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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.
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.
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.
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.
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 $$$, but at some point you might just find that you can get by on much less. For me, the freedom from working was enough of an incentive to find ways to make it work on much less money.
Last edited by TheShadow; 09-20-2019 at 08:30 AM..
Is that what you are currently bringing in? Most folks in retirement bring in far less and live a very nice lifestyle, unless you're living in Manhattan, Malibu, or the CA bay area. You might have to fly business class, and be smart about finding ski packages that save some $$$, 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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