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lifestyle:expenses [2016/12/19 18:42] frater_secessus created |
lifestyle:expenses [2020/10/11 19:48] (current) |
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+ | > [Instagram] van life? 1-5K a month, unlimited rainy day fund (daddy’s wallet). | ||
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====== How much does it cost? ====== | ====== How much does it cost? ====== | ||
There are many answers to this question, and the only real answer is what it costs YOU to live a nomadic life. | There are many answers to this question, and the only real answer is what it costs YOU to live a nomadic life. | ||
- | The general pattern is you can do things a cheap way, a normal | + | The general pattern is you can do things a cheap way, an average |
+ | |||
+ | | ^ cheap ^ average | ||
+ | ^ vehicle | ||
+ | ^ build | minimal build | DIY build | factory build | | ||
+ | ^ food | scratch cooking | ||
+ | ^ campsites | ||
+ | ^ [[rv: | ||
+ | |||
+ | ===== Less than $1000/month ===== | ||
+ | In this category you can find members of the [[http:// | ||
+ | |||
+ | |||
+ | The [[camping: | ||
+ | |||
+ | * pay off all their debt before heading out | ||
+ | * camp only on free sites | ||
+ | * for longer amounts of time((perhaps up to the 14 day limit)) instead of driving regularly | ||
+ | * cook for oneself | ||
+ | * bring beer instead of buying it at a bar | ||
+ | * have cheap hobbies like reading or hiking instead of (for example) streaming premium services over expensive mobile data plans | ||
+ | |||
+ | ===== $1000 to $2000/month ===== | ||
+ | Modern working-age nomads usually get by in this range. | ||
+ | |||
+ | People who boondock in large Class A or fifth wheel RVs may fit in this category. | ||
+ | |||
+ | ===== more than $2000/month ===== | ||
+ | It is possible to spend way more than $2000/month but in general this category is inhabited by the comfortably retired. | ||
+ | |||
+ | Also in this section: | ||
+ | |||
+ | ===== federal income tax ramifications ===== | ||
+ | |||
+ | [note: | ||
+ | |||
+ | Living on small amounts of income may result in your owing no federal income tax "as long as your [earned] income is less than your standard deduction" | ||
+ | |||
+ | Even if filing isn't required, it may be a good idea since it starts the IRS 3 year statute of limitations timer on audits.((https:// | ||
+ | |||
+ | [[lifestyle: | ||
+ | ==== unearned income ==== | ||
+ | |||
+ | |||
+ | V.A. disability payments are non-taxable ("not included in your gross income" | ||
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+ | |||
+ | Social Security payments | ||
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+ | > In most cases, if you //only// receive Social Security benefits then you would not have any [federally] taxable income and therefore would not need to file a tax return.((https:// | ||
+ | |||
+ | Having earned income in addition to SS income can result in [[https:// | ||
+ | |||
+ | |||
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+ | ==== self-employment ==== | ||
+ | |||
+ | Taxes must be paid on self-employment income over $400 total, even though clients don't have to issue the 1099-MISC until payments reach $600.((https:// | ||
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+ | |||
+ | |||
+ | ===== further reading ===== | ||
+ | |||
+ | * Fate Unbound - [[https:// | ||
- | | ^ cheap ^ medium | ||
- | ^vehicle | what you own | what you buy | what you finance | | ||
- | ^food | scratch cooking | cooking with some eating out | eating out | | ||
- | ^campsites | boondocking | public campgrounds | private campgrounds | | ||
- | ^fuel | staying put | moving occassionaly | always on the go | | ||