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If you limited yourself to about $ 1,300.00 a month, you could make it to 80, but $1300.00 is not a lot of money now, and will be a lot less 50 years from now. You wont ever have enough to replace your car either.
If you only had 30 years left until you are 80, I would say - sure! Easy!
If you limited yourself to about $ 1,300.00 a month, you could make it to 80, but $1300.00 is not a lot of money now, and will be a lot less 50 years from now. You wont ever have enough to replace your car either.
If you only had 30 years left until you are 80, I would say - sure! Easy!
Where are you getting this # from? That’s less than a 2% draw you could literally just invest in 20 yr treasuries and never run out of money at that drawdown rate.
Location: Formerly Pleasanton Ca, now in Marietta Ga
10,352 posts, read 8,578,998 times
Reputation: 16698
Quote:
Originally Posted by eddiehaskell
Cruises aren’t that fun - what is there to be impressed about?
And remember - I made my last thread in 2013. People said I couldn’t make it. Well...I made it to 2020 and I’m in a better position than 2013.
Tell me what you do and I’ll tell you what I do....
Let’s see how luxurious your life is given your extra money.
I woke up at 2pm today. What did you do?
BTW - I think sleep is my biggest luxury. There’s rarely a day I get out of bed before my body is ready.
So if cruises aren’t that fun, why bring up you went on about three of them. If they aren’t that fun why would you go on them. Seems kind of silly.
Sure. I get up between 9 and 11 each day. I go out to lunch every day for about an hour to 1.5 hours. I come back home and surf the net and work on hobbies or read. Sometimes I run a few errands like go to the store.
About 5 pm I go to the gym and work out for a few hours Monday thru Friday, sometimes on Saturday. I daily drive one of two vehicles, a Lexus ls430 or Ford F-150 super crew. After the gym I go out and get dinner and read or surf the net. I’m posting this while I eat.
Last week I put outdoor led lighting in front of my house spots lights and pathway lights. The week before I got estimates to replace 3 windows on my house.
If the weather is decent on weekends I go on drives either in my other Lexus, a ls460 or if it’s a short drive my Ferrari F430. Some weekends it’s a car meet. Next week I’m having dinner with a friend to help them make a plan to invest in real estate.
I just got into drone photography so I’ve been playing around with that.
Most evenings if I don’t go to a sports bar to catch a game I’m home watching tv . I go to bed about 2 am.
Once a month I spend 1-2 hours working on my real estate paying some bills, making sure deposits come in.
Occasionally I’ll spend a bit more time if I’m buying another property or making changes. Sometimes I just look for ideas to make my money work harder or save on income taxes.
I think the biggest wildcard is rather simple, in that life is unpredictable and it changes when you least expect it. Eddie can say he's going to live alone and partially help out/raise his 4 year old child but what happens if Eddie meets a woman and they get serious? What happens when the child becomes a teenager and they start hitting dad up for bigger cost needs for him to pay for? What about a health issue?
I'm all for the idea of retiring young, but 800k is simply not enough to retire on anywhere in the U.S. IMO when your in your early 30's. Too many life changes could happen, as well as changes to our countries healthcare policies among other things. Just wait it out until your 40 and then you should have at least one million bucks. 6% return annually off of your 1 million bucks is 5k USD per month to live off of with a paid off home. I'd say that's pretty comfortable esp in a LCOL area like Carolina. Plus, without a decent amount of money to spend, your gonna get bored sitting at home each day. You can say your not, but I honestly feel after 6 months or a year your going to want to do something else.
I tried the "early retired" thing for about 6 weeks and I found myself wanted to do things that required money. An old boss offered me a job which let me work from home and I took it. Very happy I did.
Location: We_tside PNW (Columbia Gorge) / CO / SA TX / Thailand
34,744 posts, read 58,102,528 times
Reputation: 46232
well....
How much income do you really need? Some in USA can live just fine on <$40k/ yr (LCOL area, and minimal spend), others can't make it on $400k / yr.
FWIW... (this is not 'retired', but adequately invested...)
You could stick the $800k into a 12% cash flowing income property (NNN Commercial property in an income tax free state preferred) and get $70 - $80k inflation protected income / yr. Your rental income will increase with inflation for next 70+ yrs, your tenant pays Taxes, Insurance, Maint.
$80k / yr income gives you plenty of reasonable options. (Including living overseas)
I can find residential props that flow 10%+, but they require ~40 hrs work per yr for each $15k of income.
I have been averaging ~6-10% equity gain annually on most residential income props for last 30 yrs of investing.
Whatever investment you BUY, you must buy right (inexpensively / below market).
So if cruises aren’t that fun, why bring up you went on about three of them. If they aren’t that fun why would you go on them. Seems kind of silly.
Sure. I get up between 9 and 11 each day. I go out to lunch every day for about an hour to 1.5 hours. I come back home and surf the net and work on hobbies or read. Sometimes I run a few errands like go to the store.
About 5 pm I go to the gym and work out for a few hours Monday thru Friday, sometimes on Saturday. I daily drive one of two vehicles, a Lexus ls430 or Ford F-150 super crew. After the gym I go out and get dinner and read or surf the net. I’m posting this while I eat.
Last week I put outdoor led lighting in front of my house spots lights and pathway lights. The week before I got estimates to replace 3 windows on my house.
If the weather is decent on weekends I go on drives either in my other Lexus, a ls460 or if it’s a short drive my Ferrari F430. Some weekends it’s a car meet. Next week I’m having dinner with a friend to help them make a plan to invest in real estate.
I just got into drone photography so I’ve been playing around with that.
Most evenings if I don’t go to a sports bar to catch a game I’m home watching tv . I go to bed about 2 am.
Once a month I spend 1-2 hours working on my real estate paying some bills, making sure deposits come in.
Occasionally I’ll spend a bit more time if I’m buying another property or making changes. Sometimes I just look for ideas to make my money work harder or save on income taxes.
So that’s what I do.
How about you?
Our lives aren’t much different.
I’m a member at the YMCA where I work out, swim and play basketball.
Yesterday I went and picked out a Christmas tree, set it up and decorated it. Today we put lights outside and went to eat at Texas Roadhouse. I also called about estimates to cut a tree down in the front yard.
I wake up at all different times because I never know when I’ll be going to bed.
I don’t know what I’ll be doing tonight or tomorrow other than watching the tree guy I hired when he comes at 10am...ugg I don’t do mornings.
Sure, you drive around in nicer cars, but ehh, I wouldn’t trade *waking up early*/*going to bed when I want* for the pleasure of driving ANY car on earth!! I swear. There aren’t too many material possessions that excite me.
I mentioned cruises not being that fun because it gives insight into the way some people are. Traveling just isn’t something that excites me. I prefer just driving for the occasional spontaneous 1-2 night getaway. Luckily I’m 2 hours from the Smokey Mountains and 3 hours from Myrtle Beach/Charleston/Atlanta.
I am tossing around big vacation ideas for next year, but who knows.
well....
How much income do you really need? Some in USA can live just fine on <$40k/ yr (LCOL area, and minimal spend), others can't make it on $400k / yr.
FWIW... (this is not 'retired', but adequately invested...)
You could stick the $800k into a 12% cash flowing income property (NNN Commercial property in an income tax free state preferred) and get $70 - $80k inflation protected income / yr. Your rental income will increase with inflation for next 70+ yrs, your tenant pays Taxes, Insurance, Maint.
$80k / yr income gives you plenty of reasonable options. (Including living overseas)
I can find residential props that flow 10%+, but they require ~40 hrs work per yr for each $15k of income.
I have been averaging ~6-10% equity gain annually on most residential income props for last 30 yrs of investing.
Whatever investment you BUY, you must buy right (inexpensively / below market).
I love the real estate idea.
5 SFH homes @ $1100/month = $5500 gross income. Conservatively maybe $3000/month net income.
My spending has gone up since the last big thread. I believe the sweet spot for this retired lifestyle is about $25k/year with no debt and a paid for house.
Location: We_tside PNW (Columbia Gorge) / CO / SA TX / Thailand
34,744 posts, read 58,102,528 times
Reputation: 46232
Quote:
Originally Posted by eddiehaskell
Our lives aren’t much different.
I’m a member at the YMCA where I work out, swim and play basketball.
....
I am tossing around big vacation ideas for next year, but who knows.
Vacation / travel does not have to be any more expensive that being home (live like a local).
We have traveled ~50% of the yr for the past 10+ yrs. Someday when we are no longer able to travel, we can hang around home more.
In NYC enjoying Christmas activities at the moment (for very cheap), Next week Hawaii ($79 OW airfare, and second person flies for free with SWA companion pass). Last week Qantas sold $100 RT airfare USA to Australia. (100 yr anniversary deal). We stay in lodging WW for free to $20 / night (including 1 or more meals / day). Eat locally (grocery or happy hour)
Or rather the opposite. A free mind is nothing to take lightly. Yes, it allowed me to become wise beyond my years, but extreme retirement is nothing to take lightly. It’s not something to envy.
If you were truly wise beyond your years you'd be wise enough to know you'd be the last one to know you are wise beyond your years.
You're confusing wisdom and self aggrandizement .
Quote:
Originally Posted by eddiehaskell
I have one booked for January for a birthday which will be 3...3 in a year, but not calendar year. But honestly I traveled so much last year that I had to ask if I went on 2 or 3 cruises.
Your few trips to a nearby beach and few trips to some mountains are "traveled so much" wow man you're practically Magellan.
If you were truly wise beyond your years you'd be wise enough to know you'd be the last one to know you are wise beyond your years.
You're confusing wisdom and self aggrandizement .
As a person you can know how your mind progresses mentally/spiritually/philosophically - my mind is in a different place since I’ve had so much time to be inside it thinking. Time becomes something you don’t sense like the average human so I could spend days or weeks dedicated to reading about a single topic from multiple viewpoints. I now have a different relationship with those around me. I’m more at peace with everything. Spiritually rooted. Perhaps it’s something you wouldn’t know unless you experience your brain working in this context at a young age.
Quote:
Your few trips to a nearby beach and few trips to some mountains are "traveled so much" wow man you're practically Magellan.
Congrats on being the first person to pull the seasoned traveler “I’m better than you” card. Face it - not everyone likes to travel and you don’t have to travel the world to know that! I’m perfectly fine with never leaving the Carolinas. I love it here! Still finding new places to go in my own backyard. I did find a cool tubing spot on the river where I went 10-15 times this year.
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