I have lived in 30 different locations, starting with an Indianapolis adoption home and finishing here in Portland, Oregon. With this in mind, my average stay in any residence has been slightly over two years. I started paying my own rent when I was twenty, and by that time I had hung my hat in seven different locations. In the process, I attended to two different grade schools and two different colleges, and then quickly settled into married life.
Many retired people have lived in the same location for many years, and as a result have paid off their mortgages. With my nomad lifestyle, I’ve spent a great deal of time and money moving. Fortunately, four of these moves and temporary housing were corporate paid, as we relocated Indianapolis, Decatur, Austin, and Portland. Chances are pretty good that we’ll move again, after already spending 3 years in our current home. In fact, this week is the anniversary of our November 2014 move-in date.
I lived in 9 different places with my first wife, and had my own apartment during our divorce. It was the only time in 66 years that I have lived alone. My current and final wife owned her own home, but while her daughters finished high school, I was limited to a visitor pass. We bought our first home together in Zionsville, and our current condo is the 10th place we’ve happily cohabited in 16 years of marriage.
My biggest real estate blunder was in Decatur, Illinois. My wife never agreed with that decision, and we’re still paying the “price,” being forced to sell it for half of what we paid for it. Our last two properties in Austin and Portland turned out to be good investments, so hopefully my real estate “curse” is over, but realistically you need to live in one place for at least seven years, without refinancing, to expect to make a profit. We’ve never had that kind of stability, and consequently will have mortgage costs as part of our retirement plan.
Yes, I have a list of all my former residences, as a maintain lists of everything else, otherwise I could never have kept track. We’ve also stayed in our share of hotel rooms, in evolving to the 80/20 rule (See Post #320). This means that we spend at least 20% of our nights away from home, maintaining our active travel schedule. Next year, we’ll be on a cruise ship for 10 nights, at a Mexico resort for 6 nights, in Hawaii for 7 nights (convention), 4 nights in Tucson (with friends), 6 nights in New York City (part business), 6 nights in LA (part business), 22 nights in Chicago and Indiana (some business and family), 10 nights in Florida (family), and probably 10 additional nights at the Oregon Coast, Las Vegas, Seattle, and Vancouver.
The good news is that I will probably not be paying for any hotel rooms next year. Between business trips, stays with friends and family, the pre-paid cruise, the auction bought resort, and the Marriott Vacation Club, every night away from home should be at little to no cost. This is part of how I will recover from over budget spending in my first year of retirement. Dog sitting, airfare and dining will be our biggest costs, although meals and drinks are included our cruise.
I often refer to our $1,000 a night travel expense expectation. This is how that breaks down:
Hotel or Marriott Vacation Club $225
Pet sitting $100
Airfare $150
Dining $200
Rental/Ground Transportation/Gas/Tolls $75
Tips $50
Gifts/Souvenirs $100
Tickets/Tours/Excursions/Misc. $100
Excursions to New York are typically the most expensive for us because of Broadway Show tickets, that even at half-price savings, now go for $80-$100 each. You also have to stand in line to get them. The premiere shows average two to three times that amount, thanks to the heavy demand for events like Hamilton and Hello Dolly that have driven prices through the roof. Dining anywhere in the world has gotten more sophisticated, as cooks are now chefs, demanding higher salaries to prepare gourmet dishes. For example, our meal at The Lamb Club in NYC, owned by Food Network Star Geoffrey Zakarian, was about $250 per person including tip, although we did add the wine pairings, brandy, and shaved truffles. The night before we ate at Ray’s Pizza for less than $15, so there are ways to cut back on spending. Marriott Hotels also offer free breakfasts and a Consierge Lounge that we often take advantage of on our travels.
All in all, I think that I can cut our travel budget for 2018 to under $500 a night, with half of those 80 planned nights either paid for in advance, business related, or discounted by staying with family or friends. I think we can get away with $25,000 in travel expenses for the year, depending on airline costs. We’ve already paid for the cruise airline fees, and typically need to purchase only my ticket for New York, LA, Chicago, Hawaii, and Phoenix/Tucson. I’m looking forward to another great year of retirement and travel.
Happy Trails to You!
$80 per night for pet sitting. 🙂