How we Downsized to Prepare for Retirement

by Bonnie
(Illinois)

We owned a small retail business in Florida, hoping to retire there eventually and let employees run the business while we collected dividends. Then came a flurry of speculation and a real estate crash that devastated our community and squeezed us to the point that our only option was to sell the business.


We did, fortunately, but did not make the kind of money on the sale that we had expected. So, this means working a few more years to retire some business debt.

We own a home in the Midwest but instead of returning there, at the cost of $1500/mo, we rented the house for enough to cover the mortgage and moved into a small rural farmhouse that costs $425/month.

We have started selling all the unnecessary belongings we have accumulated over the years and expect to be debt free and ready to really retire in 2 years.

We use coupons to reduce the cost of food and also stockpile when we find a bargain. We planted a raised bed garden and eat from the harvest every day. I buy fruit in season at the local farmer's market and freeze what we can't eat immediately.

We are always looking for more ways to save money and cut spending. After selling the business, we spent six months traveling around the country, towing our pop-up trailer. It was the best six months of our lives. We can't wait to get back to that lifestyle.

I would rather be cooking biscuits in a dutch oven over a propane stove and hiking the mountains in Arizona than working my life away for things that do not matter.

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Jul 25, 2010
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Wow
by: Gary... the editor

Bonnie,

Thanks so much for sharing this story...you are so right on.

Folks this is making lemonade out of lemons...less is more...you can do this also.

Best wishes,

Gary

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