Ready to Retire, When ?

For me, retiring doesn't mean not working. It means not being tied down by a j.o.b.... and having the freedom to do whatever you want.

Spend more time with family? Tick.
Travel the world? Hell yeah.
Do charity work? For sure.
Do a PhD in something obscure? Why not.

 

That's about all it is,the middle ground between being a stressed out boss or a person employed 40 hours a week living week too week,inbetween both of those you may well find out what retired means,,
but just from the sidelines iv'e spent the past 15 years so called retired when you just get your mind sorted then your body falls apart then I became a stay a home dad and bought up our daughters ,been the best time of my whole life,, waiting outside the private schools at pick up times watching what happens ,teaching them every day right from wrong and watch them turn into street smart young Ladies,that job is almost finished now the last in line after she finishes her masters the jobs done,if you can do that with your family priceless,next week hit the blue highway and go and sit near a lake for 28 days and plan the next stage of my life..

 

Working in a soup kitchen does not appeal to me either.. However, there is a great variety of charitable work out there! Helping people/environment/animals makes you feel warm and fuzzy! When salary is less important I plan on using my skills working/volunteering for not for profits. Personally, I love watching videos about raising orphan orangutans!!

 

Age to goal: 37
Equity. 8m
Passive income expected. 250-300k
How long you expect it to take from now. 4 years
A basic plan on how you expect to get there. Adding value via reno, development and subdivisions. Pay down chunks of debt to be able to LOR. I will sacrifice my portfolio size so I increase my cash flow. Cash flow is tangible, portfolio size isn't. I will also continue actively making profits via adding value deals. May look at commercial stuff later on but I know absolutely nothing about commercial now,

 

I'm packing in work and moving on to flexible working at Christmas as I'd be unlikely to be able to take time off then if I stayed in current job. We've accumulated a reasonable monthly rental income to cover all costs and a bit more. The plan is to take about three months or so off whilst living off rent and enjoy summer in high country Vic, trying out our first experience of pool ownership, and an in depth trip around Tas. Then I'll look for locum work, probably in the north for the winter, for a few months to top up the leisure/contingency fund. We'll see how that goes but hoping to just work for approximately half the year aka mini retirements. Not sure what age I'd want to retire completely, could get boring and I'm not into working for free.

 

I will retire when I find a wife to support me

 

Age: Retire by 50 (just under 25 years from now)
Equity: Way too hard to answer given it's so far away. But roughly $10M.
Passive income: $200k+ pre-tax

How to get there:
Start with a "blue chip" suburb in Melbourne's inner north (because that's where I want to live right now), then start adding more properties as quickly as possible over the next 10-20 years. Possibly alternate "blue chip" and CF+ properties to keep cash flow in check. I can almost guarantee our second and third IPs will be in low socio-economic high yielding areas, given that we will be negative geared in a market that could potentially go backwards in the next couple of years. Potentially get a commercial property or two in there, my uncles have a bit of experience in this area and may be able to help.

Congratulations to all of you that have achieved your goals! You are a huge inspiration to people like us just starting out!

 

I like this very much.

Exactly, It's about having choices.

All the property investors I know who have given away their day jobs still play monopoly, me included, or started property related businesses, growing their income. The sky's the limit if you open yourself to the opportunities.

MTR

 

Yup agree @MTR . Having TRUE choice, not being dictated to when you can take leave, for how long, how many weeks, what car you can afford, which family members you can help or not help, how long maternity leave can your family afford etc - having real choice is FREEDOM!!!!!! not many people will ever taste it.

 

2% yield ?
Or would you expect to still be considerably leveraged when counting your 10mil net worth?

 

^ This. I've just had a taste with my new employer who said that I'll accumulate 5.5 hrs leave per fortnight and can't take any unpaid leave whilst I'm waiting to build up a decent amount of holiday. Thanks to having IPs I can choose to walk away later this year and enjoy a summer holiday without being dictated to.

 

Nice one!

 

You can play them this video when you choose to walk away:

 

Lol, don't tempt me. That's a great phrase though 'I'm in the position of f* you!' Did he say "don't drink" though in there somewhere, not sure if I agree with that bit!

 

I'll solve the money issue* within 3 years (age 33), via multiple businesses (predominantly) and investments.

With that out of the way I'll continue with absolute freedom of choice in life and expand into development; aiming to build as much wealth and income as possible in the lead up to my 40th birthday.

At 40, I want to be making a significant impact on the world with my resources and skills.

At 50, I want to 100x my impact.

At 130, I'll still be working towards increasingly larger goals.

* six-figure recurring income

 

Definitely still leveraged with $10m of property.