Retirement Plans - I am talking not working
- Thread starter InTheBum
- Start date
I intend on retiring when I'm about 45-50 max. I am 34 right now, and pretty much set on track to do so. however it will not be a full retirement, as I believe doing so will make me kick the bucket. So I plan on keeping myself somewhat busy (2-3hrs per day) managing my properties. I also plan on spending some time during our winter months down in either florida or las vegas (my two favorite places) lifestyle wise, nothing extravagant, just chilling doing whatever i like, going for walks, golf, cards, grandkids if i get some, travelling, etc. basically enjoy my time from that point on anyway I can! I dont have a huge cash reserve right now, and dont really intend on doing so either, but I have a very large equity reserve, as well some invested, so i will be drawing from a rental pool basically. if the need arises, i could always liquidate one of my properties, so i guess this would be my nest egg.
I plan to retire to Vegas, provided global warming isnt too bad LOL.
Hopefully around 50ish.
I own a property in Vegas now, not a place I'd want to live, but a foot in that market.
It blows my mind that I can literally trade in my small yaletown condo.
For a brand new 2500-3000 sqft house, with high end kitchen and everything.
Buy a new Porsche TT. And still have a couple hundred grand left over.
Hopefully around 50ish.
I own a property in Vegas now, not a place I'd want to live, but a foot in that market.
It blows my mind that I can literally trade in my small yaletown condo.
For a brand new 2500-3000 sqft house, with high end kitchen and everything.
Buy a new Porsche TT. And still have a couple hundred grand left over.
I own a place in Florida right on the Gulf of Mexico, on probably the best beach in the US. (it was actually voted the 3rd best in the US and the 11th in the world).
There's nothing like opening up your bedroom balcony door and hearing the waves of the ocean pounding against the sand all night, and the sunset's are amazing.
When I'm there, I never want to leave, and since it's mortgage free, it's going to be a big part of my retirement plan in some fashion or another.
That aside, I provide financial advice and accounting services for a living and it's something I love doing, so in all honesty I can't see myself ever fully retiring, but I'm likely to sell my business at some point in time.
There's nothing like opening up your bedroom balcony door and hearing the waves of the ocean pounding against the sand all night, and the sunset's are amazing.
When I'm there, I never want to leave, and since it's mortgage free, it's going to be a big part of my retirement plan in some fashion or another.
That aside, I provide financial advice and accounting services for a living and it's something I love doing, so in all honesty I can't see myself ever fully retiring, but I'm likely to sell my business at some point in time.
It's all relative. One should ask, "How much is enough?" given a conservative rate for yearly inflation. One doesn't really retire, one simply shifts his/her energy or talents to something else. ie. Volunteer, continue education, foster closer ties with family, manage your investments, mind your money, start a home-based business and the list goes on.
I know of someone that has been working for just above minimum wage for many years and is quiet content with that. He owns his own little apartment suite and has very little debts. In the 12 years I've known him, ambition is at the bottom of his list. He is happy and has no big complaints. He is in a good healthy state of mind. On the other side, I know of a creative individual that makes over $200,000 per year and yet he's maxed out on his credit cards, still rents (not that there's anything wrong with that) and lives paycheque to paycheque. Go figure.
Personally, I'm in my third early retirement but sometimes, I find different business opportunities too good to pass up or a challenge that I want to take on. That said, I made sure that there's a considerable liquid asset to fall back on should any new business venture goes sideways. So far so good. BTW, it's hard to go wrong with rental properties if you are careful.
Either way, don't sweat it but do have a couple of plans.
Peace.
I know of someone that has been working for just above minimum wage for many years and is quiet content with that. He owns his own little apartment suite and has very little debts. In the 12 years I've known him, ambition is at the bottom of his list. He is happy and has no big complaints. He is in a good healthy state of mind. On the other side, I know of a creative individual that makes over $200,000 per year and yet he's maxed out on his credit cards, still rents (not that there's anything wrong with that) and lives paycheque to paycheque. Go figure.
Personally, I'm in my third early retirement but sometimes, I find different business opportunities too good to pass up or a challenge that I want to take on. That said, I made sure that there's a considerable liquid asset to fall back on should any new business venture goes sideways. So far so good. BTW, it's hard to go wrong with rental properties if you are careful.
Either way, don't sweat it but do have a couple of plans.
Peace.
That doesn't szound like retirement, but ok I would pay extra to be your neighbor, and I would come borrow a cup of szugar every day!!!
I would like to retire at 30. It's going to be hard trying to figure a way to do that, so until I figure out a way, I will keep telling people I am 29, , just like i have been doing the past 10-15 years!!
Honestly I don't know that I can ever stop working.... My friends keep saying that I will never stop working, and money has nothing to do with it, and I think they are right......
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Never think about retiring. Know too many aged ones who regret retiring and the loss of business friends, financial freedom, the social side of working. They now have tired of their hobbies, the idea of playing golf everyday is out, and they long for an excuse to get the heck out of their house. Those who slide graciously and slowly from work to "retirement' enjoy it more and often can just relax and change their stress and attitude when they know that they don't have to be there at work, they are there as their choice. And a few friends have taken on entirely new jobs they like a lot more.
These people all need help IMO! Having complete freedom each day, is the apex of life!
SZux to be you then
. I am a wild and craszy guy, loud parties at all hours, police will be called, maybe even the army. Oh retiring doesn't mean you stop working, all it means is you stop working for someone else and start working for yourself.
And I am aiming for Freedom 45(ish).
do you know that you can buy a brand new 2 bedroom condo on the Black sea in ukraine for 30,000 Canadian, It's about 240,000 Ukrainian.
