Wednesday, November 20, 2013

November is Looking Good

November has been great so far!  Not only did I cut my expenses by $29 per month, I also got a raise!

RV registration and insurance $18 (RV sold)
Netflix $8 (cancelled DVD's by mail)
Angie's List $3 (contractor referral service, no need right now)
$29 savings

Raise $34/paycheck

My mortgage repayment plan is going well so I will just put this extra in my misc. category for truck maintenance, house remodeling, travel, gifts, etc....

And lest you think I am being unrealistic about the budget that I posted yesterday, here is my budget spreadsheet with my many scenarios.  I like to have a max. and min. budget and change up different variables like where I am living, if I keep my current job, if I have a mortgage or not, and if my nephew is living with me or with his grandparents.  I will most likely be my nephew's guardian for another 3 1/2 years until he turns 18 so I can't write him out of my budget quite yet.

The idea is for my passive income to cover my basic bills so that I can quit my full time job and become a eccentric artist without starving.  It's like I am my own benefactor.  I will provide myself with housing and basic living expenses.  If I want anything else, I have to be a successful artist!

The timing of when to jump off the full time job treadmill is always a question.  Too soon and I will run out of money.  Too late and my heirs get to enjoy my hard earned savings.  I always have this nagging voice in the back of my head telling me that life is short.  My father, who has Alzheimer's, had to move in to a senior group home this week.  He is 74.  He retired at 55 with a secure pension and enough to live a comfortable life with his wife.  My parents have always been frugal.  My mother canned, cooked from scratch, sewed, clipped coupons, and did everything she could to save money.  My father fixed the cars, built 2 houses himself, and maintained the yard, garden and fruit trees.  Now his pension is paying for his $3,000 a month care.  He tried to get long term care insurance but was declined because of a pre-existing condition (before the dementia).  My mother has long term care insurance but when we looked at the policy, it only pays for 2 years.  That isn't "long term" to me.  I don't have a husband or children to care for me when I get old (not like that is any guarantee!).  Perhaps I am just saving my money so that it can be used on my later medical care.  How depressing.  Let's not think about that.

5 more years and I will be 46.  That should give me 20 years to do whatever I want before the dementia kicks in (IF I get it).  Let's hope there is a cure by then.


Lizzie@her MFW Homeworld said...

Post started off very exciting before moving to hugely depressing! Keep reading up on Alzheimers as they are around and about finding how to stop it, just no chance to reverse it. Active mind and body is supposed to help too.
It is all very exciting & I love the spreadsheet variety. I dont go so far.

Daizy said...

Yes, it did end on a depressing note. I should have split it in to two posts but I was too lazy.

thisisbeth said...

"It's like I am my own benefactor."

That line struck a chord with me. I need to start preparing so I can be my own benefactor, too. I never thought of it that way. I need to get to work on my financial situation, which isn't very pretty right now.

Daizy said...

Thanks, beth. I was always fascinated by stories of artists who could just paint and sculpt all day because of a benefactor. It never happened to me so I guess I will just have to make it happen. Good luck with your finances and I hope it happens for you too. :)

Big Sis said...

Yeah well don't think I haven't done that math a whole bunch of much time do *I* have left then? He had symptoms at 68 so I have, what, 18 years left? Maybe?

I want to semi-retire in 5 years. That gives me 13 years. Maybe.

Daizy said...

Big Sis, your kids will take care of you in your "golden years" right? Don't they have to sign some sort of contract that says that?