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Any Regrets For Starting Extended Travel Early?

Roadlover
Explorer
Explorer
Many folks put off extended RV travel so they can save enough money to do so. But I have heard many Full-timers and Part-timers say, start as early as you can or others say they regret they didn't start earlier. So, I'm curious if there are those who regret starting when they did because they could no longer afford health insurance or the funds just ran out?

Thanks
"The Journey is the Destination"

2015 GMC Denali 3500 DRW Duramax/Allison
TorkLift Talon Tiedowns, StableLoads and FastGuns with Locks

2012 Arctic Fox 1150 with Dry Bath with Fox Landing and Wobble Stoppers
18 REPLIES 18

noplace2
Explorer
Explorer
I'll kinda' sorta take my buddy above and say yes. We were with a combined income of less than 70K (remember that this was 1985) We live on an aggregate of 20K now and want for nothing

Planning? Waiting for it all to come together?

You might die tomorrow, and trust that the older you get, the more likely that is.

I am always amused at the folks who have never contemplated their own demise. We are ALL going there! Live it or die thinking about it.
โ€˜Love is whatโ€™s in the room with you if you stop opening presents and listen.โ€™ - Elain - age 8

FULLTIMEWANABE
Explorer
Explorer
dreamrver wrote:
to all of you who was able to retire early how did you know that you had enough to do so. did a financial person say your good to go, or did you just figure it out on your own. I am 50 years old just finished 31 years on the job, I like to think I put my time in, I would like to start the full time adventure sooner than later but can not convince myself I have enough. seems everything I read they say you need a million dollars invested, I do not believe so, am I wrong ?


I sympathize with you having gone through what you are RVD, we found ourselves in exactly the same predicament for the past few years. Caught in that "one more year" syndrome, like a Deer in The Headlights.

For some it appears $500K has been enough to retire on but they might be due to collect SS/pensions within 5 years or have other pensions from service or work that kicked in at 55 or even younger to supplement. Some have a skill they feel they can easily fall back mobile into if the proverbial hits the fan. For others with $2million invested they are nervous as who really knows how long the money has to last.

These low interest rate environments we find ourselves in the past many years, have skewed everything we planned for based on the old typical 8% return adage we started our planning around many years ago. Whilst none of us are alone, it is little consolation stepping into an unknown with so many variables. It doesn't help when one reads of others having to hang up the keys due to running out of money either.

There just comes a point where you have to take a leap of faith, just because the longer we put things off who knows what could happen. Based on your calculations of what's due to you and when, how long you have to make your nest egg last based on what realistic return you can get (ideally estimate on the low side for caution), what you anticipate your life expectancy (good luck with that one!) to be, and what exit plan you have. Basically have an A plan and also a B back up plan just in case.

No one has a crystal ball, either RVers or SnB retired folks. However, with adequate planning plus budgeting and allowing maybe an extra 50% expenditure for your first year out there, for most it appears to work out. We've just finally made the decision set the launch date and have trusted that within a couple of years we'll get a good feel where we are at. In addition we are putting 5 years expenses out of the market so we hopefully aren't forced during negative or high volatility times to sell any of our investments at a loss.

Will our plan work or not? Who knows! We've just done the best we think we can to prep for this new phase in our lives and covered as many bases through our research and knowledge as we can. If all else fails we'll end up on our daughter's doorstep as paupers in a couple of decades.
It Takes No More Effort To Aim High Than To Aim Low - Reach For The Stars

2gypsies1
Explorer III
Explorer III
We did the figuring on our own. It's been 21 years now since retirement and we're doing much better than expected. We full-timed for almost 17 of those years. We saved beforehand and never got in debt. We live modestly.
Full-Timed for 16 Years
.... Back in S&B Again
Traveled 8 yr in a 40' 2004 Newmar Dutch Star Motorhome
& 8 yr in a 33' Travel Supreme 5th Wheel

dreamrver
Explorer
Explorer
to all of you who was able to retire early how did you know that you had enough to do so. did a financial person say your good to go, or did you just figure it out on your own. I am 50 years old just finished 31 years on the job, I like to think I put my time in, I would like to start the full time adventure sooner than later but can not convince myself I have enough. seems everything I read they say you need a million dollars invested, I do not believe so, am I wrong ?

noplace2
Explorer
Explorer
I was 49, she was 45 when we started this adventure. Now in our 15th year we have no plans to stop. We wouldn't have had it any other way.

We started debt free and have remained so. Your behavior and results may vary.
โ€˜Love is whatโ€™s in the room with you if you stop opening presents and listen.โ€™ - Elain - age 8

C-Bears
Explorer
Explorer
If you have a retirement income of $90,000 and no bills, then you may decide to finance an RV for full time use. If you have a steady income of $30,000 a year and no bills you may decide to finance one. Or, you may wait and lay the cash out.

Either way, as long as you can travel when and where you want in that RV, and never worry about money then you have done something right.

That is the biggest draw to the full time RV lifestyle, the "kick backed" relaxing daily life, no worries. If you are on the road and money is always tight and dictating when and where you can go then maybe you need a reality check. You may have dove into the full time lifestyle too soon.
2014 Montana 3725RL (Goodyear G614 Tires, Flow Thru TPMS)

SPENDING THE WINTERS AT OUR HOME IN SW FLORIDA. THE REST OF THE YEAR SEEING THE U.S. FROM OUR LIVING ROOM WINDOW!

Skid_Row_Joe
Explorer
Explorer
arhayes wrote:
In life, if you put things off because you think you cannot afford them, you'll never do anything. Be practical, but go for it! I retired and we began our journey last year at 60 and should have done it years ago!
Well.....not in my case. I planned to have adequate finance funding for practically anything I wanted to do as per RVing and travelling the world by the time I turned 60. I was right on target accomplishing this goal by waiting for it. It took a few years of steadfast planning, work and patience to amass the funding for a life of leisure. But I'm there. If you never wait for anything, you'll likely never have the funding to do what you've planned on doing by waiting for that adequate funding.

BarbaraOK
Explorer
Explorer
DallasSteve wrote:
I've waited and I've saved and now I can afford to take the risk. If I try living in an RV full-time and I don't like it I can sell the rig and go back to life in a fixed home and if I lose $10,000 giving it a try it won't wreck my retirement.

I don't agree that financing is bad. I could pay cash for an RV, but I'd rather make a down-payment equal to the initial depreciation plus some cushion and then feel like if I had to sell at any point in time I could get about what is left on the note and my true savings is still what is still in the bank.


Not to mention that if you have a large chunk in tax-deferred savings, still making money for you, financing avoids taking the huge tax bit when withdrawing a enough to pay for a new coach. Plus, that money was making money at a very good rate for us. And in an emergency we could have drawn it out, but didn't have to, and it is still there (though now we have to take a minimum distribution each year) earning money for us.

Barb

Barb & Dave O'Keeffe - full-timing since 2006


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DallasSteve
Nomad
Nomad
I've waited and I've saved and now I can afford to take the risk. If I try living in an RV full-time and I don't like it I can sell the rig and go back to life in a fixed home and if I lose $10,000 giving it a try it won't wreck my retirement.

I don't agree that financing is bad. I could pay cash for an RV, but I'd rather make a down-payment equal to the initial depreciation plus some cushion and then feel like if I had to sell at any point in time I could get about what is left on the note and my true savings is still what is still in the bank.
2022 JAYCO JAY FLIGHT SLX 8 324BDS
2022 FORD F-250 XL CREW CAB 4X4
All my exes live in Texas, that's why I live in an RV

3oaks
Explorer
Explorer
arhayes wrote:
In life, if you put things off because you think you cannot afford them, you'll never do anything. Be practical, but go for it! I retired and we began our journey last year at 60 and should have done it years ago!
Good that it works for you.

However I disagree with your first statement. Maybe because I am older and was raised in a different era. We were brought up with the principal that if we could not afford it, we did get. We always saved for what we wanted. I lived with that principal all my life and I thank my parents every day, although they have passed on years ago, for the great retirement I am enjoying today. ๐Ÿ™‚

arhayes
Explorer
Explorer
In life, if you put things off because you think you cannot afford them, you'll never do anything. Be practical, but go for it! I retired and we began our journey last year at 60 and should have done it years ago!
Alan and Kathleen
2015 Grand Design Momentum 380TH (RVD2)
2014 F350 6.7L Diesel DRW (Stormtrooper)
2012 Honda Goldwing NAVI/ABS (Land Speeder)

3oaks
Explorer
Explorer
It's all a gamble. Life is a gamble. What we want to do and what we are able to do are two different things. It doesn't mean through caution to the wind. You should have a definite plan in place and an answer to all the "what ifs" and have alternative options in mind.

Naturally, here on this site we will most likely hear from all the early successes. Opinions here are going to be very skewed. People who have started too early and have regretted it are too busy trying to put their finances and/or lives back together than to be spending idle time on this site.

Skid_Row_Joe
Explorer
Explorer
Roadlover wrote:
Many folks put off extended RV travel so they can save enough money to do so. But I have heard many Full-timers and Part-timers say, start as early as you can or others say they regret they didn't start earlier. So, I'm curious if there are those who regret starting when they did because they could no longer afford health insurance or the funds just ran out?

Thanks
I bought my 1st coach @ age 35. That was almost 30 years ago. It was a very nice pre-owned diesel Class A. I still drive a diesel coach, but it's a lot newer and nicer. Not made any better, but maybe the next one will be better. Buy what you can pay cash for, and you won't go wrong. Finance 'em, and you're biting off more than you can comfortably pay for. I believe that's the right way for me anyways.

2gypsies1
Explorer III
Explorer III
I fully agree to start as early as you can. However, I'd really advise you to be responsible. Full-timing and traveling and having a lot of bills and little savings will not work.

We always lived below our means and saved, saved, saved. We took off in our early 50's and full-timed for 16 years without having to worry about money.

There are many young full-timers nowadays who are able to work from their RV while traveling due to technology. That is awesome! It's the best of both worlds.
Full-Timed for 16 Years
.... Back in S&B Again
Traveled 8 yr in a 40' 2004 Newmar Dutch Star Motorhome
& 8 yr in a 33' Travel Supreme 5th Wheel