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Old 11-17-2013, 07:56 AM   #57
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I am 40 my wife is 29 and we have 2 small children ages 3 and newborn. I also have 3 children with my first wife that are in thier teens. When they are older and I dont have to pay child support anymore (8years from now) we can get a newer 5er that can handle long trips. The one we have now is great for short trips.

20 years from now our youngest should be out and on his feet so wife and I can go on our own and take even longer trips. We farm and i love the farm life I dont see myself ever fully retiring. So going full time is not an option. Wife wants to keep a home base anyway especially for holidays ect. We should be able to go for a month or 2 at a time.

When I was in my early 20s I drove truck over the road. Ive seen 47 states an parts of Canada. It has been a dream of mine to back and actually see the sights I looked at through the windshield of a truck.

We are already talking about it and looking at rigs online. We figure on starting out in a nice used 5er at first. If for some reason we don't like all the traveling we dot have such a huge investment.

She really likes the big bus type moter homes I want a Kenworth or Peterbuilt truck conversion. I don't have to tell you they are not cheap.
These are long tern goals. We have plenty of time to figure out the details. Who knows. Alot can happen in 20 years.
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Old 11-17-2013, 11:14 AM   #58
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The title of this thread is "Going Full Time" and my original post was intended to relate our experience with getting started and on-the-road....... in the belief that it might be helpful information for those still in the planning stage(s). I now regret mentioning, as an aside ...... that our RV living expenses were about equal to our S&B living expenses. Again...I only mentioned this in the belief that people contemplating "going full time" are often interested to know "what" it actually costs to live on the road, since there seems to be a general consensus that FT-RVing is going to be a much "cheaper" cost- of- living than the S&B.

Rather than start some pointless discussion of asset appreciation or depreciation ....I only mentioned our experience with RV depreciation as it relates to the real world "costs" of FT-RVing and pre-budget planning. Depreciation is no different from planning for the cost of fuel, repairs & maintenance, campground fees, food, entertainment, etc....BUT....it is often overlooked when people are creating their Excel budget spreadsheets. It also doesn't go away just because you choose to ignore it.

For us (just relating our experience) our monthly budget for living on the road was $6000.....until we factored in an additional $1000 p/mo for RV depreciation. This was/is a "real cost" and had we not been prepared for it ....our planning budget would have been "wrong" by 15%. This seems to me to be a pretty big mistake......if you neglect to take RV depreciation into account! Even worse......Had we purchased a new $400k Motorhome with corresponding depreciation (@15%) we would have virtually doubled our monthly expenses by $5000 p/mo to around $11k p/mo. and our budget planning would have been "wrong" by more or less 100%.

Hey.....just trying to be helpful ....if everyone out there planning to go FT is taking RV depreciation into account in their budget planning....my apologies for mentioning the obvious. On the other hand....if anyone can learn a little something from our experience....good!
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Old 11-17-2013, 11:40 AM   #59
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Who is looking forward to going full time and what have you done so far to get there? When will you go? What RV do you plan to live in?
We started full timing in May, but planned for it for several years. I've read about folks who just get in an RV and take off. More power to them, but that's not us. We tried to plan as much as possible before we left.

For example, here are some ways we prepared for full timing:
  • RV Choice -- we decided on a used Class A DP, a Newmar, for a number of reasons. Since our Newmar was almost 10 years old when we bought it, we updated and replaced a lot of stuff before we left. It's typically much cheaper to do this at your S&B than on the road. By the way, since our Newmar is now more than 10 years old, there are an increasing number of RV campgrounds where we can't stay because of their "10 Year Rule" prohibiting older RVs. Not a big deal for us, but something to be aware of.
  • Budgeting -- we checked the blogs of several full timers to see where their money went before we made ours. Also, if you're going on the road before you're on Medicare, health insurance could be a large budget item.
  • Trip Planning -- over the course of several winters, I did some pretty detailed Virtual RVing. This gave us a sense of where we'd like to go, how much we wanted to drive, and how much it might cost. After a dozen of these virtual trips, I figured our average lodging cost would be about $34/day. We came in at $33.43 after six months on the road. Not bad.
  • Domicile -- or what state will be your legal home. South Dakota, Florida, and Texas are full timer favorites because these states have no state tax. However, there are other things to consider. For example, if you need to buy individual health insurance through a state exchange, then South Dakota looks like a bad domicile choice because of the limited number of health care providers. We haven't made up our mind yet.

Anyway, if you're a "planner", there's a lot to think about before you drive away into the sunset.

Finally, how is full timing? Best decision we ever made. Love it and it's a beautiful country we live in.
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Old 11-17-2013, 11:56 AM   #60
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Jack - not sure why you felt the need to elaborate or defend your position on deprecation. We all have our opinions and are entitled to them. If anyone is expecting recoup the purchase price on their RV when they sell it and funding the next purchase by paying into a depreciation expense savings fund, then you are spot on. Same goes for your car - computer - anything that depreciates. So your point is well taken - but I'm just going to save what I can, earn what I can on investments, and not worry specifically about the cost of RV depreciation. Like my mid '90's Jags - they aren't worth much - did not set aside depreciation $, and yet I could replace them now if I wanted too. Again - I'm not challenging your position.

I was curios about whether your expense comparison of full time and S&B was based on living in Mexico, US or Canada. At $6k a month you were living pretty well in Mexico - US and Canada about average to a little better. Thanks for putting some numbers around it.
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Old 11-17-2013, 12:16 PM   #61
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I'd like to add the point that, yes your RV is about guaranteed to loose value, in today's market, there's no guarantee that your S&B is going to gain or even hold value.
I'm an example of that.
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Old 11-17-2013, 02:34 PM   #62
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Jack - not sure why you felt the need to elaborate or defend your position on deprecation. We all have our opinions and are entitled to them.
Not trying to defend anything....other than the assumption that depreciation is "not" a real or very significant cost of FT-RVing .....my point is that this is like believing that the midnight dessert buffet on the Caribbean cruise contains no calories ...cuz we're on vacation...oh ya and then being unable to understand why you gained 10lbs on the cruise! If, on the other hand, people feel more comfortable leaving it out of their RV budget....doesn't work for me.... but if it works for you...the important thing is that you get out there and have a great time!
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Old 11-18-2013, 02:01 AM   #63
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The only time I see depreciation coming into play or being something to worry about is if you naively planned on using the proceeds from the sale of your RV to support your retirement after your exit plan kicks in. I doubt anyone believes that the 300k they spent on their rv will still be 300k 5 or 10 years down the road. I don't look at my S & B as being able to produce any type of income for me. Now, lets assume that some may have used funds from the sale of their S & B to purchase their RV. They should definitely take into consideration the fact that they will not have the full amount of their investment to purchase another residence when they decide or are forced to come off the road. I guess what I'm saying is yes their is depreciation but I certainly don't see it as a monthly living expense. It is not something I have to write a check for on a monthly basis. On the flip side, do you consider any home appreciation as monthly income that you can spend on a month to month basis?
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Old 11-18-2013, 06:44 AM   #64
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I'd like to add the point that, yes your RV is about guaranteed to loose value, in today's market, there's no guarantee that your S&B is going to gain or even hold value.
I'm an example of that.
As stated above my S&B lost 50% over the last 4 years. We just consider it as rent. We know it is losing value over time same as renting a home. Not about to stop us.
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Old 08-25-2014, 10:08 PM   #65
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One item that hasn't been mentioned is property taxes. If I am paying 585.00 per month just for property taxes and the house goes, so does the drain on my wallet. I agree that deprecation should be used in cost calculations but so should roof replacement and all of the other large house hold expanses. Randy
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Old 08-25-2014, 10:43 PM   #66
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Interesting to see this revived. Retire 10/17 - hit road full time 11/7.

Can't wait to put some of what I have learned here and elsewhere on this forum into practice or to the test.
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Old 08-25-2014, 10:46 PM   #67
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Interesting to see this revived. Retire 10/17 - hit road full time 11/7.

Can't wait to put some of what I have learned here and elsewhere on this forum into practice or to the test.
No tests! Just ride the RAINBOW!!

I still got 1,015 days... almost a three-digit midget!
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Old 08-25-2014, 10:51 PM   #68
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Interesting to see this revived. Retire 10/17 - hit road full time 11/7.

Can't wait to put some of what I have learned here and elsewhere on this forum into practice or to the test.
Putting theory into real live use has its interesting moments. But...ya done a lot of studyin' and I have full faith that you will do GREAT in living your dream.

SEE YA Soon on the road!
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Old 08-25-2014, 10:52 PM   #69
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No tests! Just ride the RAINBOW!!

I still got 1,015 days... almost a three-digit midget!
and believe me - the time will pass quickly...
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