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Moving-on
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Joined: 02/08/2021
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coolmom42 wrote:I do have a couple of cautionary financial notes:
First of all make sure that you will not have to pay capital gains on the sales profit on your home. I don't know what the limit is in your state, but in some it's lower than the Federal limit. The Federal limit is $500k profit on a couple.
Without the RV option, you would immediately be re-investing your home $$ in another home. At some point, you will be past RVing and want a traditional home. But if you have spent a big whack of your home profits, you won't have $$ on hand to buy another one. You also can't sink those profits into a RV/truck combo, because those are DEPRECIATING assets. The smart thing is to invest most of your home sale funds in something fairly conservative, but with some growth, so you will be able to keep up with home prices and buy one when you need it. Something like a conservative growth mutual fund is a good option. I've read of a few people being caught with nowhere to go and it's not pretty.
Another big consideration is medical insurance. It's not trivial. One option is a health-share ministry, the drawback being that it won't cover pre-existing conditions for a year.
Sounds like you have a great plan and ability to earn a living almost anywhere you go.
Thanks. We believe we have the tax situation under control. We're liquidating 2 trucks to finance one newer used 3/4 ton. Something that has already depreciated enough to take the pain out of it. But worth enough to sell well when we want to go a different direction. For health insurance, we're probably going to go with a catastrophic plan, since neither of us have any chronic or preexisting conditions or ongoing medications. My family won't leave us with no place to go, while that isn't my "plan", it is a contingency. And an economic catastrophe big enough to wipe out either direction i could go would be big enough, I'd have other problems. We plan to modify or cease our plan if we dip below x dollars in savings. And give up the idea entirely at x dollars. I think about 75 to 80% of whaT I've planned will probably go out the window with the realities of the road. But as long as I have x in savings, I can always start over somewhere else. I'm also buying things I may need, but are easy to store and transport now, while I still have income. Like a 60 gallon soft tank for boondocking. I caught it on deep discount, so the investment was low, but the savings compared to having to buy one on the road when needed at full market price is huge..
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2lazy4U
Colorado
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Joined: 04/09/2010
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Best wishes on your new adventure. My advice is to NOT buy much for now, but to wait and buy stuff as you need it. I've been full-time and then part-time off and on for many years, and I tend to want to have everything I might need at hand, then never use most of it and then get tired of shuffling it all around and downsize, then go through it all again after awhile. It's a security mindset, but you won't need most of what you think you will, Don't carry too much stuff, it will just get in the way. Have fun and don't overthink it.
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2g's
Arizona
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Joined: 02/13/2021
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Your first plan is where to domicile. Since you're in the 40's then Florida is the best place to get medical insurance. That doesn't mean you have to stay in Florida. You need to register there and get a Florida mail forwarding address. You'll be voting using your Florida address.
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dcason
New York
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Joined: 12/23/2007
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We have been traveling in rv for 4-6 months per year (usually two different trips) for the past 10? years. This September we will be selling house (before then) and moving into our 24 foot rv (which may change when on the road but we will see). We are giving away, selling our STUFF. Eventually we will move a county over to be near kids/grandkids. But for NOW, we are hitting the BLM lands and national forests HARD....which is what we usually do...rarely do we pay for campsites....frugal. There is a LOT of places in the this country to see...don't limit yourselves to relatives. Relatives have their merit but....
Hubby was not really on board when I announced I was selling the house and moving and invited him to come with me (LOL...he is the driver/me the navigator). Within a few weeks, he was with me and had formulated plans on how to get rid of all the tools and what he would keep...tough for the DIY man! I tried this once before but this time it is for health reasons...I need a dry climate desparately. We will eventually settle again in NY but for now just visit our kids in NY and AZ.
Donna
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