Leaving Illinois, going full time.
Hello all, new member here. My wife and I have had an interesting year. Its a long story, but the point is after being burglarized and loosing alot of possessions we decided there was no time like no...
Forum Discussion
I do have a couple of cautionary financial notes:
First of all make sure that you will not have to pay capital gains on the sales profit on your home. I don't know what the limit is in your state, but in some it's lower than the Federal limit. The Federal limit is $500k profit on a couple.
Without the RV option, you would immediately be re-investing your home $$ in another home. At some point, you will be past RVing and want a traditional home. But if you have spent a big whack of your home profits, you won't have $$ on hand to buy another one. You also can't sink those profits into a RV/truck combo, because those are DEPRECIATING assets. The smart thing is to invest most of your home sale funds in something fairly conservative, but with some growth, so you will be able to keep up with home prices and buy one when you need it. Something like a conservative growth mutual fund is a good option. I've read of a few people being caught with nowhere to go and it's not pretty.
Another big consideration is medical insurance. It's not trivial. One option is a health-share ministry, the drawback being that it won't cover pre-existing conditions for a year.
Sounds like you have a great plan and ability to earn a living almost anywhere you go.
First of all make sure that you will not have to pay capital gains on the sales profit on your home. I don't know what the limit is in your state, but in some it's lower than the Federal limit. The Federal limit is $500k profit on a couple.
Without the RV option, you would immediately be re-investing your home $$ in another home. At some point, you will be past RVing and want a traditional home. But if you have spent a big whack of your home profits, you won't have $$ on hand to buy another one. You also can't sink those profits into a RV/truck combo, because those are DEPRECIATING assets. The smart thing is to invest most of your home sale funds in something fairly conservative, but with some growth, so you will be able to keep up with home prices and buy one when you need it. Something like a conservative growth mutual fund is a good option. I've read of a few people being caught with nowhere to go and it's not pretty.
Another big consideration is medical insurance. It's not trivial. One option is a health-share ministry, the drawback being that it won't cover pre-existing conditions for a year.
Sounds like you have a great plan and ability to earn a living almost anywhere you go.
