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Wednesday, January 14, 2009

Comments

Thank you for the nitty gritty details...they really do help all of us "future fulltimers"!

Howard,
If you need between $1800 and $2300 a month to live on do you not have to be concerned with Federal Income Tax in 2009 and beyond ?
Bob

Hi Howard,

Thanks for all this great info. It really gives us a better idea on where the money will go and how to budget.

Thank you so very much. WE CAN DO IT. We'll be totally out of debt when we sell the condo and I'm keeping my little RAV4. We hope to have the 5er paid for before going on the road. There's hope and we thank you for it.

What alot of work Howard, but much appreciated.. I don't think we would ever be that organized.
Thank you....
Leno

Thanks for such a detailed update of your expenses. It really does give a good idea about the expected and unexpected expenses while on the road.

One question...when you dropped the 5th wheel on the truck, why did it cost you so much? Did you not turn it into your truck truck insurance company? It would have been covered.

Wow what a detailed report. Lots of useful information for even those of us living in stick houses that don't plan on making the transition to full timing.

Howard, thank you SO much for this detailed info. I am always concerned about the numbers, what amount does it really take to live on the road, etc. So this info helps me a LOT.

Thanks Howard for the wonderful and detailed report. As we near the day we will begin full-timing, the expense figures-although a little scary-sure are enlightening. You put a lot of work in preparing this report and I for one am very grateful!
Thanks

Howard, you regret selling the Suzuki, but you DID sell it and not give it away, and you would have done the upgrades on it that you did to the Jeep. I'm sure you got a good price for the Suzuki, did it pay for the Jeep or come close? Six of one and a half dozen of the other. JMO...Marty

Thanks Howard, for such great details! One question - is the $200/month for health insurance for both of us or each of you?

Excellent review. And while some people might open their jaw about $52k, I'd assume that if you stayed retired, at home, the past 41 months, your expenses would have been well more than double that, you'd have not seen the U.S. the way you have and met hundreds of folks along the way, probably would be stressed out about money, and be spending a lot more time maintaining your house/cars/lifestyle than you do today.

With high gas prices people ask me if I still want to be in an RV. Duh! Of course. It takes about 1 minute of going over some hypothetical numbers to convince them now more than ever of an RV's benefits! Your numbers just further support the RV lifestyle.

Thank you again for taking the time and effort to share your personal financial information.
It gives us some great data to map into our situation as we plan for the full timing days ahead.
- The message to me after the first read is that some of the big ticket items are included in business expenses. So it could very well cost us more than $3000/year.
--Another point here is that we have specific numbers and a data point in many categories to use as a bench mark.
--A big component is that you workamped 7 months last year. At first we were not considering it but I think it is something we very much look forward to in addition to helping the financial bottom line.

Clearly, this is first rate content and analysis that sets you apart from the rest.
Thanks for sharing it.

Randy
www.warnerrvnews.blogspot.com

Bob,
Yes, federal income taxes are certainly an issue. But taking 2008 for example, the standard deduction for 2 people (married filing jointly) under age 65 (assuming one can't itemize) is $10,900. The exemptions for two people is $7,000. So the first $17,900 is deducted from adjusted gross income. That's before we get into other credits, dependents, exemptions, etc. At the low end of your range ($1,800 per month), the income would be $21,600. Subtract out the $17,900 and you have $3,700 on which the tas is $373. At the high end of your range ($2,300 per month), the income would be $27,600. Subtracting out the $17,900 leaves $9,700 taxable income and a tax of $973 married filing jointly.

klueck,
We chose not to turn our truck in for insurance. Our deductible is $1,000 and the insurance companies don't particulary like to pay claims on self-inflicted, non-moving, one-vehicle accidents. We thought it would be better for our premiums to just "eat" that one. :)

Marty,
No, unfortunately, the Suzuki didn't bring nearly the same price as the Jeep. :)

Suzanne & Brad,
The $195 per month for insurance is for both of us. :)

GaryG,
Excellent points! :)

Very interesting information. I think it's a bit everybody's dream to "live free", but 99% percents of people are afraid to make any step. When man sees it so clearly explained, it seems much more realistic.
Best wishes and take care!
Lorne

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