Lets talk Income

Discussion in 'Investor Psychology & Mindset' started by MTR, 21st Dec, 2015.

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  1. MTR

    MTR Well-Known Member

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    I am curious what is your desired passive income??

    What if you could give away the day job tomorrow? however the trade off would be sacrificing lifestyle, for example instead of living on perhaps a desired $100K pa you chose $55K pa, would you/could you do it??

    MTR:)
     
    MTR, 21st Dec, 2015
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  2. freyja

    freyja Well-Known Member

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    No, not presently. I enjoy my work (apart from the occasional 'bad day' when I dream about retiring one day) and love travelling with the family which costs more than 55K per annum would afford me :)
     
    freyja, 21st Dec, 2015
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  3. 2FAST4U

    2FAST4U Well-Known Member

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    I just wish I could build a career instead of floating from one **** kicking job to another.
     
    2FAST4U, 21st Dec, 2015
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  4. Ace in the Hole

    Ace in the Hole Well-Known Member

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    Everybody's situations is going to be very different.
    You'd have to really hate your job to consider cutting short a reasonable ongoing passive income.
     
    Ace in the Hole, 21st Dec, 2015
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  5. EN710

    EN710 Well-Known Member

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    120k is ideal, but we would be able to do away with approx. 60k. I might cut our working days if we get to 60k, sufficient to increase our life quality :)
     
    EN710, 21st Dec, 2015
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  6. Bran

    Bran Well-Known Member

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    300k would allow me to pull back from work enough to continue to enjoy working to retirement age, I think - and that's the interim goal, asap.
     
    Last edited: 21st Dec, 2015
    Bran, 21st Dec, 2015
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  7. Xenia

    Xenia Well-Known Member

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    I have an income that increases the harder I work, not giving that up anytime soon :)
     
    Xenia, 21st Dec, 2015
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  8. Ace in the Hole

    Ace in the Hole Well-Known Member

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    For a family, 1k/day would provide good living.
     
    Ace in the Hole, 21st Dec, 2015
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  9. Ace in the Hole

    Ace in the Hole Well-Known Member

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    We are similar in a way, but when does it end?
    When will enough be enough so that any more money will not bring any more satisfaction?
    Or is it simply the activity itself which satisfies you rather than the financial rewards?
     
    Ace in the Hole, 21st Dec, 2015
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  10. Dwalsh

    Dwalsh Well-Known Member

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    100k a year passive, ppor paid off and I'm out of that day job for sure haha, although I will need my Lambo as well
     
    Dwalsh, 21st Dec, 2015
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  11. Xenia

    Xenia Well-Known Member

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    It's both Ace
    I'm more of an entrepreneur rather than a property investor.
    I have a focus on my real estate agency at the moment but own many other businesses too.
    I love the thrill of building wealth from nothing -not buying it and having a mortgage over it, I do that too, but there is no skil to it.

    Where does it end - when I stop enjoying it, when someone else takes over, when I physically can't do it.

    Right now I love it.
     
    Xenia, 21st Dec, 2015
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  12. Tonibell

    Tonibell Well-Known Member

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    So ..... are you able to eat into the capital as well ?

    Most of my plans involve using perhaps 3 - 4% of the capital each year (and hoping it will replenish).

    In answer to the question - I'd prefer to keep going until I was sure there was enough in reserve.

    Retire too early and there is an increased risk of running out of funds.
     
    Tonibell, 21st Dec, 2015
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  13. Scott No Mates

    Scott No Mates Well-Known Member

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    Oops. I should have been retired ;)
     
    Scott No Mates, 21st Dec, 2015
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  14. MTR

    MTR Well-Known Member

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    What is it then, the challenge?? Love your job??

    In a way I am doing the same, I have generated enough income for our lifestyle however now I feel I have to do the same for my children, my goal is financial freedom for them.

    This is additional pressure as I know I wont stop till this happens. Then again, I do enjoy what I do and I am my own boss as you are.

    MTR:)
     
    MTR, 21st Dec, 2015
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  15. Dwalsh

    Dwalsh Well-Known Member

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    Haha you have a Lambo ? That is my dream haha
     
    Dwalsh, 21st Dec, 2015
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  16. MTR

    MTR Well-Known Member

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    Most investors I know who reached their goal/financial freedom never actually retire, they go on to either starting a business, most generally investment related income/business
     
    MTR, 21st Dec, 2015
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  17. Scott No Mates

    Scott No Mates Well-Known Member

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    I am a vegan - I don't eat lamb-oh!
     
    Scott No Mates, 21st Dec, 2015
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  18. JDP1

    JDP1 Well-Known Member

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    I want to retire...a few decades early..but better early than late
     
    JDP1, 21st Dec, 2015
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  19. Dwalsh

    Dwalsh Well-Known Member

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    It is pretty expensive, I only eat it one night a week. But it's worth it.
     
    Dwalsh, 21st Dec, 2015
    #19
  20. beachgurl

    beachgurl Well-Known Member

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    If my house was paid off, I'd be happy with 75k. If the kids weren't at school that figure could be 10-15k less
     
    beachgurl, 21st Dec, 2015
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