We consider ourselves the wise grandparents so the trust is set up so that they will only be able to get at 1/2 percent of the assets each year after age 40. But we found that by asking ourselves if one of our grandkids required 3 million dollars to survive (illness or whatever) wouldn’t we feel bad for having pissed away our chance to save that money in advance? Single-room-occupied apartments in the drug infested, dangerous area of my city start at 5 per month.You get a room with a bed, and you share a kitchen and bathrooms with drug addicts and alcoholics. No laundry.) Of course, my *dream* is to live in this city.Most every home in america has at least one spare bed and in the resort area I live in most homes are empty most of the year.Free rent is easy to come by if one makes the effort.I’m very happy that I am already in a situation where I live within 3 minutes walking distance to work, 10 minutes walking distance to town, and bike or walk everywhere I need to go. Plan is to buy a used large Rv which are real cheap nowadays. I intend to travel the country going from job to job which i hope will satisfiy my travel needs .Housing budget is quite high though, 0/week (we have weekly rent in Australia). Rv parks are expensive so i hope to stay on construction sites as a night security person. Now i will have two rental incomes , Myself and wife incomes with little or no rent . Wow, I feel like I just got smacked in the face with this day 1 !I will sit this one out for now, but may move to somewhere with lower rent within the same distance from work and town, if I find such a place. I would absolutely LOVE to retire early but I cannot do this 1 just yet.
Of course for city dwellers that might be a problem.
In addition, the variables that we consider important for our happy retirement location include: must have one awesome burrito place; tip top martini joint; good, spicy Thai restaurant; locale for that perfect cup of morning java (Starbucks/Peets are “okay”, but a neighborhood brewery would be ideal); along that note, local brewery with just-right-suds; corner grocery store with a bit of everything; bakery for that fresh morning or afternoon pastry; and a wine shop with a nice diversity to satisfy our love of good vino. I worked like crazy for 5 years, only to have a house that I had time to “visit” a few hours a day, then 60 miles back to work again the next morning. After years of this I looked at my paperwork only to discover I paid down the mortgage by a couple hundred bucks. I just started following the ERE site and will go through the 21 days post one by one. grocery location – nearby grocery stores are expensive so we drive to the burb once every two weeks or so. And I don’t know why all of them are established in UK.
Early Retirement Extreme is a little too extreme for me. 🙂 We moved from a 2000 sq ft house to a 1000 sq ft condo in a medium size downtown. Just my EUR .02 I’m relatively new here as only discovered this blog about a week ago.
Unfortunately our condo does not meet your 3 criteria. I have wanted to work for not more than 10years and be FI by then, hence I’ve always been relatively frugal ( with short bursts of consumerism every now and again).
I am now in my 3rd year of working, and hope I will make it to FI within my 10year timeline, or sooner.
I earn 00/week and pay a mortgage of 0/week, unsustainable.