Been thinking alot more about it lately in the next 12 mos or so and got to thinking, how do you know when?
Do you make sure you have XXX saved? Well, while not work one more year and have XXX more… How much does one even REALLY need.
I would be leaving a job that pays approx $75K a yr(100K if ya want it pretty easily) + full benies with 30 and out and I have 13. there will be a $10/hr pay cut in the next 5 yrs or so. Who knows what else will be cut.
38yrs old married for 17yrs. 3 yr old son. Other income(rentals) is good for approx $15k a month profit and when paid off in 12yrs or when son is 15, will jump another $10+K a month. I figure that’s his college if he chooses that path.
So many different variables and its a big step and one that cant be reversed
Thoughts
Wow NYSPEED really has alot of 30+ age group lol, on a side note xxx won’t support you and your family for another 50+ years. I don’t think 1 million would last in this day in age.
Did you not read any of what he typed?
He clearly has sustainable income all set.
D this is a tough question. Are you enjoying your work? Would you consider maybe starting a business that you enjoy and being as involved as you desire? As you know I am buying properties as quick as I can and my long term plan is to work as long as it is stimulating/enjoyable. When I decide to throw in the towel I would like to open a business. Something project based for example so I can take on as much/little as I want.
Also not to mention if you took the effort out of “work” and focused on expanding your real estate and business deals I am pretty certain you could find a way to substitute most of what you would have made.
Basically I have no clue but hope at 38 I am having this conversation with myself as well!!! Congrats haha
Honda,
I actually have very little saving but that is where the year comes in. I’m really against having money in the bank. How do banks make money? They invest yours. Why shouldn’t you be doing it instead. But you should have some.
At work here they are actually considering offering us “pension buyouts” Which is what got this thought process going a little stronger. I would think they would have to offer me/us $200K settlements at least as a typical retiree makes $3k a mo or approx 35k a yr. Well that is only 6 yrs of collecting and seems like it would be close to that amount if not more. It’s also looking as if there may be another buyout coming up next year which would be at least 100k. They get rid of me, my benefits, and my vacation and hire temps/ 1/2 price workers.
As far as liking the job, I don’t care for it too much. I’m a hustler I like the flip. Don’t get me wrong, This place helped me to get the means to get where I am but it doesn’t mean I have to like it. I could go on for awhile but I won’t
As far as starting a business, I really want to start a used car lot. And not even one that will make me rich. I just love cars and love hustling so it make a good fit I would think. I would specialize in Audi,Vw, Bmw, and MB lol!!!
As far as the real estate, I don’t really want to get anymore just pay off what I have and be content. Will that happen? Heck no as I may be picking up another motel in 2 weeks lol but its a nice thought.
Would also like to get involved with a big brothers group or something like that as I see whats happening to these kids these days it it really bothers me. Why should I be blessed with what I have and kids are going around lost because their parents could care less about them.
There’s another angle. I do donate quite a bit now. If I kept working that would be that much more I’d have to give to those who REALLY need it.
I would stick around until the pay cut or until they give you a good enough incentive to leave. The investment income is nice but there’s no sense passing up the gravy train because of it, wait until they take it away or bribe you to give it up. Jobs like that won’t be around much longer
Run for Mayor of Grand island?
Glad I’m not lumped in with all these 30+ year olds…(closing in fast)
I know my grandfather retired at 55, did a ton of traveling and had a great life, but I think I would rather do something similar to what you are suggesting and find a hobby career that might make you more than spend but you really enjoy doing it.
Right now I don’t have a firm plan since I have no clue what my life will look like; wife (debt, school loans?), kids (college?), so who knows. For now I will throw as much money as my company will match into my 401k, be debt free and see how it will go.
I read what he said drew, I’m just saying I don’t think any amount of money will be substantial. What if prices of everything skyrocket? I’m just looking at factors that affect this. I have a good chunk of money in my 401k because I started it 4years ago but I really don’t see it lasting even by age 65, when your recommended to retire and claim social security, if it will even be there. Starting a business is a great ideal and good for the economy also. If I was him I’d look for another job or start a business before he dumps this job.
you’re*
WTF when did i say retire and get social security? I disagree with your logic on this. We can just leave it at that.
i think you should try and find a stimulating career where you make your own hours and pull about $200k a year then stick that out for a while. build your real estate portfolio on the side and take $20k vacations twice a year until you get bored of living the high life then go minimalist or buddhist as a gag when you’re like 50.
I can count on one hand, the number of people on nyspeed that are qualified to give advice on this topic. You probably need to speak with an experienced financial planner.
My 2 cents on it, is that 15k/month income from rentals is awesome and probably more than enough to live on for the rest of your life. Especially so if you continue to invest the leftover money. However, a bit of diversification would probably do you some good as a safety net.
It may sound strange but the first thing I would need to know to give you advice is, do you smoke?
wait hold on…
why does retirement matter if you make $15k a month in profit?
Standard of living
you make $180,000 a year on rental properties. Why are you still working?
^^ Maybe his home costs him 60K a year, maybe he likes to take 30K vacations several times per year. Maybe it costs a lot to maintain a fleet of Ferrari. Regardless of the reasons it is better to work while young and have a massive net to fall into so that you are not forced to work when you are 70. It is hard for most people to maintain their standard of living once retired so having millions in investments that can be shed later in life is critical.
You mean later in life, when he can still be a part time landlord only with no mortgage payments and make $300,000 a year?
I’m all for making money, but really, how much do you need?
No matter what you need something to fall back on
This is why athletes and music artists/actors keep working. Sure, you can sign your 3 year contract for 7million$ and then retire, if you’re lazy and take no pride in anything. Sort of like people who sit collecting unemployment checks for 99weeks.