has done this analysis and disagrees, because numbers don't lie.
Of course I crunched the numbers. You should do whats right for you of course. Friends who collected at 62 were happy until in the begining by collecting 24% less a month is less fun when your older. Do what is right for your situation. The recommendations are - if you dont need it wait till 70 and enjoy a substantial boost to you income when you need it most. www.schwab.com/resource-center/insights/content/when-should-you-take-social-security =Cosmo
By the time you finish your calculations, dollar will lose 90% of value lol
Anything is possible in 2020. Thank You for watching. Check my other videos th-cam.com/users/cosmoweemsvideos
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I'm gonna work to the grave, I own a 1500 sq. ft. house in Connecticut and the property taxes are $1,200.00 per month ($14,400.00 per year) , I have a 17 tear old car and the taxes are still $650.00 per year. Impossible to live in a blue state, but we cant afford to move out of state so the democrat politicians keep us all under their thumbs. Connecticut is a dying state!!
I dont agree. A friend moved to a retirement community in Bayville NJ. Has a one floor no steps condo. 2 BR it cost $160K taxes are about $3K a year. Monthly maint is $90. The condo is 2 blocks from the shore and its not a flood zone. I wish you all the best. =Cosmo
I agree with Cosmo, if you are not happy, make changes. There are options.
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I would move to get rid of those property taxes.
WOW! Your house must be worth a lot or you live in a City with no commercial tax breaks. My friend lived in CT and her takes were $5800 per year. I live in NY and my taxes are $6200 per year. I don’t think it’s Red or Blue but the area where you reside. Maybe, I’m missing something. 🤔 Enjoy!