Tuesday, June 21, 2011

What's Next?

It's kinda small but I think you can still read it. My next step is to save for these categories. They are just a few items that I want before I attempt to change jobs or whatever I plan to do next. It will take me 2 1/2 years to save up the money at the rate of $2,000 a month.

2 1/2 years sounds awful at the moment so I am trying not to think about it. Some of these are more fun than others like dental is not fun but travel is fun. The building is not really a 'need' but it is a big 'want' so if I can hang on to my job for long enough then I can have my building. If not then I have to be happy with my old mobile home and should probably spend more than $4,000 on fixing it up.

I put RV fix up for $2k because there are a lot of things that need to be fixed but after that I can sell it and I am hoping I get $5k for it which would definitely help my project funds.

The other big unknown is whether my house will be rented continually or will sit vacant again. The current tenants signed a 1 year lease but after that, who knows. I can't really quit my job and live off the rental income quite yet.

While I am continuing to work and save for these things I am hoping to be able to use the extra 5 days vacation time next year to make some nice 3 day weekends at least once a month. This year, I only have 5 days left until December but maybe I could use some half days. That way I can leave at noon, go buy supplies for whatever project I am working on and get a head start on the weekend. That makes me feel better. I mean, money is nice and all but if I don't have time to enjoy myself, I am still gong to be miserable.


Dave said...

Don't sell yourself short, Daizy. Being able to save $2,000 a month from wage income is very impressive. I hit that level only twice in my working years although I had big investment income in other years.

With all those items on yor wsh list, you should prioritize which ones you need more than others. Perhaps go for the less expensive, "low-hanging fruit" items first? Or ones which could generate some income later such as repairs to something you could eventually sell.

I think you would need pretty good sized reserve fund before you can quit your job and live off your rental income because the rental income is a bit erratic.

But....until a short time ago, you could not even consider most of these things. Now they are all on your radar screen with many in the short term. :o)

My Frugal Miser said...
This comment has been removed by the author.
Daizy said...

Ya Dave, too many things on my radar screen now, like buying an new air conditioner. That wasn't on the list!

Anonymous said...

If I were you I would sell the trailer for $3000.00 and would not worry about the repairs. As long as the wheels role,it does not leak and the inside is clean you should be able to sell it of that.

Anonymous said...

I'm new to your blog.Can you tell me how you're planning to live off your rental income? Will you be living in your current trailer?

It sounds like you're planning on building a house, will you need to save a sizable amount to purchase the new house with cash?

Daizy said...

Anonymous, $5k for the RV was minus the $2k so it should sell for $7k...if RVs are selling. I looked it up on Nada.com and it said it was worth $8k for a low value. Maybe selling as-is would be more appealing since the price would be so low.

Daizy said...

Anonymous, yes, my rental income will almost cover my basic expenses if I stay in my mobile home. The longer I work and save, the more I can save for. I would like a house but saving for another 6 years doesn't sound that appealing right now. I think I need a vacation. :)