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Short/Long term planning

June 2nd, 2019 at 11:35 am

As of July 1st, we will have to make do with a substantial income reduction. We are going from over $7K to less than $3K. Somehow, we managed to prepare somewhat for these changes. Technically, we have about three years of bare bones expenses covered and I can always go back to work if need be. I'll enjoy the ride until it ends. It helps that we are accustomed to a simple and frugal lifestyle and we probably won't be missing much. Yet, I feel so very blessed.

We pretty much do most of the home maintenance ourselves with the exception of major repairs. Heck, my husband has managed to even replaced a sewer ejecting pump with the help of our DS#2. That was a very "messy", backbreaking and tedious job. All car maintenance is done by husband and son as well. As I write this, my hubby is power washing the winter grime from the siding and the windows. He really does it all!

The plan is to pay off our Florida home within the next 5 years by selling one of the rental properties. I will seek temporary employment the months that we are not in Florida. Any extra earnings will go to retirement funds, savings and to boost our monthly bottom line. I'll be 50 years old in late summer and husband is 60 years old.

6 Responses to “Short/Long term planning”

  1. crazyliblady Says:

    Is that $3K per month or year? Sorry, I am confused here.

  2. NJDebbie Says:

    Per month.

  3. Amber Says:

    It’s great when you can do most of the job yourselves

  4. mumof2 Says:

    awesome hope you can have it paid off in 5 years

  5. fireandi Says:

    You're on the right track to adjust for a major financial change. Doing household jobs yourself will save you a lot of money. Paying off your home in 5 years is an excellent goal.

  6. rob62521 Says:

    It sounds like you've planned this out well. I hope it works out great for you. I know I'm enjoying retirement and so glad I could retire at 55.

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