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Old 09-19-2019, 04:40 PM
 
Location: annandale, va & slidell, la
7,828 posts, read 3,199,335 times
Reputation: 6683

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Quote:
Originally Posted by jrkliny View Post
This tells the story. The very first thing you should do NOW is learn how to invest.
Like many, I didnt take retirement planning serious until I was about 40.
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Old 09-19-2019, 08:27 PM
 
3,484 posts, read 1,459,853 times
Reputation: 7023
Quote:
Originally Posted by Clemencia53 View Post
Add a pet washing station
We have something like this down the road. Someone with a water hook-up and some machinery and you can do your own laundry, wash your own pet, or wash your vehicle. Someone opens in the morning and locks up at night. In between, you're on your own.
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Old 09-19-2019, 08:42 PM
 
6,643 posts, read 5,290,781 times
Reputation: 13763
Quote:
Originally Posted by NYC refugee View Post
We have something like this down the road. Someone with a water hook-up and some machinery and you can do your own laundry, wash your own pet, or wash your vehicle. Someone opens in the morning and locks up at night. In between, you're on your own.
I had never heard of these until someone mentioned it on our town FB page. He used to live elsewhere.

I looked it up and thought it was a great idea.
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Old 09-19-2019, 09:48 PM
 
6,559 posts, read 4,920,482 times
Reputation: 13719
Do a bit more research.... Coin laundries are a tough business, with narrow margins, and like other small businesses they often fail. They are not as much of a walk away business as you might initially assume. Like other businesses expect a to put in a lot of work to operate one. Also expect to drop a bundle into rent, renovations, equipment, licenses, insurance, etc.
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Old 09-20-2019, 07:07 AM
 
117 posts, read 104,868 times
Reputation: 120
Quote:
Originally Posted by jrkliny View Post
This tells the story. The very first thing you should do NOW is learn how to invest.
I believe I know a thing or two about it, considering that it was my major in grad school and this is exactly what i do professionally... in fact infrastructure investments (e.g. con ed et all) is specifically my area of focus and I can opine they are not as risk-free as people can imagine for me to plow all my money there for dividends at any age. But if you can tell me something I don't know, I am all ears.
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Old 09-20-2019, 08:19 AM
 
Location: Loudon, TN
6,113 posts, read 5,042,171 times
Reputation: 20953
Quote:
Originally Posted by urbandweller13 View Post
I have. Con Ed yields 3% at present, which would require $6m principal investment to generate $200k in cash flow. This is what I need to generate to finance my desired lifestyle in the 45-60 yo time frame. If I have $6m laying around by the time I am 45, I will do just that and go skiing. But as I have learned with age, life doesn't always turn out the way we want it to. So I am not counting on having that 6m.
Is that what you are currently bringing in? Most folks in retirement bring in far less and live a very nice lifestyle, unless you're living in Manhattan, Malibu, or the CA bay area. You might have to fly business class, and be smart about finding ski packages that save some $$$, but at some point you might just find that you can get by on much less. For me, the freedom from working was enough of an incentive to find ways to make it work on much less money.

Last edited by TheShadow; 09-20-2019 at 08:30 AM..
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Old 09-20-2019, 08:23 AM
 
Location: Loudon, TN
6,113 posts, read 5,042,171 times
Reputation: 20953
Quote:
Originally Posted by joepierson View Post
You can't (ok shouldn't) start a business at your age. Lots of headaches, and you have to deal with lots of attitudes from min wage workers.

You should be collecting dividends as passive income.
Say what?? Why in the world not? You can start a business at any age. OP said in his first post that he was under 45.

Last edited by TheShadow; 09-20-2019 at 08:31 AM..
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Old 09-20-2019, 08:42 AM
 
117 posts, read 104,868 times
Reputation: 120
Quote:
Originally Posted by TheShadow View Post
Is that what you are currently bringing in? Most folks in retirement bring in far less and live a very nice lifestyle, unless you're living in Manhattan, Malibu, or the CA bay area. You might have to fly business class, and be smart about finding ski packages that save some $$$, but at some point you might just find that you can get by on much less. For me, the freedom from working was enough of an incentive to find ways to make it work on much less money.
No I am bringing in significantly more right now, approaching the peak of my earnings power... I would't want to spend all that 200K, I would like to have the ability to still save off of that between the ages of 45-60 to continue to build up my cushion for the real old age. So figure 40% of that goes to taxes so 120K after tax. Save 40K of that and live on the rest, about 7K a month. Hopefully the mortgage is paid of by then and the kids college fund is funded (it almost is already) so this should be enough to live the life of modest leisure. I mean I would love to travel and be active, and get serious about my expensive hobbies, that's the whole point. If not doing that may as well continue slaving at work.

OTOH, an alternative plan could be to just let the work go without quitting and just wait for them to replace me with a younger and eager idiot while still being paid (this is what the guy who was in my current position before me did). Like seriously he moved out to Dominican Republic and "worked remotely" for 4 years at least and was rarely heard or seen, until they finally fired his ass with a solid severance package. I wonder if that was actually a premeditated exit. "let me stop coming to work and see how long it takes them to figure it out"
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Old 09-20-2019, 08:48 AM
 
Location: DFW - Coppell / Las Colinas
32,569 posts, read 37,224,183 times
Reputation: 39584
Get out of NYC and head out some place west like CO Springs. Clear your brain with a decent job and fresh air.

Invest slowly and you may need a whole lot less than living in the rat race you live in now.
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Old 09-20-2019, 09:10 AM
 
Location: Port Charlotte FL
1,099 posts, read 662,437 times
Reputation: 3226
start a topless donut shop..
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