My PsychologyToday.com article today is the latest iteration of my article on how one can live well on $20,000 a year.
In this version, I'm more audacious: I assert that one might be happier on $20,000 a year than are many millionaires because living on less gives you the freedom to choose a career you might enjoy much more--for example, helping people versus being a bond trader. HERE is the link.
Just a couple of comments:
ReplyDelete1. Medicaid won't help if you're in one of the many states that chose not to expand the program.
2. Your strategy pretty much precludes any chance of retirement, even if failing health or age discrimination cut your worklife short. Social Security won't replace anywhere near 100% of your income; the system was designed to supplement personal savings, not replace them.
I can't say that your stategy will *never* work in the US, but it would have a FAR better chance of succeeding in some other First World country with universal health care and a robust safety net.