Actually that is not necessarily true because if I had no debt (no mortgage, buy out my solar panel lease and no credit card debt) and no investing my monthly burn rate would be $4446 a month which isn’t bad and with a few lifestyle changes like one car, eat less high end beef, and cut back on supplements I am sure I could cut another $500 off so it starts to get more similar to yours. Also I will get passive income from my solar panels. Last year I got a $390 check from Edison.
Very interesting. Just a few years ago my burn rate was over $15k per month. I’m a real estate investor as well and I was making payments on multiple mortgages at the time. I’ve since paid everything off so my burn rate has come down somewhat. It is still much higher than the average retiree mostly due to paying taxes and insurance on multiple properties. It’s hard for you and I to compare ourselves to others because our properties will always skew things higher. I think you will be fine as long as you keep your eyes on the ball and focus in on paying off your debts.
10k a month??? whoa!!! No way... I don't make that much working full time plus overtime. Of course I do not live in CA either. All my bills are less than your house payment, since I paid off my house in June. What I struggle with, is whether to sell my house or not. I live in SWFL and on SS I will not be able to afford insurance on my home if I completely retire with no job at all. If I sell, I would have the funds to pay off one big debt, but would have to move to a rural area of another state, which is not appealing. Ideally I would like to sell, pay off that debt, and just move to another home here in this area that does not have the high taxes and a pool to maintain, but that is a unicorn in SWFL. And the insurance is very high no matter where you go in Florida.
I commented elsewhere but great job on the comparison! It tells me I can't live in California!
Actually that is not necessarily true because if I had no debt (no mortgage, buy out my solar panel lease and no credit card debt) and no investing my monthly burn rate would be $4446 a month which isn’t bad and with a few lifestyle changes like one car, eat less high end beef, and cut back on supplements I am sure I could cut another $500 off so it starts to get more similar to yours. Also I will get passive income from my solar panels. Last year I got a $390 check from Edison.
@@williamread8186 True. But you need to buy that cool car. Can't wait to see you behind the wheel!
It’s just as expensive here in NH. Well over 10k a month… it’s crazy!
Nice to know I am not alone.
Very interesting.
Just a few years ago my burn rate was over $15k per month. I’m a real estate investor as well and I was making payments on multiple mortgages at the time. I’ve since paid everything off so my burn rate has come down somewhat.
It is still much higher than the average retiree mostly due to paying taxes and insurance on multiple properties.
It’s hard for you and I to compare ourselves to others because our properties will always skew things higher. I think you will be fine as long as you keep your eyes on the ball and focus in on paying off your debts.
Thank you and congratulations on getting your debt paid off.
10k a month??? whoa!!! No way... I don't make that much working full time plus overtime. Of course I do not live in CA either. All my bills are less than your house payment, since I paid off my house in June. What I struggle with, is whether to sell my house or not. I live in SWFL and on SS I will not be able to afford insurance on my home if I completely retire with no job at all. If I sell, I would have the funds to pay off one big debt, but would have to move to a rural area of another state, which is not appealing. Ideally I would like to sell, pay off that debt, and just move to another home here in this area that does not have the high taxes and a pool to maintain, but that is a unicorn in SWFL. And the insurance is very high no matter where you go in Florida.
I have heard about the insurance costs in florida. Also property taxes are high there too.