Yea what story, you own one?
Makes 56k per year, drives 1999 Chevy S10 LS Ext. DD, 1994 Eagle Talon TSi AWD
Also a 1996 ford windstar gl, working on selling the truck and car to get something new, maybe if you texted or talked to me you would kno…
Would love to know the story as a fellow investor…sounds lucrative
I already own 1 motel( now I run it as studio apts.WAAAAAAAAAAAAAAAAYYYYYYYYYYY better) and am looking at a second one to do the same with.
Give me a decent price on that s10 and I’ll take it. I remember PM’ing you in the past about it. Uh oh bad news mike is viewing
So get motel and convert to studio apartments…I can see that working particularly with all the Marcellus shale work in the area…time to start looking for motels I guess…was this like a typical modern motel 6 or more like an old timey drive up 1 level motel?
old timey!!! Bates motel has nothing on this place lol even has the 30ft neon sign out front. So corny but I love it and won’t take it down!
Town Supervisor??? Fu&k with my taxes and I know where you live! haha
My mom just retired at 75. I’ll probably end up doing the same if I am able.
Knowing so many people that have made it 30 and out threw a union (including my father and my father inlaw), I cant imagine walking away from one of the most secure things you have. but to me money is meaningless Id rather be broke and happy. not stressed out and rich. obviously why i don’t run my own company or buy property’s.
instead i volunteer more of my time helping with such things as disaster relief, and well you know the other stuff.
I’m NOT sound financial advise but to me, I have the world. Anything else is vanity and a striving after the wind.
I didn’t read all the responses yet, but has someone clarified why you’re working making $75k/yr (pre tax) when you’re making $180k/yr “profit”, moving up towards $300k/yr?
If you have that much passive income, I can’t see how 40hr/wk somewhere is worth the time (personally) unless you were in love with the job and found it rewarding for what it is.
All of that aside, I think yes, you do need to come up with a personal number. You need to try and make some realistic (not I’ll make 10%/yr on my equities) numbers for income, costs, etc. I don’t understand retiring and sitting still, but some people love it. Its going to be different for everyone. All of that will give you a target of, gee, to live to 90, I’ll need at least XXX. Then you figure out your own appetite for risk, your desire to end up in a nursing home when you run out of cash, things like that and determine how far past there you need to go.
Personally, I think its also a question of what do you want to do. Even if I hit it lottery big, I think it’d be hard to not do anything, it’d be more of a transition to something a lot less stressful, or building something more rewarding; and in that sense, not really “retiring”.
There’s also something to be said for doing it in phases. Nothing wrong with taking a year or two off to travel, enjoy your family, or whatever, if you have a career that you could realistically come back in to, or income sources like real estate that will continue to provide. No one said retiring has to be last.
---------- Post added at 11:10 AM ---------- Previous post was at 11:08 AM ----------
Doesn’t exactly seem supported by statistics; granted 98% of people out there are absolute morons, have no work ethic and are too lazy to feed themselves properly, let alone have a career.
Like discussed in another thread its highly unlikely
But $100k net worth isn’t really anything to write home about; much less if you’re not talking liquid assets. One would assume you need to be significant orders of magnitude ahead of that if one was thinking about retiring (although I guess in this context, you’re just talking about where people are at 40, not if they’re ready to retire).
^^^ you’re 100% correct. 100K net worth is nothing to really even talk about. I was just replying to bing about saying everyone should be making 100K a yr by 38. Much less a net worth. Granted everyone starts somewhere but that is not retirement money
Retirement $$ is well into the millions. My parents have a .5 mil home paid off and not quite 2 in the funds that I am aware of. Their financial adviser says that with healthcare and the ever increasing longevity of life that there is still not enough. Bastard even told them that flying up from florida to see their grand child had to be limited because they were spending too much on airfare. retirement is crazy. If you are seriously considering it, then it is nothing to drop a couple thousand to have a specialist review your portfolio and give you a serious layout of your future.
PS: I wouldn’t trust a lot of advice on this board on the matter, but I would trust Walter. I have only met him a couple of times but he really does have a good financial head on his shoulders. He is a hater though.
So far I give this thread 1/10
Most I don’t think understand why this scenario differs from typical retirement
Some as always think this is a decent ego stroke opportunity
Few have a clue as to how to approach answering this question. Or answering it in the manner of which he was intending. Which was not “hey please tell me how to do this”.
Sure 1/10, but it is really because there is not enough information to plaster together a good response. He touched on net income and one goal of paying for his child’s education. That is no where near enough to make an informed decision. People are relying on what they know and tooting their own horns.
I think that Derek has a strong enough head on his shoulders to realize that he CAN do this, but is really looking for the negative/positive scenario that can result. I am not sure that anyone on here knows his financial situation well enough to advise him accurately how to handle early retirement. I had a really long response typed up after this point but somehow lost it… My summary of it is this: Derek, I assume that since at least the age of 18 you have had a steadily increasing income. At age 38 are you willing to flat line it and live on a fixed income of 180K even with a future increase that will never again repeat? Now even if you answer yes to that question are you willing to stop aiming at new targets? I highly doubt that you will answer yes to the later. you are a serial entrepreneur, from what I have seen you are always willing to look into and follow through on opportunities. Count out how many different things that you have done in your life and then tell yourself that you are going to stop and live the simple life. I doubt it, I seriously doubt it. You will find an opportunity, a business, a good idea, another investment. You will not actually retire. You can tell me I am way off and that all you want is to relax on your boat but I think that it will be too boring at your age and you will want more. I remember talking to you and you were selling drinks at the plant and making scratch. Tell me that doesn’t scream driven for more and I will just go away.
My advice is to sit down with yourself and really take a personal inventory of what is important to you. Maybe you can take a couple years to enjoy your childs youth and be a great dad then go back to working. After you sort it out with yourself sit with your wife and hash it out with her and her needs/wants/interests. Then lastly go meet with a financial planner and look into the future, see if you like what he has to say.
