Thank you for sharing your wisdom, Chris. I am a millennial and this showed me that there are some things we connect on with your generation. Like how hard it is to make ends meet. I appreciate you acknowledging housing costs these days- the amount of money my wife and I spend on interest is highway robbery. I hope you keep posting!
Thing is with parents and grandparents… your parents could buy a house for 6 radishes and a firm handshake. Haha. I saw a stat that in the 40s the average 3/2 was $8k. Which in 2023 translates to about $80k. (Rough numbers & rough reality haha)
TPTB make sure you never have "enough". They are constantly devaluing our money. On top of that, see how complicated, expensive, and difficult it is to leave money to your kids! There's income tax, sales tax, property tax.. etc.. too many to list here. It's not just in the US; it's like that everywhere. This is actually what got me started into checking into trucking... because of devaluing the money (inflation), I don't have enough, but I probably never will. I don't think it's a bad thing though... being "locked down" for 2 years showed me what effect it has on the body. I got to keep moving!
I do have an aggressive plan for my savings. Living in my truck removes a lot of my "overhead" that most people have. The average person can't afford to target 30k a year in savings. Trucking is the only solution that I know of that allows me to hit such a hard target. Unfortunately, it does come with a severe cost. I literally have no life. All I do is work. I live at my job. I eat, sleep, and work, all in the same space. I see my family quarterly. I get out of the truck for about a week every three months or so. I don't go to the beach or dinner or a movie or anything fun unless I do it when I'm at home during one of those weeks. And tbh, I am usually pretty tired when I go home, so I don't typically do much when I'm there. This is the sacrifice that I choose to make so I can attempt to have "enough" when I get to retirement. And you are right, I might never have enough. But it's the best I can do because I squandered my time.
@@ccrider327591 I try not to beat myself up about it too much because I really wanted to LIVE: travel, live overseas, speak other languages, have a lot of fun. I really prefer my life to someone like my sister, who is a state employee that will retire with a HUGE benefits package but she'll be too old to do anything. I know boomers that are very well off $$$ but are already starting to deteriorate mentally and physically. They can't take that money with them! To me, it's a balance. BTW - the cost of living in the US is kinda high right now. I'm sure you know (given your channel name) that you can live better with less in a lot of other countries
Yes, sir, you got that right, only right we have is to take care of ourselves. Most people don't even think about retirement in tell it's too late. That's true when they should be saving their whole entire life to be ready for. The retirement I see you're still with GP transco. Must be a decent company.👍
The $42, 000 car is a lot of money that could be used for retirement. If you sold it and got a $2k car...that 40k in mutual funds would look more like 60k-70k in 7 years. That's decent bread! I'll be keeping my 2k Honda around....even though I might not drive in except 3 or 4 days a year)...just in case. I think a lot of Gen X is going to have a hard time retiring because of their desires (standard American desires)...they want a high level of living. I don't know if you looked up that S.S. calculator "benefits retirement planner"....but after all the work you have done....plus 10 years of trucking...you'll get at least 2k a month...that alone is easy street in Phils. And your 250-300k (20-25k a year )...would seem you will have the better part of 4k a month....That is nothing short of ....AWESOME (practically makes you a minor god in Phils lol)! I don't want to live an American Lifestyle...so what little bit I will get from S.S. (around $800)...plus some monthly dollars off my investments (maybe another $800....I can live super cheap..AND BE HAPPY.. grateful too!) I will be just fine. For me it's all about not being the typical American (more, more, more).
I have no argument about my vehicle. I could have gone cheaper. I wanted it. I needed the additional space. It makes traveling from my HQ to home and back a lot easier/comfortable. It will be of value to my family when I retire and no longer need it. And I can afford the payments and still hit my financial plan. In the end it will all work out.
Thank you for sharing your wisdom, Chris. I am a millennial and this showed me that there are some things we connect on with your generation. Like how hard it is to make ends meet. I appreciate you acknowledging housing costs these days- the amount of money my wife and I spend on interest is highway robbery. I hope you keep posting!
My kids are milineals too. I know the struggle is real. I'm just glad I am not in the market for a house or rental!
Thing is with parents and grandparents… your parents could buy a house for 6 radishes and a firm handshake. Haha. I saw a stat that in the 40s the average 3/2 was $8k. Which in 2023 translates to about $80k. (Rough numbers & rough reality haha)
TPTB make sure you never have "enough". They are constantly devaluing our money. On top of that, see how complicated, expensive, and difficult it is to leave money to your kids! There's income tax, sales tax, property tax.. etc.. too many to list here. It's not just in the US; it's like that everywhere. This is actually what got me started into checking into trucking... because of devaluing the money (inflation), I don't have enough, but I probably never will. I don't think it's a bad thing though... being "locked down" for 2 years showed me what effect it has on the body. I got to keep moving!
I do have an aggressive plan for my savings. Living in my truck removes a lot of my "overhead" that most people have. The average person can't afford to target 30k a year in savings. Trucking is the only solution that I know of that allows me to hit such a hard target. Unfortunately, it does come with a severe cost. I literally have no life. All I do is work. I live at my job. I eat, sleep, and work, all in the same space. I see my family quarterly. I get out of the truck for about a week every three months or so. I don't go to the beach or dinner or a movie or anything fun unless I do it when I'm at home during one of those weeks. And tbh, I am usually pretty tired when I go home, so I don't typically do much when I'm there. This is the sacrifice that I choose to make so I can attempt to have "enough" when I get to retirement. And you are right, I might never have enough. But it's the best I can do because I squandered my time.
@@ccrider327591 you are right in everything you said
@@ccrider327591 I try not to beat myself up about it too much because I really wanted to LIVE: travel, live overseas, speak other languages, have a lot of fun. I really prefer my life to someone like my sister, who is a state employee that will retire with a HUGE benefits package but she'll be too old to do anything. I know boomers that are very well off $$$ but are already starting to deteriorate mentally and physically. They can't take that money with them! To me, it's a balance. BTW - the cost of living in the US is kinda high right now. I'm sure you know (given your channel name) that you can live better with less in a lot of other countries
Yes, sir, you got that right, only right we have is to take care of ourselves. Most people don't even think about retirement in tell it's too late. That's true when they should be saving their whole entire life to be ready for.
The retirement
I see you're still with GP transco. Must be a decent company.👍
They are OK. Miles are a little low right now.
The $42, 000 car is a lot of money that could be used for retirement. If you sold it and got a $2k car...that 40k in mutual funds would look more like 60k-70k in 7 years. That's decent bread! I'll be keeping my 2k Honda around....even though I might not drive in except 3 or 4 days a year)...just in case. I think a lot of Gen X is going to have a hard time retiring because of their desires (standard American desires)...they want a high level of living. I don't know if you looked up that S.S. calculator "benefits retirement planner"....but after all the work you have done....plus 10 years of trucking...you'll get at least 2k a month...that alone is easy street in Phils. And your 250-300k (20-25k a year )...would seem you will have the better part of 4k a month....That is nothing short of ....AWESOME (practically makes you a minor god in Phils lol)! I don't want to live an American Lifestyle...so what little bit I will get from S.S. (around $800)...plus some monthly dollars off my investments (maybe another $800....I can live super cheap..AND BE HAPPY.. grateful too!) I will be just fine. For me it's all about not being the typical American (more, more, more).
I have no argument about my vehicle. I could have gone cheaper. I wanted it. I needed the additional space. It makes traveling from my HQ to home and back a lot easier/comfortable. It will be of value to my family when I retire and no longer need it. And I can afford the payments and still hit my financial plan. In the end it will all work out.
"Children do what they want to do, adults do what they need to do." Dave Ramsey.@@ccrider327591
Hi Chris