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Help me retire and quit my job ASAP. Help me invest.

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Help me retire and quit my job ASAP. Help me invest.

 
Old 03-10-2014, 09:17 AM
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Originally Posted by riceball777 View Post
Sorry if I came off a bit Immature. Let's put the job/career issue aside. Let's talk strictly investing for the future.

So... With a net worth of over 300k and saving 30-50k a year there has for to be a way out of the workforce In the next 10-15 years. If I can't find or think or anything better I suppose I'll just keep on saving and dumping my money into rental property.
I'm not sure what's so complicated about "retirement." You figure out how much $ you'll have at age 40, list your expenses out, and keep lowering your expenses until you can meet your criteria for "retirement." It takes very little to actually live. If you want to live with nice things, that's a different story. I know someone that "retired" to South America who's now about 40. He (seems) perfectly happy. Of course, he lives VERY modestly (no car, lives in a small apt, etc), but if you want to retire, with ~$500k saved at age 40, sure you can retire. If you want to keep your toys, you keep working. Simple as that.

As the quote from Office space goes:
https://www.youtube.com/watch?v=rQ-bp_A61MI
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Old 03-11-2014, 08:30 PM
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Originally Posted by riceball777 View Post
Sorry if I came off a bit Immature. Let's put the job/career issue aside. Let's talk strictly investing for the future.

So... With a net worth of over 300k and saving 30-50k a year there has for to be a way out of the workforce In the next 10-15 years. If I can't find or think or anything better I suppose I'll just keep on saving and dumping my money into rental property.

So keep buying rental properties and rent them out. Look into commercial buildings as well. Get some apartment buildings. Get enough of them and banks will start lending you all sorts of money so you can buy even more of them. Nothing improves your credit score like well managed debt. This can become your new job. Soon you'll be buying them with less than 5% down. Hold them through the appreciation and then sell them for big bucks. You can become the town land lord and make millions!
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Old 04-27-2014, 03:09 PM
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if you want to retire right now then I would suggest you plan a passive income strategy: here is an example:

1. Dividend portfolio
2. Real estate
3. Consulting business

setup three sources of passive income like above. a dividend portfolio of $1.2 million with a 5-6% yield will net $6,000/month. tax is 15% on dividends. Start building that and compound your returns by reinvesting in dividends.

Real estate, with a small deposit you can apply leverage and tax benefits to cash flow every month. I would be very selective on the properties you buy but apply the 50% rule when projecting your expenses vs rent.

In addition, set up a consulting business. The power of the internet allows you to work virtually anywhere as long as you have a laptop and an internet connection. Apply what you know and where your skillset allows you too consult other people and make money off that. A personal website and an ebook also applies here. If you want to discuss more please pm me.

I have set up 1 and 3 and almost bought a duplex (2) but did not commit. It is best to have this kind of long term plan when you are young, like 25. With less risk, you can certainly accomplish the goal of living off passive income in time.
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Old 05-13-2014, 06:00 AM
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You make 100k a year? Get out of your mommy's house and join the real world. I think you are spoiled in your current condition and are being very short sighted. Pay bills, get a girlfriend, get married, have kids. $100k/year disappears quickly.
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Old 05-19-2014, 01:26 PM
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Do something you enjoy. Forget the money and retiring. If I had to work another 10 years doing what I hate I would regret that forever. Grab your balls and start experiencing different work. You don't pay rent, now is the time. Less bitching more pioneering. Get out there
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Old 05-27-2014, 01:13 PM
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Excellent advice.

Your life is open to you -- follow your dreams.
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Old 07-13-2015, 01:44 PM
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Not sure if this is good advice or not: $100,000 in commissions means you pay allot of income tax, get into something that is tax deductible, like a home to live in with a low interest mortgage adn property taxes to pay.

Management of your own finances is by far the best job you can have. Put some money in to the stock market, either with a trusted advisor or be a home gammer. If you find management of rental property is a hassle pay someone to do it for you.

commercial real estate is a very good investement, can you say tripple net lease??

If you can continue with $100,000 as an agent consider yourself very lucky, it is not a given and it's your only get out of jail card, it means income as long as you do it and the commissions come in. its also more than most make in your profession.

Work for a solid amount of years, invest, live well and maybe someday you will parnter up with someone which means shared expenses perhaps. Retirement means that your money stops unless you can set up some income (rental property as example) and people that retire, well many of them find they need more income, life is expensive and will be more expensive as time goes along.

Retirement also means finding something you enjoy doing to fill your time and interest.

If work is too demanding now, make a better schedule, one you enjoy working.

Oh, I have been in insurance for 36 years and own my own agency, while i am licensed for life and health as well as p and c, i just do p and c now. Think about how things have changed for the health insuranace agent recently. It can change for you as well, branching out is not a bad idea.
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Old 07-14-2015, 08:42 PM
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Im Curious how do you grt the 2500 residual income? I mean honestly if you have a house worth over 500k why is it rented so cheap? You seem very susessful. What I would do is sell the house. Once the house is sold why not use the money to buy you a house outright? Also Pay off any remaining debts. Invest in a good solor power system for the house to keep energy bills to a min. Basically do anything you can to reduce and elimanate all futur bills. And since your single you could get away with buyinh a very small home. Either use the remaining cash after buying your own home to buy another home to rent or look into small franchising, annie pretzels, cinnobon, can all be done for 100k if you want to make real money look into opening a dunkin donuts lol I use to work at one in the middle of no wear I mean there are no stores for miles onky a regional park wrre kids played foitball and the DD was a shared store eith a conscience store. Id say 70 % convinence store 30% dunkin . They shared the rent abd the DD made at least 2k a day. 400 customers just threw the drive threw. And ot was a shared store eith a conveint store. I say if you bought a house for youself outright paid off your car. Installed solor panels to cut electricbills and have your 2500 residual income and maybe a franchise or house pullinh in anothdr 1000 to 2000 a month you could live comftrtably
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Old 07-14-2015, 09:02 PM
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No one is gonna understand Your logic OP. Ppl are happy working for the man 5 days a week 40 hours a week. I don't think your being "spoiled". Who tf wants to slave away? Even if you make 1000000 a year and have no time to spend it wtf good is it. Like I was saying before you could sell the house and buy a franchise store with the 500k. With a franchise store I bet you would make way more then renting a house. Then work for another year and see how the store goes. If it is doing well quite! And in that year take all the profits from the store and save it and put it towards a house or towarsa another store! Get rid kf the house put the money into something thst might be more risky but will net you a bigger reward. You can do alot with 500k.
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Old 07-17-2015, 12:28 AM
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If you can't handle your current job much longer, perhaps quit and find a job that is less stressful. Perhaps money isn't everything, but something with good benefits that still pays the bills may suffice since you already own a house (or two?!). Maybe go on a little vacation after you quit (trying not to spend too much $$, but relax that way). A government job can pay okay, while providing very good benefits, and may even help you retire later on as well. And if you own two houses, sell one and keep one to yourself.
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