EkaL86

Hopefully I can be of some help. Let me start off by saying that there is no such thing as a "sure thing" when it comes to investing. All assets and commodities have cycles. Some might be at their peak, some might be at their low point, but there is no way of knowing anything without doubt.

As for retiring and using your money to day trade. It isn't easy. Plus, if you think your current job is stressful then this would be too much. If a job is stressful then image watching to see how a stock is performing when you have over $200,000 of your own money in it. If that stock starts going down then it becomes even more stressful. I wouldn't recommend this.

What I would recommend however is continuing to purchase and own investment properties. If done properly, the rent should cover the mortgage and give you additional income on top. The more properties the better. The last thing you want is to have only one or two properties because if the tenant moves out and you can't find someone to move in, that mortgage still has to get paid and that money is going to have to come out of your pocket. However, owning a building that is converted into multiple apartments reduces your risk and increases your income. It's always better to receive $700/month from people instead of $2100/mo from 1 person. The more properties & tenants you have, the lower your risk.

Keep in mind that if you retire, your expenses will most likely increase. Instead of occupy much of your time with work, you will be looking for things to do and you will have much more time to be running around spending money. Retiring is only cheaper when you do nothing but watch TV and stay at your house.

If you don't want to be a landlord, then you could always sell off your houses. Take all the money you have and invest into interest bearing bonds. If you have $1mil invested with a 7% return then that is 70k pretax that you will receive. So if your parents leave you money/investments and you are able to invest lets say $3mil, then that 70k becomes 210k pretax which should be plenty to live off of. And then that 210k pretax is just your yearly income/spending money, and you will still have a $3mil nest egg to fall back on should you need it.

Someone had also mentioned investing in a convenient store or DD or the likes. This is actually not a bad idea if you live in a place with a high enough population. You should always consider the competition when buying a business to make sure that what you're investing into is sustainable. Last thing you want is to purchase a corner store and then have some major chain pharmacy move in across the street with better prices and steal all your business. However, if you can find the right kind of business to purchase and become a silent owner of, then you can sit back and collect the income from the business as long as you have people working there who you can trust. Too many business owners end up losing their investment or having their business run into the ground because of poor management and poor employees. If you go this route, I would make sure you check in on the business at least a couple times a month. And it would be even wiser to give the manager a stake in the business so that he/she benefits from the business doing well. This is something I actually was thinking about the other day. There is a hand car wash near my house that is always pretty busy every time I go. If I had to guess, I would say they get at least 250 cars per day during the summer. At $15 per wash, its 3,750 per day and if you get that for 150 days, it's about $550,000 without including the winter months. I would assume the operating costs & overhead of the business aren't too high. I couldn't say what the business' value would be or how much money would be required to purchase the business, but those costs aside, something like this would provide a very stable source of income with very minimal risk (as long as you have a trustworthy manager to handle the business on a day-to-day basis) and would be a good idea for someone looking to retire and get out of the workforce.

As far as going back to school, it doesn't always cost 2-300k. And if that education would get you into a job that you would enjoy then I think it would be worthwhile. There are plenty of people who change careers, and in the grand scheme of things, 30 is still very young. It's better to go back to school and change jobs now then to stick with it and at the age of 50 try to do this. I have family members who are 55-60 and are thinking about changing professions because they aren't happy with their job. Your career can be something you enjoy, and the people who are most successful in life and work have accomplished this because they took their passion(s) and made a career out of it. All you have to worry about is being happy and trying your hardest. The rest will take care of itself.

I hope this has been helpful to you and anyone else thinking about the same thing.

ClayS2000

seems like you're doing great. I would suggest investigating changing what you do so you enjoy it. like you i v=could never quit my job but i got laid off and its been awesome to do different jobs that i like. I go to school, learn new stuff and now thinking about even going back to work in my old job after 15 years doing different stuff mostly self employed. buying another house sounds awesome.

Adrenalize

Any update? This is an interesting thread, I understand what the OP is/was going through. Money doesn't buy happiness after all

riceball777

Well I'm now 31 years old and i just got married. We plan to live with her parents permanently. I just bought my 3rd income property. I hope to buy my next house in the next 3-4 years

In terms of work i still sell life insurance everyday. Almost 10 years in the business. Residual income is up to $3,000-$3500 a month. I'm in way to deep to ever do anything else unless i want to risk all my money on opening a business.

i have come to a place where im realize that work is called work for a reason and work is not suppose to be enjoyable and that's OK as long as you make a good living doing it. My main goal is still to retire as soon as possible. As soon as i can make 80-100k a year with passive income through my residual income from life insurance and from my income properties I will retire. I'm looking at at least another 10-15 years of work at my pace. I wish there was a faster way out of the work force but i don't know of any. I have considered going in with friends and opening a restaurant but I have come to the conclusion that these investments are high risk/high reward and i want as little risk as possible for my hard earned money. I'll stick to the low risk/low/slow reward way of just saving as much money as i can for down payments on investment property.

jkelley

Oh my gawd I don't even know where to start with you man, lol. This is just so ass-backwards.

You need to go to a financial planner. Now. None of your math makes ANY sense to me.

I have so many things I could touch on here but first, what is your net worth? Ballpark it. That would help me a lot with my response.

Edit: shoot me a PM if you want. I think I can help give some quick advice that you can then fact check and take to a financial planner to sort of cut to the chase (which I'm highly recommending). but I don't want to give advice if it's unwanted.

MrKlean187

^As an employee in the industry, culinary school graduate (degree in restaurant/catering management) I recommend a franchise, if you are serious about opening a restaurant! The industry is almost guaranteed job security, but to make any kind of real money you need to go franchise or have several restaurants under your belt! One or two is good to sustain yourself, but 5+ is when you start getting rich! Of course, there are always exceptions...

Inspired

I would have to disagree with you on work not being enjoyable. I know people who are engineers one of them being my dad, who work long hours and tight deadlines, but enjoy their job. Every job has its own unique caveats, but if you are content with your job, you will be fine with them.


I'm 27 with my bachelor's and am now back in school, as a post-bac, completing the required classes for dental school. I won't be done with school til I'm 33 (which is sort of depressing sometimes), but I know it's something I am passionate about and will enjoy doing every day.

Just remember, when you find something you're passionate about, you won't work another day in your life. Good luck.

rwheelz

I doubt there is a working dentist alive today who doesn't look forward to weekends, holidays, and vacations with family. Just sayin'!

starchland

I love my job and make a great living. Very fortunate. I am a rare one I believe. It is not all about money however, you can have all the money in the world but if your not happy what's the point of living? If I could retire now I would not, I would be sitting at home whole everyone else is working. I guess if you took care of some properties that wouldn't really qualify as fully retired to me though. If I had your money and was unhappy it would be a no brainer to go back to school! Only live once

bgoetz

Well at least you moved out from under your wealthy parents wing and wait.......into your presumably wealthier in laws place!

You will never know reality and what life is truly like for 99% of adults, which is why you didn't appreciate a $100k job when you were 29, doing something IMO that seems very simple.

My advice is to figure out how to raise your children with slightly different values and life perspectives than you have been given. Otherwise, they will likely be living with you patiently awaiting you to kick the bucket as it seems you and your wife are doing and you need to work that expense into your retirement model.

I am not trying to be an a$$, it is just that I can't really give you any other advice, you are living in an entirely different world.