How Close are you to being able to Throw in the Job?!!

Ocean Architect said:
Depends. Probably the end of the year (knock on wood). Age 33 (but I look 25 and fabulous, I swear :D)

Truthfully though if things go well I'll probably just go into a different sort of business along with developing...I'm thinking either food or some sort of premisis that advocates binge drinking, preferably somewhere warm (or as arnie says "somewhare wahm") with lots of ladies that weigh less than 85 kilos
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Thats where I live.....and if you in Darwin...where I used to live.
 
Hoping soon.

Bubs arrived late last year - which has meant going to one wage - hence possibly pushing things out,

HOWEVER

has made me want to be able to "retire" more than ever.

Been trawling/reading etc - in order to conceptualise how to bring this forward. Have 2mil Equity at 55% LVR, but nowhere near enough passive income to maintain the three of us (and a dog)....
 
I don't want to throw in my job.

I enjoy what I do.

I'm about 10 years away on cutting back my working hours though. Still want to keep on doing what I'm doing.

Semi-retired by 40 still works ok for me.
 
wouldn't throw in the job unless i am forced to as in redundancy.

i paid off my current PPOR in ard 2 years from selling IPs and some trading but i feel once without a loan it only dragged my reno on my PPOR forever.

want to do some development but either can't find the inspiration or motivation to do so. got some sidelines but nothing substantial enough. besides without a job - would feel kind of bored i reckon.
 
Melbournian said:
wouldn't throw in the job unless i am forced to as in redundancy.

i paid off my current PPOR in ard 2 years from selling IPs and some trading but i feel once without a loan it only dragged my reno on my PPOR forever.

want to do some development but either can't find the inspiration or motivation to do so. got some sidelines but nothing substantial enough. besides without a job - would feel kind of bored i reckon.
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You gotta stop bleeding Melbournian! Too much blood money!
 
Nowhere near it..

I have a good chunk of equity in my PPoR (own about half of the property) and am stuck in a high paying position to bring in the bacon to maintain the lifestyle that I live. Nice car, nice PPoR, eat out a bit and travel a bit.

If I quit my job I would definitely be broke as I don't have sufficient investments/assets to support me.

That kind of means that I just need to keep working and invest more as I go along to increase my investments gradually. If I reach age 65 (only 32 now) then I would have a massive super pension to live on by then.

But I'd like to be more financially independent before then!!!

Also sending myself further broke by blowing $5k year on doing uni (masters) part time now. Financially its a stupid move and sending me more broke, but it will probably lead to even higher paying jobs later down the track or at least more flexibility in where I work and the opportunities available.

Not ideal, but kinda happy.
 
Ed Barton said:
Able to throw in the business yesterday and live a VERY comfortable life (no having to reuse toilet paper!) off my investments. My business and shares have made me financially wealthy, not property. I barely do any work as it is, so it wouldn't be much different, but I would be down a couple of hundred thou a year.

What's the obsession with 'retiring'?
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By throwing in your business; you are retiring, yes?

Why have you done it if you can't see what the attraction is for others who want to?

Everyone wants to retire because they hate being tied down to having to work every week in, week out, and no doubt they hate their job as well into the bargain.

The person who can say they truly love their job (regardless of the money) and are happy to go there would be rare.
 
BayView said:
By throwing in your business; you are retiring, yes?

Why have you done it if you can't see what the attraction is for others who want to?

Everyone wants to retire because they hate being tied down to having to work every week in, week out, and no doubt they hate their job as well into the bargain.

The person who can say they truly love their job (regardless of the money) and are happy to go there would be rare.
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I read Ed Barton's reply very differently to how you have interpreted it. I read it as him saying he "could" have sold the business yesterday and be living well already, but he only spends a little time running the business so he wouldn't gain much time but would lose the money the business brings in.

I'd have to add that many people love their job. I have a job now and I love it. Hubby loved his job for many years until the last few years when the pressure got stupidly high (and he was effectively doing the job of two men). So he retired at 50.
 
BayView said:
The person who can say they truly love their job (regardless of the money) and are happy to go there would be rare.
Click to expand...

I truly love my job (and the people I work with). I wouldn't do it for free, but I would do it for half the money.

We have this option at work where you can work 4 years (80% pay) and get the 5th year off (80% pay). I did think about doing this, however I'm not sure I want to be away for a whole year. I would seriously miss it.
 
We looked carefully before jumping...

Threw in my job as an employee in December 2010 and hubby threw in his job as an employee in April 2009.

Last year we sold our PPOR.

Current Plan
Travel Australia, we have just arrived in Kununarra and today is our 34th wedding anniversary.

Fall back plan
We both have the skill sets to return to paid employment if needed, I do not think hubby will go near a job as an employee ever again, though he cheerfully helps friends out.

Future Plan (when grandchildren start arriving)
Personally I enjoy finding a block of land and organising a building project, the next one will be a sheer pleasure as I won't have the added time constraints of holding down a full time job.

Took us 15 years once we started making plans...:)


Cheers
Sheryn
 
Im 31 now and I'd be very happy if I could afford to retire between 50-55....although I'd be happy to work 1-2 days a week if I was still enjoying my work.

Havent really had much of a strategy but Im trying to work one out now! Up until now Ive been focusing on increasing my wealth through my income (building my business) but need to work on investments.

Purchased one IP 2 years ago for $545k in Black Rock, VIC and owe about $100k. The yield isnt great but I have the perfect tenant, no agent fees and to top it off she pays rent 6 months in advance!

Been extremely conservative with my investments to date but want to change that this year. Really depends on what the market does but hoping to purchase 1-3 properties this year. 1 in regional Vic and at least 1 in Melbourne, then will start to look at other capital cities.

First major goal is to have a minimum of 3 IP's (worth $1.5m-$2m in todays money) fully paid off within the next 10 years and around 5 IP's (around $3m) by the time i'm 50.

Ahhh feels good to get it down in writing! Just got to put it into action now...
 
Cool!

May I ask if you currently hold any investments, or were they all sold off?
And by 15 years, is that the time when you started with nothing? Or was that since you started contemplating freedom?

Thanks Sheryn.
Sheryn said:
Threw in my job as an employee in December 2010 and hubby threw in his job as an employee in April 2009.

Last year we sold our PPOR.

Current Plan
Travel Australia, we have just arrived in Kununarra and today is our 34th wedding anniversary.

Fall back plan
We both have the skill sets to return to paid employment if needed, I do not think hubby will go near a job as an employee ever again, though he cheerfully helps friends out.

Future Plan (when grandchildren start arriving)
Personally I enjoy finding a block of land and organising a building project, the next one will be a sheer pleasure as I won't have the added time constraints of holding down a full time job.

Took us 15 years once we started making plans...:)


Cheers
Sheryn
Click to expand...
 
Nemo30 said:
I truly love my job (and the people I work with). I wouldn't do it for free, but I would do it for half the money.

We have this option at work where you can work 4 years (80% pay) and get the 5th year off (80% pay). I did think about doing this, however I'm not sure I want to be away for a whole year. I would seriously miss it.
Click to expand...

AH must be a teacher? It is a great scheme for some. It would be interesting to know how many people use it. If you wanted to travel or have extra time with family etc.
I too love my job but last year I started thinking about going part time. I wouldn't want to stop teaching. I'm getting busier with properties too. Maybe 1014, 3 days P/W will be nice. If I sell one IP I'll be $20K more CF+ and I salary sacrifice so I could work it so I'd be on the same money. Maybe even next year. Depends what grade I'm on.
 
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