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bajadedom
Nomad
Posts: 124
Registered: 12-12-2007
Location: Oregon
Member Is Offline
Mood: Ready for a change of latitude...
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El Codo -( The Cheapskate )
Here's the Cheapskate story....
A 52 yr. old has busted butt all his life and wants to retire in Baja.....Without any valuable assets or(lawyer,doctor,engineer,contractor-etc.)
skills he has lived cheaply all his life and He's worth a grand total of $250,000 and wants to quit working. He will only have this $$ until
death,,,,or social security( which won't be much). There is no pension or retirement income.Used to living in a 'frugal' sort of way - he doesn't need
much....800 sq. ft. casita would be great. He Speaks Spanish and loves to fish. He is Debt Free and the money will come from selling his paid-for
home. He wants to live on $1,000 a month or less...
O.K. - You're the Cheapskate.....what and how would you do it and COULD IT WORK?
[Edited on 1-4-2008 by bajadedom]
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Roberto
Banned
Posts: 2162
Registered: 9-5-2003
Member Is Offline
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FYI - barato is the word for cheap, as in something inexpensive. A cheapskate would be El Codo.
If you are careful in picking where you live, you could make it work, I think.
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comitan
Ultra Nomad
Posts: 4177
Registered: 3-27-2004
Location: La Paz
Member Is Offline
Mood: mellow
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#1 Don't buy a house.
#2 Buy an RV 15,00 -20,000
#3 buy a Pickup to tow with shell w/Alum boat on top motor and Misc. inside.
# 4 Drive to the southern Baja where there is still many free beaches. Live and fish.
#5 You can even go to Assuncion and park on the beach and meet shari.
#6 You just have to decide you want to do it.
Strive For The Ideal, But Deal With What\'s Real.
Every day is a new day, better than the day before.(from some song)
Lord, Keep your arm around my shoulder and your hand over my mouth.
“The sincere pursuit of truth requires you to entertain the possibility that everything you believe to be true may in fact be false”
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bajadedom
Nomad
Posts: 124
Registered: 12-12-2007
Location: Oregon
Member Is Offline
Mood: Ready for a change of latitude...
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Muchos gracias Roberto -
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bajadock
Super Nomad
Posts: 1219
Registered: 12-20-2006
Location: Punta sur de \'Nada
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Other than the details, JUSTDOIT! I gave up the paper chase 2 years ago at age 51.
My top 10 checklist of personal Baja frugalities:
10. Only drink expensive beverages from others' collections. Be generous with your frugal beverage selection, when you can. Reciprocity works.
9. If you can cook(fisherman I know are good ones), avoid dining out.
8. When you do dine out, dine like a local
7. Find some friends for your entertainment needs. Plenty around me with lots of interesting backgrounds, talents, education, family, biz expnc, etc.
6. Ditto Comitan, especially re: more rural areas for inexpensive living.
5. Also, Comitan's vehicle suggestion. Definitely will like towing capacity, 4WD/solid suspension and under-the-radar appearance. Lots of nomads
have grand rigs. They look/perform great. Mine is a beater '89 Cherokee.
4. Get healthy/maintain health. No, we don't get to choose our parents, but, we can improve upon current health. Hike, swim, bike, kayak, explore.
Health care can be a killer, pun intended.
3. Discussion with some gringos in my area a few months ago brought up the delicate subject of income needs...
a) "We're OK at $100,000/yr. Just need to cut back on fine dining & 5 star internation travel.
b) "WOW, we're just hoping our $50,000/yr will get us by. We're not dining out as much as we'd like.
c) "I guess that my $30,000 per year sounds like crackers and cheez whiz for you. Once your home is paid for, what do you spend the money on?"
d, as in DOCK) "WOW!" I'm not going to discuss my income here, but, I enjoy a grand lifestyle for the monthly expenses you(bajadedom) are
discussing. The man who dies with the most toys is still dead.
2. Mexicana's solamente(no mas gringas)
1. JUSTDOIT!
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bajaguy
Elite Nomad
Posts: 9247
Registered: 9-16-2003
Location: Carson City, NV/Ensenada - Baja Country Club
Member Is Offline
Mood: must be 5 O'clock somewhere in Baja
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| Quote: | Originally posted by bajadock
Other than the details, JUSTDOIT! I gave up the paper chase 2 years ago at age 51.
My top 10 checklist of personal Baja frugalities:
10. Only drink expensive beverages from others' collections. Be generous with your frugal beverage selection, when you can. Reciprocity works.
9. If you can cook(fisherman I know are good ones), avoid dining out.
8. When you do dine out, dine like a local
7. Find some friends for your entertainment needs. Plenty around me with lots of interesting backgrounds, talents, education, family, biz expnc, etc.
6. Ditto Comitan, especially re: more rural areas for inexpensive living.
5. Also, Comitan's vehicle suggestion. Definitely will like towing capacity, 4WD/solid suspension and under-the-radar appearance. Lots of nomads
have grand rigs. They look/perform great. Mine is a beater '89 Cherokee.
4. Get healthy/maintain health. No, we don't get to choose our parents, but, we can improve upon current health. Hike, swim, bike, kayak, explore.
Health care can be a killer, pun intended.
3. Discussion with some gringos in my area a few months ago brought up the delicate subject of income needs...
a) "We're OK at $100,000/yr. Just need to cut back on fine dining & 5 star internation travel.
b) "WOW, we're just hoping our $50,000/yr will get us by. We're not dining out as much as we'd like.
c) "I guess that my $30,000 per year sounds like crackers and cheez whiz for you. Once your home is paid for, what do you spend the money on?"
d, as in DOCK) "WOW!" I'm not going to discuss my income here, but, I enjoy a grand lifestyle for the monthly expenses you(bajadedom) are
discussing. The man who dies with the most toys is still dead.
2. Mexicana's solamente(no mas gringas)
1. JUSTDOIT! |
Outstanding and well thought out advice from a guy who believes in # 10. Anybody who drinks Pabst Blue Ribbon while offering his guests imported
German beer has his ducks in a row!!!!
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debindesert
Nomad
Posts: 111
Registered: 4-12-2007
Location: California High Desert
Member Is Offline
Mood: Amused
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I think comitan has nailed it for you.
I personally want a blow-by-blow account of how you are doing. So, factor in that laptop. I'm about 7 years behind you in the "master plan".
- Deb
“Life should not be a journey to the grave with the intention of arriving safely in an attractive and well
preserved body, but rather to skid in sideways, champagne in one hand, strawberries in the other, body thoroughly used up, totally worn out and
screaming, \'What a ride!\' - Author Unknown
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wilderone
Ultra Nomad
Posts: 3825
Registered: 2-9-2004
Member Is Offline
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52? You still have 10 years to make more money. Buy something with somebody else, then it only costs half as much. You can double an investment in
10 years at 7%. Plan to dabble at some type of vocation which will provide some income - even an extra $300/mo. will count. Freelance writer,
photographer, guide, wood carver, car polisher, sell lemons, ice, paperbacks, keychains, postcards, chickens. I've been poor - it doesn't take much
money to eat well if you know how to make soup, grow your own squash. Don't sell the paid-for home, rent it out for income and when the time comes
that you want to return to the USA, you've got some place to go.
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CaboRon
Ultra Nomad
Posts: 3401
Registered: 3-24-2007
Location: The Valley of the Moon
Member Is Offline
Mood: Peacefull
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| Quote: | Originally posted by debindesert
I think comitan has nailed it for you.
I personally want a blow-by-blow account of how you are doing. So, factor in that laptop. I'm about 7 years behind you in the "master plan".
- Deb |
Some great suggestions in this thread that I live by. I retired this year and my Social Security and my Disney pension total a little over
$1,100- per month.
I also cook 90% of my meals at home, drive an old beater, and most of my income goes to housing expenses, I just found a nice casa in Todos
Santos a shout walk from the beach (surf fishing will contribute to my healthy lifestyle in the form of wonderful meals) and plan on walking for
most of my errands ..... gotta make that old ´90 Bronco last a long time.
One of the best suggestions is for a laptop with wi-fi, you can access free wi-fi at many coffee shops and hotels, if you do not want to go
in just park outside and go online.
My biggest mistake was only having a large system and so have to spend money on either internet cafes or in the case of my new home ....
luckly was able to get DSL hooked up into the casa (but that adds fifty dollars a month to my meager budget)
All I can say is go for it ...... and please do keep this board posted.
The Best of Luck to You,
CaboRon 
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SDRonni
Nomad
Posts: 481
Registered: 8-28-2006
Location: Serra Mesa/Rosarito
Member Is Offline
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You guys are all a lot braver than I. One major illness/injury/car repair could put you behind the 8-ball. The truck won't last forever. There's a
bit of "wishing I could do that" in me, but reality and practicality would never enable me to take on that challenge.
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Osprey
Ultra Nomad
Posts: 3694
Registered: 5-23-2004
Location: Baja Ca. Sur
Member Is Offline
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Ronni, if you get really hurt or really sick anywhere in the world there will never be enough money -- that's just the way it works with or without
this or that kind of insurance. I quit at 58, came down with no bills and about 100K to last til my SS kicked in. Must have figured it pretty close
because the first SS payment came hours before I would have been in the red. My big expenses were the house > $25,000, fixup and furn > $15,000
-- now all I have to worry about is $ for visas/elect/propane/gas for cars/boats. Life is good while the peso keeps falling with the dollar -- if
that stops, then, ni modo.
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Slowmad
Nomad
Posts: 243
Registered: 3-24-2005
Location: Alta California
Member Is Offline
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I'm liking the Osprey Model.
The only requirement for love or chorizo is confidence.
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livencabo
Junior Nomad
Posts: 43
Registered: 11-18-2007
Member Is Offline
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Meet with a sincere financial planner (or 3 or 4) to get an opinion on how to create long term income from your nestegg.
Get a good Baja rig and take a long vacation on the whole Peninsula.
Having retired at 52, 15 years ago I only rented, $100 to now $400/mo.
After ten years I began to think it had been a good vacation so I pulled out my academic credentials and lifelong hobby of linguistics and stepped
through all the hoops to teach English and French.
There were many extra expenses along the way, too numerous to list.
Ultimately, your choice will be made on your experience and resources. Keep your options open.
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BigWooo
Senior Nomad
Posts: 579
Registered: 1-2-2007
Member Is Offline
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Yes, get a good financial planner. Then I'd put the $250,000 in a safe investment. I bet you could easily earn $730 a month in interest. Then go
somewhere and rent a house similar to what you want to live in. Draw the rent plus $1000 dollars/month living expenses from your investment for a year
and see if it works for you.
If not, at least when you go back you'll still have the majority of your nest egg intact.
My biggest worry would be health care though and the ability to afford a GOOD physical every year.
[Edited on 1-4-2008 by BigWooo]
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Barry A.
Select Nomad
Posts: 10007
Registered: 11-30-2003
Location: Redding, Northern CA
Member Is Offline
Mood: optimistic
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Big Woooo is right----------$250,000 invested in the Market in a good Mutual Fund in Vanguard (low fees) should easily yield $1000 a month, and not
deplete the principal. I figure a 5% return min. from my investments, and they normally do much better than that. 5% of $250K is about $12K a year.
Then no matter what you decide to do, you still have all your principal, and then some.
barry
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bajadedom
Nomad
Posts: 124
Registered: 12-12-2007
Location: Oregon
Member Is Offline
Mood: Ready for a change of latitude...
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Well, I'm getting some great response to this post - and varied....glad I did ask!
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bajaguy
Elite Nomad
Posts: 9247
Registered: 9-16-2003
Location: Carson City, NV/Ensenada - Baja Country Club
Member Is Offline
Mood: must be 5 O'clock somewhere in Baja
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Contact Shari in Asuncion and see if she has a line on any property for sale there. Buy a travel trailer and plunk it down.......all done. A home, a
car and a great spot for fishing.
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CaboRon
Ultra Nomad
Posts: 3401
Registered: 3-24-2007
Location: The Valley of the Moon
Member Is Offline
Mood: Peacefull
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| Quote: | Originally posted by bajaguy
Contact Shari in Asuncion and see if she has a line on any property for sale there. Buy a travel trailer and plunk it down.......all done. A home, a
car and a great spot for fishing. |
DO NOT !!!! I repeat DO NOT buy anywhere until you have rented at least a year..... you´d be suprised.... it is very likely you will not like
living in the first place you settle.
CaboRon
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tripledigitken
Ultra Nomad
Posts: 4848
Registered: 9-27-2006
Member Is Offline
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Congrats to you Morgaine on your new life in La Paz, one of my favorite ciites in Mexico.
Ken
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bajadedom
Nomad
Posts: 124
Registered: 12-12-2007
Location: Oregon
Member Is Offline
Mood: Ready for a change of latitude...
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| Quote: | Originally posted by SDRonni
You guys are all a lot braver than I. One major illness/injury/car repair could put you behind the 8-ball. The truck won't last forever. There's a
bit of "wishing I could do that" in me, but reality and practicality would never enable me to take on that challenge. |
Hmmm....I take 'reality' as I only live once and practicality as Death or mis-fortune can ruin anyone 'practically' anywhere and at any
time.....though I appreciate caution and that's why I'm thinking this through before acting it out.....But I believe in the next 18 - 24 months Baja
will have a new Nomad year-rounder!!
First I need to quit my job......
[Edited on 1-5-2008 by bajadedom]
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