Money...retirement

Discussion in 'Lets talk Business!' started by 1st choice restoration, Jun 19, 2018.

  1. 1st choice restoration
    1st choice restoration

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    Do you have an amount that you want to save to feel comfortable? An amount fo retirement? I know it’s different depending on location. Are you comfortable if you save up 200k-300k? Or typical millions like everyone talks about. That’s not that easy though
  2. Mikey P
    Mikey P

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    200 to 300 to live off it's earnings?

    doesn't sound too comfortable to me.
    TomKing likes this.
  3. sOOper hero
    sOOper hero

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    enough to provide for all one's needs with a few fennings left over for beer and pretzels


    ..L.T.A.
  4. Blue-Collar Hero
    Blue-Collar Hero

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    I don't plan on ever retiring. Bad things happen when people slow down. I'm giving it all until I ain't got any left. One of you fookers cover me up, so the buzzards don't get me.

    We will need to downsize from a double wide to a single. My golden parachute has too many holes in it. Instead of a soft landing I'm just hoping not too get hurt to bad. :biggrin:
    Last edited by a moderator: Jun 19, 2018
  5. hogjowl
    hogjowl

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    They might revoke your green card
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  6. Jim Williams
    Jim Williams

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    Here's a plan from Dave Ramseys book "Total Money Makeover". You need to estimate how much you want to live on yearly in retirement. Take that number and divide by .08. This gives you the nest egg you will need. This is based on your money being in growth stock mutual funds averaging 12% per year and you living off 8% of that nest egg per year.

    If I want to live on $70,000 per year I need to save $875,000 in order to never run out of money. If I only need $50,000 per year then I only need to save $625,000.

    Like most carpet cleaners, I pray for a large inheritance because my chances of saving that much are slim.
    TomKing likes this.
  7. rider0992
    rider0992

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    Not retiring either. Gonna rag my kids till the day I go. I’ve planned on it. Moving my biz to my house with a shop so I can even sit on the patio and watch em come and go. They’re doomed :headscratch:
    Blue-Collar Hero likes this.
  8. Papa John
    Papa John

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    with those figures-- I have more then enough to retire now in Thailand or many other places in the USA except insanely over priced Kalifornia.
    But I get bored after 4 days of not working.. I get all giddy when I get to repair things on the farm in Thailand.
  9. Matt Wood
    Matt Wood

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    I don't see myself having $200-$300k in an account when I'm in my 60's. My wife has some stock through her work that she's built up over the last 20 years, so that's better than nothing.

    Actually, I'm in the beginning stages of investing in Rental property duplexes. My goal is to have them paid off by the time I'm 55, then it'll be equal to or more than what my business is bringing in every month gross
    Swani likes this.
  10. Derrick T.
    Derrick T.

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    I'm moving to Mexico in Guadalajara on the property that my mom invested in 15 years ago. It's now a thriving ranch...huge property. That what I'll do, make that as my retirement .
  11. Matt Wood
    Matt Wood

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    Mexico? How's the water? Drinking
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  12. Cleanworks
    Cleanworks

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    They don't drink water in Mexico.
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  13. Derrick T.
    Derrick T.

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    The area is not unlike Reno to Carson valley. Water is fine.
  14. 1st choice restoration
    1st choice restoration

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    My goal would be to have 300k-500k in cash and have 10+ rentals.
    dealtimeman and Matt Wood like this.
  15. Radar Foster
    Radar Foster

    Mr Personality

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    I’d lay out my 5 year plan but you’d either think I was full of shit or hate my guts
    dealtimeman and Bob Pruitt like this.
  16. KevinD
    KevinD

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    Lay it out there. I'll do neither.
  17. KevinD
    KevinD

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    It is nice to hear other peoples plans and investment strategies.
    sincity870 likes this.
  18. Blue-Collar Hero
    Blue-Collar Hero

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    Too late I already do. :winky:

    You don't mean really retire do you? Semi? Live off the fat of the land? :biggrin:
  19. Radar Foster
    Radar Foster

    Mr Personality

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    to Hit my magic number and then begin transitioning my portfolio to income based

    Home in Falmouth cape cod and an income / winter property in Fort Myers area

    Passive income rules
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  20. hogjowl
    hogjowl

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    I’ve got my double wide paid off.

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