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(Business Insider)   Could you live on $7000 per year?   (businessinsider.com) divider line
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368 clicks; posted to Discussion » on 28 Jan 2021 at 10:35 AM (4 weeks ago)   |   Favorite    |   share:  Share on Twitter share via Email Share on Facebook



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2021-01-28 7:33:46 AM  
Brilliant.

Let's live really poor for all our best years so we an retire early and continue to live on a fixed budget.

I mean, how much do you really hate your job!??!?!
 
2021-01-28 7:46:21 AM  
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The irony
 
2021-01-28 7:55:16 AM  
Step 1: cut all unnecessary expenditures, like subscribing to Business Insider
 
2021-01-28 8:01:16 AM  

styckx: This story is available exclusively to Business Insider subscribers. Become an Insider and start reading now

The irony


no1curr: Step 1: cut all unnecessary expenditures, like subscribing to Business Insider


Disable Javascript and you can read it for free...although at free, it's still overpriced.  It sounds completely horrendous, impractical, impossible, ridiculous, unrealistic, unlikely, stupid, and absurd.
 
2021-01-28 8:12:50 AM  
If that was just my bar tab, sure.
 
2021-01-28 8:59:30 AM  
I see 5 years after high school where I made less than that.
Those weren't particularly bad years, but I was single and had no children.
Well ... 2 of them were fairly bad.
 
2021-01-28 9:08:17 AM  
What is that ? $20 a day?

You could totally do this if you were attending college and your room & board were already paid. You might even make it for 4 years.
 
2021-01-28 9:12:32 AM  

exqqqme: What is that ? $20 a day?

You could totally do this if you were attending college and your room & board were already paid. You might even make it for 4 years.


Are your parents paying, or the university?  Because you only get a break if your parents paid for it, in which case you're still a dependent.
 
2021-01-28 9:48:25 AM  
I can live on or without anything until I die.

I can live with no food, until. I die.
I can live with no water, until I die.
I can live with no air, until I die.

Instead of asking if I can, maybe ask if I should be required to.

The answer to that is no.
 
2021-01-28 9:51:28 AM  

Ambivalence: I can live on or without anything until I die.

I can live with no food, until. I die.
I can live with no water, until I die.
I can live with no air, until I die.

Instead of asking if I can, maybe ask if I should be required to.

The answer to that is no.


I dunno.
 
2021-01-28 10:12:56 AM  
I can't pay my health insurance for $7000 a year.
 
2021-01-28 10:41:43 AM  

exqqqme: What is that ? $20 a day?

You could totally do this if you were attending college and your room & board were already paid. You might even make it for 4 years.


I do it on about $10k/year.  Only because I'm disabled, do very little, and have friends that rent me a room without hitting me with utility bills and the like.  I don't buy much or eat much, but I'm alive-ish.

/I really don't recommend it
//kinda sucks
///if I had to pay real rent/bills etc. no I'd be dead in a ditch somewhere
 
2021-01-28 10:44:25 AM  
They only spent 

no1curr: Step 1: cut all unnecessary expenditures, like subscribing to Business Insider


Here ya go!
https://outline.com/YHJhvk
 
2021-01-28 10:44:51 AM  
That wouldn't cover my rent.
 
2021-01-28 10:48:54 AM  
No.
 
2021-01-28 10:54:48 AM  
With sufficient capital, I might be able to.

Fully paid-off house.  Enough solar to be off the electric grid.  Electric car.  Small gas well, water well.  Greenhouse, large garden, multiple freezers.  Lots of staples in the pantry.  Depending on where you are, should only take $1.5 to $2 million.

You could bow-hunt and fish for fresh protein.

But you'd be better off putting $1.5 million in capital into something that will provide income, and living in a $200k on-grid house.
 
2021-01-28 10:54:56 AM  
If I lived in Thailand maybe.
 
2021-01-28 10:58:37 AM  
I can't even afford to get around that paywall.
 
2021-01-28 11:00:57 AM  
Clearly never met a true climbing/skiing/alpine dirtbag. At both ends of the socioeconomic spectrum there exists a leisure class....
 
2021-01-28 11:13:39 AM  
Could-you-live-on-$7000-per-year

Yes, pretty easily.

But it would require a paid off mortgage and no kids.
 
2021-01-28 11:26:35 AM  
You need about twice that amount as verifiable income to be able to get a passport in a cheap retirement country like Dominican Republic. Personally I'd rather not have to spend hurricane season in the Caribbean but its an option for more adventurous folks.
 
2021-01-28 11:55:19 AM  
If I were single/childless?  Possibly, though $10k would be more realistic.

I look at the items on both our family budget and my own personal budget, and so much of it could be easily cut/reduced if I lived by myself and owned my own place outright.  A trailer dropped on a small-ish chunk of land would suffice for just me, and land is relatively cheap where I am.  Solar panels to offset electricity costs.

It would be a pretty meager existence, but eh -- I could probably swing it.
 
2021-01-28 11:58:22 AM  
A) There is always, ALWAYS undisclosed wealth with stories like this. Rich parents, a trust fund, being made a partner of their parents' company at age 25, etc.

B) I feel like the glut of these types of articles are prime evidence for rich assholes to say "hey poor people, this couple travels the world on only $7k a year! Anyone can do it!"
 
2021-01-28 12:10:42 PM  
Something about their story doesn't pass the smell test. How do you accumulate frequent flyer miles or points if you're  not spending anything on travel or even on staples? Even if they put all $7000 on a Southwest CC, they wouldn't get enough points to get a single flight in a year. Only spending $150/month on food? even if only eating 1 meal a day, that sounds like a very hard thing to do.
 
2021-01-28 12:22:52 PM  
Property tax would eat more than half of that.
 
2021-01-28 12:23:08 PM  
I don't think I could live on $7000 a month.
 
2021-01-28 1:07:11 PM  
Sure - how many laws am I allowed to break?
 
2021-01-28 1:08:19 PM  

maxis_mydog: Something about their story doesn't pass the smell test. How do you accumulate frequent flyer miles or points if you're  not spending anything on travel or even on staples? Even if they put all $7000 on a Southwest CC, they wouldn't get enough points to get a single flight in a year. Only spending $150/month on food? even if only eating 1 meal a day, that sounds like a very hard thing to do.


Yup:

But they also have some extra help in the food department: Sometimes the homeowners they house-sit for offer them meals and groceries, and Shannon's company provides a per diem when she's traveling for work plus meals in the office when she chooses to work from there.

So basically, they live on just $7000/year out-of-pocket expenses. Everything else is paid for by their employers/clients or mooched off friends and family.

I'm not saying there's anything wrong with what they're doing (although I guess I implied it with the "mooching" comment), but to say "we travel the country full time on only $7000 per year!" is bullshiat - they just have a means to charge someone else for most of their expenses.  Which is nice work, if you can get it.
 
2021-01-28 2:24:32 PM  
you would have to eat a lot of grits.
 
2021-01-28 2:29:34 PM  

FrancoFile: Fully paid-off house.


I have a fully paid-off house, and I still have to pay nearly $5000 a year in property and school taxes.

But these people don't even own a house.  They are literally homeless, and their "hack" is to spend most of the year house-sitting for other people.  In a larger sense, their secret is having other people pay their major expenses:  they live in someone else's house, often mooching off someone else's food.   Someone else pays the taxes and utilities, etc.

The other half of the strategy seems to be slightly risky decisions like being healthy enough to skimp on heath insurance.
 
2021-01-28 2:30:37 PM  

maxis_mydog: Something about their story doesn't pass the smell test. How do you accumulate frequent flyer miles or points if you're  not spending anything on travel or even on staples? Even if they put all $7000 on a Southwest CC, they wouldn't get enough points to get a single flight in a year. Only spending $150/month on food? even if only eating 1 meal a day, that sounds like a very hard thing to do.


I buy about $36 a week in groceries from Aldi's, always assuming there will be at least 4 starving mouths at every meal.  We keep two freezers stocked, a pantry, and the kitchen fridge/freezer combo.  I always make sure to pick up two gallons of milk and 3 dozen eggs, but everything else is negotiable, depending on sales.  $150 a month is doable, not gonna lie, it gets old.  But there are also a couple times a month where there's no more than 3 of us eating, or even someone on a partial fast and not really eating, just staying hydrated.

If my mortgage was paid off, my property tax would still take up most of that $7000.
 
2021-01-28 3:27:11 PM  

cherryl taggart: maxis_mydog: Something about their story doesn't pass the smell test. How do you accumulate frequent flyer miles or points if you're  not spending anything on travel or even on staples? Even if they put all $7000 on a Southwest CC, they wouldn't get enough points to get a single flight in a year. Only spending $150/month on food? even if only eating 1 meal a day, that sounds like a very hard thing to do.

I buy about $36 a week in groceries from Aldi's, always assuming there will be at least 4 starving mouths at every meal.  We keep two freezers stocked, a pantry, and the kitchen fridge/freezer combo.  I always make sure to pick up two gallons of milk and 3 dozen eggs, but everything else is negotiable, depending on sales.  $150 a month is doable, not gonna lie, it gets old.  But there are also a couple times a month where there's no more than 3 of us eating, or even someone on a partial fast and not really eating, just staying hydrated.

If my mortgage was paid off, my property tax would still take up most of that $7000.


horly carp, where do you live!?
That's expensive and ridiculous.
 
2021-01-28 3:59:11 PM  
A couple of my friends sold their restaurant and decided to live in their van and rock climb for a year.  Their budget was $15000 Canadian.  They managed to go 14 months, traveling all around the western parts of  Canada and the US as well as a 3 month trip to Thailand.  So it is possible if you are motivated and willing to make sacrifices.
 
2021-01-28 4:15:05 PM  

cherryl taggart: maxis_mydog: Something about their story doesn't pass the smell test. How do you accumulate frequent flyer miles or points if you're  not spending anything on travel or even on staples? Even if they put all $7000 on a Southwest CC, they wouldn't get enough points to get a single flight in a year. Only spending $150/month on food? even if only eating 1 meal a day, that sounds like a very hard thing to do.

I buy about $36 a week in groceries from Aldi's, always assuming there will be at least 4 starving mouths at every meal.  We keep two freezers stocked, a pantry, and the kitchen fridge/freezer combo.  I always make sure to pick up two gallons of milk and 3 dozen eggs, but everything else is negotiable, depending on sales.  $150 a month is doable, not gonna lie, it gets old.  But there are also a couple times a month where there's no more than 3 of us eating, or even someone on a partial fast and not really eating, just staying hydrated.

If my mortgage was paid off, my property tax would still take up most of that $7000.


Seriously. My property tax isn't quite there, but electricity bill, water tax, and property tax would be definitely over 7k
 
2021-01-28 6:39:53 PM  
I could live on $7000 a year only if someone else was paying all my bills for me.

That's barely covering groceries, let alone electricity, gas, water, insurance, car registration, petrol, and medication. And then there's things like dentist visits, car servicing and/or repairs, new tyres when needed, not to mention the replacement of something essential like the fridge if it dies.

/what food are they buying at $US1 per pound or less?
 
2021-01-28 6:53:43 PM  

SpectroBoy: Brilliant.

Let's live really poor for all our best years so we an retire early and continue to live on a fixed budget.

I mean, how much do you really hate your job!??!?!


In finance the advice is always to do without now so you will have something later. At this point it would be really handy to know how much of the later will you need to allow for? You could be fit and well into your eighties, alternatively you could die at 57, in which case all that scrimping and saving was wasted.

The best financial advice is always the same: be rich.
 
2021-01-28 8:23:31 PM  

Nidiot: SpectroBoy: Brilliant.

Let's live really poor for all our best years so we an retire early and continue to live on a fixed budget.

I mean, how much do you really hate your job!??!?!

In finance the advice is always to do without now so you will have something later. At this point it would be really handy to know how much of the later will you need to allow for? You could be fit and well into your eighties, alternatively you could die at 57, in which case all that scrimping and saving was wasted.

The best financial advice is always the same: be rich.


I stopped buying cheap bourbon because COVID. What else am I spending my money on? Not like I'm going on vacation...
 
2021-01-28 11:59:57 PM  

aungen: cherryl taggart: maxis_mydog: Something about their story doesn't pass the smell test. How do you accumulate frequent flyer miles or points if you're  not spending anything on travel or even on staples? Even if they put all $7000 on a Southwest CC, they wouldn't get enough points to get a single flight in a year. Only spending $150/month on food? even if only eating 1 meal a day, that sounds like a very hard thing to do.

I buy about $36 a week in groceries from Aldi's, always assuming there will be at least 4 starving mouths at every meal.  We keep two freezers stocked, a pantry, and the kitchen fridge/freezer combo.  I always make sure to pick up two gallons of milk and 3 dozen eggs, but everything else is negotiable, depending on sales.  $150 a month is doable, not gonna lie, it gets old.  But there are also a couple times a month where there's no more than 3 of us eating, or even someone on a partial fast and not really eating, just staying hydrated.

If my mortgage was paid off, my property tax would still take up most of that $7000.

horly carp, where do you live!?
That's expensive and ridiculous.


A median home in California is $650,000, so property tax at 1% would be nearly that.
 
2021-01-29 12:02:39 AM  

aungen: horly carp, where do you live!?
That's expensive and ridiculous.


(... if you just bought now. Since assessed value is capped at 2% a year, if you've held a home for an appreciable amount of time, you would pay far less. It is not rare to see two homes next to each other, with the same market value, where one pays ten or more times as much property tax as the other because one has been owned by the same person for 30 years, and the other sold recently)
 
2021-01-29 6:52:11 AM  
No
 
2021-01-29 11:54:57 AM  
Not even if I forego heating, telephone and food ... omg and coffee! No, I'd just have to kill myself.
 
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