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Thread: Financial Freedom Thread
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11-24-2018, 11:41 AM #61
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11-25-2018, 03:34 AM #62
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My current plan is to retire at 50. I'm 44 now with no debts, about $300k in assets, and I'm already drawing my pension of $72K a year after taxes. I'm working my second career with another pension eligible after 5 years. I could retire at 47, since all of my kids will be through High School and finishing college by then. I'll probably just stay on for the second pension. It's a great feeling. Gotta invest smarter for this last stretch, though.
Apollo Creed: [Screaming] There is no tomorrow! THERE IS NO TOMORROW! THERE IS NO TOMORROW!
---|AndroiD OS crew|---
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11-25-2018, 03:47 AM #63
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11-25-2018, 06:13 AM #64
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11-27-2018, 02:05 AM #65
- Join Date: Jan 2012
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11-29-2018, 06:40 PM #66
- Join Date: Jul 2010
- Location: Florida, United States
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Of course. All you have to do is look at the all time graph. All of the indices are FAR higher in the past year or so than ever in history. The 1987 crash was a tiny blip in the graph which recovered in about 2 years. The 2001 crash took about 7 years to recover and the 2008 crash took about 6 years to recover. If you're not planning to retire within 5-10 years, stock market crashes should not bother you at all. If you're planning to retire within 5-10 years, your money should be in a less risky investment such as bonds.
Never neg first but always neg back crew
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12-03-2018, 06:44 AM #67
Generally speaking, time in the market > timing the market.
https://awealthofcommonsense.com/201...-market-timer/Many of life's failures are men who did not realize how close they were to success when they gave up.
-Thomas Edison
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12-03-2018, 06:46 AM #68
Retirement is a number not an age. Once your investments are 25x (or greater) than your annual expenses you can retire.
http://www.mrmoneymustache.com/2012/...ly-retirement/
http://www.mrmoneymustache.com/2012/...or-retirement/Many of life's failures are men who did not realize how close they were to success when they gave up.
-Thomas Edison
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12-14-2018, 12:25 PM #69
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12-14-2018, 12:32 PM #70
Posted a thread in the main misc but no replies, wondering if any of you guys have experienced post accomplishment depression? The wife and I have focused basically for the past decade on paying off the mortgage, and I've accomplished a couple medium term (2-3 year) career goals in the meantime.
Now that these goals are achieved I expected a sense of elation and satisfaction, yet I feel more empty and unfulfilled than before.
I think the journey is more fun than the destination. I might have to teach myself how to lose money in the stock market for fun.
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12-14-2018, 01:46 PM #71
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01-05-2019, 08:46 PM #72
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01-05-2019, 09:01 PM #73
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01-07-2019, 05:26 AM #74
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01-07-2019, 05:34 AM #75
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Everyone here paying off loans.
You really should not be paying off low interest loans if you can earn higher interest elsewhere.
Also, you are missing out on a lot of money and credit score if you aren't using credit cards.
6% on gas, 3% groceries, 5% amazon, etc.
If you aren't responsible enough to only take on as much debt as you can pay off every month then there really is nothing that can help you.
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01-11-2019, 09:07 PM #76
I'm not retired, but I understand what you're saying. For anyone that plays video games with a story, it's like when you finish the game, and are ecstatic for a while, then don't know what to do next. Or if you binge-watch a show, then finish it.
I don't have the answer, and as far as I can tell no one has a definite answer. There's a lot written about this, and it's worth reading other people's opinions about it. Really the best way to deal IMO is to have goals to accomplish. But finding things to pursue can be a difficult if you feel like you've accomplished everything already.
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01-11-2019, 09:30 PM #77
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01-12-2019, 06:36 AM #78
DR is to debt addiction as AA is to alcoholics. You wouldn't tell an alcoholic that drinking is fine in moderation. If he doesn't reject credit cards outright it contradicts his message. He makes a fair point about people spending more with cards vs cash but if you have a bit of discipline using CCs can have great benefits. CC companies make their money on people that carry a balance and from merchant fees, responsible users benefit.
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01-12-2019, 08:03 PM #79
- Join Date: Jul 2010
- Location: Florida, United States
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Like he said^. Yeah, maybe 80% of people don't have the discipline to not spend more on credit cards than they would with cash. That being the case, Ramsey's general advice to the financial newbs who look for him to advice would be don't use credit cards. 2/3 of Americans are overweight or obese, and my guess is 9/10 of Americans don't lift. I'm fit and I lift, because I have discipline. Same for credit card spending. I 100% DO NOT spend more money because I use credit cards. If you have discipline, using credit cards is free money back in your pocket.
Never neg first but always neg back crew
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01-13-2019, 12:11 AM #80
The secret to being Wealthy is buying Real Estate Cheap doing quality Remodeling and then renting out for life, continue to buy more real estate and follow the same process you will be a Mougal in no time with recession Proof cash flow.
Are any of you guys investing with applications like Acorns, Robinhood, We Bull, M1 Finance, Money Lion? What type of stocks are you getting into?
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01-13-2019, 09:22 AM #81
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01-14-2019, 10:55 AM #82
26 y/o, 27 in June. I can tell you that if there's one thing about, it's what this thread entails. I know Reddit is a chithole but check out /r/FinancialIndependence and/or /r/FatFIRE if your funds and lifestyle desire are higher.
I'm fortunate enough to have realized already that, beyond being able to comfortably pay your basic bills, money sure doesn't mean much. It's typically not worth all the stress and time people pour in to it for a few extra bucks.
That being said I love entrepreneurship and of course I want to succeed with what i do, it's what makes a successful entrepreneur. and i'm not set for life, but yeah, for my age, compared to everyone else I know, I'm....doing just fine. for now. But the freedom....to work anywhere; when you want; skip days if you want......to travel.....to chill when everyone's at work on the weekdays and traffic is minimal.....it's invaluable
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01-14-2019, 05:17 PM #83
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05-03-2020, 08:34 AM #84
Wanted to bump my OP since its been 2 years and a lot has changed.
My house I live in still has friends in it. They have been paying 1200 the last 18 months. My mortgage is 1234, so I am spending just $34 to live in my place.
Comes July, the bf gf will move out and I have another guy that wants to move in. I will charge him $450 with the other one also paying $450. This means I will have to pay $334 to live, however I will refinance to lower that.
My portfolio through Vanguard has 135k in it during this down market. Goal is to keep investing in the SP500 index.
I still want to retire when I turn 40.
I have my RE license so I want to do that full time in the coming years.
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05-03-2020, 05:53 PM #85
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05-03-2020, 07:12 PM #86
I have a 3 bed/2 bath place.
Currently I take one room, my friend takes one for $500, and the master has a bf/gf paying $700. When they move out I have another coach that wants to move in. Ill take the master and this coach will pay $450. Most likely will lower my original $500 guy to $450 also since Ive known him for years, he pays on time, and helped me find the other guy (another soccer coach) moving in.
Heres another curveball. I have yet another coach looking to move in also in August. I would offer him the master bed for $550 and I would move back with my parents until December, then hopefully with an anticipated correction, get another place.
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05-06-2020, 04:45 AM #87
Where do you live? I'm not so sure we are going to get the correction we are all looking for in real estate. I'm under contract to sell one of my properties that got multiple offers over asking price. IMO i would rent out the other bedroom in August and begin searching for another property. Any duplexes in your area? Live in one side and rent out the other, you can put as little as 3.5% down with an FHA loan although banks may be tightening their standards.
edit: 3/2 houses are renting for $2000-2500 in my area. You may be surprised at what yours will rent for and what people are willing to payRon Paul 2016
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05-06-2020, 06:28 AM #88
I am in Wilmington NC. Prices arent crazy high here, but maybe will see a push back. I am originally from NJ where prices are extremely high compared to here. A lot of northerners are moving to NC so this of course is raising the price of property.
With everything going on and how it will effect the market up north, now or in the next year would be wise for me to get another place down here and get on that appreciation train as the northerners sell.
I could probably get my place for 1800, 600 a room. Next step would def be a duplex. I am about to be 30, cant be having direct roommates forever haha.
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05-06-2020, 07:55 AM #89
- Join Date: Jul 2012
- Location: North Carolina, United States
- Age: 34
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Winston Salem, NC here. Keep it up! We have 2 rental properties and AirBnB/VRBO our main house (so I guess you could say 3 rental properties). The short term rental (VRBO/AirBnB) we make around $16k-$20k per year. Our mortgage is roughly $14k per year so live for no rent there and it is very easy to manage. The other 2 properties are Long Term Rentals with a profit of roughly $300 each per month and that includes putting in an additional $200 per month per property towards principal. My dad and granddad taught me from a young age that real estate is the way to go since they aren't building more land (except for ***** haha).
But, living in Wilmington, I am sure you and I may have some mutual friends. I used to hang out with a bunch of guys in the car scene down there. National Speed and Carolina Dyno guys plus others of course.
Keep up the good work!
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05-06-2020, 09:57 AM #90
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