Full time as a both a necessity and a lifestyle choice

[namtrag]

Hi All,

My wife and I are 50ish, and without going into many details, are not in the greatest financial shape. My house keeps dropping in value, and despite putting my life savings down 6 years ago, and paying 6 years of house payments, we are still upside down by 40k +. Divorce obligations are pretty steep as well, so for another 3 years, minimum, we will have zero money to save. To top it all off, we have no retirement of any kind.

We love being outdoors, and found backpacking and car camping as a way to get away from our stress fairly inexpensively. We have started discussing a plan where anywhere from 10 years from now to retirement at 67, we can somehow get out of our S&B house, buy an RV (class A or C), and go on the road as FTers, not driving constantly, but putting down for a month or two at a time. I am an accountant, so I could do bookkeeping, income taxes, and the like from the RV as long as I have an internet connection. The hard part will be finding clients!

I see RV living as fairly inexpensive compared to my S&B existence, with its mortgage payment of $1700 (PITI), 250 electric bill, 100 water bill, 50 sewer bill, and all the repairs and maintenance on top of that ( all through the age of 75 before it's paid off) . I almost see no other option for us as we grow older, or very few other options. I cannot see the logic of continuing to pay on a house which will never come back to what I owe. Much less having to work until 75 just to pay the mortgage off.

I see short-selling or renting out my house at a 200-300 negative cash flow per month, then RV or renting a small condo as one slightly viable option as we approach "retirement" as we expect our SS at 67 to be about 2800-3000 per month, which would hardly cover our current housing costs plus food.

I know we are not the only ones in precarious financial situations, but it seems like most of what I see on these types of forums are retired people with ss, full military or civilian pensions, and financial security, who are rving as a fun way to retire vs doing it because you can't afford other ways to live when you get old.

I would be interested to hear from those who are doing it on ss or small pensions, and is it doable, or a big struggle?

[DianneOK]

Closed.....once a topic degrades into personal attacks, it gets closed.

[Nutinelse2do]

Yes, living in an RV/5th wheel is cheaper than a house, IF you plan on staying in one place. The cost of fuel, maintenance, camping, etc ON THE ROAD will probably be a wash.

Also, you have to factor in the cost of your rig. If you plan on traveling, a reliable, used set up is still pretty dang expensive.

The vast majority of people RV because they love the lifestyle, and is something they planned for many years. Definitely wouldn't recommend it as a bug out type last resort.

If you and your wife have a certain lifestyle you have adapted to, you might not be very happy. There are only 200-400 sq feet of living space. Not a very large buffer zone!

It is a totally new way of life. And no, not everyone here has a pension, or SS. We have planned, scraped, and saved for the last 15 years to make our full timing dreams a reality next year.

Good luck with your decision.

[64thunderbolt]

My daughter in law bought a home then rented it out and bought another to live in. The rental was going south. I told her to let it go. Which she has done. Credit? She doesn't need any. It will keep her from overextending herself again. Once it's cleaned up she will have learned a valuable lesson. I am single & I have thought about renting my residence and trying fulltiming. But @ my age (64) it would be for a short time. I can't see fulltiming being much cheaper than a home. Unless you boondock as often as possible and keep travel to a minimum. Fuel costs and maint will be more than you think. I have a 5er & truck that is paid for. but I am still hesitant about it. Last summer my mother became ill and I went to stay for a while. She lived with my brother so I took my 5th wheel. 3600 mile round trip. Fuel cost was a little over $1700. I parked @ my brothers house and didn't eat out. I was shocked @ the cost of that trip. Had to do an oil change while there $110 doing it myself. Got home and spent over $1000.00 on new tires for the dually. Prior to leaving $800.00 for tires on the trailer. Mind you the tire costs are not anually but you get the pic. Heaven forbid I lose a $10,000 eng. Fulltiming in parks will be a large expense. When you add it all up I think you should do the math and see if it is really the cheaper route to take. Your food medical and gen expenses will remain. What I have decided to do is keep the house and just take extended trips. My situation is a lot different than yours due to me selling some vacant land I owned clear and selling a rental and making enough to pay off the mort on my residence. I still think fulltiming is for someone with good income. My SS and modest union pension is not enough to make me roll the dice. Just crunch the #'s and see if it helps your situation. If it doesn't you will be miserable not having more than an RV. If it takes most of your SS to exist on the road you better love the lifestyle cause you will be stuck in it. Then in your 60's you want a 30 yr mort? What if the housing market is up a lot @ that time. Around here it's a sellers market. I sold both properties between a thur and the following Monday. Home sold for $10K over listing price. Think past the next ten yrs. What will happen if a Med condition forbids one of you from living on the road? You, my friend have a lot of things to process. I wish you luck and may God bless you & your family.

[Larryzv7]

I do not condone personal attacks or people being chastised because of their occupation. But this conversation has gone far beyond the original post and it seems the original poster has participated in the progression of this discussion going past the original post.

If the original poster did not want to receive any advice or opinions then the original poster should not have responded to the advice and opinions that were offered. When I am an original poster I try to bring other posters back to my query if I think they have wandered too far, or my query has not been answered.

Most online discussions do not stay on topic or adhere to what the original post intended. Again, I think that personal attacks or getting laughs at another person’s expense is unacceptable, but I do think it is acceptable for conversations to evolve beyond what was initially requested.

The process of a discussion determines its’ content.

[valhalla360]

ripperoo wrote:
As far as I can read, the OP NEVER asked anyone's opinion, approval or assessment of their financial position. All he asked was about those who are out there fulltiming, living off retirement,social security, pensions etc., and how feasible it is. His question: "I would be interested to hear from those who are doing it on ss or small pensions, and is it doable, or a big struggle?"

None of the remarks or attacks on his current position helps, nor is it anyone's business.

You can't answer how feasible it is without addressing the whole picture.

[PastorCharlie]

Make a mortgage payment every two weeks allowing the second one to pay down the principle....

Trim the fat.

Before long will be able to realize dream.

[ripperoo]

As far as I can read, the OP NEVER asked anyone's opinion, approval or assessment of their financial position. All he asked was about those who are out there fulltiming, living off retirement,social security, pensions etc., and how feasible it is. His question: "I would be interested to hear from those who are doing it on ss or small pensions, and is it doable, or a big struggle?"

None of the remarks or attacks on his current position helps, nor is it anyone's business.

Additionally, he did say he and his wife are trying to make a plan for the FUTURE. 5 to 10 years down the road.

It always amazes me how quickly people like to get off topic and attack someone. Sounds like he recognizes their situation and wants input on the costs of a full timing lifestyle. NOT your opinion on whether or not he's guilty of poor financial decisions.

Get off your high horses. If you can't offer any helpful suggestions to his original question, just don't post. Find another way to make you feel better about yourself.

Sorry OP. I am unable to offer any help as I am not a fulltimer. There does seem to be some small positive strides in the housing market. I hope for you and all of us, this is the beginning of it coming back.

Good Luck

[jorbill2or]

puttd wrote:
I'm still figuring out where you are going to get the money to buy the RV when you are tapped out. Older models are generally a cash business and it sounds to me you are up to it in debt enough not to have the credit score to buy a new rig. Are you going to go trailer/fifth wheel (need a tow) or a motorhome (second engine to maintain on a shoestring). If you have the nut to buy an RV, can't you pay down some debt and start snowballing them? Maybe get that maintenance gone or reduced? Can you start getting some side clients now and increase your current cash flow. Because I am not sure I would be thrilled with an accountant where he's here today, gone tomorrow, I have no idea of where he is if there is a problem.

X2

[06ViewH]

My suggestion would be to google Dave Ramsey and follow his methods. We did not follow his methods (didn't know of him at the time) and we used debt to build our commercial real estate portfolio - but his approach is very common sense simplistic and no doubt it works for most folks.

You can listen to him daily on iHeart Radio. After a few days you'll find out what it is all about.

Good Luck.

[puttd]

I'm still figuring out where you are going to get the money to buy the RV when you are tapped out. Older models are generally a cash business and it sounds to me you are up to it in debt enough not to have the credit score to buy a new rig. Are you going to go trailer/fifth wheel (need a tow) or a motorhome (second engine to maintain on a shoestring). If you have the nut to buy an RV, can't you pay down some debt and start snowballing them? Maybe get that maintenance gone or reduced? Can you start getting some side clients now and increase your current cash flow. Because I am not sure I would be thrilled with an accountant where he's here today, gone tomorrow, I have no idea of where he is if there is a problem.

[John_Joey]

Larryzv7 wrote:
...snip...It seems too often that some seek out laughs at the expense of others.

As I age I get less and less tolerant of this. In the old days it was known as a S***head, now I guess we call it a bully.

[Larryzv7]

ripperoo wrote:

Francesca Knowles wrote:

RVUSA wrote:
the irony is everyone trying to show an accountant how to manage and generate income. LOL just awesome.

Not half as ironic as an Accountant asking us to begin with, though. :@

WOW. A bit judgemental aren't we? Too bad everyone's life didn't turn out as perfect as yours.

There might be some who would call that kind of behavior “troll-like” but I am not one of those who imposes labels on others or pigeon-holes people in certain categories. I worked in the mental health field where all they did was label people and see people according to those labels which they imposed.

I came to the conclusion a long time ago that I was not my job title and what others say about me tells me more about them than it does me. It is often much easier to help others than it is to help your self. That is why a doctor will go to another doctor for medical care, a lawyer will hire another lawyer to represent them in a legal case.

It is a myth that just because a person is certified in a particular area that they will know how to handle any situation in that particular area. A logical fallacy which believes that people are the titles that they carry. It seems too often that some seek out laughs at the expense of others.

[ripperoo]

Francesca Knowles wrote:

RVUSA wrote:
the irony is everyone trying to show an accountant how to manage and generate income. LOL just awesome.

Not half as ironic as an Accountant asking us to begin with, though. :@

WOW. A bit judgemental aren't we? Too bad everyone's life didn't turn out as perfect as yours.

[valhalla360]

I would be hesitant to do it in your situation. From reading your posts, it sounds like you are trying to convince yourself that you will like the lifestyle to justify the cost savings measures. As opposed to you love the lifestyle and any cost savings are gravy.

That suggests to me that you will become very frustrated every time you come across one of the lifestyles hassles.

If you proceed anyway: You are an accountant.

Take your household budget and make a version for full timing and see what you have to give up and how much it will save you. Balance the cost savings vs the hassles and make a choice.

Since your primary driver appears to be financial, you should be able to keep the rig under $20k and have a modest but usable rig (you don't need a $500k diesel pusher to full time. They are nice but you don't need it and it won't help your situaiton.)