How to Retire the Cheapskate Way by Jeff Yeager

Author:Jeff Yeager [Yeager, Jeff]
Language: eng
Format: epub
ISBN: 978-0-307-95643-9
Publisher: Crown Publishing Group
Published: 2013-01-01T05:00:00+00:00

2. Never Underestimate the Savings from Living in a Smaller Space: Assuming that you do decide to relocate when you retire—in order to retire debt-free or for other financial/lifestyle reasons—carefully calculate all of the savings you’re likely to incur by moving into a space smaller than the one you might currently inhabit. This was also something my friend Bob Johnson always talked a lot about: “When most people go shopping for a home, they want as much space as they can possibly afford. The only question they ask themselves is, ‘Can we afford the mortgage payments on that house that is four hundred square feet larger than the other house we just looked at?’ But, once again, they’re not seeing the total true costs. They don’t think about how much owning those extra four hundred square feet is going to cost them every day, going forward … to insure it, to heat it, to cool it, to pay taxes on it, to repair and maintain it, even to decorate it. And, of course, to pay that much more interest on an even larger mortgage, all for some extra space they may very well decide they really don’t need or rarely use.” When it comes to living comfortably in a smaller space, check out the Not So Big House series of books by Sarah Susanka and the website www.​Apartment​Therapy.​com for some terrific tips and ideas.

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