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Old 09-20-2019, 09:22 AM
 
Location: Loudon, TN
6,117 posts, read 5,042,171 times
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Quote:
Originally Posted by urbandweller13 View Post
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"




Well that's one way to retire. Wish that would have worked for me. LOL
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Old 09-20-2019, 11:26 AM
 
8,271 posts, read 5,222,467 times
Reputation: 14082
If it were easy, low-risk and lucrative, wouldn't lots of people already be doing it? The more entrants, the less positive the various adjectives. The equilibrium solution, is where nothing that's lucrative is easy or low-risk (and all other permutations).

The OP is experiencing the standard mid-career lament, though perhaps 5-10 years earlier than usual. There's no easy, pat answer. But perhaps the easiest is to just persist where one is, save more, invest, be on the lookout for alternatives in other locales (but in the same field), and then relocate.
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Old 09-20-2019, 01:15 PM
 
Location: We_tside PNW (Columbia Gorge) / CO / SA TX / Thailand
23,133 posts, read 40,648,320 times
Reputation: 24516
Quote:
Originally Posted by urbandweller13 View Post
...

OTOH, an alternative plan could be to just let the work go without quitting and just wait for them to replace me ..

"Quit your J-O-B, don't tell your boss"
precisely the context of the book
"Die Broke" - was a good read, and made the last few yrs tolerable for many a 'retiree'.
https://www.amazon.com/Die-Broke-Rad.../dp/0887309429

Very good idea for some situations;
  1. Disengage from the emotional burdens / demands of the workplace,
  2. Do (only) what is required,
  3. Collect the check and vacation earnings, enjoy your 'other' life

Today is a good day to quit your job. (emotionally).

Got kids at home? give that extra time to them, soon they will be GONE.
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Old 09-20-2019, 01:43 PM
 
521 posts, read 197,355 times
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ohiopeasant said "If it were easy, low-risk and lucrative, wouldn't lots of people already be doing it?"

exactly.
LOTS of people want a large income from their money while doing little. that's why dividend stocks exist. but there are some people who like to stay just a little hands-on. we do not, after retiring the only extra money made was selling real estate we purchased and used (not speculative IOW).

my suggestion is real estate, but not flipping, etc.

Find a good piece of real estate on a busy street and put in a miniature golf. Your goal is not to make a bunch of money from the golf, your goal is to have the golf pay off the property which will be appreciating. I learned that concept from a lawyer friend who was a lawyer on the side (with a busy office and secretary) but who made most of his money in real estate deals. He bought an older oceanfront motel from retiring old people, built his home next to it and had staff run the motel. He never expanded into a motel chain, just that one because it was the real estate he wanted not the business.

When you are a lawyer in a small town you come into contact with people who want to sell their real estate for various reasons, divorce is a big one, or going into a nursing home, moving out of town, bankruptcy. Lawyers get first dibs many times on good real estate, before realtors ever hear about it.

My fantasy would be to combine passive income with charitable work. Build the mini-golf and have staff be disabled veterans who need a job or other people who don't fit into mainstream employment. Get them paid healthcare and benefits and you'll have a very loyal hardworking staff. But that's my dream and I'm far from even starting it.

back to add: tree farm. I learned that from the daughter of a very wealthy couple. Again buying realestate that produces sloooow passive income while hopefully appreciating in value.

Look and see what wealthier people are doing with their money. Look in county records and see who owns certain properties. Lots of old school rich people don't use LLC's and own real estate in their name.

A trick that developers use in Florida to keep their real estate taxes low on land they own but have not started developing: they keep a small herd of cattle which makes it a farm for tax purposes and taxes are less than half normal rate.

Last edited by twinkletwinkle22; 09-20-2019 at 01:54 PM..
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Old 09-20-2019, 02:05 PM
 
Location: Texas
2,020 posts, read 1,417,704 times
Reputation: 6932
Coin laundries are usually located in a poor area of town with regulations and equipment problems. Coin car wash is out as are cheap drive-thru units, with current regulations and water restrictions in many areas only the latest and best-equipped are successful.

Storage units in a good area would be a good investment, also apartment units if maintained properly.
I retired at 50 with a great package, and I owned rental properties. I did not want to deal with renters after age 60 and sold all the houses. I also invested early and now reap the benefits.

Unlike you, I don’t need $200K but live very nicely on $120K. I could easily raise my income to $200K but my income tax would increase and I would have even more money in my bank account. Then again I live in Texas and not NYC, and I love NYC, San Francisco, and Boston.

I have no expenses, house, cars, all paid only taxes, and insurance and my company still covers my health insurance.

Last edited by txfriend; 09-20-2019 at 02:18 PM..
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Old 09-20-2019, 05:22 PM
 
10,668 posts, read 12,599,858 times
Reputation: 15095
Quote:
Originally Posted by Clemencia53 View Post
I was going to suggest laundromat
But you need to OWN the building/land. If you don't you will be working just to pay the landlord.
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Old 09-20-2019, 05:28 PM
 
10,668 posts, read 12,599,858 times
Reputation: 15095
I know a guy who bought a pressure cleaning franchise at age 50. Cost him 100K to just get the rig on the road (truck/tanks/machines). I was stunned he thought he was going to make money year one. He is past year 4 and has returned to work (he now runs the franchise on the side).

I would have entertained the franchise idea for guidance then started out without them.
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Old 09-20-2019, 05:57 PM
 
6,643 posts, read 5,290,781 times
Reputation: 13768
Quote:
Originally Posted by City Guy997S View Post
But you need to OWN the building/land. If you don't you will be working just to pay the landlord.
yes. I am looking at it from a perspective of a small south texas town/towns. Land isn't super expensive.

People around here are poor. Lots of them get their appliances form Rental places - which is super expensive

So the coin operated places are always busy. Plus the wash and fold for the oil field workers brings in good money. They usually live in man camps.
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Old 09-20-2019, 09:45 PM
 
3,485 posts, read 1,459,853 times
Reputation: 7035
The wash your own place here doesn't maintain much, down to the lighting. The laundromat was a dark hole and half the machines didn't work and there were no seats, but every functioning machine was full. Don't like it? Too bad, no one on site to complain to. So I guess that particular business owner wasn't losing much sleep.
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Old Yesterday, 03:12 PM
 
3,434 posts, read 1,179,886 times
Reputation: 4203
I've been drop shipping stringed instruments, cases and bows for the last 20+ years. I also have affiliation agreements with Amazon and a couple of music publishers, and generate income through click-throughs. Drop shipping, if you know the product, is nice because you don't have to carry the product; the distributors do that side of it.

This is not as easy as it sounds. It's extremely time consuming, but if there's some particular area in which you have expertise (mine is violin and string music), you can do well if you're a good salesman and enjoy interacting with the public. It does take patience, and web design and business skills if you do all the work yourself.

Once you begin to get it in place you can literally sit at the beach with your laptop and do business. But stay away from the Margaritas because the more market share you capture the more other companies will attempt to take you out.
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