If you retire - what is your income per annum as a family unit?

Hold on . I grew up the son of two Irish immigrants, who lived on one wage and put 5 children through catholic schools. My mother would still rather drive 20KM just to save 5 cents. I know the value of a dollar all too well.

I left a secure job 4 years ago and started a business. I had two thirds of F all in the bank, a 440K mortgage on my PPOR and I owned 2 INV properties. I was the poster child for "NORMAL" . But I had an idea I believed in and I worked 7am until whenever am, 7 days a week, non stop to make it happen.

So respectfully, I know exactly what is doable. That high income of mine isn't something that just appeared. It was the result of a hard, hard slog. I still live in a very old, very humble home in Merrylands, I still drive an old car and I still live a frugal life - except for the business class plane tickets. Almost every dollar I earn from my business and from my portfolio is reinvested into my portfolio as part of a strategy that any reader here , on any income could follow if they wished to , in order to obtain some or all of the same kinds of benefits I have.

I dont look at things through tinted glasses in any way. Quite the opposite. I see things exactly for what they are - crystal clear, 4K UHD . And I take action and the proof as they say, is in the pudding.

For me, any investor who spends a couple of decades or more of time, effort and discipline , building a resi property portfolio that only generates 59K passive income, should be a little disappointed.

 

100% with you on this.

 

nowhere near retirement but reading through would love to hear the war stories on how people got to where they got to - viewing results so far half the voters are over $100k!

 

We aren't retired so I voted for my folks too, as I see a few others did.

When we DO retire, I'd hope things had gone to plan and I could tick the top bracket for us.

 

But you got lucky... just joking.

This is not directed at anyone on this forum just an observation and my opinion and we all have one.

We all want to be successful and makes pots of money, however we Aussies love the battlers, we don't like people to be too successful whatever that means. I notice praise for those who made it but dare anyone kill the pig then the daggers come out. Its that lovely Aussie trait called "the tall poppy syndrome".

Best not to compare, not worry what others have it wont make you happy today, in fact it will hold you back from growing. I learnt this one in my 20s and never turned back.

MTR

 

This is a property forum so congratulations to all you high income earners who've done well with property. That's what we're here for and we certainly want to keep discussing strategies to achieve as much success as possible.
I wonder how many might have left the rat race sooner if they'd known how much they would actually have?
Each to their own but I'm pleased a lot of the very well to do haven't commented or even voted. It's looking more and more like an attempt to compare and beat up a bit more status for the same olds who don't know how to let go. Oh well, you get that.

 

Does the business pay for your travel, car, FBT, entertainment etc? Is that included in your income?

 

Hi WIDo
Problem is we can't dictate what forum members should or should not post and how we interpret posts will be different dependent on the person. I don't think there is any malice intended. I was trying to point out that we should not compare, otherwise it gets ugly.

I don't personally have an issue with this thread, I see it as harmless and people have a choice to remain anonymous and I think power to anyone who has retired on $50K or less they are doing better than me. We know there are people on this forum who have $1M income and power to them, but it wont change my life/world because they wont be paying my bills unfortunately

MTR

 

And you've done it very well. Not having a crack. Just inspirational.

 

I think my post came up about 2 seconds after yours - hadn't even read it when I posted, so not directed at what you've said at all.
But I would also like to give some due credit to non high income earners who've done really well. They're the ones who inspire me and show me that it can be done. It takes real brains and a helluva strategy and focus to do it right. You should know MTR - you did it right in the US of A!
True we can't control what people think and say and post or do. I agree that comparisons are useless.
There is a tall poppy syndrome to watch out for. Considering that most people are probably a tall poppy in one way or another, we need to watch out for "classism" rearing its ugly head too.

 

Im a one man army. No staff. Very little business travel at all. I just sit here in my home office and churn away.

 

That is a great result with about half $100k pa or over (when the truth is revealed to all it will show all of these earn over $1m pa and some over $10m pa ...and that was only for 2016 , 2017 looking at a lot more lol)

 

... and the reality is most people won't care and they will probably have a good life, part pension, some income etc. property or investing won't matter to them
Seen this with friends, relatives no desire and I think all to their own.

 

In that case "Secret santa presents" will not work

 

Ive certainly had some luck with strong growth on some Sydney purchases.... no doubt. But to be fair , while that has improved my equity , its only on paper, as I haven't drawn equity from those properties ( and dont intend to) nor sold them ( and dont intend to for many years) , so even if they hadn't grown I'd be in exactly the same position, cash flow wise...

 

How many have actually retired?
Most comments seem to be from those of us still working full or part time.

I'd be really interested to hear of experiences living on a certain budget in retirement rather than perceptions. Any takers?

 

We are selling the second car at the end of the month. A friend is rating in the house while we are away, collecting mail etc. I doubt we'd sell our PPOR, but who knows? A million dollars might be handy later? Later we may relocate to Queensland IF we get sick of travelling.

 

Great point!

 

I'll bite!

Hubby retired just under 1.5 years ago now. We do have the skate business as well, however that was never set up to earn an income from......it is set up in our Trust to offset some massive losses that were quarantined there. It has done a stellar job of that, and as of this year, we will end up with some distributions from there, which will be used exclusively to pay down debt, so I don't count this as income at all.

We live a comfortable life. We have no bad debts, and we are not big spenders. Our PPOR is paid off, and last year we went on two overseas trips together & I did a third with our eldest daughter. I won't go into exact details of income, except to say that it is sufficient for our needs and after all expenses are taken into account it falls into the second highest category in the pole. After non-cash deductions and splitting it two ways the taxable income isn't that high, so tax payable isn't huge.

Hubby is young enough that he could have kept working through to the next cycle, but that would have just been selfish, when we have all that we really need. Time to smell the roses.