My husband and I are seriously contemplating diving headfirst into full-time RV life. We are chefs, currently live in the great little city of Buffalo, NY.
I have many questions, but the one we are talking about right now is, how many full-timers, of working age, are doing this without a retirement plan (401K, pension, etc)? With your jobs that you find on the road, are you able to pay into some kind of retirement nest egg?
If we start this adventure, we will be mostly debt-free (we will be carrying a few bills with us, but no consumer debt). We got a small inheritance from a relative (25K) and we would use that to buy a good used trailer or fifth wheel with some leftover to fund our trip starting out. We would trade in our two cars that we own for a truck.
Does anyone have any experience with actually saving and seeding a retirement fund while on the road full-time?
Also, we have noticed that most people who are working while full-timing work in some kind of web, technology or other kind of mobile work. We have no experience with that. Our work is kind of hands-on and physical. We would love to get some perspectives from people that don't have tech/ remote jobs.
Thank you in advance for any advice!!!
Lucky Mike said
09:22 AM Aug 4, 2015
I started out that way....Little by little building my portfolio, its very doable if you have a mindset that no matter how small or big the contribution is that it will grow once its there...I was almost perfectly set at 45 before circumstances put me in a better position in the end....a good financial adviser goes a long way ...and setting your comfort levels so it gets put there is the hardest part........budget ...budget ...budget!!
BiggarView said
09:26 AM Aug 4, 2015
I can't comment directly on saving while on the road... as we aren't yet. The principles are the same either way. Without knowing more about your financial situation, I'd recommend eliminating all debt first, building up an emergency fund (not invested in anything with a risk element like stocks eg.) of 3-6 months of expenses is usually recommended depending on your income stream. Once those two things are situated, work out a budget for the lifestyle you envision with retirement saving as the first budget item. Always pay yourself first. Then factor in the other expenses as appropriate. If your income will vary a lot month to month, you should take that into account and also increase the size of your emergency fund accordingly.
It sounds like you are planning on starting this adventure on something of a shoe string, more or less, and while it can be done, I'd work hard on building your reserves. Will you be selling your house in Buffalo, NY? If so, that newly freed up equity can be a great backstop for this adventure. We will be doing it slightly differently, we are going to use our equity to purchase our rig (and save the rest) when the time comes, and backstop our pensions with our IRAs and 401k's if necessary. We have a 4 month emergency fund already built up. Your mileage may vary as they say. Good luck with the planning and welcome aboard.
Someday said
01:50 PM Aug 4, 2015
Hey Deborah, we are like Brian not yet there yet but the premise is the same whether you are in a SnB or RV. Putting funds aside for retirement start with "paying yourself first". IE; if one earns $3,000 a month put at least 10% to 15% immediately direct into savings as if you earned that much less to start with. Initially it may seem a shock, but if you hadn't earned it to start with you wouldn't have it to spend anyway seems to be the psych. Same as many folks we know that took early retirement do with their retirement incomes generated, they'll try to put 'x' amount still aside. These folks also find ways to cook with cheaper cuts, stretch meals, reduce CG costs by staying in one place longer or a cheaper one with less amenities, reduce fuel by staying longer in one spot also. Some folks even do their clothing laundry manually on board/outside in many forms to save laundry costs even.
If you eat out a lot, move every few days, have an older RV that needs a lot of maintenance not covered under warranty etc then you'll need a higher budget than someone else. Amounts seem to vary from those that live at one extreme on several hundred dollars a month to those at the top end that can't seem to manage on five figures, just as in every day lives overall.
Many RVers will also have at least a 10% RV emergency/repair fund put aside and top that up a little accordingly as well, so that when something unforeseen happens or you need new tires, the expense doesn't drag down your everyday budget. A fellow RV-dreams contributor here shared that with us a long time ago and it helped when our engine blew up a couple plus years ago, and again towards our solar install last year, enabling us to boondock indefinitely which we prefer to CG's. There's another idea for you to save some more dollars in your everyday RVing budget = boondock. Depending on what style of Resorts/CGs you are drawn to, that alone could save you several hundred dollars a month in your budget to put towards savings also.
Ideas for non techy jobs on the road that we heard of folks doing = creating things like stained glass style trinkets, wooden signs or carvings of wildlife statues, birdhouses, personalized items such as engraved metals/jewellery/acrylic etched (these are usually easy items to sell at various markets around the country). If you are a handyman/woman RV repairs, not just mechanical but plumbing, shade installs, detailing & waxing = there are a lot of older or frail/disabled RVers that need someone to do things for them = if your business was emblazoned somewhat on your RV relating to what you offer you might be surprised who'd approach you (admittedly most RV parks don't allow blatant business set up but with discretion you'd be shocked what business goes on in RV parks, just as there does in churches). Quite a few folks enjoy creating various things and selling them on etsy or eBay or at flea markets, others find various niche market items they can buy or drop ship and create a website to generate orders and avoid storing large items due to limited RV space. Some others have created on line training courses in photography and made a business around that by offering free tips and tricks and then "pay for this ebook or online course etc" = maybe you could start setting up something around a niche area as a Chef offering free info on-line and then create some items that they have to pay for. Folks typically will if they feel they are getting value for their dollars based on what tips and tricks you have offered them free. Some offer an annual subscription to access to some members only area on their websites.
Deborah there are so many ideas, it's really whatever your mind can conceive. There are also a lot of non-retirement age FT Rvers, that volunteer at Wildlife Refuges, CG Hosts, etc for either a free site for few hours or actually get paid an hourly rate and a free site to supplement their incomes. Some do it for the summer months and snowbird in the winter or even the reverse. Don't forget virtual assistants, traders, surveys & secret shoppers, the list truly is endless.
Hope some of the above gives you a few ideas of a teeny handful of many areas folks create incomes on the road.
SD.
-- Edited by Someday on Tuesday 4th of August 2015 01:54:08 PM
NWescapee said
03:39 PM Aug 4, 2015
Deborah,
We are saving for retirement while enjoying life on the road. I have the corporate job and my husband is an artist who participates in art shows across the Western US so our travel schedule is somewhat determined by where the next art show is.
Here's a link to a post I had started a couple of months ago, there had been another thread that was hi-jacked regarding the viability of FT life on the road and the ability to save for retirement as part of this lifestyle, so I started a new thread that you might find useful.
Thank you for the responses! The money part is easily the scariest part of this idea.
A few things about us:
- We don't own a home. We have been renters our entire lives.
- It is difficult in our industry to find a position where you can grow and stay with the same company for years and years, building up a portfolio. Benefits of any kind are hard to come by in the business.
- We don't have any children, but have 2 beagles and a cat.
- $25K and our trade-in/ sale value on our two cars that we own are pretty much all the money that we have.
We were thinking about following the ranch chef/ private chef positions around the country depending on the seasons. I've worked for many years on ranches as a chef and was thinking we could "boondock" (is that the right term) on the ranch, something I've seen done many times before.
I guess, just like having a S+B home, life in an RV depends on how you budget your earnings and expenses.
The suggestions and links were VERY helpful. We are also considering purchasing a home in Buffalo right now since the housing market is excellent here and putting our plans on hold for a few years (but I really dislike that idea. I like the idea of striking out right now, while the inspiration is strong with us).
Thank you so much for the encouragement and great advice! I am sure we will have many more questions as we get further into this idea!
PIEERE said
08:59 AM Aug 5, 2015
Seems to me you have more to gain; if you do it wisely. Honestly I would not spend down that inheritence and max it out just to start out. Just a suggestion; try this website; CoolWorks.com; I have seen employ in the SW; especially SW Arizona for chefs at guest ranches on it. Also try WorkersOnWheels.com; WorkamperNews.com and JobsforRVers which will give you some fuel to the fire in your hearts to get on the road.
If you use Craigslist to locate a unit be very cautious and aware when you go to look at buys. Always take extra people along and someone who knows RVS well; there are many scammers and it could be a hoax. Use RVTrader.com and Ebay and the like. Camping Season will be over shortly up North and some will have great deals on used Units. In the South the best time is in the early Spring.
There is a lot of good information on this Forum as a lot have been there and done it or are doing it! My suggestion woukd be to hold enough $$$$'s aside just in case you decide not to stay with this style of living. PIEERE
BiggarView said
10:48 AM Aug 5, 2015
Well knowing a bit more than I did before, I would really hate to throw a wet towel on your plans.... but, and you knew it was coming, time to take a deeeeep breath and STOP. Many on here will tell it's a wonderful life and it surely does have some perks, but it's not for everyone and it certainly requires some financial security..... if, your plan is not well considered. Go to work on learning every aspect of RVing Full Time. Understand the costs involved, what can go wrong, develop a budget, get a real handle on what income you think you will have... be realistic here, kidding yourself will get you into a deep pile of doodoo real fast. Pick the brains of the RV "brain trust" on here and other RV forums. That way you can go into this with a clear vision and how to accomplish it.
Having said all that, I don't want to discourage you. Just change around the thought process.
In the mean time, burn down the debt, and save save save. At the same time research is your friend, knowledge is power. Good luck.
Deborah452 said
12:24 PM Aug 5, 2015
Thanks Bigga and Pierre. Excellent comments and suggestions in each reply! I'm very familiar with Coolworks. It's a great site for our kind of work. I will check out the others.
Fortunately, we have no debt. But, Pierre, you made a good point about NOT spending down the inheritance. I think we might use it to buy a house and take a few more years to investigate this kind of lifestyle. We are not 100% decided either way, but our jets have definitely cooled a bit.
Thank you!
Someday said
12:51 PM Aug 5, 2015
Deborah, I would echo what Brian has said above this post. Read it, then read it again and again and digest. For sure you will hear of the wonders and freedom of the RV FTing lifestyle, but it isn't that straight forwards for all folks. There are a few we've read about here that have had one mechanical or slide out or roof or other issue, and are up a gum tree with no emergency/contingency fund put aside to cover this. If they get two or three issues with their rigs then they are well and truly "hooped". Hence why it is strongly urged by many to ensure you have some form of a back up plan or good emergency fund before deciding to go into the FT RVing lifestyle. People generally care about others avoiding known pitfalls, and truly aren't trying to rain on anyone's parade with their dreams. LuckyMike has been a prime example over the years of what anyone can achieve with a little knowledge, determination and commitment = so glad to see him back on the forums writing again :) :) :)
Bottom line, any of us can achieve and do anything we set our minds too. "If it's to be it's up to me" has been my mantra for many years, as well we have achieved what we have or not in our lives by understanding and believing "I am where I am in life because of the decisions/paths I've chosen to take". I had a negative mother growing up (she passed when I was 19), she was a hard worker, drank a little too much but a good woman overall, albeit spent more time worrying what others thought and volunteering her time outside of her family when it should have been directed more into her family = charity begins at home. I used to often say to her "life is what you make it mum" to which she'd often retort "Or what others make it for you". Sadly she attracted what she did in her life, and thank heavens I learned what not to do from that instead of monkey see monkey do.
If you truly believe and put the action plans in place Deborah you can get to your Nirvana destination in life, whatever yours may be. Happy Travels.
SD
NWescapee said
01:00 PM Aug 5, 2015
Deborah - one other option to consider, why not work for a park concessionaire that provides housing while you are saving for FT RV'ing?
3 years ago when we were in Yosemite, contemplating the FT RV lifestyle, we met a guy who was working in Yosemite, had worked the previous winter in Big Bend and had secured a job in Florida for the upcoming winter. He was living in concessionaire housing, working for the same concessionaire but getting a change of scenery every few months with a job location change. He was planning to full time RV, but was using this job as a way to save money, travel a bit, explore a few different parks and avoid winters in the north while building his savings. He said he camped between jobs, he had an old VW bus and took 2-4 weeks between each job to explore something new enroute. He had been doing that for a couple of years and was averaging 3 different locations a year.
With your chef's skills this might be something that would be feasible. I really do think you will want a reasonable amount in savings if you are intending to buy an older unit, it's not if but when, something will break and need to be fixed. I'm somewhat financially cautious and repairs have been an ongoing expense and I've been so grateful that we had a bit of a nest egg to pay for some of the repairs or portions of the repairs that weren't covered by our extended warranty.
Camper Chronicles said
03:22 PM Aug 6, 2015
Hi I work on the road and my husbands work is all going into savings or to pay off the small amount of debt we brought with us. It's been tough though because for the first several months we made decisions largely around family or my job which didn't really lend itself to his making money. Now we are making his working the focus with the desire to really sock some more money away...plus we have gotten much better at controlling costs. I wouldn't plan on putting much away the first year. There's are lots of one time expenses that will probably take precedence. That being said after the first year I hope the lower cost of living will lend itself to saving more.
Good questions and you should be concerned about the money...I know I was. It's not a reason to not do this, but it's definitely a reason to have a plan 😀. Good luck to you and there are several of us who work here so you will not be alone .
Hello all,
My husband and I are seriously contemplating diving headfirst into full-time RV life. We are chefs, currently live in the great little city of Buffalo, NY.
I have many questions, but the one we are talking about right now is, how many full-timers, of working age, are doing this without a retirement plan (401K, pension, etc)? With your jobs that you find on the road, are you able to pay into some kind of retirement nest egg?
If we start this adventure, we will be mostly debt-free (we will be carrying a few bills with us, but no consumer debt). We got a small inheritance from a relative (25K) and we would use that to buy a good used trailer or fifth wheel with some leftover to fund our trip starting out. We would trade in our two cars that we own for a truck.
Does anyone have any experience with actually saving and seeding a retirement fund while on the road full-time?
Also, we have noticed that most people who are working while full-timing work in some kind of web, technology or other kind of mobile work. We have no experience with that. Our work is kind of hands-on and physical. We would love to get some perspectives from people that don't have tech/ remote jobs.
Thank you in advance for any advice!!!
I can't comment directly on saving while on the road... as we aren't yet. The principles are the same either way. Without knowing more about your financial situation, I'd recommend eliminating all debt first, building up an emergency fund (not invested in anything with a risk element like stocks eg.) of 3-6 months of expenses is usually recommended depending on your income stream. Once those two things are situated, work out a budget for the lifestyle you envision with retirement saving as the first budget item. Always pay yourself first. Then factor in the other expenses as appropriate. If your income will vary a lot month to month, you should take that into account and also increase the size of your emergency fund accordingly.
It sounds like you are planning on starting this adventure on something of a shoe string, more or less, and while it can be done, I'd work hard on building your reserves. Will you be selling your house in Buffalo, NY? If so, that newly freed up equity can be a great backstop for this adventure. We will be doing it slightly differently, we are going to use our equity to purchase our rig (and save the rest) when the time comes, and backstop our pensions with our IRAs and 401k's if necessary. We have a 4 month emergency fund already built up. Your mileage may vary as they say. Good luck with the planning and welcome aboard.
Hey Deborah, we are like Brian not yet there yet but the premise is the same whether you are in a SnB or RV. Putting funds aside for retirement start with "paying yourself first". IE; if one earns $3,000 a month put at least 10% to 15% immediately direct into savings as if you earned that much less to start with. Initially it may seem a shock, but if you hadn't earned it to start with you wouldn't have it to spend anyway seems to be the psych. Same as many folks we know that took early retirement do with their retirement incomes generated, they'll try to put 'x' amount still aside. These folks also find ways to cook with cheaper cuts, stretch meals, reduce CG costs by staying in one place longer or a cheaper one with less amenities, reduce fuel by staying longer in one spot also. Some folks even do their clothing laundry manually on board/outside in many forms to save laundry costs even.
If you eat out a lot, move every few days, have an older RV that needs a lot of maintenance not covered under warranty etc then you'll need a higher budget than someone else. Amounts seem to vary from those that live at one extreme on several hundred dollars a month to those at the top end that can't seem to manage on five figures, just as in every day lives overall.
Many RVers will also have at least a 10% RV emergency/repair fund put aside and top that up a little accordingly as well, so that when something unforeseen happens or you need new tires, the expense doesn't drag down your everyday budget. A fellow RV-dreams contributor here shared that with us a long time ago and it helped when our engine blew up a couple plus years ago, and again towards our solar install last year, enabling us to boondock indefinitely which we prefer to CG's. There's another idea for you to save some more dollars in your everyday RVing budget = boondock. Depending on what style of Resorts/CGs you are drawn to, that alone could save you several hundred dollars a month in your budget to put towards savings also.
Ideas for non techy jobs on the road that we heard of folks doing = creating things like stained glass style trinkets, wooden signs or carvings of wildlife statues, birdhouses, personalized items such as engraved metals/jewellery/acrylic etched (these are usually easy items to sell at various markets around the country). If you are a handyman/woman RV repairs, not just mechanical but plumbing, shade installs, detailing & waxing = there are a lot of older or frail/disabled RVers that need someone to do things for them = if your business was emblazoned somewhat on your RV relating to what you offer you might be surprised who'd approach you (admittedly most RV parks don't allow blatant business set up but with discretion you'd be shocked what business goes on in RV parks, just as there does in churches). Quite a few folks enjoy creating various things and selling them on etsy or eBay or at flea markets, others find various niche market items they can buy or drop ship and create a website to generate orders and avoid storing large items due to limited RV space. Some others have created on line training courses in photography and made a business around that by offering free tips and tricks and then "pay for this ebook or online course etc" = maybe you could start setting up something around a niche area as a Chef offering free info on-line and then create some items that they have to pay for. Folks typically will if they feel they are getting value for their dollars based on what tips and tricks you have offered them free. Some offer an annual subscription to access to some members only area on their websites.
Deborah there are so many ideas, it's really whatever your mind can conceive. There are also a lot of non-retirement age FT Rvers, that volunteer at Wildlife Refuges, CG Hosts, etc for either a free site for few hours or actually get paid an hourly rate and a free site to supplement their incomes. Some do it for the summer months and snowbird in the winter or even the reverse. Don't forget virtual assistants, traders, surveys & secret shoppers, the list truly is endless.
Hope some of the above gives you a few ideas of a teeny handful of many areas folks create incomes on the road.
SD.
-- Edited by Someday on Tuesday 4th of August 2015 01:54:08 PM
We are saving for retirement while enjoying life on the road. I have the corporate job and my husband is an artist who participates in art shows across the Western US so our travel schedule is somewhat determined by where the next art show is.
Here's a link to a post I had started a couple of months ago, there had been another thread that was hi-jacked regarding the viability of FT life on the road and the ability to save for retirement as part of this lifestyle, so I started a new thread that you might find useful.
rv-dreams.activeboard.com/t60208181/working-on-the-road-to-achieve-the-early-retirement-goal/
Best of luck,
Ruth
A few things about us:
- We don't own a home. We have been renters our entire lives.
- It is difficult in our industry to find a position where you can grow and stay with the same company for years and years, building up a portfolio. Benefits of any kind are hard to come by in the business.
- We don't have any children, but have 2 beagles and a cat.
- $25K and our trade-in/ sale value on our two cars that we own are pretty much all the money that we have.
We were thinking about following the ranch chef/ private chef positions around the country depending on the seasons. I've worked for many years on ranches as a chef and was thinking we could "boondock" (is that the right term) on the ranch, something I've seen done many times before.
I guess, just like having a S+B home, life in an RV depends on how you budget your earnings and expenses.
The suggestions and links were VERY helpful. We are also considering purchasing a home in Buffalo right now since the housing market is excellent here and putting our plans on hold for a few years (but I really dislike that idea. I like the idea of striking out right now, while the inspiration is strong with us).
Thank you so much for the encouragement and great advice! I am sure we will have many more questions as we get further into this idea!
If you use Craigslist to locate a unit be very cautious and aware when you go to look at buys. Always take extra people along and someone who knows RVS well; there are many scammers and it could be a hoax. Use RVTrader.com and Ebay and the like. Camping Season will be over shortly up North and some will have great deals on used Units. In the South the best time is in the early Spring.
There is a lot of good information on this Forum as a lot have been there and done it or are doing it! My suggestion woukd be to hold enough $$$$'s aside just in case you decide not to stay with this style of living. PIEERE
Well knowing a bit more than I did before, I would really hate to throw a wet towel on your plans.... but, and you knew it was coming, time to take a deeeeep breath and STOP. Many on here will tell it's a wonderful life and it surely does have some perks, but it's not for everyone and it certainly requires some financial security..... if, your plan is not well considered. Go to work on learning every aspect of RVing Full Time. Understand the costs involved, what can go wrong, develop a budget, get a real handle on what income you think you will have... be realistic here, kidding yourself will get you into a deep pile of doodoo real fast. Pick the brains of the RV "brain trust" on here and other RV forums. That way you can go into this with a clear vision and how to accomplish it.
Having said all that, I don't want to discourage you. Just change around the thought process.
In the mean time, burn down the debt, and save save save. At the same time research is your friend, knowledge is power. Good luck.
Fortunately, we have no debt. But, Pierre, you made a good point about NOT spending down the inheritance. I think we might use it to buy a house and take a few more years to investigate this kind of lifestyle. We are not 100% decided either way, but our jets have definitely cooled a bit.
Thank you!
Bottom line, any of us can achieve and do anything we set our minds too. "If it's to be it's up to me" has been my mantra for many years, as well we have achieved what we have or not in our lives by understanding and believing "I am where I am in life because of the decisions/paths I've chosen to take". I had a negative mother growing up (she passed when I was 19), she was a hard worker, drank a little too much but a good woman overall, albeit spent more time worrying what others thought and volunteering her time outside of her family when it should have been directed more into her family = charity begins at home. I used to often say to her "life is what you make it mum" to which she'd often retort "Or what others make it for you". Sadly she attracted what she did in her life, and thank heavens I learned what not to do from that instead of monkey see monkey do.
If you truly believe and put the action plans in place Deborah you can get to your Nirvana destination in life, whatever yours may be. Happy Travels.
SD
3 years ago when we were in Yosemite, contemplating the FT RV lifestyle, we met a guy who was working in Yosemite, had worked the previous winter in Big Bend and had secured a job in Florida for the upcoming winter. He was living in concessionaire housing, working for the same concessionaire but getting a change of scenery every few months with a job location change. He was planning to full time RV, but was using this job as a way to save money, travel a bit, explore a few different parks and avoid winters in the north while building his savings. He said he camped between jobs, he had an old VW bus and took 2-4 weeks between each job to explore something new enroute. He had been doing that for a couple of years and was averaging 3 different locations a year.
With your chef's skills this might be something that would be feasible. I really do think you will want a reasonable amount in savings if you are intending to buy an older unit, it's not if but when, something will break and need to be fixed. I'm somewhat financially cautious and repairs have been an ongoing expense and I've been so grateful that we had a bit of a nest egg to pay for some of the repairs or portions of the repairs that weren't covered by our extended warranty.
Good questions and you should be concerned about the money...I know I was. It's not a reason to not do this, but it's definitely a reason to have a plan 😀. Good luck to you and there are several of us who work here so you will not be alone .
Trace