Sometimes it hard to leave when you have a family & a -ve portfolio, you just have to stick to the job just for the money.I personally have no time for things that I don't like, I would not do a job that I didn't enjoy or waste time with people that are anchors! (hold you back). If people, circumstances, jobs are not to my level of satisfaction, I'm out of there!!!
What age do you plan to retire?
- Thread starter ianvestor
- Start date
Hi all,
I am wondering if when you say you are retiring from the results of your property investing, is it due to getting your properties to a stage of being positively geared? Or is it due to capital growth over the years and you living off of your equity? I am hoping to have the choice to retire on property by the time I am 40 years old (10.5 years).
Thanks
Tarah
I am wondering if when you say you are retiring from the results of your property investing, is it due to getting your properties to a stage of being positively geared? Or is it due to capital growth over the years and you living off of your equity? I am hoping to have the choice to retire on property by the time I am 40 years old (10.5 years).
Thanks
Tarah
Don't hope. Plan.
Personally, I see myself getting income from net rent, dividends and property development. I haven't gotten my head around living off equity yet.
Alex
Hi Tarah,
You might The keithj Interview find inspiring. I did!
For me I think there’ll be a stage in the middle between working for the boss and retirement. This is the stage where I’ll be living off equity while investing and renovating full time. We will live of rent and capitalize all investment costs for approx. 1 property cycle (say, 7 to 10 years).
After that, retirement is on the cards. My retirement plan, subject to change, will be to retire debt gradually by selling a few properties (possibly no more than one per year) until the portfolio‘s rental income can fund our lifestyle and investment holding costs.
Tarah, your question is the very thing I had in mind when I discovered SomerSoft. Drawing on much information and inspiration from other forumites, I have been able to map out a plan that I’m currently putting into action.
Regards - Ben
I would like to have enough money so that by the time I turn 65 I would be in the position that I could easily retire and live well in the next 20 years.
When I'm in my 60's I'd probably go part time because i love to work, then perhaps job share (2 days a week or something). But I wouldn't be working to collect the income.
When I'm in my 60's I'd probably go part time because i love to work, then perhaps job share (2 days a week or something). But I wouldn't be working to collect the income.
Thank you all for the posts in this thread - I read the whole thing today in my lunch break and really enjoyed reflecting on it. It is the reason most of us invest after all.
I fall somewhere between the 2 camps regarding salaried work. I am a social worker, I believe in what I do and there are a lot of jobs I would hate to do and could not bring myself to get up every morning if I did them. However, if I did not need the money, would I still be working in social work in its current form??? NOT ON YOUR LIFE. I think I would find projects, volunteer, humanitarian, whatever to get involved in but I would really like to not have to complete all the red tape that comes with working in a beauracracy - even a doogooder one.
My goal is to be clear of the day job somewhere in the 35-40 window. 38 marks my 15 years from starting to invest, and that seems to be a commonly held timeframe for safely building enough of an asset base to leave the job. I have been pretty active with rennos and subdivisions so who knows I may pull it off after 10-12 and be 32-34. I don't mind property risk if I understand it, and I don't mind debt at all but we started with nothing but a tiny cash deposit and we have been building a young family so we have always had to struggle to manage cash flow safely. Low docs have been a whole new world to us and allowed us to break through the servicability barriers. The portfolio is now getting some momentum of its own which is really nice to see.
I also see retirement as a misnomer for me. I would have heaps to do in Real Estate, heaps to do in other projects(as above) and heaps to time with the kids so I would love to ditch the day job but I wouldnt call myself retired. I guess that is just semantics after all.
I am pretty dedicated to the plan, it is SMART etc, but I remain a little flexible on the end timeframes as there are some macro economic factors that could speed up or slow down what I am trying to achieve - but it wont stop me.
I fall somewhere between the 2 camps regarding salaried work. I am a social worker, I believe in what I do and there are a lot of jobs I would hate to do and could not bring myself to get up every morning if I did them. However, if I did not need the money, would I still be working in social work in its current form??? NOT ON YOUR LIFE. I think I would find projects, volunteer, humanitarian, whatever to get involved in but I would really like to not have to complete all the red tape that comes with working in a beauracracy - even a doogooder one.
My goal is to be clear of the day job somewhere in the 35-40 window. 38 marks my 15 years from starting to invest, and that seems to be a commonly held timeframe for safely building enough of an asset base to leave the job. I have been pretty active with rennos and subdivisions so who knows I may pull it off after 10-12 and be 32-34. I don't mind property risk if I understand it, and I don't mind debt at all but we started with nothing but a tiny cash deposit and we have been building a young family so we have always had to struggle to manage cash flow safely. Low docs have been a whole new world to us and allowed us to break through the servicability barriers. The portfolio is now getting some momentum of its own which is really nice to see.
I also see retirement as a misnomer for me. I would have heaps to do in Real Estate, heaps to do in other projects(as above) and heaps to time with the kids so I would love to ditch the day job but I wouldnt call myself retired. I guess that is just semantics after all.
I am pretty dedicated to the plan, it is SMART etc, but I remain a little flexible on the end timeframes as there are some macro economic factors that could speed up or slow down what I am trying to achieve - but it wont stop me.
Never .
if i was very literally retired, then i would probably volunteer for UNICEF, or Red Cross, WWF, Greenpeace etc. Make a REAL difference.
but i love the work i do. it keeps my mind working and problem solving every day.
maybe i could design emergency housing for the RedCross or UNICEF... combine the best of both worlds.
but i love the work i do. it keeps my mind working and problem solving every day.
maybe i could design emergency housing for the RedCross or UNICEF... combine the best of both worlds.
Income during retirement
Hi all,
Well done to all who have retired!!
I am just wondering if the income you receive during your retirement is made up of redrawn equity and rent? Do you also ensure you receive dividends from shares? I'm just interested to know (especially when someone retires young) if redrawing equity is sufficient year on year or if you plan to gain income from other areas/interests?
I find it inspiring that so many of you have been able to retire so young and it gives me the confidence to keep going! Does anyone have any tips on the best path to retirement? I currently like to renovate, refinance and buy again but with the increasing interest rates and being on one income I sometimes have doubts and love to read stories of inspiring people to prove it can be achieved!
My goal is to retire at age 40 or at least have the choice to work or not to work! I am currently 29.
Cheers,
Tarah
Hi all,
Well done to all who have retired!!
I am just wondering if the income you receive during your retirement is made up of redrawn equity and rent? Do you also ensure you receive dividends from shares? I'm just interested to know (especially when someone retires young) if redrawing equity is sufficient year on year or if you plan to gain income from other areas/interests?
I find it inspiring that so many of you have been able to retire so young and it gives me the confidence to keep going! Does anyone have any tips on the best path to retirement? I currently like to renovate, refinance and buy again but with the increasing interest rates and being on one income I sometimes have doubts and love to read stories of inspiring people to prove it can be achieved!
My goal is to retire at age 40 or at least have the choice to work or not to work! I am currently 29.
Cheers,
Tarah
Update: I've hit 30 and haven't retired yet! Son of a...
Still, I am definitely closer to it than I was 6 months ago. I can still dream about getting there by the end of this year
And if that doesn't happen I've always got my rhyme to fall back on: Financially free by 33.
LOL - Don't worry you are doing so WELL!
Personally, I need to retire hubby first. I am so worried about his health.
Hubby is 10 yrs older than I and works about 14hrs/day. I never know what time he comes to bed - often it is after 12. As soon as he walks in the door at 8.30pm, he turns the computer on.
I have a mission to semi-retire him in 5 years. He can't fully retire as he would drive me insane. He and I are the sort of people that will always have to be doing something.
As far as me retiring? To be honest, I can't imagine it and don't really want it at the moment. My retiring would consist of studying, renovating, running Marathons...something.
Financial free? I'm going to need a heap of money to buy my Convertable Merc and get hubby his yacht, 10 years aught to do it. I'm happy with that, as I need to learn alot more about property and want to do a couple of developments first. I will not retire until I have oodles of cash. So when I finally do...you'll know I'm loaded!
There is just so much to do!
Regards Jo
For me its not so much an issue of wanting to retire, but being in a position where i could if i wanted, yet still have a very comfortable lifestyle.
My goal is passive cash accounting basis income of $150k per year (ie no financial enigineering). So far i guess i could realise a passive income of about $80k per year, so i still have several more years to go
My goal is passive cash accounting basis income of $150k per year (ie no financial enigineering). So far i guess i could realise a passive income of about $80k per year, so i still have several more years to go
I want retirement to be a portion of my year. Starting now.
Same as me except I have 11 years. I believe I will reach this goal as I'm not aiming for a 'massive' net worth or cashflow. Just enough to be comfortable, semi-retire working 2-3 days a week and spend more time enjoying life.
